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

80, "a, 40 entitled 70 inst one hundred cents for
your money and no more, whether that one nun
dred cents be made of leather. tin or greenbacks.
and its mode Of payment pointed out. And
when the Supreme Court shall have decided such
law TO be constitutional and binding upon all it
being the highest tribunal to decide between man
and man ia all earthly affairs, il is not only legal,
but is Just part Of the law OF the contract, TO
pay your debt in that money, which, il the gov
eminent was wise when it created it, cannot be
loss to the citizen lie may not be fool who
doubts this proposition, but he has an excessive
folly which all the world except himself and bis
creditors will ridicule. II was your contract and it
was your government, created by yourself, that
fixed its security and who is responsible you are,
partly for foolish arrangement, il there be loss
II you do not like the legislation OF your govern
ment and the provisions II makes for your welfare
and that Of all its citizens, choose better men. or
go elsewhere for protection; but do not tell
us that when one-half of the community
impose laws upon the other half aud make them
binding. and that other half obey those laws, they
swinders and villains The language is neither
decoIQus nor such "a gentlemen would use.
Money What IL money! III 1t be hxed, IN
aiterable thing Of intrinsic and known value. why
does the constitution put II into the power OF 2
legislative tribunal to create il and reassess II
anew? II il all fancy. Money is just what the law
makes il, aud you must take the chance that your
government make it wisely, and when made YOU
fix your eye upon it and make your contract ac-
cordingly. i abhor reputation or clipping the
coin aud yet this nation has twice. or, think.
three times by its legislation reduced the price OF
silver and made il pass 10 every creditor as well as
debtor at the original price.
Who are these reasoners. who. with these FACTS
in view. talk 30 learnedly OF the laws OF finance
and the morality of human dealings! Whose
conscifnces are sQ.LaYj and stick out so far from
their excited covering that no pharmaceutist can
hao ri yyn nd no ca
IL sufficiently TO take from IL its lasting plague
after the malefactor shall have lain himself 6oHn
in the hope OF seeking rest in another world slNow
let US come to the government loan. and Tor
single moment consider it, which, even without
the monstrous doctrine Of Greeley and Cooke, IS
the most profitable investment ever made by
money lenders and IS monstrous swindie on
Americans. on the part OF European capitallStsj
In what ] say ] would not depress that loan
by single dollar. for all the profit which IL
were possible for me to make by it; for it has done
its service. and no more than It's service, TO the
American government, in the days Of her need;
and for such service it has been trebly rewarded
by the nation. When say this do not begrudge
the poor speculator or the rich capitalist who has
entered the gold room beggar and come out with
a prncely fortune, his earnings that is not his
folly. but tha folly OF the government, which,
though hundred times warned, would never take
heed. Would to God that my intellectual vigors
might increase in proportion to my disease. that
might properly depict this important subject to
the American people. But such phenomenon
will never again BE- found to exist this side OF Port
Royal.
found that the then administraton-for what pur-
pose will not undertake 10 pronounce-had left
the country bare OF all defensive weapons, and not
only with an empty treasury but $50, 000. 900 in
debt. The first few millions needed TO equip our
army and navy easily borrowed, for our gov
eminent had very poor and shallow idea OF the
intensity of feeling OF the independent belligerent
with whom we had TO deal. But il was soon found
that all the energies of the nation were necessary
to defend freedom from the plundercrs, the
robbers, the revolutionary cutthroats, our
Southern brethren | think they are called,
vino we had to deal with. 1.-THE next loan
of $3.50 900 % was readily taken by the Phiadel
phia, New York and Boston banks. But when
Congress assembled the banks complained that
the Treasury had SO placed their loans by aggre-
eating them in the deposit banks, as to render
them, the lenders, unable longer to pay coin for
them. They, however, went on aud paid them in
currency at some discount, which, think, cost
the government some millions Of dollars. Still,
the Treasury was soon empted. such was the
enormous draft upon il for war material. Inquiry
was then made of bankers and brokers by the
Committee OF Ways and Means, OF which hap
pened to be chairman, to the probability Of OBJ
tanning a loan, and at what rate. The answer was
discouraging, and did not give us reason to hope
that We would be able to obtain sufficient money
to carry on the war at more than eightyive per
cent, with interest at six per cent on the loan.
The committee were unwilling to take eghty-ive
per cent principal and receive the loan in depre-
brought it to sevcnty-fve per cent. This was Dor.
rowing millions at so ruinous a rate thatwe looked
around for other means Two OF us. MIR. Spauding 4
Of Buffalo, and myself, were In favor Of issuing
notes Of the United States and making them
legal tender, but receiving them at par for all
transactions with the government, believing that
they would pass at very nearly par
for all the supplies OF war material
all demand, both by the government and individ.
uals, for anything but legal tender, would thereby
be taken ayay.l No reason could be seen why, to
the extent 0f the demand in this country. which
proved to be nearly the whole, they should 60
much below par. They would answer every pur-
pose for which the farmer mechanic, merchant
and manufacturer desired to purchase material.
We reme mbcred that in England for most OF tho
time that specie payment was suspended her
bank Lotes were at about fourteen per cent
discount. Alter having repeatedly attempted 10
purchase loans at less sum than what in
coin would be about $40 on tho 800, we urged
the Secretary Of the Treasury to give his consent
to offering loan and issuing therefor United
States notes and making u legal tender. To this
two members OF the committee agreed, but the
Others together with the Secretary. decidedly re-
fused their consent, he (the Secretary had very
consistently done in his report. The committee
waited, again consulted the moneyed men of the
country and found that no large loan could be OBJ
tanned in con except at . most ruinous price.
They again importuned the Secretary for
his consent the committee having become
tie. A bill for the issue oil 800 900 900 OF
legal tender had been drawn and offered by
Mr.. Spalding, and was allowed TO remain
in that position till February when demo
cratic member Of the committee, reserving the
right TO vote against it, consented that il might be
reported In February, after severe opposition, II
passed the House and was sent to the Senate.
Then nothing WAS said about the currency In which
either principal or interest were to be paid. No
one suppose, doubted that the loans OF the United
States Of every description were payable in the
money Of the United States Of every description;
but TO change that aspect as II regarded portion
Of the fund, the New York money changers again
made their appearance, Jew and Gentle miugling
in sweet communion TO discover some cum
ming invention to make in day what
il would take weeks for honest men 10 earn.
They went directly TO the Committee Of Ways
and Means, and asked that the interest should be
made payable in coin, leaving the principal as It
was. The committee utterly rejected the absurd
proposition of two eurrencies-two legal tenders-r
IN the same empire and for the same commoditieO