The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1868-09-01
THE NATIONAL OBLIGATIONS.


The following important correspon-
dence has just been made public:
LETTER FROM A CITIZEN OF BOSTON TO THE
HON. F. +. SPINNER.
se@ BosToN, Aug. 1, 1868.
The Hon. r. E. Spinner, Treasurer of United States
SIR: have read with great care q
recent debate in Congress upon, the
funding of the debt of the United States.
From the general tenor of this debate
should infer that there were no obi :.
cations of the United States Of any
magnitude outstanding of which the
holders are entitled to demand payment
I also infer that the Treasury is incum-
bered with a large amount of gold,
which suppose is in the form Of dol
lars, and which it is desirable for the
United States to disburse in proper
manner. inclose a note of the United
States which reads as follows: "The
United States promise to pay to the
bearer Ten Dollars. Washington, March
10, 1862" This note forms a portion
of the debt of the United States, repre-
sented by what are called greenbacks
The amount of the debt represented by
these notes is 1856, 100000 If I
understand the tenor of the promise,
these notes are all due on demand, and
are payable in dollars. The only dollar
known in law, in fact, with which this
note can be paid, is the coin established
by law as the dollar of the United States.
I now demand payment Of the inclosed
note in gold dollars, according to the
promise thereof, which is certified by
your signature.
Yours, respectfully,
REPLY OF THE HON. +. E. SPINNER.
TREASURY OF THE q. S.,
WASHINGTON, Aug. 16, 1868.
SIR Your letter of the LIST inst. reach
ed me several days since. Ill health
and pressure of official business pre-
vented an earlier answer. My office is
simply executive. / have no power
save to carry out the mandates Of law,
as passed by Congress. By the acts of
February 25 and July IL, 1868, the note
on which you demand payment in gold
is made a lawful money and legal ten
der in payment of all debts, public and
private, within the United States, except
duties on imports and interest upon
bonds In the absence of judicial de.
cisions against the constitutionality of
these laws, am constrained to obey
them in their letter and spirit. Your
demand for payment in gold is there
fore refused. Now, as the giving of
one irredeemable obligation for another,
as has been proposed for the redemption
of the public debt, is no payment at all,
herewith return you the same note that
you sent me; thus prefering to admit
the present unwillingness or inability Of
the Government to pay, to the miserable
subterfuge of rendering you other IRE
deemable paper in exchange for that
which you present me for payment.
This unhappy condition of monetary
affairs was perhaps unavoidable when
it was adopted, and for several years af
ter. 1t was brought about, as every
body knows, by the imperative neces-
sites of the Government at time of
great public peril in order to save the
life of the nation when attacked by the
worst of men for the most hellish pur-
poses For time after the putting
down Of the Rebellion it was believed
that the Government was unable to re-
sumo the payment of its obligations. If
this was true in the past, it is certainly
of the Government have now nearly all
been redeemed, by payment in money. or
converted into bonds payable at its OPP
ton after five and within twenty years
from the dates Of their respective issues.
What remains will, within the next two
months, be so paid or converted, or will
lose its right to be converted or to draw
interest. After that can see no reason
why the Government, so far as itself is
concerned, might not almost Immediate
~ resume specie payment.
It is much to be regretted that the
subject of the manner of payment of
the five twenty bonds was ever agitated
by those who are in favor of preserving
the credit of the Government unfair
| nished. II it had been permitted to re-
maiu at rest until specie payments had
been resumed, there would have been
nothing to discuss save the naked propo
| sitions Of honest payment or faithless
| reputation. When the Government
| shall have honestly resumed the pay
ment of all it's obligations in coin, there
| is scarce q doubt that its credit will be
come 80 firmly fixed that it will find no
difficulty in obtaining loans, both at
| home and abroad, to enable it to consoli-
/ la4o -urholo doIi Mt a rata not to eX.