, 1866-02-07
Qblfago Ir1bune.

t1T ys4ftf eub%c1frtioo II m.oe~ =,
Nnr1ry To ErISSTJCEEs--In o'deI1oe t1o 1cafe7t
nte clar co, to IIeTcut dt1aJ he sue and
,r-r!fy what edition you ,ake-Wrells, 1fa-Wccsly
or paiIy Also rfrc ypus p1tsts and future sddrsa.
rrAddrrss CHICAGO T1sIbuEE.~ Chicago, III. |
WEDNESDAY, FEBRUARY, :, 1866.
MR.. HAYES NESORT- |
Mrs.. s. Hayes, of the United States Rev.
enue Commission, gives us number OF good I
rca>ons why Government bonds should be
subject 10 Federal ta1ntion-the proceeds Of
such tax 10 constitute part Of the sinking
fund for the redemption Of the debt. But he
mixes with this commcndablc proposition an |
other which We deem both unw1se and dis |
honest His proposal is to reduce the gold I
dollar 10 the average value OF the paper dol
lar during tie war, viz: GS cents.
He first estimates the private floating debts
due from individuals and corporations nj |
5000, 900 900. As II Is about rs possible TO es-
timate on such a matter as upon the number |
o: floating t1mbcrs In Lake Michigan, we ,
lave no means OF disputing its accuracy. To
,,.is lie adds 81 ,500, OK, ,o00 the portion Of the
Government debt payable in currency. This |
gives &, ,so, 600 600 Us the total amount OF In
aebtednc<s now existing, payable In our
present legal tender. As the legal tender is
worth GS cents Oh the dollar, the above IN
debtcdncss is worth but S ,s40, ,0oo 900 In gold.
He thus arglles;
Now. II l. proposed 10 d1 the vnlne Of this fp-
dtbeGpets BY requiring its pavtuenl, that OF the
md fs.Ie; On demand. Tic Question sriseal @ t,ow
mich gold OF siiyce shall he hxcd bs the Goycr.1-
mi u. N eQuiacnr for each dollar Of the amonnt.
sball each dollar Of that indebtedness or Of that
currency bc required ~ lar to be paid With dol.
lar Of our cd ro'naEc which now nnt u1 nc and
Is wot th as an article ot merchandise premium OF
lar In Use! or shall another mode Of equaiion be
n>ortcd 10: What Il that other mode, 1tis
fi.!ps 10 provide foF the reeeupiion Of tistyeEht
ei:ht @ cents %o1tn u sasssaa 81 u oae aosfs
mrrt 10 h~ s1s1c e11hlr in less amoun, OF tie
fcrner coin OF IN a new coin TO be authorized:
wbshcves .nsy r. eed most convenient spd
''1uasnuch r. tie hare nov no metallic CUT
mc:a!lte standard cau debase The currency nm
't:s " +hnu bc OF Ic+s rhine than its paper sub.
n e eon eoa al
III ,unc 10 TIE present value Of The currency IL not
arroro=itIon 10 terasn the eo!aasse.
'.As the Government cnnuoi find the pc.ron wlho
lo- the tifcctrrce between The PAR value oil the
legal lender no,ek aud their prtsni value as those
,ArhsEge. nuu The depreciation has fallea on the
col1n,,rtfs nj }arc by lnfnitc=1uAl degrees, md
not no' on tie IseFSnt no!oSF 70 a. sny apr'snelo s1
sho1'a ".ain he taxed 10 1nre-cnt 10 the preacnt
accidental holders. w1thont any Just claim on thelc
pail thc amount Of that dltltscrcc-
Having thus fully given Mr. Hayes the benefit
OF Ills own mode OF stating his argument, NC
arc constrained to object TO Mr.. H1yes' plan.
First, that avoiding the evils, 1t gives away
MI the advantages Of q rctnrn 10 specie pay
meute. The object Of return TO specie pay
mcnts Is 10 get rid of the present inflated
condition Of our currency. But instead OF
leAsenine, Mr. Hayes plan would add to, this
initiation, by keeping ont all the paper that is
nuw aloat, and increasing It hy two or three
hundred millions Of his dcbascd specie coin
age. Another object of getting back IA
s1,ccie payments is to have a currency OF .
fixed value. To do this we must issue paper
on specie bas1s, but 3ir- Hayes proposes tt
invct every sound principle relative to paper
money IND coin, by issufng coin on rodpe7
bosix. It Il easy 10 see that this process
would be like bn1lding on the waves. Fo
with Que thousand millions Of paper in circu
laiion, each dollar OF which Is worth 6s cent
in gold, suppose Congress Should authorize
tho issue Of five hundred millions of do1lar
coins each worth Us cents. The entire flftee1
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