Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1869-02-09
Specie Payments-Letter from Hon. F.
E. Spinner, q. S. Treasurer.


The following letter of Hon. F. E. Spin
ner, United States Treasurer, in reference to
plan of resumption, was recently addressed
to citizen Of Cleveland, Ohio:
Treasury Of the Uaited Stdtes,- Washing
ton.-Sir: The reading of your plan for re-
sumption of specie payments, receiyed yester-
day, with your letters of the 10th instant,
has afforded me much satisfaction. It is pc
culiarly gratifying to find Western men stand
ND for the right, after men at the East, from
motives that can't be understood, have been
industriously at work to create and foster an
unreasonable aud unwarrantable feeling in
the West against the East.
The main scope " your plan commends it
self to my judgment Indeed, 1 am already
committed by pull shed letters that were COM
menced in AugIst last, and coming down to
date, to most Of its features.
You have made your arguments SO clear,
and your statements SO terse, brief and dis
tinct, that it enables me to answer your ques-
tions categorically. l take your propositions
as YOU have them numbered, and answer to
tho
First-Lcgalize gold enthusiastically
yes.
Second-Establish resumption bureau in
the city of New York; afirmatively. L
would, however, as an equivalent, release the
banks from their obligations to redeem their
currency at their own counters. Bank notes
at all times convertible into coin in the city
of New York would be at par all over the
United States and beyond the border.
Third-The Government to redeem at this
bureau precisely as the banks. The Govern
ment would redeem not only at its office in
the city of New York, but at all its other
Offices. This requirement would, therefore,
seem to be unnecessary.
Fourth-The Government to redeem from
the banks S75, 100000 of its legal tenders in
gold. No objection to this, if done within a
few days before the day agreed upon by law
for q general resumption of specie payments.
Fifth, Sixth, Seventh and Eighth think
the Government and the banks should resume
simultaneously. Therefore, all the details of
these propositions, and perhaps including the
fourth, would be unnecessary.
Ninth-National banks required to resume
January l, 1871. Am satisfied that day
certain should be fixed by law for, universal
resumption. Certain success should be- or
ganized beforehand. Failure would be fatal
Therefore we should make haste slowly. The
question is which is the earliest safe day that
can, by law, be fixed on which the Govern
ment, the banks and the people shall resume
their obligations to pay their debts in COIN
In my opinion, it would hardly be safe to
name day earlier than that named by you,
and that it should not be deferred more than
a year beyond that day.
Tenth. Recommending the establishment
of Government agencies at London, Frank
fort and Paris.
Have no objection. except as to detail
You overlook Frank fort, on, the Main, our best
customer. 1 hope after we shall have resum-
ed that We shall, have perfect government
agencies for the sale of United States four
per cent. consols, aud for the payment of the
interest thereon quarterly, established in the
places named.
Very respectfully, yours,
+. 4. SPINNER.
Treasurer United States.