Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1867-11-11
Mr. stevens on the Finances.

MI. Thad. Stevens has written long letter
to Pennsylvania banker on the subject Of the
National finances
The letter is a reply to one from neighbor
and friend on the question Of paying the ma
tiopal debt in legal tenders, and on the man
agemelt. of our national finances generally,
M.nch. probably was. prepared purposeIy to give
him an opportunity to lay his views before the
country.
MIR. Stevens commences with the assertion
that, SO far as the financial condition of the
republic is concerned, it is not, and never can
be, in doubt or peril With the products
which we can readily Oppose of to supply the
demand of every kind, there never can be g
time when, with honest dealings, the republic
will be unable to pay all her just liabilities;
He says: . have not approved, and dQ
not now approve, Of the financial policy pu'Ir
sued by our Government for the last SIX years;
| think we have thrown away our billions an q
are still throwing millions by acknowledgement. !
national banker, directly and personally, he
says: You are banker, and a sound one, but
you are making more off the United States,
through the national; banking system, as is eve
ry other man who has adopted it connected
1 f.He has never doubted, he says, that the
Government has the constitutional power to
make money Of whatever material it chooses !;
whether metal OF paper, :. leather, tin OF
greenbacks,' and to regulate Its value; and,
therefore, legal tenders are, to all intents and
purposes, the lawful money of the country
money in which all debts, public Or private,
may be legally and justly paid. " Money is
Just what the law makes it. - He refers to, the
fact that the Government has at different
times reduced the price Of silver, and that
when SO reduced it was made to pass to every
creditor rs well as debtor at the orr gina price,
and argues that there is the same power to Is
sue 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 grecnback 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 monsrous swindle on
Americans on the part Of European capital
lists. However, he would pay in full the
''rich capitalists and Spectators who have
made princcIy fortunes through the folly OF
the Government but he docs not think there
is any obligation to force specie payments in
order to pay two or three times over what they
arc only and justly entitled to.
He argues that in creating the loans there
was no intention on the part of Congress TO
commit the Government to payment OF the
principal in coin, except where this was cx-
p,essly mentioned This matter was well con-
sidered and we'll understood at the time, and
the bondhoders have no reason to complain if
paid in legal-tenders Speaking of this money,
Mr.. Stevens says: For two years the
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, pub
lie and private, without complaint; and if it
swcled the currency of the country, it also
swcled business Of every kind, foreign and
domestic, agricultural and manufacturing; SO
also it sweled the income of business men, and
thereby vastly increased the revenue OF the
Government -
The great question at issue is the right of the
Government to pay, and the policy OF paying,
the debt in grcenlack lawful money Upon
this he remarks: Various methods are sug-
gested to redeem the 5-20s in currency. One
very able writer sugge SITS a loan in greenbacks to
their amount, so that afterwards the green
backs may be redeemed with the other. If we
are satisfied that there is not moro than sui
icient currency to do the business OF the coun-
try, together with its probable increase, then
that would be the proper method, without in
fating prices as counter balance to the saving.
But if it is believed thattbe present and pro-
spectivc business of the country would fully
absorb an amount large enough to redeem
those bonds as they become due, and not inju-
riously increase business, then the true way
would be for the Government to issue legal
tenders equal to the amount to be redeemed,
and thus save the interest both of the old and
new loan" OF course, with these views, he
deems the contraction Of the currency of four
millions month, as now authorized, highly
impolitic Finally, be believes the true way,
if not the only one, to reach specie payments
is to reduce the debt as proposed, before any
attcmnt be made to contract the currency: