New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-08-01
of $3.50 for 500 or more mulberry trees two
years old, and $500 for each 100000 SILK CO.
coons in good condition.
AIR. STEYENyS LAST CARD.

Stevens's last letter on the BOnd-paying ques-
was merely intended to cover his retreat from
an untenable position, as Lee assaulted Grants
lines before Petersburg preparatory to evacu-
ating that city, we should let it pass without
comment But Mr. Stevens has done his coun-
try great harm by undermining her credit Tor
integrity and fair dealing at moment when 1t
was of the highest consequence that these
should be undoubted and his new manifesto
evinces resolve to maintain show of consist
ency at whatever cost to the public; SO we are
constrained to scrutinze its positions.
|. Mr. Stevens asserts that "the Gold ques-
"tion is settled" How settledY Pendleton
and the Copperheads, backed by the Rebels,
declare the Five-Twenty bonds payable in
Greenbaclls; whereupOn they propose to print
off Greenbacks enough to pay them OFF forth
with and stop the interest on the Debt AS
we understand Pendleton'S Grafton speech, he
is no more willing TO pay than per cent.
interest. -Four per cent on the DEBT, he
argues, will call for $190eOO,OOO year
"a, 600, 100000 in forty years. Why not rather
print Off the Greenbacks, cancel the bonds at
once, and have no interest to pay Mr..
Stevens does not take this position; but he
maintains premises that justify those Who DO
hold it, He thus makes himself an ally-an
important and most useful ally-Of the repu-
diators. without having their excuse Of hating
the Debt because it represents indispensable
assistance rendered to the Union in putting
down the Rebellion. He is triumphantly and
effectively quoted by those who would much
rather hang the bondhOlders than pay them,
and is to-day of signal to them in per-
suading Democrats who are not conscious, I'M
blnshug williams to vote for Seymour and
Blair.
III. Mr.. Stevens pronOunces the style OF dis
cussion used by some of us "unbecomlng' ana
"vulgarr So the culprit at the bar, listening 10
the Judges hot and heavy denunciation OF his
crimes in passing sentence, felt constrained 10
interrupt him with" Sir beg leave to remind
"you that yoar remarks are personal, ungen-
"tlemanly and offensive. / do not choose to
"listen to such language, and will thank you
"to change the subject" Mr.. Stevens, the ques-
ton at issue is one of honesty against rascallty
For months and years, we exhausted argument
and entreaty in persuading all who could to
take those bonds, knowing well that the war
must break down and the Rebellion triumph
whenever people stopped taking them at the
rate of Millions per day. We assured them
that they would all be paid in gold or its
equivalent at maturity. You authorized us to
do So as well as your colleagues of the Ways
and Means Committee, and three successive
Secretaries of the Treasury. Here are the
words used 10y you in urging the passage OF
the Legal Tender act, when the bill made each
Greenback fundable in the Five-Twenty loan;
w." dollar in msers safe unproductiye, is sore dis
I "a out1 he
loans at six per cent redeaJle ia gold at tcety years
the best and most valuable permanent investment that
could be desired"
Again
"But widows and orphans are interested and In tears
lest their estates should be badly invested ply no one
his money invested in United states bonds pay
able ia gold ~, tcenfy years, with interest semiannuaiy
/ Again:
"Let me restate the various projects Ours proposes
10 be PAD IN coi the interest raised by taxation
semtannualy-such notes to be money, aud OF uniform
/ value throughout the Union.
! Again:
Here then lies your choice. Throw bonds az six or
seven per the market between this and Deem
ber enough to raise at least S5OO.OOO,OOO : or
issue United states notes, not redeemabe IN coln Dul
(tndGble ln pecicpdying bonds al t,cellty years
These, Mr., Stevens, are your words. You
cannot deny them. They prove beyond cavil
/ that you understood the matter as Secretary
| Chase did, and as every one else did. We be-
| leved you and followed your lead. Legal ten
" der" paper was hard dose to swallOw-very
/ hard-but our soldiers must be fed and paid,
| arms and munitions must be bought or made, and
| the Rebellion at any sacrifice put down. You
| devised and enacted the financial measures; we
begged every patriot to sell whatever he could
spare and invest the proceeds in Government
bonds. We assured every one that those bonds
were payable and would be paid at maturity
in coin You authorized us to do so. We did
not mean to swindle them; did yOu9
! Mr.. Stevens, this is a very grave matter.
| The bread of widows and orphans is at stake.
We wish there were polite phrases that would
| suffice for its thorough discussion. but there
are not. Nor can we pass it in silence. Those
who at our solicitation lent their fortunes to
sustain our Government in its dire extremity
have right to our best efforts to save them
from spoliation, and shall have them.
! III. You state that the new funding bill pro-
vides for redeeming the Fiye-Twenties by an
| issue of bonds at lower rates of interest. Ger
| tainy: did we not all expect TO do precisely
this Were not the six per cent. bonds made
payable at the pleasure of the Government
after five and within twenty years expressly
! that this might be dOneq Our Government
borrowed in 1914 at t,Celre per cent.-getting
ninety TO ninety-fve dollars in deprecated
paper for every 500 of its bonds which it
nevertheless redeemed at par in coin. Did it go
on borrowing at such rates after the war with
Great Britain was endedi OF course not.
Great Britain has for fifty years been
steadily paying off loans at higher rates with
the proceeds of new loans at lower, until her
entire Debt is now consolidated, and her Con-
"sols draw but three per cent. interest There
is no difficulty and no hardship in this All we
L. -