Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1868-12-09
WHOLE NO. 2123
Senator MOrtOn's Letter to the \. Y.
World.
WASHINGTON, November 80.

w ASHINGION, y ONeluDer 80.
To TIE EDITOR OF THE WORLD -
Dear Sir In the New York World
of the 2Sth instant, / find an article
from which | quote the following:
"a telegram to an evening paper
states that Senator Morton, soon after
the opening of the session, will intro
ducea bill directing theimmediatep pay
ment in greenbacks of that portion of
the ) 20 bonds issued for five years. Ii
this report iscOrreet, the course of that
Senator on this subject is conspicuous
for vaciIlation. Eight months ago he
was an open advocate of the sO-ealled
greenback theory. During the Presi-
Dental canvas he publicly recanted.
If he IS now about TO propose and adj
vOcate such a measure as that deScrib-
ed in the telegram, his renunciatiOn
must have beena mere political dodge,
a feigned surrender of his principles,
to promote the success of his party"
In the first place, / do not intend to
introduced bill directing the immedi-
ate payment in greenbaeks of that
portion of the tive-twenty bonds is
sued for five years, and have never
said | did to Secretary MeCullOeh or
any one else. In the next place did not
during the canvass recant what | said
in the Senate in regard to- the pay
ment of the five-twenties in green
backs. No speech by me tOthat effect
has been made. What l urged during
the canvass was that the first duty of
the government was to return tOspecie
payments, which, when naccomplished
would settle all questions as to the
mode of paying the bonds / further
urged that the government had no
right to issue new legal tender notes
and make them applicable to the pay
ment of bonds, arguing that such
notes could not be made to sustain the
same relations to the bonds in law or
equity that was sustained by the eX-
isting notes, and thatthe further issue
of such notes would indefinitely post
pOne the return to specie payments.
These propositions were fully stated
in my speech in the Senate last sum-
mer, in which | argued the legal right
of the government 10 use the existing
legal tender notes in payment of the
bonds. / also argued at various times
during the canvass that whatever
might be the law on the subject, the
government could not pay the bonds
or any considerable portion in coin
while the currency remained depreci-
ated, and that improvement of the
currency by bringing it up to par was
a necessary condition precedent TO
payment of the bonds in gold; that if
the government could not procure
gold enough 10 redeem three hundred
and siXty-five millions of legal tender
notes, it was folly to talk about paying
the bonds in gold; that the question
of the mode of paying the bonds will
become important only by cOntinu-
ance of a depraved currency without
taking steps to improve it; that to
take the surplus gold in the Treasury
and apply it to the purchase of bonds
in the market, which will not fall due
for fourteen years, would not be pay
ing the bonds, but shaving" them.
and would be an improper use of the
means by which the paper of the gov
ernment overdue and dishOnOred
should be redeemed. These positions
are not inconsistent with anything ]
said in the Senate.
] am very respectfully, yours.
o. p. MORTON.