Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1868-08-11
Thaddeus Stevens on the Funding Bill.

The following letter has been addressedby
Hon. Thaddeus Stevens to personal friend
sDear Sir: The gold question is settled.
1t is not surprising that an ancient phlloso-
pher should marvel at the singular workings
of truth, sometimes operating with provoking
slowness and sometimes with electric rapidlty,
but always with eventual accuracy. This has
been called to my mind by the late sudden
settlement of the question IN what currency
the fye-twenties were payable For some
time past that question has been discussed IN
a vulgar manner, and | confess, so far as
was concerned, in temper and style that was
unbecoming; and yet within week the whole
question has been settled without turmoil and
without it seeming to be understood by the
people at large.
ga funding bill was introduced by Mr.,
Senator Sherman, passed the Senate, and was
sent to the House, where it received several
amendments. The Senate non -concurred,
and it went to committee OF Conference
They reported an entirely new bill, in which
they settled the whole question of what the
ive-twenties should be payable in so wisely
as to reduce the whole national loan TO pay
ment in coin.-They provided bonds to the
full amount of the fve-twenties and no more,
to be exchanged, par for par, and payable in
gold in thirty and forty years.
''Now, if the fve>twenties had already been
payable, principal and interest, in gold, moth
ing need to have been said except as to the
time, which the government had the right to
extend; but they did provide that the bonds
to be substituted should be of different inter-
est value from the face Of the fve>twenties
1t is provided that they shall bear an interest
of four per centum in gold instead of six per
centum, as new and as equivalent for the re-
duction of interest, the principle should be
payable in gold at maturity. If the princi-
pie were already payable in gold, there could
have been no occasion to repeat it, nor to re-
duce the coin interest for thirty years by one
third That settled, that the bonds bearing
four cent. interest for forty years, and their
principal and interest payable in gold, were
Just equal to what the committee considered
the value of the fve-twenty bonds, bearing
one-thrd more interest in coin and the prin-
cipal paying in just what it now is.
These provisions, think, cannot be mis-
understood by any gentleman. If the bond
holder chooses to deal, let him exchange one
of these four-fOrty bonds, bearing four per
cent. interest, for one Of the same value called
fve-twenties, bearing six per cent interest in
gold and principle in money.
This proposition, containing so just and
convenient an arrangement. so as to reduce
the national loan to uniformity and settle the
vexed question in what it should be paid
was submitted to both houses, passed at once
by the Senate and passed by the House of
Representatives, almost every republican
member voting for it. IF it is not now a law,
it is because the President has not signed it.
'''rbis compromise bill was happy thought,
settling an irritating question, and informing
every bondholder what and how much he is
to receive for his bond. 1t does not do to
cxult, but it must be gratifying to those who
held that there was difference in value be-
tween the tive- twenties and what they would
be if they were payable in coin.
"Respectlully, &c.,
"YnADDEUs STEVENS"