The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-09

during all that time, for 10 OF the green
backs or certificates of pan OF the ma
ton. Under the easily gifted Imagination
of the American public andeoing a system OF
finance which no human f0llykd ever before wit.
messed. hopes were excited nch more rampant
than the lottery dealers or thefo players and. IN
the belief that a single turubf the card would
bring up the holders fortune. taces were opened
for the purpose Of inviting spchaton and dealing
in this new system OF gamblg. Some became
rich while others went to begfy--doubling and
doubling their ventures TO indhnify themselves;
everything became excited aI inflated, from the
commonest fabric to the mo- valuable estate.
Thus the articles necessary to bply the war we're
vastly increased 10 price, whil@he honest Jews OF
the gold rooms, Shadraoh, 6hack, and Abed-
nego, came out unsinged.
The violation OF an undertake. TO do or not do
may be compensated in moneI Sometimes the
amount is liquidated by thehrties and some
times let TO be liked jury. Ia
either event it is to paid for in
the money of the country-l this country in
dollars and cents. No one Yer supposed that
the non-iull.lment OF contr$ is to be paid for
in kind. A plaintiff RECEIVERS verdict for 81 900,
the non-payment Of farm: fcution issues Tor
81 900 in money; and the dehdant can tender
the sheriff 81 900 OF the egallender of the conn-
try and he is obliged to take ia full payment OF
the debt. How inconsistent THAT with the idea
that the creditor can select hisIedium Of payment
man sells his property fobrty horses, worth
300 each, amounting in cash "a 900 N the pur-
chaser do not pay and is suedor the debt judg-
ment is given against him for ,0O0 not for forty
horses. How would you etcWe judgment
given and al execution Issuj for forty horses
Indeed there is no breach | contract, either
sounding in damages or IN eo4act, WINCH caunot
be paid by rendering the am0t assessed in legal
tender note. As to the equk and morality OF
these transactions, have nev discussed them
A colleague Of mine in C&rcss, an excellent
man and rich. asked me whbcr supposed the
United States loan Of 81, madbefore the passage
OF the act, would be paid in Pin OF currency.
told him it might be paid in ther by the express
terms of the law; but that Il not know how the
Secretary OF the Treasury w@d treat II. He told
me the next day that he had bnsulted the Secre-
tary, who said he would pay lin coin, being then
due. He had invested f30,0qin legal tenders at
q cost of $50 900, for which, received $50. 900 in
grecnbacks or its equivalei}n coin. consti.
tuent Of mine. within two Hnths after the ad-
iournment oil the Congress ht passed this law,
informed me that he had granted to gentle
man in Philadelphia, beforithe passage OF the
law. judgment Of SIS 200, Expressly payable in
gold. Tie creditor demated the money. II
was then worth aboHt 10 or three times
its nominal value. He wenfo him and rendered
the amount in groenbacks. He refused TO accept
and issued execution. and II court set il as tide
and compelled HIM to take Z lawful money Of the
United States which had bcdonered him. Whether
the transaction was moratr immoral one, every
gentleman must Judge for lnself, and will judge
according to his Position. mar be dealing for
himself, with his own mond, can understand his
right to bestow the half oIhe whole of the sum
upon his creditors, either tder the fancy OF gen.
erosity or honor But wheIhe is acting as trustee
for others and paying out + money of ceSt,1 que
trusts aud wards, il seems tme that there may be
in morals, although not la, in a question about
the difference.
1t is but Just to Mr.. Mcflloch here to say that
he does not pretend that II principal OF the five
twenties (as his late lettel shows) is payable in
coin, as the bonds are siht upon that subject
and as that conclusion is Excluded by that very
silence. Ii is just, also, tthe democratic party
10 say that when the quesbn has been discussed
in the House no lawyer a1ng then has set up
such foolish pretcnsion:lnd when the bill was
on its hnal passage the Question was expressly
asked OF the chairman OF be Committee of Ways
and Means. and az cEpfsiy anw5ered by him,
that only the interest waJpayably in coin. But
every instrument speaksbr itself. and when it is
silent upon the subject 0fbe currency, il ia always
made payable in money fL;ch means the legal
tender OF the country. fear, however, ] am
celebrating this point. ndPuSe0,t. unless news
paper editor or a countrylroker can enact laws
and afterwards enforce tim. There is nothing
short OF the shcerest iollyp this argument, and IL
will not be perseyered Ia Ay those who have suifi-
cient strength to carry dim genteelly over the
"asses bridge" Nay ntie; | fear that what l
am going to state may u New Yosk editors and
brokers upon a dangepus rampage amid the
flowery fields and COLDER images of Chiriqui and
Golfonto; and yet shd venture to say that il
the United States choss % be faithlcss enough
she could tender and ply not only the prn-
cipal hut the interes, d legal tenders. al
though the latter is expressly contracted TO be
paid in coin. The law Of lgal tender means this
or 10 means nothing. Let OF this alarm any one
for no nation short Of tn basest Asiatics would
ever think OF such an az, however capitalists
might ask trustees, guardins and administrators
to violate the law and theisworn oaths TO double
the revenue which the polc debtor is to pay
them.
What would be the ditfcrnce In effect between
the two modes Of paying d public creditors-in
grecnbacks, IS the loans l,ll due. or exclusively
in coin--I once had calulation made, when
brought in a bill to borro' greenbacks tor that
purpose Indeed, l broughin three bills, hoping
10 save two or three billions thereby. But each
session the rattle OF the old room was much
louder than what was plesed to call the voice
OF reason. and what l still tnk deserved that ap-
pellaton.
Take the number Of miles which through six
years OF war have been expuded, which il alarm
ing, and count it, as wish sme one would do, on
the principle have laid OWN. when for some
time tho premium was at Is per 800. and the
sum will be appalling. Tai 800 and count it
into greenDacks At the abovsrate: it will produce
you $2SI. Now, so convert, r use il every day TOR
one year, and you have at tn end of the year q
difference Of $50 ,O65, the gol bearers costing the
government that much more han the legal tenders.
Take 800 900, and suppose he legal tenders to
be worth at all tunes AT last hall as much a8
coin for all articles witch the govern.
ment may need, which no man can
doHbt, convert or use it daily for a
year at that rate, and you ave difference OF
s3G 500 900 in favor Of grcenbscks. But the bust
ness Of the government durinl the war amounted
to more than 81 100000 per deg. presume. For
one year it would amount TO S.7 $40, 900, and du.
ring the war, upon an average0t three years, ii
would amount to 81 6i2 500 ,00t and this vast sum
would also be the amount in fgor OF greenbacks,
for the same length Of time, rte Of expenditure
and at the above difference in,rce. Why is this
camor against . legal tender, which answers all
the purposes of solid metal ami which has never
been complained Of by the business men oil
the community Why il there such q
headlong desire for the resumption of specie
payment, much earlier than lngand returned t.
Il after her wars which left hr less debt thar
oursy She was not able to esume until more
than eight years after ccssationof hostilites; not
withdrawing her great commercial advantages
over the rest Of the world, aid Notwithstanding
she had in circulation but lttl over eco 900 600
Is she deluded by the free trade quacks into The
belief that 800 900 paid out toher own industrial
classes Is more useful than 100000 paid out to tn,
industry Of our own farmers, laborers and me
chanicsi Is she again to be taught that cotton
crippled, hump backed, crook. shouldered as sh,
ia-ia stil to be kiuQ2 Still vot ace that ever,