Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-11-24
SPECIE PAYmENrs

ny tiO way ~ "a ANSuilAFdon u Specie
payments. The Supreme Court Of the
United States has decided that contract
made especially payable in coin must be
paid in rom, and there is Al very strong
impression that the court will decide the
legal tender act Illegal The probability
of such 2 decision. gives a good deal of
significance TO recent movements on the
part Of friends Of the Grant adniristra-
ton. The HunsE. g. sspahding, gener-
ally regarded as the author of the legal
tender act, has furnished the Buffalo
Commercial Adgertiscr for publication,
three private letters discussing the finan-
cial situation, one of which at least, Chat
from Attorney General Hoar, may be re,
garded rs probably foreshadowing the
administration in nrging speedy return
to specie payments. Attorney General
Hoar writes as follows:
WAsH1SeroN, Oct Is, 1s69.-Hon. E.
/ G.. Spauldine Dear Sir: / have the
honor TO acknowledge the receipt of your
letter of the 9th inst, and with it a copy
of yenr Financial History of the War, for
which desire to return my thanks.
The constant pressure upon my ilme
has prevented me from giving the book
more than a cursory inspection, but it
seems TO be a valuable contribution TO our
financial history, and throws considerable
light upon the important question of a re-
turn to specie payments. | am one OF
those who believed that il was the interest
as well as the duty of the nation to return
at once TO the true and solid standard of
value as soon as active hostilities ceased;
that we should have treated the currency
as we did our armies, regarding the yolun-
teers and the greenbacks alike as necessi-
ties of war, to be dispensed with as fast
as possible on the return of peace. 1
think we made great mistake in not do
! inc so that the shortest method was the
] safest and best that the only way to
reach the object is by a steady and per
sistent contraction of the currency, apain-
ful process whenever it comes, no doubt
but harder and worse for lis the longer it
is delayed
hope that Congress viii address itself
with courage and consistency to the sOlu-
ton of the problem as soon as it meets,
and " i'll feel assured that the American
people have intelligence enough TO sup
| port those who do it. My views on the
subject are of little importance TO any
body, but, as an American citizen, /
should be sorry and ashamed to find my
country unable and unwilling, in time
of peace and prosperity, to provide for its
overdue paper. Very respectfully,
L. r. HOAR
The Hon. Horace Maynard, of this
State, writes:
KNOXVILLE, Tenn, Nov. 3, 1867
Hon E. @. Spaulding-Dear Sir: Thanks
for the book, as well as the copy sent me.
Il is well-timed and much needed. So
successful were the financial arrangements
during the war, that people incline to re-
gard them as automatic, self-accomplished,
with no special credit TO anybody. IS
As result, we now have the best curren-
cv ever known in the nation. Let il now
be made convertible into coin at the pleas
ure of the holder, and nothing would be
left TO be discussed. Why this has not
been done, why it is not done, why it
should not be done, confess, after all !
have read and heard, / am not able to see.
One of these days some bold man will take
the step, and then everybody will wonder
why it had not been taken years before.
Would that you were again at your old
place in the House. l am, very truly,
/ yours, HORACE MAYNARD.
Senator Sumner, Of Massachusetts,
writes in this vein:
BosToy, Aug. 8, 1S69.-My Dear Sir:
You have done a good service in prepar-
ing your book; nor is there anybody to
whom this duty belonged more than your
self. am not content with the
| long postponcment of specie payment. /
! helipyc the time has come for this bless
| inc. and | begin to be impatient when
see how easily people find excuses for rot
accepting it. Believe me, dear sir, very
| faithfully yours, CHARLES SUMNER.
II i, not improbable that Boutwell, is
preparing, under the pressure of coming
events, to do something towards re
sumption of specie payments \ Wash
ington Ictter-writer processes TO have
made the discovery that he will recon-
mend in his forthcoming report that the
/ National Banks redeem their notes with
grcenbacks by July l, 1870, and that the
government redeem its greenbacks in gold
on and after January J, 1871. This
would give the Secretary of the Treasury
a full year in which to prepare for specie
payments. But it is not long until the
meeting of Congress-, and then 1--WE shall
see what we shall see.