, 1866-02-07

preceding debts and eontracts should DO set
[led by Tr.c-ence to the previous standard
nNow, spp1y these conclusions to the pres
cut condition Of things, aud TO the Proposi-
tiDrs Under consideration. There Il existing
in the United States, as ! have cstima!ed
in currency, and nearly all contracted when
that currc1,cv xss OF quite as little value rs at
rrcEent, Offhe s,nall amount OF that irdebt-
raness which Has created before the abandon
nent of The old spceio standard, the largest
nor,ion probably has changed bands aud been
bought By Its present owners With currency
nf tle reduced vaiuc. Hpracticable, special
asa special provision should certainly be-
made for the payment Of the gold bearing
ha,. d. Of the Government, with their interest,
III h the same amount Of the precious metals
nrcuised on thtir face. This $780,
NN,COO of Indebtedness consists in
horor::, ind conscience of Obligations
to pay currency Or legal.tender notes Of the
of The legislation OF Congress and the lec1s-
ions Of The courts but both hnve the right
70 expect that that legislation and those de.
ntsione will accord with common sense and
rofrrnl ft:stice. The dollar, the 1ega! SIAN
5ard, Of exchange, Is today, as have stated,
ri tic value Of 0S cents. Aside from the
fluctuating and uncertatn value Of this stan-
tf1rd, 1t Is precisely the same to-day, for the
nurposes Of this Inquiry as Y It were of silver
pr Fold dcbased IRON one dollar to G5 cents In
1aluc. And The questions are tEo-fold; !; arst
whether the holder Of the 68 cents worth OF
.na per money or debased CON ah0nld receive
e cents more for it than II is worth, aud &C.
copdjr. whelher every person who has incur
red ofbt measured by that G3-cent nensnrc,
Ut so many dollars, shall be compelled 10 give
il, paymert the same number Of dollars, but
nHf1f 3or111 endpA ri ~
"These Two questions nte not necessarily
connected, for lhe government might, II it
chose, give the holders of It's notes 4G5 per
cert additional to their aetnal value, without
forcing other debtors to pay the same addf-
.ionsl 48M per cent. As the Government can-
not find the persons who have lost the differ
snce between tie par value OF the legal tender
haze been the daily and hourly medium OF
exchange, aud the depreciation has fallen On
lhe community At large by infnjtcsimal de-
yrees, md not on the present holders, to any
Improbable extent, can see no reason why
tie same community should again be taxed
to present to the present accidental holders,
without any Just claim on their part, the
lion differs from the first In this, that the
government has less right to take, by the ex-
ertion OF it's power, the property Of one indi-
yidna1, and give 1t to another, that 1t has to
suuander the means which afe futrusted to It's
management.
u think It necessarily follows. from the
principles laid down by Met Cu1loch, which are
The Essential principles Of Justice and right
that our Government cannot, In good con.
science, return to the specie standard, with.
out l1inc that standard as near as may be to
cnnai the value. at the tinooT the chance ol
flie standard fol which It ID made the snbsti
i1ne. or. committing the liabilities existing
nnder fi,e prcscnt standard, so that the actpa
nnyment shall be the value, of. the amount
nnr51nised, when tie promise was made, or a:
iLc uearcst approximation to that, aud only
tuIr tI substitute for II, It's value irnmediatelJ
before tho provision Is made for the redemp
tft n or change of the currency.
"Eow the new coinage should be regula
ted, II new coinage would answer the pur
| re &c best, and the practical means OF introdu
cling it, are purely matters Of detail, whfct
the length of this letter viii not permit me tc
discuss at this time.
" suppose tue Government paper do1lal
might bo left as now, a legal tender for debts
md be made convertible Into new coin at tht
| t1ensury, upon presentation, and the Who'll,
| will have been done, without Injustice, with
| cut injury to indfyidunls, without lessening
| the revenues, without retardine for one mo
ment The grand development Of tile materia
! interests Of the American peoplc.''