New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-10-24
REPUTATION.
10 he Editor of Tnl Til

10 the Editor Of The Tribune
SIR: Ny attention has been called to COM
muncaton in THE TRIBUNE of Friday signed H. NJ d.,
In which the writer makes some criticisms upon COM
munication sent 10 The Boston Daily Advertiser and re-
printed In THE TRIBUNE The position which sought to
enforce this That in its dealings with its creditors
1t the duty OF the Government TO keep its contract IN
good faith according TO the understanding OF Doth par
ties at the time The contract made, and that TINS under
standing was that the interest and principal ot the Public
Debt were TO he paid they always had been from the
organization OF the Government III com or ls equivalent
belief of the subscribers TO the Loan and that they had
good to think In support OF the opinion tat
sn Sa a nS' Se bonded debt Of the United states
mentioned the fact that the section OF the Act OF Fehru-
THenes cnd in fact all Loan acts prior to 1860 used the
same language as to both principal and interest est
and identical with that OF the acts authorizing the
loans maturing in 1902 1867, 1863 ls7 1874 and 1885,
OF which have never heard any doubt expressed as
coin payment In further proof, addueed the I'M
porant fact, that IN this very statute. IN which paper
was for the first time made legal tender Congress enacted
aud pledged the same for payment Of interest and 10
debt Of the United States" including the FveTwenties
OF greenbacks, since withdrawn and displaced
by another made convertible at par at the option OF
the holder into the FiveTwenty Bonds OF which prnc
pal and interest represented as to be paid in gold
The intention was, undoubtedly, to furnish TO the green
backs valuable security against depreciation some
anchor 10 hold the nation to sound currency Permit
here to express the opinion that 10 the wise provision
Of the law which made the Customs payable IN com are
weindebted for the preservation OF tne national creL
Hal paper been maze recclNaDt uutN II
not probable that the Treasury would nave been able 10
MAINTAIN payment OK coin interest and without this
feature In the Government stocks, they would have
proved little attractive TO Investors TO have made II
impossible for Government TO borrow the vast amounts
needed. This would have led 10 a further depreciation
Of the currency until the credit Of the United States
would have been rretrieVaby swamped.
TO return the sos II should be remembered that
at the date referred 10 Feb o, 1852 gold stood AZ only
Ter cent premium and six weeks later at per cent
Very that time expected the 10 be or
long duration and the legal tender issue universally
regarded but temporary eXpedcnt. In emitting, IN
specific terms to make the principal Of the public debt
pavabe i'm coin Congress undoubtedly passed II over as
having no practical Importance.
T. NJ d. manfcsts g1cat irritation at my mention OF the
bonds of 1862, 1t67 and 1893, and says:
What and DO you, Mr. Editor aud Th Tn,
heees paper place oounnsi Inc
bonds 81 1902 paid Of lie has been mirntei lh & noi esh
paid OF What does be BY bonds Of lboai Ih,rt
ore mon, that on TIE ~ the question undsf
discussion bis reader, suppose te b Of Fc ~ l
bad old oausi Certainly not r BY BIS oHn a. 'n
the creating the old ous settle how they shan be paii and mo-"
the biunder u Transparent - 80
ucant precisely what I sad, that the bonds OF Is07
ISSUED In 1912 paid In gold nearly year AFTER the
passage Of the Legal Tender act ana that the bonds OF
paid. II y. NJ d. will notice the quotations Of the New
York Stock Board viii find occasional sale OF these
bonds ard under the designation used by me. The
present price Is about lA.
Will here repeat that there Is not word IN The laws
OF the United states regard 10 the payment Of the five
twentics excepting t0 tme which docs not apply
with equal force TO the public debt contracted previous
10 the
Iregrct Mcssrs Editors, 10 occupy much OF your
space. This whole discussion II perfect buga.bOO
started by political demagogues, To advance their sup
posed interests The bonds not due Tor 10 years long
before which time Mr. McCulOch shall remain Ia charge
of the Treasury Department. return Ia specie payments
viii dispose OF this question 10 the satisfaction Oh AL