Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-11-11
Hon. Thad. Stevens en- the National
Finances


Finances.
Hon. Thaddeus Stevens has written a long
letter on the financial policy OF the Govern.
ment being mostly in defense OF several propo-
sltions stated by him, the principal ones being:
That the Federal Government alone can
issue bills OF credit or bankruptcy. That a
hundred millions too much Of gold is just as
Injurious IN Initiating prices q hundred
millions too much in greenbacks. Money is
just what the law makes ii, and you must lake
the chance that your Government make it
wisely, and when made, You fix your eve
upon 1t and make your own contract accord.
ingly.
In discussing these, he says: .In February.
1861, after repeatedly attempting to purchase
loans at a less sum than what in coin would
be about $40 on the SlO0, we urged the Offering
OF a loan aud issuing therefor United States
notes and making legal tender. After severe
opposition it passed the House. and was semi
TO the Senate. Then nothing scaS said about The
currency in achich either principal or interest
ne foon 20 Se aiS S SI Suppose, doubted at
'oere payable IN money Of The Uniied States of
ereTy description: But TO change that aspectas
1t regarded a portion Of the fund, the New
pearance, Jew and Gentle mingling in sweet
communion to discover some cunning nveuuon
to make In day what It would take weeks for
Committee Of Ways and Means, and asked
that the interest should be made payable in
coin, leaving the principal as it was. The
ton OF two currencies-two legal
tendere-in the same empire and
four the same commodities They had
once heard Of such q transaction in Austrian
bonds, which utterly destroyed their credit
The Secretary Of the Treas sury was more easiIv
persuaded, and, il Is understood, went with
them TO the Committee Of the Senate and
pressed the change The Finance Oommittee
Of the Senate sgreed 70 1t. and sent il back to
the House with that amendment The House
rejected il, and the consequence was q Com
mittee Of Conference, and a. some bill was
necessary, II resulted In the present law
making the debts Of the United Sates 20 far as
regarded tkeir interest paydJie in a different
Kind Of currency from the debt itself. One Of the
House Oommittse proposed then, in order to
ralse Q sum sufdclent for that purpoee the
duties on imports should 30 paid IN coin.
That proposition prevailed. and the nesalt Wa
and 10 that that the interest on the national
loans and the duties on tmpcTtAtions are nav.
able In one kind OF money called legal. .tender.
but made Of different material ana of a dif'
ferent shape. Thus, - any one can see. the
Congress declared that while shs created two
Kinds OF money, she had made them of uneo naI
value and for different purposes" =
Thus Il Will - seen tAAt M. Seeyens holds IN
paying on the principal Of the $40 bonds In
paper money, and then goes ON 10 rive his
scheme for redeeming the dve.tVe1ttes: de.
clares the national banks an injury 70 the conn.
Try, and yefers TO the two or three bills which
be introduced in Congress to borrow Q sum.
cisnt quantity OF money IN greenbacks, and a.
fast ae the nve.tVenttes fell due, to redeem .
those bonds s'whose interest was payable in
coin and principal In money" !" III 0l.OE0 I