The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1869-12-02
PorSr PLEAsASr. WEST Va. /
November. 25th, 1869 !
To he Editor Of The Register:

DEAk SIh' WIN JOu aHo" We w
make tho following suggestion?
Give tho Secretary Of the Treasury
discretion, to collect the duties on im-
ports in United States notes, as we'll as
in gold. at the option Of the importer
and the further discretion. 10 pay tho
interest on The public debt, also in Uni.
ted States noles, or, in gold, at the op
ton oftbo public creditor adding 10 The
the amount. in either case, when pay
ment is made in Uoited STATES notes,
pr ceafam equal 10 The current premium
on gold.
Such power, administered with sound
discretion, will prepofe the way to m
early resumption of specie payments
without affecting, or, certainly, without
diminishing the volume Of currency,
The gal tender act" as it is cons
monty called, provides, "rbat the United
States notes shall be a legal tender in
payment of all debts, public and private,
-crccpt duiaS on imports, and interest
on the public debt"
It was clearly tho intention Of Con
gre" to make such ties lawful money"
of equal value, dollar for dollar, with
gold and silver coin, but the exception,
by discriminating in favor Of coin, and
against the lawful money rcpujia,eS
tho Isttetpro tantO, and so dishonOring,
deprecie'es and keepo it below it, par
value,
So long as this distinction is maintain,
ed aud enforced BY the government. so
long gold must aud will command pre-
MUM. It encourages and enables spec
ulalors to monopolizc the coin Of the
country, and convert it into mOrchan-
disc. It is Withdrawn from circulation,
as nloa,y, and is bought aod sold like
any other commercial commodity.
Congress cannot without a violation
of public faith, repeal the exception
but may, by ves'ing a discretion in
the Secretary of the Treasury, as
above iudcNtad, render it perfectly
harmless. II the government itself, will
honor its own lawful money in al II re-
spec,s, the public will, also, then have
faith 10 ii, but not until then.
Under the operation of the exception
importers oil msrchandi,c are compelled
to buy gold at such premium, (price) as
may oe demanded to pay the duties
on their imporl.;o and when paid 10
the government it is again paid out as
interest to the holders Of the public Sc.
curiIies, by whom it is sold to the spec
ulstors, and by them is again sold 10 the
importers, TO circulate again and again,
around the same circle, with a constant
Iy recurring and never ending demand.
The Spectator gets his bonus, but 90
other party is benefited by tho lrausac-
ton. Il is thus that the Lawful m oney'
Of the country is m,do 10 auctulLe 10
value at the will of gamblers, to tho de.
raugement and injury of all legitimate
business.
The remedy is plain, obvious ard
practicable.
There is now in the Treasury more
than one hundred millions in gold -
enough, and more than enough, 10 pay
six months Interest on tho public debt.
An act OF Congress to the following ef.
feet will accomplish the purpose:
Be Il enacted, &c.
|. THAI it shall be lawful pay tho
duties on imports in COLL, or, IN other
lawful money Of the United States. but
when the same shall be paid in other
money than gold, there shah DO added
thereto per centum equal to the then
current premium on gold ia the city Of
New York."
. That IL shat be lawful 10 tender
United States uotesin payment Of inter
est on the public securities of tho United
States, to The holder OF holders, thereof.
il they will receive the same; adding
thereto per ceatm, equal to the then
current premium on gold in the city of
New York"
3 "Tbe Secretary Of the Treasury
with the CONSENT of the President, m-y
suspend The Operation of this act, when
ever, 10 his opioiCo, the public interest
may require such suspension"
Why not try il? II can be dane with