Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1869-02-11
Finance.

l. sf--.- 80 i-..- Finance, -Hf -
Mr. Hooper of Massachusetts,, made a
speech in Congress last Friday on the
financial situation which concludes as
| follows: ,eTi-uar1 1ssos 70 1Es.sIb L
Il syarieus financial measures that
/ have been proposed and discussed have
so fretted and disturbed the public mind
that the country now needs rest in re-
gard to all questions affecting the finan-
ces and the currency. / believe it would
be wise fer iOongress to wait for the
Recommendations of the incoming Ad.
ministration before determining on new
measures and before making any
changes of substantive character in
1.-THE existing financial laws, which pro-
vide all the powers necessary to enable
Ethe Secretary of the Treasury to fund
1.-THE public debt, or to reduce the rate OF
tinterest on H. ALI laws should be, re-
peaIed which authorize the issue of
bonds for any other purpose, than To ex-
! change or convert the public debt into
| long bonds, or into bonds at a lower rate
of interest, and for the subsidies now
authorized by law TO certain railroad
companies. atThe incoming Administra-
ltion would thefi be free and untram-
4meled in its action in regard to the pub
tlic debt; and the future Secretary of the
Treasury could exercise his powers i'll
doing whatever might be necessary,
within those limitations, until the next
session of Congress.
p To satisfy the public mind. to restore
confidence, to put the government right
4 with its own citizens, and 10 put the
: counntry right before the world, there
] should be some assurance in regrad to
- = f,1rt q
4 hresent Congress should record its con-
j Iyictioils upon the following points:
4 First. That every dollar of the public
1debt is to be paid, prineipalandinteres
din coin or the equivalent of coin, except
| when The contract specifically provides
] for the payment in lawful. money; that
Itrepudiation in any and every form in
9 which il may be proposed, or any ap'
: fproximation to sfepudiation, however
! lEplausibiy presented and argued, is to be
q at once and absolutely rejected; that the
,.lfaith, honor, Integrity and honesty o.
a tbe governIReet'is tcbe completely and
'fthoroughfy Upheld, so that every bond
rifiolder, in this country or abroad, may
D feel that every dollar he has invested in
!, 1.-THE securities OF the United States is hi:
stsafest investment, and, happen what
, may. that the government of the United
|, States will pay every dollar Of its obi
: fgations fairly and honestly -. y. 80
2 Secondly. Thot it is the purpose and
Ttpolicy Of the government to restore the
iicurrency to a sound constitutional basis
'Iff,pt ndderliy. by u plunge" or a leaf
e in the dark, but in the best practica
o manner, by judiciously and gradually
q reducing the amount. of legal tendel
until those notes and the Nation
g al Bank notes will llrepresentt the amoun
]. necessary to conduct the trade ant
r icommerce of the country at par witt
y coin. .,.-.g,.. -. L.,
The country needs, and has a right t.
: claim some assurance that the presen
e evil is not to be increased by an indefi
j mite expansion of a deprecated pape
! currency, and that initiatory measure
: will be devised, to reach and remedy tn
5 existing evils of the currency withou
i any serious or wide spread Commercial
r conyulsions or embarrassments- 81. s.
If the present Congress shall give t
1.-THE public mind some basis for an assur
e ed conviction on these two points
q namely, that the public debt OF the Uni
q ted States IS, to be fully, paid in goo
. faith, and that the present evil of de
6 preciated currency will be removed
Q no distant period, it will haye perform
eled.its duty, to its constituents, to tn
i country, and to the commercial COM world