Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1868-09-02

less than now paid After that the govern
: ment would have little difficulty in placing
the remainder on the same terms at home
This could not be done by commencing re-
demptions in the order of the issue OF the
: various stocks by payment in money Every
dollar received on the sale of the new four
per cents would redeem a dollar OF the old
six per cent. stock Such new stock should
however, be exempt from every KIND OF tax
alton, whether by the general government
or by states, municipalities or corporations
Such a provision would not only make the
stock more desirable and readily taken, but
it is necessary to the very existence OF the
government itself Any government that
taxes it's own stocks is repudiator to the ex-
tent of such taxation. If it permits states
or municipalities to tax it, the government
would always be at the mercy Of the states
and municipalities for they might at any
| time tax it to such extent as to virtually
tax it out of existence, and thus, forever aft
er, prevent the government from negotiating
loans, however much they might be needed
for its own preservation. Once grant to the
states the power to tax United States stocks.
secession will have an easier road to disunion
and separation than any that could be open
ed by armed rebellion.
Many of the men who during the rebel
lion, invested their all in the present six per
cent. stocks to save the country from disso-
luton, would from motives of patriotism
if not from pecuniary considerations, be will
| ing to exchange such stocks now held by
them for any new stock that would be relia-
BILE to them and satisfactory to the great
body of the people.
| know at least, one such, the earnings of
whose whole life are now so invested, who
would at any time, now or hereafter, under
such circumstances and conditions, be glad
1 b - L.. .I
[ doubt not General Butler holds of these
stocks, and 1 believe that he and his loyal
friends, who hold his peculiar opinions in
regard to the mode Of redemption of the five
twenties, would bc willing to make this e1-
change. First, because it would satisfy and
quiet the public mind, and bring peace on
this vexed question; and second, because it
would be better for the holder than the mode
proposed by him. 1t is believed that if re-
sumption does not take place in a short time.
| it will be because the national banks will
not be prepared for it.
1t may be said that the government should
do right, and resume whenever it Is able to
do so, irrespective of the wishes necessi-
| ties of the banks. Before coming to such a
conclusion it should be remembered that the
government is the endorser of all the nation
al bank notes, and that it has taken its own
bonds for it's idemnity against loss by reason
| of its guaranty to the billholders of such
banks. Should these banks fail, their notes
must be redeemed at the Treasury at once,
and that, too, whether the securities pledged
for the purpose are sufficient or not This
being the case, it will be seen that the cir
culating notes of every national bank that
may fail In consequence of premature re
sumption, or from any other cause, must be
added to the outstanding matured liabilities
| of the United States. The government, on
such failures, in order to provide itself with
means to redeem the notes of such broken
banks, would be obliged to sell its own stocks
held by itself in trust for them.
| IF many should fail there might be thrown
npon the market such an amount of such
stocks might, for time, at least, serious
| " impair its merchantable value. Perhaps
the depreciation might, under such circum-
stances, reach point SO low that the avaIls
from the sale of the securities IN the hands
Of the Treasurer would not be sufficient to
redeem the whole circulation of such default
ing banks In that case the balance would
become direct charge upon the Treasury
Such failures might, and very probably
would, throw serious obstacles in the way OF
any scheme for reinvesting the present stocks:
it might even Cause another suspension, and
thus prevent a stable and permanent resump-
ton for wears after.
1t should be borne in mind that any feasible
plan for advantageous conversion and re-
funding of all the governnvn. liabilities intV
a single consolidated stock, bearing much
lower rate of interest than the present. must
be through undoubting faith in lasting
resumption of specie payments, by the whole
country, condition precedent
These suggestions addressed to you,
because have noticed that you have not only
written on the subject of our finances. but
that you have written well, and in the sup
position that you may be inclined to continue
the subject, | would most respectfully sug
gest the propriety of your devoting chapter
Of advice to the national banks. Many of
these institutions were put in operation by
new and inexperienced men, ignorant ofthe
first principles of Legitimate banking. They
have never had their circulating notes return
ed to them for redemption. They have
scarcely seen one of them since they first is
sued them. They hardly know what redemp-
ton means In truth, they have come to
look upon their promises to pay, assets to
be relied upon for use, instead Of overdue
liabilities. 1t is feared that, when resump-
ton takes phase, many of the banks under
such managers, unless educated to correct
appreciation of their duties and dangers,
will be forced to the wall, and compelled to
90 into liquidation. Your admirable ESSAYS,
thus far, seem to have been intended mainly
for the enlightenment of Congress, govern
ment officials and the people. All these, it
is believed, will be right, long before the
banks will be prepared for doing their share
of the work that will be required to ensure
an early resumption of specie payments
Bring the banks into line, and my word for
it, resumption will be a fact accomplished
within year.
The gallantry and heroic virtue of our
soldiers and sailors have saved the country
from the distracted condition of Mexico.
All should now unite in a firm resolve and
fixed determination that the public honor
and faith shall be preserved untarnished and
that the nation shall be saved from sinking
down to tho stagnant prostration of Spain.
The military has done its part OF the glorious
work nobly, and deserves and will receive
the nations gratitude. If civilians desire
that posterity should hold their names in
grateful remembrance they must finish hon
estly what was splendidly achieved by
| those who bore arms in the struggle The
soldiers mission has gloriously ended The
civilians duty is still before him. Fail to
preserve the nations faith unspOtted, and
no human ken can divine the distress, disas-
ter and misery than will overwhelm our peo-
pie Be just and do the right, preserve the
nations good name, observe all obligations
at home and abroad, and the country will
enter upon a career Of prosperity and happi-
ness that will exceed anything that the world
has ever seen.
Very respectfully yours,
E. F. SPINNER, Treasurer United States.
To -, Esq, Boston, Mass.
Gen. ROsecrans' Virginia Mission.
We have liking for Gen Rosecrans If
had led L L. a