New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-12-08
PRICE FOUR CENTS.

The legal tender acts were war measures 10y REFER
ence TO the debates upon their passage IL VIII De per
ceiyed that by all who advocated them they were ex.
able Government the unfortunate condition Of the
country would only be saved from great depreeiaonD y
sufficiently considered by possessing this character
their depreciation would not be prevented, but merely
Lawful money and a legal tender in payment OF az
debts, public or private within the United states exceps
They were issued in an emergency for which it then
in fact forced Ssed only by the cond
ton of the country and they were so recognized by Con-
by public journal was the issue of these as law
full money advocated on any other ground than that OF
not early date be Invested OF the character
onGrv Wa" go different from the present The secretary
believes that they could and he therefore recommends
i'm addition TO the enactment by which contracts for tile
payments of coin be forced, that II be declared
that the 1st day Of January 1870 United states
notes shall cease to be legal tender IN payment OF all
private debts subsequently contracted ana that after
the lst day OF January, ISL they sa ease 70 ne
legal tender any account, or Tor any purpose WHAT
ever, except Government dues LOT witch , eney
are now receivable. The law should also aulhorne
fhe conversion of these notes. the pleasure OF the mold
ers, into bonds bearing such rate OF interest as nay
outstanding bonds may be funded Tine pelloa I9r "sR
they would continue to be legal tender wOuld % SUN
Gent enable the people and the banks TO Prepare lor
the contemplated change and the privilege OF their con-
vel sion would them from depreciation WHAT mas
been said by the Secretary IN his previous reports On
pernicous effects upon business and the puolc mOIs OF
incOnyertbe legal tender notes and what Is sa9 IN tS
report upon the advantages which would result from e
CALLING coin contracts, sustain TINS Recommendations II
be improper, hOWeYertO suggest
for vestng these of their legal tender character
by legislative action Although the decisions OF the court
have been generally favorable TO the eonstitutonay OF
the acts by Which they authorized doubts arc
entertained by many OF the ablest lawyers OF te
to be borne In mind that they have not yet been s
tanned by the Supreme Court OF the United states. Inc
illustnOus lawyer and statesman whose language upon
the subject OF iredeemabIe paper money mas Dee uVIu
in the Senate OF the United states ON tie 2st d OF De
cember 1885, expressed the following opinion: Most nm
Quesonaby there no egaltender III TINS country uDu
au6s
at rates regulated by Congress THIS Is consitu
Importance The states are expressly prohibited from
making anything but gold and silver legaender IN
payment of debts and although no such express proho
applied to Congress- yet as Congress mas 10 power
granted TO IT ia ms respect Dut 10 CON noI h
and to regulate the volume OF foreign cOlns ~ clearly mas
power to substitute paper or anything else Tor com rs
tender IN ply neht oi ueDs; anu III PHI, h. both ia
branches. IL has coined money ana stu COINS IT, ~ mas
regulated the value OF foreign coins and sill regulates
their value The legal tender, therefore the Constitu-
tional standard OF value, is established and canGt Ge
system" . - =, .u,
differ from Mr. webster upon this question: ana no ole
can fail perceive how important II Is that the ug.'ia
ture recommend decision from which there can be 30
appea-that United States notes are not under the Fed
etal Constitution, legal tender ., -.
been follows: For the fiscal year ending June 80 1850,
s5qOi65I 5s for the fiscal year ending June ~, 1861,
s6 1873. :loli5i5gS &C. While It appears from
these figures that customs receipts since the
revenue point entirely satisfactory, the question
naturally arises what these large TtccpiS ANGER
high tariff indicate In regard TO orr oresn trade ana our
financial relations with foreign nat0nsE ItSiuposlOe
TO ascertain with precision the anuUnt OF our securities
held In Europe. Nor there any perfectly Trustworthy
data ascCrailng even what amount las gone theie
annually since the first bonds were issued FOR ne prose
cuton the late N his report Of 1856, tie secIc.
tary estimates the amount OF United States securities or
Europe He after bccaue satisfied that
this estimate was oolow by from sloo)j9 to llOAOlyoo
would be safe to put the amount held az Tie present.
thnn s c5 COO are United states bonds rcay ali OF
left the United states WitIilu TIC last SIX
years The amount is formidable and Ltie satisfaction
is derived from the consideration hat these securities
have been transferred m payment ~ interest and Tor for
eign commodities and list ~ Ltile rom e t'...e'-
ton that probably not over S'glCJCO il goa y".GeS
hive been received Tor these sej0o0gC OF debit Ia this
estimate OF foreign Indebtedness. railroad and
other stocks are NOT iicluaed' as ihey are not ~
debt. but the evidence merely OF tie ownership
OF property in the United States Fortunately for sone
years past individual credits have been cnrted, and
our foreign and domestic trade IN THIS particular hls Lot
icrred TO, and The individual Indebtedness. OF The partc
uar amount OF which no accurate estimate ean De lsaae
rifles nearly al OF which Interest, anG on tie greater
part OF when interest III sold is bg.. @d scr nEaer
The present revenue systems, aud with deprrc te pa
be STAYED Win Wide and abundant haryestS. ana iiarS
surplus uf agricultural productcieo an description,
Unilcd states bonds are sull creating to DO sliaI
being adjusted We are even now increasing our debt 10
Europe at the rate ~ . 100000 or f00go per .uuum,
in the form Of sol4beayug bonds IAe SOD aui siil,r
extent the exchange with Which or fI,s8 balances arc
prOduct Of California and the Territories ,nr 1873 IaS
been upwards OF ;l,coJtscO0 Allowing ghnr see,e0 80
have been used in manufacturers. AM tlt te c1a in Ae
country has been Increased equal a0 f, tlc bal
p. =
Rod oi 70 years IN addition tO agricultural p.uducc.
ported in LARGE quantities. We have parted with
81 OdOO0O0O the precious metals. and nevertheless
ms In GOOD defce !Icd win Tie View If nfcres
American against Observation-Disclosures. Batth.s is noe
engaged in the foreign trade "thcr de-
sWoyed By Rebel cruisers or Transferred to
foreigners. Our exports as wei as orr imports
arc now chiefly foreign bottoms. The carfyiug trade
between the Ugiicd states agd Eu,o.e j a.act totally
IN the hands OF Europeans, NeIt u ot Tor thc ith"h
of ships stll employed M the CHINA trade ANA tc aand
arc making 10y the establishment u me 81 sir"iISss
on tue fac'uc' tlr eo"''NI'e t."lI "Alh - I''l4H ~
the exclusion Of forcSn competition, would seem "a be
aboHt all tnat can, nader sNstrS t@'liuo' Nc Iehr6
upon fOr the employment az Ameti'ah shirlu% IneIe
many Intelligent persons NEo entertain lie opinion
that the country has been brccd 10y The trlrsi,r ot
borAs 10 Europc on The ground iat capital las been
received In exchange Tor t.rn which has been
prontaby employed III Tie development OF
our national resources aud tiH; 1t materS little
whether the interest," upon the dtut is received by
own people 10y the peupeufo,hcr countries. This opi
the result 81 Misrepresentation of facts nuu IS
sound IN principle. large extent true, that
capital which Is being used Ia developing the national
resources has been received IN exchange roy the Bonds
which are held IN Europe. while many articles. such us
railroad irOn machinery, and raw materials used
i'm Innnufac turing the yaue Of which to the
country Is acknowledged have been received.
LARGE proportion of the receipts nave been OF differ
description Our bonds have boon largely paid fOr Ia
articles Tor which nation afford tO ~ deb for
articles which have neither Stimulated industry nor IN
creased the productive powers Of the country; which
reference 10 the Custom House entries VIII sub-tatlnle
the correctness of these statements Iwothird5
articles which in economical times would bo
pronounced Injuries. The war and redundant cnrren'
have brought about uHeNaHlIcd eN'raNasahce wicn
can only he satisfied ny the u">t cosby llpduees 1t
foreign countries. No exception coud u" taheh I'd such
importat0ns II they were ptId ior ih oF own prouuc-
tons. This unfortunately is not the iact They are an
nliy swelling foreign debt WITHOUT increasing our
ability pay II. How disastrous r course OF trade,
long contained must be- II requires no spirit OF
phesy % predict. Nor IL AN uhoF'ht matter that