Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-12-06
RE.UsPrION OF PEcIE PAYMENTS

REsUEPTION OF PECIE PAYMENTS
Yesterday we gave to the readers of
the APPEAL the views upon this subject
of Senator SUMNER, Below We append
those of Senator MOTION, given in a
note to the editor of the New York World
a few days sincs:
In the first place I do not intend to
introduce o bill directing the immediate
payment in greeDbacks OF that portion of
The ii Ve-twenty bonds issued five years
age, and have never said l did, to Secre-
tary McCulloeh or any body else. In
the next place, L did not, during the can
1 vass, recsnt what / said ia the Senate
with regard TO the payment Of the FIVE
tWenties ia Rreenbacks. No speech by
me, TO that effect, has ever been made,
What / urged during the canvess
was, that the hTst duty of the Govern
ment was to return to speeie payment,
which, when accomplished, would settle
al questions as to the mode OF paying
the bonds. l further urged that the
Government had no right to issue new
legal tender notes, and make them ap-
plicable to the payment OF bonds, argu-
ing thai such notes could not be N AIDE to
sustain the same relations to the bonds,
in law or equity, that was sustained by
the existing notes, and that the further
issue OF such notes would indefinitely
postpone the return to specie payment.
THESE propositions were fully stated
Ia my 81 eech In the Senate last summer,
in which i argued the legal right of the
Government TO use the existing. legal
tender notes in payment OF the bonds.
7 also argued, at various times during
the canvass, that whatever might be the
law on the subject, the Government
could not pay the bonds, or any conside-
rsble portion, in coin, while the currency
remained deprecated, and that an inn
provement Of the currency, by bringing
it up to psr, was a necessary condition
precedent to the payment of the bonds
10 gold that IL the Government could
not procure gold enough to redeem three
hundred and sixty-ive million dollars OF
tender notes, IL was folly 10 talk
about paying the bonds in gold that the
question o. the mode of paying the
bonds will become important only By q
continuance of g depressed currency,
taking steps to improve it that
to take the surplus gold in the Treasury,
and apply il 10 the purchase of bonds in
the market which will not fall due for
years, would not be paying the
but shaving them, and would be
IN improper use of the means by which
the paper OF the Government, overdue /
and dishOn0red, should be redeemed.
These propositions are not iaconsis-
.ent with any ming [ said in the Senate.
The New York Bulletin, commenting
lpon the various prcj cots proposed to
ring the country to a "specie basis"
lpblishes the following In It's Issue of
Wednesday;
Tae impoItanes of returning to the
basis OF hard money ss 3 circu a
ing med am, or rather 10 8 paper eur
eney having coin for ifs security, is be-
more ssfd more impressed upon ]
meTcapiile Community. Immsdi 1
teiy at the close OF the war, when 3
.ery large business was done in the c0un- Z
when in6stIon was at the highest ]
5int and the g0Vernment revenue large,
a extremely rOneo idea was formed =
. h. the lime when W should be Rble TO {
seume coin payments. Even the able !
usually CAUTIOUS gentleman who lie at 4
ae head Of on financial department. t