The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-11-12
Another Manifesto from Ihao. Ste

affecting the financial interests OF the coun-
try we may safely conclude that political
diabolism is at n discount in the North AZ
any rate he is ont in 4 very long letter on me
subjects Of the national banks and the ma
,ional currency, and has only 4 few references
TO The southern people, whom he incidentally
calls .plundcr.rs, robbers, and revolutionary
cut. throats." We have not room for the
whole Of this letter but, coming from such 4
man, it cannot be overlooked entirely. 50 we
will even try to condense 1t somewhat, giving
his own language where the Importance OF the
point demands it.
The letter was dictated from sick bed. H.
saws the financial condition Of this Republic
is not and never can be in doubt or peril
The bondhoders would Givea good deal to b.
assured Of even that much.) He says he does
not approve of the financial policy pursued by
the Government for the last six years. IL"
has never doubted that the Government could
make money ont of leather tin, paper, or
anything else. We quote:
If il be 100 abundant or too scare il is OF
no consequence whether IL be in coin or III
PAPER. a hundred millions too much OF gold
is Just rs injurious III initiating prices as Il
hundred millions too much Ill grcenbackS
But in my Judgment whichever is used BY
Government should be promptly redcemablr
according 10 the Law of redemption, which
shall be directed by the power that autho
rized the ISSUE who should use IL without the
payment of interest, and profit by the losses
which are incurred in its destruction.
The Laws of redemption regulating redeinp-
zion both as TO the commodity in which il
shall be redeemed and its intrinsic value com
pared with the money issued IS as much
part of the contract us the price OF the article
reduced 10 writing ana sealed by the parties
Not because of the usage of the country, bur
of ha which
therefore, You find that the standard of til"
American dollar is one hundred cents, ;iiC
YOU are. III the possession Of Snch dollar,
Won hnow that you are entitled 10 1uSt one
hundred cents for your money, and no more,
whether that one hundred cents be mad"
OF leather, tin, or Srecnblcks, ana lts
mode of payment pointed OUT ANA
when the Supreme Court shall have decided
such law TO be constitutions and binding upon
all il being the highest tribunal 10 decide be
tween man and man in all earthly affairs IL i
not only legal, but is gust, as pnrt Oh ~, Tue Ia"
of the contract, to pay your debt III that mo-
new which, If the Government was WIS.,
when it created it, cannot be loss to The cltl,
zen He may not be Il fool who doubts this
nroposition but he has excessive folly,
which all the world except himself and his
creditors will ridicule. 1t was your contract
ana 1t was your Government, created BY your
self that fixed its security and who is rsspon.
sible, as you are, partly Tor foolish arrange
ment if there be loss. II you do not Xix" Al"
legislation OF your Government and the pro.
visions il makes for your welfare and that OF
all its citizens, choose better men, or go else
where for projections but do not tell that
when one half OF the community impose laws
upon the other half and make them binding
and that other half obey those laws, they are
sWiudlers and villains. The language Il
neither decorouS nor SUCH as gentlemen Woulu
use.
Money, What is money? If it be u fixed,
unalterable thing of intrinsic ana known
value, why does the Constitution put it into
the power of Il legislative tribunal 10 create IL
and re- assess il anew? II is III fancy. Money
is inst what the law makes 1t, and you must
lake the chance that your Government make
il wisely and when made, you fix yOur eyes
upon it, and make your contract accordingly
/ ubhor reputation or clipping the coin aud
vet this nation has twice, or, think, tire"
times by is legislation, reduced the price OF
silver and made il pass 10 every creditor rs
well us debtor ut the original price.
That is sharp hit 1T Greeley, who de-
nounces Butler Pcndleton, &C., us knaves OF
fools. He calls Greeey's doctrine "mon
strous.' The first loan in lS6l was easily
made. We again quote
The next loan of $3.50, 900. 600 was readily
taken by the Philadelphia, New York, ana
Boston banks But when Congress assembled,
the banks complained that the Treasury had
go placed their loans, by agSregatinS them il
the deposit banks, us 10 render them-l!i"
Understandable longer to pay coin Tor them.
They however, Went on and pad Them III
currency At some discount, which, ! think,
cost the Government some millions Of dollars
still, the Treasury Was soon cmptlcd, such
the enormous draft upon IL for war ma
trrial. Inquiry was then MADE of bankers
and brokers by the Committee Of Ways and
Means, of which happened 10 be chairman,
as TO the probability Of Obtaining Il loan, ana
~ what rate. The answer WAS dlscouragng,
and did not give us reason 10 hope that we
would be able 10 obtain sufficient money 10
carry on the war At more than eishty-five per
cent, with interest al six per cent. on The
loan. The committee were unwilling to take
eighty five per cent principal amt receive the
loan in Il deprecia ted currency, which would
have probably brought il TO seventy tive per
cent. This was borrowing millions AZ 50 rum
Gus n rate that we looked around tor other
means. Two of us Mr.. SpaldinS, of But
ftlo, and myself were in favor OF issuing
notes of the United States, and making them
= legal tender, but receiving them At par Tor
all transactions with the government.
After having repeatedly attempted TO pur-
chase loans at less sum than what III coin
would be about $40 on the $780, urged the
Secretary of the Treasury TO give his consent
10 offering loan and issuing therefor United
States notes and making legal tender. /.
,his two members OF the committee agreed,
but the others together with the Secretary,
decidedly refused their consent, rs he uhe ST.
cretarvl had very consiSten thy done in his re.
port The committee waited, again consulted
the monied men OF the country, and found
that no large loan could be obtained in coin
except at Il most ruinouS price. They again
ilnportuhea the secretary MT. ChaSeI tor his
consent, the committee having become tie
bill for the Issue OF 800, 900 900 Of legal ten
der had been drawn and offered by Mr.. Spald-
ing, and was allowed 10 remain in that posi-.
ton until February, when 4 Democratic mem
Der OF the committee, rcSerying the right 10
vote against it, consented that il might be re-
ported. In February, after severe opposition,
II passed the House and was sent TO the Sc
nate. Then nothing was said about the cur
rency IN Which either principal or interest
were 10 be paid. No one, l suppose, doubted
tllt the loans OF the United States of every
description We're payable in the money of the
,hltea STATES OF every description; but to
cnange that aspect as il regarded portion OF
the iund, the New ork money changers again
ih'ae lneir appearance, Jew and Gentle
lhlhglng III sweet communion 10 discover some
cunning invention TO make III day what il
mouiu take weeks for honest men TO earu
tAeS went directly TO the Committee of WAYS |
wy" -ueahs, and asked that the interest should |
oe iiaue PAYABLE in coin leaving the principal |
"s II Was The committee utterly rejected The |
nosurd proposition OF two currencies-lwo
tesal lenders-,in the same empire, and for the
same commodities. The brokers then r.sor,ad
10 the secretary of the Treasury lilo We
more easily persuaded, and, it is undprstnna
went with them 10 the commi,,es 30 ~,
senate ana pressed the change. The Finance
committee OF the Senate agreed 10 H. and son,
II BACK 10 the House with that amendment,
Inc House rejected il, and the consequence
was committee OF conference; aud rs some
OIL was necessary, ii resulted in the present
law, making the debts of the United States
SO lar as regarded their interest payable in a
dlHerent KIND or currency from the debt
itself. One OF the House committee proposed
theh IN order 10 raise It sum sufficient for thai
purpose, that the duties on imports should be
PAID In coin That proposition prevailed, and
the result was ana is that the in crest on thu,
hatioHai iohiis and the duties on importatious
are payable III one kind of money called legal
tender, ana the principal iii one kind OF money |