Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-11-18

a letter from Hon. Thsd. Stevens, on the
subject of our rational finances, Is publish
Cd. i. is ia reply to a letter addressed 10
him by q neighbor, and is very long and
comprehensive. Mr.. Stevens commences
with the assertion that 80 far as the imam
csl coadluon of the republic IS concefneu'
II Is not and never can DC In doubt or peru.
Wiki tho products which We can realty
d spose Of to supply the demand OF ever!
kind, there never can be time when, with
honest dealings this republic will be unable
TO ray ali her just liabilities. lie says: u
have not approved and do not now approve
d Tie financial policy pursued by our gov
eminent for the last six years. think We
have thrown away our billions, and are still
throwing away millions by mismanage
msnt." Then, addressing his correspond
ent, " no 10 . national banker, he said -
You are banker, and sound one. but
you are making more Of the United States
through tho national banking system, a.
does every other man who has adopted II,
than you ought to make" He has never
doubted. he says, that the government has
| the constitutional power TO make money OF
| whs,ever material it chooses, whether
metal or paper, leather, tin or greenbacks,
and 10 regulate its value, and therefore legal
tenders re, to eli intcnts aud purposes, the
lawful money Of the country-inoney in
which all debts, public and private, may be
legally and Justly paid. Money is just
,hst the Law makes it," He refers to the
lnct that the government has at different
times reduced the price Of silver. and that
when 70 reduced II was made TO pass to
every creditor as we'll as debtor ut the orig
inal price, ard argues that there 10 the same
power to issue aud regulate the value OF any
other kind OF money. lie maintains, con-
sequcntly. that It 10 just and proper for the
government to pay the national debt IN
sreenbAcks-lawful money. Referring to
the debt, he says: Now, let US come u
the. government loan, and for . aingle mo
msnt consider. which, even without the
monstrous doctrine Of Greeley and Cooke
rs the most profitable investment ever made
hy money -lendeSs, and 10 . monstroui
swindls on Americans on the pars Of Eu
ropean capitalists However, no woulC
pay in time the rich capitalists and specu
lators, who have made princsly fortunes
through the folly Of the government, but ht
does not think there 10 any obligation 4
force specie. payments in order to pay TIVE
or three times what they are only and just
" entitled to. Hc shows. beyond contra
dictiop, that in creating the loans there wal
no intention on the part Of Congress t.
commit the Government to the payment o.
the principal in coin. except where this VA,
expressly mentioned. This matter was vel
considered aud well understood 1t the time
and the bondho!ders have no reason to com
plain # paid In legal tenders. Speaking OF
this money, Mr.. stevens says: "For two
years the greenbacks were he most cur
rency ever used in the United States
and had there been no other, would not
have failed to buy every necessary commo
dlty for every use, public and private, with
{ out complaint, aud # it swelled the curren
, cy of the conatry, il also swelled business
Of every kind, foreign and domestic, agsi
cultural aud manufacturing 80 also i.
sweil,d the Income of business men, and
thereby increased the revenue Of the gov
: ernmemt. Tie great question at issue il
The right # the government to pay, ant
, the po.!cy OF iayins. the debt in greenback'
Inv ful money. Upon tins hc remarks
: "Naiious methois are suggested to rcdeen
Z the Gy,-twentlcs N currency. One yer,
( able writer suggests q loan in greehbachs I
their anoun., so that afterwards the green
hAt hS De fcuettucI WITH tNo ututTS. IL W.
. ore s,,isiicd that there is 10 mere than sui
nci,nt currency 10 do the business Of til,
country with it, probable increase, ther
g '.-' would be the proper method, withou
I inllating price. - --,.-.-- balance to tn,
s.,iae ia, II IT is believed that the pres
ent aud prospective business Of the coun
nv would fairly absorb an amount large
enough to redeem those bonds as they
come due and not injuriously increase bust
ness, then the true way would be for the
government TO issue legal tenders equal e
tho amount to be redeemed and thus saw,
, the interest both Of the old and new loan. y
With those views he deems the contraction
of the currency Of four millions month q
, now authorized. highly impolitic. Finally
he believes the true way, If not tho onl,
one TO reach specie pay mcnts 10 to reduc,
, the debt, as proposed, before any atsemp
be made to contract the currency.
.