The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1868-12-24

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This he held to be a mise oncoptiou.
lie did not believe tho existence of
our bonded debt had anything to do
with the depreciation of our currency.
lie believed it would bs deprecated
it government did not owe a single
bond, or IL our bonds were at par
Tho currency was deprecated be.
cause the greonbaek note is a prom
ise to pay so many dollars on demand
which it does not pay. The promise
is daily broken, and has long been
dishonored, while tho note draws no
interest, and government has fixed
no time when it will pay it. Under
the circumstances the note must be
deprecated. Tho solvoucy or ulti.
mate ability Of tho promiser to pay
never kept over due paper at par aud
never will To do that there must
be certainly in the payment and time
of payment aud it the time OF yay-
mont be deferred compensation must
be made by the payment of interest.
Tho taking Of tho gold in the
Treasury for tho purchase Of
bonds puts tho redemption of
grcenbacks out ofthe power Of the
government, aud proclaims to the
world that it does not intend to re-
turn to specie payments. The gold
thus taken would not enter into cir.
culation, but would sink back into an
article of merchandise, to be gam bled
for as it now is in Wall street. Tho
greeuback circulation is a part Of tho
public debt for the redemption Of
which the faith of the nation is sol.
emnly pledged. The redemption Of
this pledge is not only demanded by
every principle of national honor,
but is imperativoly demanded by
the Interests of the people collective.
ly and individually, and if the gov
mcnt were to take tho only means by
which it can bo done, aud apply il
to the purchase Of bonds not due for
many years, it would merit aud re-
ccivo the indignation and contempt
Of every honest man everywhere.
Mr., Morton enforced this prosi-
ton at length, aud then said ITO
the man who lent his money to the
government to carry on the war for
the suppression of the rebellion l am
grateful. Whatever may have been
his motives, he was a public benofac.
tor, and entitled to the thanks Of the
nation. To him the government
must keep faith, whatever that faith
may be. But while our creditors
should receive all they are entitled to
In law and equity, it is not bad faith
to improve the condition Of the bal
ance of tho people. Ho then cons
bafed the action Of the Secretary of
Treasury in contraction as the result
of a lnisapprehension of tho causes
which dcpreciate paper currency /;
and argued that the legalization of
specific contracts to be executed
in coin, would result in evils and
hardships without end, and could
not appreciate the valuo Of the cur.
rency any moro than common con
tracts for future delivery of gold. He
also controverted the othor recon-
mendation of the Secretary for fixing
n time when United States notes
shall cease to be legal tenders, eI-
cept as government dues, as an act
of reputation, which does not differ
in principal from the proposition Of
the President to apply tho payment
of the interest to the eItinguishment
of tho bonded debt. When the
have been brought to par,
and the government stands ready to
redeem them, then, and not till then,
can their legal tender character bs
taken away without repudiation.
to Supreme Courts, if they
have any doubts on the question
greenbacks are legal tender
they should be cast in the legislation
of Congress. The Supreme Court
should bo something moro than a
rigid expounder of statutes or coll
lector of precedents, and should view
such question as statesmen, as we'll
as lawyers. He had full confidence
in the learning, ability and patriot
ism Of that august tribunal, aud be-
lieyed it would not render a decision
until the question has been viewed
in all its bearings and consequences.
To return to specie payment without
a crash is the great desidcratum. and
this can only be done by making
the process gradual. Time is nee
essary element, and tho first question
to be considered is the period which
should be fixed by the government
for beginning the redemption of the
greenback notes and in my bill |
have stated the 1st Of July, 1871.
Fixing a time must be the starting
point Of any plan which proposes to
bring about redemption without crash
or disaster. In proposing to give
Two years and half to begin the
work Of redemption, l have several
objects in view. First, by establish.
ing the period of redemptio a fixed
value is given greenback notes. Now
its value is fuctuating and sometimes
varying as much az ten per
cent. in sixty days, and scarcely ever
the same for week at
time. But by fixing a time for its
redemption a certain value had been
given it. If his note is to be paid in
gold on July LIST, 1871, its value to-
day can be determined by ordinary
rules of discount, and will readily
improve as the time for its redemp-
ton approaches. Other preparations
being properly made, it will be at
par on or before the day fixed for
redemption. By gradual apprecia-
ton, by firing the time for redemp-
ton, ,,'ono chiefelement of the value Of
all commercial paper is gained, that
a