New-York tribune., 1868-01-17
PAYMENT OF THE DEBT IN GOLD.

r. O. HAZARD, esq, Aetc-l 0rR -,
SIR: Your esteemed favor OF the |o'il INST
was duly received inclosing article discussing tne
right morally and the policy OF the Government PAYNE
E nosino N nav the 52Os I'm anything but gold or its
oonvalent / think the article very sound DushesS-
like view OF the case you business man. can looA upon
these questions unbiased by political lhhuenee' anu n'''
is the way every should look upon 'heli' iheie
may be men, possibly, Of not sufficient business cApe
epce TO realize Importance OF avoiding any anu every
thing that the appearance OF wish 10 srk our uo
obligations that think the Government has righ' 10
nav off these bonds by issue OF legai-tehuer.
currency even IL by doing 1t should de'
preciate that 'currency to half Its present value HeIy
busncss man knows capitalist would nave uslossu VI
Ma STATE stocks no farmer would have disposed OF MS
farm no guardian of orphans and OF trns llhus Woa %
have disposed OF the real estate ana bonds ana mort
cages I'm Which they had invested had they not supposed
they investing In security better la .at ~o t
they dPosea ia Gl nod " in a rredeemabe currency pay
ing them interest for their support IN their Od age;
and none for the support OF orphans cil Ill chIgeVl
friends and guardians these people invested teir
all with much faith In the nation ana WIN us uS
audable patriotism, did the man that went INTO the
field 10 fight for the UnoD and as for myself cannot
think there any serious danger OF the nation taxing lht
holders OF the Government will, later recoil
upon those that raise the cry TO stop All ts lak apo
steps as will enable say within two years. 10 re-
specie payment To do this one thing IL essehtl;
take of the cotton tax and encourage the pro
ducon of that article to great an extent as possible
and try to again command the market 1 Engu M or % our
tion, think showed very concusyey that one OF our
great troubles the balance OF trade being so much
against was that for the years 1861 1862 1868 1854 ana
sG5 we only exported total $i9sO000O worth OF cotton:
while for the years preyOus to the our total exporter
cotton was $3.50 This you will observe has thrown
us back nearly sTOOGOOOOO We have sent 10 Europe 10
pay this balance over siOoOOOOO0 in our United states
bonds and nearly $500 100000 in gold all OF which would
been kept at home II we could nave sent coton as
we did the five previous years. IOu VIII observe the hNe
wears during the war cotton was high that England
used almost exclusively India cotton. since the close OF
war, for the last two years since cotton began 20 u
cline so rapidly have xpored total for 1896 ana 1867,
s,9 900 OO This shows that regalnng our loot
hold ia the English market aud Is an object for us 20
produce this article az the lowest possible price Tor tue
next two years and see II our production OF
better article at nearly low price as very INFERIOR
article, will not give us the control OF the
largest market I'm the world. II we can sue
ceed IN this, and gradually curta our currency
and substitute gold notes for portion OF our legal teher
notes think we will place ourselves as hailOh upon
much more tcnabe and sound basis once upon souhu
specc basis we need discuss whether United states
bonds will be paid legal tenders or gold, as they VIII
then be Of one value. Excuse this long letter my Ohy
excuse H. being n business man Ike 10 interchange
views with practical business men, Any Information tiat
Won NAV give any time upon the great nnancial
issue now before the country Will be dny apIecated
' VERY respeotfuly III. ". CoRBETT.
IN Dee 80, 1867.