The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-08-09

AMI IhhAh nEBEnEIAON IN 0oADs
Mr.. Tbaddeus Stevens, of Pennsylvania. has
addressed the following letter to personal
friend. In it he offers his opinions as to what
Congress. in passing the funding bill, has done
towards settling the question Of paying the public
debt, etc., in gold:
Dear SSr-The gold question is settled. eg
1t is not surprising that an ancient philosopher
should marvel at the singular workings OF truth,
sometimes operating with provoking slowiess and
sometimes with electric rspidity, but always with
eventual accuracy. This has been called TO my
mind by the late sudden settlement Of the ques-
ZION, " in what currency the fye-twenties were
payableW For some time past that question has
been discussed in vulgar msnner, aud, l con.
fess, so far as was concerned. in temper and
style which was unbecoming; and yet within
week the whole question has been settled with
out turmoil and without it seeming to be UNDER
stood by the public at large.
A funding bill was introduced by Senator Sher-
man. and having passed the Senate was sent TO
the House. where il received several amendments.
The Senate non-concurred, and il went to com
mittee of conference. They reported an entirely
new bill in which they settled the whole question
of what the five-twentes should be payable In so
wisely as to reduce the whole national loan to
payment in coin. They provided bonds TO the
full amount of the fyetwenties and no more, to be
exchanged par for par, and payable In gold In
thirty and forty years.
w. III
able principal and interest in gold. nothing need
have been said except as TO the time, which the
govern ment had the right to extend, but they did
not provide that the bonds to be substituted woHld
be Of different interest value from the face OF the
fye-twenties. Ii ia provided that they shall bear
an interest Of four per centum 10 gold instead OF
six per centum as now, and as an equivalent for
the reduction OF the interest the principal should
be payable in gold at maturity. If the principal
we're already payable in gold there could have
been no occasion TO repeat It nor TO reduce the
coin interest for thirty years by one-third. That
settled that the bonds bearing four per cent in.
terest for forty years. and their principal and in
terest payable 10 coin, were just equal to what
the committee considered the value Of the five.
twenty bonds bearing one-third more interest In
coin, and the principal payable in just what it
now is.
These provisions. I think, cannot be misunder-
stood by any gentleman. IL the bondholder
chooses to deal, let him exchange one of these
four.forty bonds bearing four per cent. interest,
for one Of the same value called hve.twentiss,
bearing six per cent. interest in gold and the
principal In money.
This proposition, containing 80 just and con-
venient an arrangement so as TO reduce the
national loan TO uniformity and settle the vexed
question gin what it should be paid, !" was sub
mitted to both Houses passed at once by the
Senate, and passed by the House of Representa-
lives, almost every Republican member voting
for it. II it is not now a law it is because the
president has not signed it.
This compromise bill was happy thought,
settling an irritating question and informing every
Oopdholder what and how much he is to receive
for his bond. Ii does not do to e&ult but II must
be gratifying TO those who held that there was a
difference in value between the five twenties and
what they would be if they were payable 10 coin.
Respectfully, etc. THADDEUS STEVENS.