New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-31

the Treasury, might by the operation Of the act be
FUNDED into long bond without heavy sacrifice In
making the negotiation. Some gentlemen trying
20 reverse inc obvious intent OF the act aud Wfund al
this bonded debt by again putting IL into floating and
temporary FORM regard all these late shifts and QuiD
be5 10 unsette what / regard already honor
bly, fixed and determined by the Treasury Depart
ment, under and In pursuance OF law, as I'M
worthy OF this great nation, unstatesmanlike IN
those who advocate H. and II persisted In WILL THINK
inevitably destroy the credit Of the Government, and
postpone indefinitely resumption Of specie payment
Why the back track under these funding loan bills
Why open lhe question at an az thls ume Inc yt0aWg
debt and temporary loans already funded, or so
nearly funded that there cannot be any reasonable doubt
that by the 18th OF July when the last series OF 0
notes fall due the whole will be funded into bonds none
OF which payable until 1882 being Is years yet before
they become due The Government is not legally or
morally bound TO pay one dollar OF the principal OF these
bonds until they become due Then why trouble ourselves
about funding that which Is already funded, especially
when II has 10 be done by repudang the acts and deca
Of the Secretary OF the Treasury in the discharge
of his official duesi Why raise the question as TO
the kind OF money with which we are TO pay bonds
already outstanding and which are not becoming due
The 900 Of three years 80 notes all nego
ated under representations made by the Treasury De
partment similar TO those made IN respect TO the 900
loan OF co. with an express stipulation that the holders OF
these notes should have the privilege OF converting them
at maturity bonds The bonds OF 62, well
the bonds issued IN redemption OF the three series OF 3O
notes all stand upon the same footing ana the Govern
ment Is no doubt Ponu TO pay Tue ] these "9 ban5
under the years option reserved In the face or the
bonds That such is the view taken by the present Deere
Morton Co., bankers in NewNork, In which he says;
"TRElsuRr DEPARTMENT WOW Is 1906
d so ny preessor ali bonds q the United payable
nsH av, bsen So PAID and have no doubt that win rue
9ST, Inns t s o % s s either he called 10 At tie
expiration years their date and pad IN coin or he per
ml until the Government PREPARED to pay ~. CON-
'ie,sn l. P MORTON Co. Yev.YorE"
Under the influence this official declaration, most OF
the bonds have been taken the exchange OF the 100
notes in pursuance Of the stipulation Oh the back OF lne
notes and long these bonds become due specie
payments will doubt be resumed. and We shall ten
have but one standard OF value and only one kind OF
money, namely, coin lts equivalent, III when To pay
these bonds our population and resources viii be nearly
double then what they are now. We SHAH be aDuI-
dainty able 10 pay at that time IN That currency Wch
recognized by al civilized nations as the true standard
and measure " value and thereby the honor ana good
faith OF the nation will he fully maintained ,,
would suggest that II IS not wise 10 preinaley aS
tate this question: and not able as yet to see any good
reason for dong So On the contrary thlhk an agI.aG
now this branch of the financial question Is mis-
chieyous and calculated unnecessarily TO Mnpar our
credit at home ana abroad
would suggest, further that the provision in the bill
which limits the legal tender currency To siOOOyO II
good one provided there any sane man In Congress
who proposes, In u time Of peace, to dilute and still
further dcprecate the currency. by increasing IL above
currency exceed s25o0OOoOO or $0cOoo0 when
reach the specie standard, i we would successfully
maintain specie payments Aud It seems to me That II
would greatly facilitate resumption Of specie payments
the national banks reIequred 70 hQld par Oh the
reserves IN COIN ana mat soie saIe phn sho9 pe ue
ysed 10y which the subtreasures IN tue prnci cites
with the banks through the Clearing House ana requiring
only balances 10 bo paid substantially IN the same man
nor as the banks the principal cities make their ualy
settlements with each other In this way large move
OF coin from the subIreasuy would be nccos
sary and the daily payments could be made with com
paratIye But this letter already too long, nuch
longer than ! intended when commenced IT, ana VIII
not enlarge further this subject Al this time. may
desire further suggestions and II 50, VIII
write you again. remain, very truly your friend
l.. q. SPAULDISG,
PROM THE HON ?. Y. SPINNER.
TIE Hon. L G. SFarLDtNG. BHfriO, y. y.
the orb inst hiss been received some
or who believes hgbtoled svninE vi write 10 favor y open re-
Tie slhect the consideration OF eA
adins have not tie patience 60 read nlug Advocating e
the national debt m drpecaed currency
Ibr secrr this subject sud bis orh
coming Report vii address argument n the Congress and the
and those sho neither tnaves
nor question j. TO become the leading ore IN the
orsua ~ parties bad borei that such Butler And
With tr body q their friends Hay
m abiding honesty Of the people believe TIE question
ioue.iY that louest Americans vii be spared TIE
having gnatd bAad Of cheats nd sHisd
L.. yerr nv vo4r friend p. T.