New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-07

Mr. Stevens sums MP rs follows;
"Lst resiae the various protects Ours proposes
United notes, secured at the end ~ 40 years 10 pe
It'd I'm coin the interest raised by taxation, semi
rsnnay; znch notes 10 be money, and Of Uniform value
Judgment can be hadi no better currency can DO III
vented"
This what Mr. Stevens SAID when the loan was author
izd with the language used by him after the s5OOOOOOW
had been sold, have nothing to do.
Mr. Hooper IN another speech argued that the question
was whether the Government Should the paper Of
the suspended banks
"Whether it will make of paper ssue OF Ito own,
Asa on and convertible into the bonds O the Govern
ent payable in % year, with interest at the rate OF SIX
pr cent per annum m gold aud silver" The pro
osed OF Government notes guards against TINS en-
feet Of Initiating the currency by tile provision 70 eohN
them into Government bonds, the principal and interest
OF which, as before stated, are payable IN specie.
II s very remarkable fact that all these speeches
were made upon the legal tender act when It was legal
tender pure and simple, containing provision that the
interest should he paid In coin that the import duties
should be exacted in coin. These provisions were IN
serted by amendment IN the Senate Ii 1t TOO much 10
,ay that these extracts the speeches Of members
Who may be supposed 10 have known what they were
dsng General Butler and his petty legal bubble,
Juno 1atu." 10 tho windsi
Before leaving this branch Of the inquiry viii call
one more witness Mr. f. G. spaulding of Buffalo, the
member Of the Committee OF Ways and Means, who re-
ported the bill to the House letter dated March i9,
years after the legal Tender act, Mr. Spauding
speaking Of the greenbaeks, says;
This not the Issue Of irredeemabe currency
There was a xed standard aud measure OF value the
redemption OF all these egalender notes they should
be issued and reissued from time 70 time That standard
per cent pr1ncips 80 interest pay 6.Ss
IN gold Every person who should receive these AoteS
voluntarily or by compulsiOn knew exactly what he
could with them He knew that the laws OF Congress
provided that he should have gold bearing bonds Tor A
the taken by him. The redemption III thls case Nas
eod every six months and the principal payable in gold
within twenty years TINS was tn9 saus'I et
forced from the people 10 the GOVERNMENT Dnt AT
fam of interest for both the lender ana lhe DOT
rover"
Ibave now cited the opinions Of three leading members
Of the Committee Of Ways and Means. Other speeches
might be quoted, hut these viii suffice
So the bin went 20 the Senate. In the Senate, MI.
Fessenden in reporting from the Committee Of Finance,
reported various amendments among others one pro
vng that the interest upon the public debt should be
paid coin. and requiring the Secretary OF the Treasury
any time his supply Of coin was insufficient TO sell
United bonds at the market pee for coin, what
that might be: the object being to make the bond
bofers perfectly and thereby also TO stimulate
the conversion Of the legalenders. This amendment
passed the Senate without division
When the bill went back 10 the House many members
objected the requirement Of coin interest but nothing
appears have been said 70 the principal The reason
doubtless is that the payment of the interest Was
present practical question while no had doubts
that specie payments would he resumed before maturity
Of the bonds. twenty, even I'VE years later. The
amendment accepted by the House. 81 yeas to 80
nays. Various amendments Of the Senate having been
disagreed to- the bill went 10 Committee OF Conference
This Committee struck out the clause requiring the
Secretary sell bonds to procure CON- and made the
import duties payable in coin, as means OF insuring
prompt payment Of the interest
This Is the history OF the legal tender act" and is
not evident that future administration can apply its
provisions the bonded debt OF he United States WITH
ont clear breach OF faithf
But why agate the question nowf The bonds are not
due un 1882 or later while with good management the
paper currency be brought 20 par with gold within
four years Then II better terms can be made
the vetventes be paid on without suspicion Of bad
faith.
There Is another pont Gen Butler admits that the
Government had other money than coin prior 10 Feb
G 1861 it would be good faith and but Just to pay IN
eon all debts contracted prior to that date By parity Of
reasoning then the OF vetweDties Of Feb 25 1852
be paid coin the legal tenders Of that ssue as
"the Government had only" these two kinds OF money
AZ that time Now the greenback Of that issue horse
Of very different color from those issued during the last
four years have before and on the back Tread:
Tbis - eXchangeable for United States six per
cent twenty years bonds redeemabe al the pleasure Of
she United states after five years" According to Gen
Buffers own theory then, he would compel holders Of
the fvetwentes to receive either greenbacks
which they corld at require the Treasury TO eK-
change for new fve-twcnty bonds.
He tells us that he hears the cry Of Reputation coming
nom Ohio How should Massachusetts, representative
reply 20 such cry BY running half way TO meet II,
and trying 70 steal the thunder Of Mr. Vaandgham by
mounting the hobby OF rePudat1oni Should he not
rather tell hs counymen that the national faith was
pledged and that the pghted word Of 100000 OF peo-
Die was sacred thng9 Ought he not TO convince the
hubet TAXPAYER in the land that II Is for his interest
thaths government should be able to borrow chespy,
and 10 do this II be good credit But nc fears
for the success OF the Republican party. Gen Butler
has not long been member Of that party, and knows
little Of its traditions Let ten him that it has been
the practice that party plant its standard upon the
OF absolute justice right and to appeal to the
conscience Of the nation for support In that sign has
conquered and thus only will Il deserve 20 conquer Let
him feel no anxiety about the party Under the lead Of
that great soldier whose military genius he has had
much opportunity 10 study and admire the Republican
party Will sweep the country IN 1853 and bury the whole
party OF regulators deeper than pummet sounded
He thinks that reputation VIII be popular at the West
because the securities are exempt from taxation and
largely owned at the East An honest man does not ask
where his creditor lives before recognizing his debit and
does Geu Butler think his Western feOwcitizens are
NOT hopestl Gentlemen have been In Boston within
few weeks from Chicago and ST. Louis negotiating loans
for those cities Does he think that those bonds are not
good tho pFoisOTs live thousand miles away
The Western people can United States bonds If they
choose il they not is because they can do better
with their money Seven per cent s high rate in Mas
sachusetts but very low rate In Illinois and Wisconsin
The question taxation Of bonds Is purely local one
II eyery dollar OF the National debt were owned IN Mas
sachusets the amount OF National State and municipal
taxation OF Ohio would not be dollar less in
consequence The alleged inequality may exist a. be-
inhabitants Of the same town as 10 town taxation
State taxation. but II can hsve no
possible sprs!eation as between citizens Of different
States 80 that II Messrs. Pendleton, Valandigham &
CO. are sincere their Outcy against tho inequality Of
End n