The New York herald., 1867-11-09
Thaddsss Stevens on Osr National
Finances.

E1numceos
We publish in another part Of the paper
remarkable and characteristic letter OF Thad
Stevens on the subject Of our national finances,
national debt and national banks. Mr.. Stevens
has sometimes been called the "great COM
moner" of this country at the present time,
and, apart from his bitter partisan feeling and
negro fanaticism, he has. unquestionably,
many of the elements Of . statesman. His
partisan political letter published few weeks
ago was very weak, because bis naturally
strong mind was cramped by party prsjudices
and had no broad field for its exercise. II
was commented upon severely by the inde-
pendent press as being unworthy of the
author and as indicating q decaying intel
lect These comments touched the old chief
in tender spot; for he refers to them
with evident sensitiveness and bitterness.
But this letter is Of another character.
Though evidently well considered and
carefully prepared, it has all the characteristic
yigor, directness and pungency Of style of
Mr.. Stevens best efforts Not being on sub
ject Of party politics or on the negro. the
writer's mind was free, and his views are
broad, comprehensive and statesmaniike.
Though thorough radical in politics, he han.
dies some Of his radical friends without gloves
on this subject Of tho national finances. He
pitches into Greeley and Jay Cooke, and, of
course, into Chief Justice Chase by inference,
with withering sarcasm, for their narrow
minded and ruinous theories.
Mr.. Stevens letter is a reply to one from
neighbor and friend on the question Of paying
the national debt in legal tenders, and ON the
management OF our national finances gen.
orally, which, probably, was prepared pur-
posely to give him an opportunity to lay his
views before the country. These views the
readers Of the HERALD will find are the same,
mainly, which we have published over and over
again. They cannot fail to produce an effect
upon the public mind, now they have been
adopted by and come from the able leader of
the republican party in Congress.
Mr.. Stevens commences with the assertion
that, $50 far as the financial condition Of the
republic is concerned, it Is not, and never can
which we can readily dispose Of to supply the
demand of every kind, there never can be
time when, with honest dealings, this republic
will be unable to pay all her just liabilities"
Supposing he means by "honest dealings" an
honest and fair treatment Of the taxpaying
people by government, and by 'just liabili-
ties" the reasonable and fair demands Of the
public creditors and nothing more, we agree
with him that there is no "doubt or peril"
in the financial condition of the republic. But
the question is, shall we have q government
that will sustain the public credit and prevent
the people from being burdened beyond for
bearances ~.s.sst
He says, q have not approved, and do not
now approve, Of the financial policy pursued
by our government for the last six years.
think we have thrown away our billions, and
are still throwing away millions by misman-
sgement." Then, addressing his correspond
ent who is a national banker, directly and
personally, he says, "you are banker. and a
sound one, but you are making more of the
United States through the national banking
system, as is every other man who has adopted
it connected with it), than you ought to make"
All this is no less true than 1t is frank and ex-
plicit, and shows clearly what Mr. Stevens
thinks OF the national banks and the financial
policy Of the government
He has never doubted, he says, that the
government has the constitutional power to
make money of whatever material it chooses,
whether metal or paper, leather, tin or green
backs" and to regulate its value and, there
fore, legal tenders are, to all intents and pur-
poses, the lawful money of the country-money
in which all debts, public or private, may be
legally aud justly paid. Money is just what
the law makes it, He refers to the fact that
the government has ct different times reduced
the price Of silver, and that when 80 reduced II
was made to pass TO every creditor as well as
debtor at the original price, and argues that
there is the same power to issue and regulate
the value Of any other kind OF money. He
maintains, consequently, that it Is just and
proper for the government to pay the national
debt in greenback lawful money.
Referring TO the debt, he says, "now let us
come to the government loan, and for single
moment consider it, which, even without the
monstrous doctrine OF Greeley and Cooke, Is
the most profitable investment ever made by
money lenders, and is monstrous swindle on
Americans on the part OF European capital
ists" However, he would pay in full the rich
capitalists and speculstors" who have made
princely fortunes through the folly Of the
government y but he does not think there is
any obligation to force specie payments in
order to pay two or three times over what
they are only and justly entitled to.
He shows beyond contradiction that in
| creating the loans there was no intention on
the part Of Congress to commit the govern
meut to . payment Of the principal in coin,
except where this was expressly mentioned.
This matter was well considered and we'll
understood at The time, and the bondholders