New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-09-03
THE pUBLIC FAITH-MR. STErENs.

THE PUBLIC FAIIH-UR. STEJENS
We have repeatedly asserted, and dared Tie
World to deny, that the extracts made 10y Gen.
Garfield from the speeches of the late Thad-
deus Stevens with reference to the payment of
the Five-Twentcs were fairly and honestly
made, and that they prove what Gen. Garfield
aflirms. The World responds as follows:
"TnR TRBuNE deliberately misroprcscnts The World,
10 has again and again wilfnly msrepesented the
scope and OF Mr. SteYcus speech The World has
never said nor minated, nor tried TO have anybody
believe as THE TRIBUNE falsely asserLsJ that Mr. ste
vens's speech did not relate TO the logalcuder bill.
What stated that thore was nothing III the bill,
at the time Mr. stevens made his speech upon IT, about
hye-twenty bonds-which Is perfectly true, and Tue
TRIBUNE knows IL to be true, although II again ubus
lngy statos the contrary IL says that The bin made
those notes fundabe lyetwcnty bonds We defy IHE
TRIBUNE quote anything Of the kind from tho bill as
it stood whcu Mr. stevens made his speech upon IT,
Response by The Tribune.
1t is certainly true that at the time Mr..
Stevens made his elaborate defense of the issue
of Legal Tender paper, there was nothing in
"the bill about fre-twenty bonds because the
bonds in which the Legal Tender notes were
to be fundabe were made payable only at the
expiration Of tcenty gears. Hence Mr.. Stevens
spoke of the proposed Legal Tenders as he did
in the following passage of bis speech Feb.
g. 1862, which we now quote directly from the
pages OF THE Congressional Globe:
" But my distinguished colleague from Vermont fears
that enormous issues would follow supply the expenses
OF the war. do not think any more would be needed
than the sSOOO0OO0 The notes bear interest No
would seek them for Investment III the rapid circulation
OF money 800 in turned often 10 purchase
ten times It's value. THIS money would soon lodge ~
large quantities with the capitalists and banks who must
take them But the instinct Of GAIN perhaps may call
1t ayarice w0uld not allow them to keep It long unpro
ductiye. dollar IN misers safe unprOdnctye IS a
disturbance Where could they invest IL III United
states loans at sir per cc"t redeemabie IN 0od IN tcey
years the best and mos. valuable permanent Investment
that could be desired The Government would thus again
possess such notes IN exchange for bonds and again
issue them. have no doubt that thus the sj0OOOO00 Of
bonds authorized would be absorbed In less time than
would be needed by Governments and thus Sl5OOO00OO
would do the work of SOO0000OO OF bonds When further
loans wanted you need only authorize the sale OF
bonds tho same S50OoO.00O Of notes viii be ready to
take them. ! contend that this currency will be-
better than any this country produce Bank
notes merely local. The holder of them in
s. Louis, wishing TO transmit to NewY0rl, must pay
Discount OF from 10 ten per cent If he has gold the
cost OF transportation Is considerable IL lie travel IL Is
cumbersome But II he has United Statos par notes no
can send them without cost all the Union Gentle.
men eamorOus ia favor Of thOsD whp haye deRta duo