The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1867-11-20
STEVENS ON THE CURRENCY.

He Endorses the Democratic Plan
Down on National Banks-They
are Bleeding the COuntry-BOnd-
holders TO be Paid i'm Greenbaeks
-COngress Did Not Intend They
should be Paid in any Other Mon
ey-Letter From Thad. stevens.
A letter from Hon. Thad. Stevens, on
the subject of our national finances, is pub
lshed. It is in reply to a letter addressed
to him by neighbor. and is very long and
comprehensive. > MIR. Stevens commences
with the assertion that, so far as the finan-
cial condition OF the country is concerned,
it is not nor never can be in any doubt OF
peril. With the products which we can
readily dispose of to supply the demand of
every kind, there never can be a time when,
with honest dealings, this republic will be
unable undabe to pay all her just liabilities.
He says: have not approved, and do not
now approve uf the financial .policy pur>
sued by our government for the last six
years. | think we have thrown our billions
and are still throwing away our millions by
mismanagement
Then addressing his correspondent, who
is National banker, he says "YOu are a
banker. and sound one. hut you are maxi
ing more eff the United States-thr0ugh
the National banking system, as every 9TH
er man who has adopted it-than yon ought
to make" He has never doubted, he says,
that the Government has the Constitutions
al power to make money of whatever ma
terial it chOoses-whethcr metal or paper,
leather, tin or greenbacks, and to regulate
its value;and, therefore, legal tenders are,
to all interts and purposes, the lawful mons
ey of the country-money in which all
debts, pubic or private, may be legally and
Justly paid. Money is just what the law
makes it. He refers 20 the fact that the
Government has. at different times, reduc-
ed the price of silver, and that when so re-
duced it was made to pass to every credi>
tor, as we'll as debter, at the original price,
and argues that there is the same power to
issne and regulate the value of any other
kind of money. He maintains, conse-
quently. that it is just ahd proper for the
Government to pay the National Debt in
greenbacks, 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 monstrohs doctrine Of
Greeley and Cooke, is the most profitable
investment ever made by money lenders,
"a
on the part Of European capitalists. How
ever, he would pay in full. the rich capital
lists and spectators who have made prince
lv fortunes through the folly of the Govern
ment; 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 loans
there was no intention on the part Of Con
gress to commit the Government to the
payment of the principal in coin, except
where this was expressly mentioned. This
matter was we'll considered and wei, under>
stocd at the tim, and the bondholders have
no reason to complain of paid IN legil ten
ders."
S9caking of this money Mr.. Stevens
says: For two years tho greenbacks were
the most popular currency ever used in the
United States, and, had there been no
other, would not have failed to buy every
necessary commodity for every use, public
and private, without complaint; and if it
swelled the currency Of the country, it also
swelled business of every kind, foreign and
domestic, 80 ais, it swelled the income of
business men and thereby vastly increased
the revenue of the government. The great
question at issue is the right of the govern
1nent to pay, and the policy of paying the
debt in greenbacks. Upon this subject he
remarks Various methods are suggested
to redeem the 5,20s in currency. One able
writer suggests loan in greenhacss to their
amount, 50 that afterwards the greenbacks
may he redeemed with others. live Con
cress? are satisfied that there is no more
than sufficient currency to do the business
of the country, with the probable increase,
then that would be the proper method,
without inhltinq prices as counterbalance
to the saving. But if it Is believed that
the present and prospective business of the
country would fairly absorb an amount large
enough to redeem these bonds as they be
come dnn, and mt injuriousy to increase
business then the true way would be for
the Government to issue legal tenders equa.
to the amount to be redeemed. and thus
save the interest, both of the old and of
new loan.
With these vi,w4 he deems the eontrac
tion ofthe currency Of four millions month,
az now auth1lized, highly impoiitia. FL
naIy, he believes the true way, if not the
only one. to reach specie payments, is to
trcducn the debt as paopnsed, before any at
empt be lnaas to reduce the currency.