Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-12-27

Ii
S done, then the Gazette goes for
he early resumption of specie pay
nents, but not otherwise. To show
hat we do not misreprcsent the
we quote
ain reason and law no man who
holds greenback dollar or bank note
dollar has any claim te have it raised in
value on his hands, or to have it re-
deemed in coin at any more than its
present current value. In reason and
law no man can be compelled to pay his
debts in dearer currency than he con-
tracted to pay; nor to pay in coin any
more than the equivalent Of the currency
which be agreed to pay This is reason,
law aud honesty. The other is folly,
robbery and ruin" "Now,
upon this equitable and honest basis, the
resumption of specie payment can take
place any day without disturbance.
Suppose the fair specie value !. o:
the existing currency were settled-we |
will say for example at GO cents on the |
100-and that the public Treasury and
the banks should advertise to-day that
they would pay coin on their notes at
that rate; this would be equitable
specie resumption. The notes would
continue to circulate for every use, as
before, and when presented to banks or
Treasury the holder would get the full
value that he took the note for, and all
that he was entitled to. He would not
be compelled to present it for payment.
II would be werth for all other purposes
as much as before. The notes would not
be changed in value in his hands. On
the contrary, their value would be fixed,
and they would becoms a stable currency
at their true value"
The Gazette insists that "this
would be specie payment upon the
basis of justice and honesty, and
without a general calamity" And
it adds, to give force to its position:
Nobody will dispute that the Treas
ury and the banks could to-day resume
and maintain specie payment upon this
Just basis. For when holders could get
no more than the real value Of the notes
by presenting them for redemption, they
would make no run for specie" /
| According to the Gazette, and it
stands foremost among the leading
Republican papers Of the West
I'm reason and law no man should
be compelled to pay his debts in q
dcarer currency than he contracted
to pay; nor to pay in coin any
more than the equivalent of the
currency which he agreed to pay.
And to make its point as strong as
| possible it repeats that this is "rea.
son law and honesty, while for cred,
itors to insist upon the payment Of
debts in a dearer currency than thai
in which they were contracted
"would be folly, robbery and ruin.
This is the Gdzette'S idea ofprivatt
morals. Now we inquire if it il
willing that the same rule, the same
standard of morals, shall control il
the liquidation of the public debt
1t may be well to inquire here what
are the obligations of the govern
ment in the payment of its debts
To arrive at this information, W.
present the views of a distinguished
Radical statesman, the chairman O
the Finan cial Committee Of thu
Senate. In speech at Hillsboro
Ohio, during the recent politica
canvass, Hon. John Sherman adj
mitted the legality of the paymen
Of the five -twenties in greenbacks
and Gov. Morton, in a speech in the
/ Senate, conceded the same doctrine
| while the late Thad. Stevens asserted
on the floor of the House Of Repre-
sentatives that the five-twenties
were to be paid in greenbacks, and
that It was so understood by the
committee, Of which he was chair
man, that reported the bill author
izing the issuance Of the bonds
The following extract, from Mr.
Sherman's Hillsboro speech, defines
his idea of the nations obligations
to its creditors:
"When a nation deals with a party
and stipulates to pay money, the pre-
sumption is that the money to be paid i:
that kind Of money recognized among
nations, unless some other money Is
stipulated for in the contract Now, wheT
| We come to look at the law, which is the
essential part Of the contract, we find {
provision that kind Of money defined in
that act and called lawful money, shall
be lawful tender in payment of all debts,
public and private, except the interest oil
the public debt, which must be paid IL
coin. Now have reasoned about this
matter very often, in public and private
| discussions. have made and answered
collateral arguments in speeches and
reports, but my mind came back to the
l conclusion that under the law, the con
tract between the creditor and the
United States was that the creditor should
loan the United States lawful money, or
| paper mOney-that the United States
would pay the interest at six per cent
in coin, and the United States might, al
the end ofive years, return to the credi-
tor his principal sum in the same money
loaned 10 the government, or might
postpone this for twenty years"
Mark well this position. Mr.
Sherman says that under the law
the United States could return tC
its creditors the principalof its deb
in the same money loaned to the
government. The doctrine thus
stated means that the government
has the right to redeem the five
twenty bonds in the same currency
it received for them. 1t will b.
seen that Senators Sherman an(
Morton and the late Thad. Stevens
place the faith of the government
to its creditors in just the position
that the Cincinnati Gazette places