North Iowa times. [volume] (McGregor, Iowa) 1867-current, 1868-12-09
WHOLE No. 634.


senator MOrtOM's Letter.
| New YoRK, Dec. 1.-The World con.
tains the following letter from Senator
Morton, of Indiana:
WASHINGTON, Nov. 2O.-7o the E1ito,
Of the Uorld-DEAR SIa: In the New
York World, of the Goth inst, l find an
article from which quote the following
! "a telegram to an evening paper, states
that Senator Morton, soon after the OPEN
ing Of the session, will introduce bill! di-
recting the immediate payment, in green
backs, of that portion Of the 5-2O bonds
issued five years ago. If this report be
correct the course that senator on this SUBJ
ject is conspicuous for vaccilation. Eight
months ago he was an open advocate of
the so-calied greenback theory, and du-
ring the Presidential canvass he publicly
recanted. If he is now about to propose
and advocate such measure as that de,
scribed in the telegram, his remuneration
must have been mere political dod dce,-a
feigned surrender Of his principles
promote the success of his party
In the first place, do not intend to in
troduce bill directing the immediate
payment in greenbacks Of that portion of
the 500 bonds issued five years ago, and
have never said that l did to Secretary
McCulloch, or any body else. In the next
place, did not, during the canvass rccant
what said in the senate in regard to the
payment OF the 52Os in greenbacks. No
speech by me to that effect has been made
What l urged during the canvass was.
that the first duty of the government was
to return to specie payments, which, when
accomplished. would settle all questions
as to this 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 paw
ment of bonds, arguing that such notes
could not be made to sustain the same re-
lations to the bonds in law or equity that
was su stained by the existing notes, and
that the further issue of such notes would
Indefinitely postpone the return to specie
payments. These propositions were fully
stated in my speech, in the senate, last
summer, in which argued the legal right
OF the government to use the existing legal.
tender notes in the payment of the bonds.
l also argued, al various times during the
canvass that whatever might be the law on
the subject, the government could not pay
the bonds, or a1y considerable portion of
the coin, while the currency remained de-
preciated, and that the improvement of tho
currency, by bringing it up to par, was a
necessary condition precedent to the pay
ment of the bonds in gold; that if the GOV
ernment could not procure gold enoug gh to
redeem 1865 900 900 of legal-tenuer 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 the continuance of 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 means
by which the paper of the government,
overdue and dishonored, should be re-
deemed. These positions are inconsistent
with anything said in the senate.
l am, very respectfully,
Yours.
0. p. MORTON.