Indiana American. [volume] (Brookville, Ind.) 1865-1872, 1868-12-11
SENATOR MORTON oNlFiNANoEs


.IHlni ----1L 3NafN
NEW YoRK, December 2.
The world contains the following letter
from Senator Morton, of Indiana. sls
rsi WAsuINoroN, November 80.
To The Editor Of the Ne,o York World:
DEAR SIR--In the New York World ol
the 18th inst, / fnd an article from
which quote the following. "a telegram
to an evening paper states that Senator
Morton, soon after the opening Of the ses-
sion, will introduce bill directing the
immediate paymentiin greenbacks of that
portion of the 20 bonds issued Eve
years ago. If this report be correct, the
course Of that Senator on this subject is
CONSPICUOUS for vacillation. Eight months
ago lac was an cpen advocate of the So
called greenback theory. During the
Presidential canvass he publicly recauted.
If he is now about to propose and sdso-
cate such a measure as that described in
the telegram, his recaDtati9n must have
been mere political dodge, feigned sur
render of his principles to promote the
success of bis party.
In the first place, do not intend to
introduce a bill directing the immediate
pay ment in greenbacks Of that portion of
the 5 20 bonds issued FIVE years ago, and
have never said | did, to Secretary Me-
Culloch or any one else.
In the next place, ! did not, during the
canvass, recant what | said in the Senate
with regard to the payment of the 5-20s
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
aymcnts, which, when accomplished
would settle all questions as to the mode
Of paying the bonds. l further urged
that the government had no right TO is.
sue new legal tender notes aud make them
applicable to the paymen of bonds, ar.
guiog that such notes could not be made
TO sustain the same relation to the bonds
in law or equity as that sustained by the
existing notes, and that the further issue
Of such notes would inde6pitely postpone
the return to specie pay ments. '4'
These propositions were fully stated in
my speech ia the Senate last summer, in
which | argued the legal right Of the gov
ernment to use the existing legal tender
notes in payment Of the bonds.
also argued at various times during
the canvass that whatever might be tho
law on the subject, the government, could
not pay the bonds, or any considerabl Bile
portion, in coin, while the currency re-.
NAMED deprecated, and that the In.
provement of the currency, by bringing
Il up to par, was necessary condition
precedent 10 the payment OF the bonds in
gold; that If the government could not
procure gold enough TO redeem 1860, ,OOO,.
900 Of legal tender notes, IL was folly to
talk about paying the bonds IN gold, that
the question Of the mode OF paying tho
bonds will become important only by con .
tinuapce Of deprayed currency without
taking stops to improve IL; that TO take
surplus gold in the Treasury and apply |,
TO The purchase Of bonds in The market
which will not fall due for fourteen years,
would not DO paying the, bopds, but shay.
ing them, aud would be an improper use
of means by which the paper Of the gov
eInment overdue and dishonorcd would
be reduced. ou 4ssa sina4if lfa
Those positions are not inconsistent
with anything | said IN the Senate.
l am very respectfully,
o.p. MORTON. J"