Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-11-20
Thaddeus stevens on the

4 letter from Thsd. Stevens on the
subject of our national finances, is pub
lished. 1t IS in reply to a letter adj
dressed to him by a neighbor, and is
very comprehensive. Mr.. Stevens com
mences with the assertion that 20 far
as the financial condition Of the repub-
lie is concerned, il Is not, nor never can
be, in doubt or peril with the products
which we can readily dispose Of to sup
ply the demand, of every kind. There
never can be a time when. with honest
dealings, this Republic will be unable
to pay ali her Just liabilities. He says:
Il have not approved, and do not now
approve, of the financial policy pursued
by our Government for the last six
years. l think we have thrown away
our billions, and are still throwing
away millions, by mismanagement."
Then addressing his correspondent,
who is a National banker, he says
"You are q banker, and a sound one,
but you are making more off the Uni
ted States through the National bank.
ing system, as every other man who has
adopted it, than you ought to make"
He has never doubted, he says, that
the Government has the constitutional
power to make money of whatever
material it choose-whether metal,
paper, leather, tin or greenbacks-and
10 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 IS well as debtor
at the original price, and argues that
there is the same power 10 issue and
regulate the value Of any other kind of
money. He maintains, consequently,
that it is just and proper for the Gov
eminent TO pay the national debt in
greenback lawful money.
Referring to the debt, he says: Now
let us csme to the Government loan,
and for a single moment consider it,
which, even without the monstTous
doctrine of Greeley and Cooke, IS the
most profitable investment ever made
by money lenders, and is a monstrous
swrndle on Americans on the part of
European capitalists. However, he
would pay in full the rich capitalists
and speculators who have made prince
" fortunes through the folly of the
Government, but he does not think
there is any obligation to force specie
payments in order to pay two OF three
times over what they are only once
Justly entitled 10. He shows beyond
contradiction that in creating loans
there was no intention on the part of
Congress to commit the Government to
the payment of the principal in coin,
except where this was expressly men
toned. This matter was well consider
ed and well understood at the time,
and the bondholders have no reason to
complain if paid in legal tenders.
Speaking of this money, Mr.. S. 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, public and private, without com
plant; and if it swelled the currency
of the country, it also swelled business
of every kind, foreign and domestic,
agricultural and manufacturing. So, !
also, it swelled the income of business
men, and thereby vastly increased the
revenue of the Government. The
great question at i-sue is the right of
the Government TO pay, and the policy
of paying the debt in greenback lawful
money. Upon this, he remarks, vari-
Gus methods are suggested to redeem
the fVe-twenfies in currency.
One very able writer suggests a loan
in greenbacks to their amount, SO that
afterBard the greenbacks may be re
deemed with the Others. If we are
satisfied that there is no more than q
sufficient currency to do the business
of the country with its probable in
crease, then that would be the proper
method, without initiating prices as the
coOnterbalance to the saving; but if it
is believed that the present and pro-
spectiVe business of the country would
fairly absorb an amount large enough
to redeem these bonds as they come
due, and not injuriously increase busi-
ness, the true way would be for the
Government to issue legal tenders equal
to the amount to be redeemed, and
thas save the interest both of the old
and a new loan.
With these views he deems the con-
traction of the currency of four millions
a month, as now authorized, highly
impoltic. Finally, he believes the
true way, if not the only one, to reach
specie payments, is to reduce the debt
proposed, before any attempt be
10 contract the currency.