Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1869-02-12

The regular weekly meeting Of the Alexandria
Literary Association Was well attended on
Tuesday evening last, and its proceedings woui1
have been published before, had not press oi
matter interiered The question, Ought the
United States to resume specie payments
was debated until a late hour.
Mr.. Chapman Neale opposed the question IN
the form it stood He said he was warmly 10
favor OF a resumption OF specie payment, pro-
vided timo was given to the country to prepare
for the great change which must necessarily
ensue. He earnestly advocated the plan
proposed by distinguished gentlemen, which
specifes the time for resumption at the year
1871 By establishing the period OF redemp-
ton a fixed value, he contended, is given 10
the sreenback note Now its gold value. is
Auctuating and deceptive sometimes varying
as much as ten per cent 10 sixty days. A time
being agree upon for its redemption, certain
value is given to it. If the note is to be paid
in gold in 1871, its value can be determined by
the ordinary rules of discount. 1t will increase
in value as the time approaches, and it other
preparations are made will be at par at the
time OF redemption. The great point, however,
and the one which especially commends the
plan. is that the people by this means are mott
fed of the change; and above all the Govern
ment will have time to get in the necessary
amount of gold for the redemption. There
were about $500, 100000 worth OF National
bank notes 10 circulation, which the Govern
ment is obliged to redeem. To avoid a rush
upon the Treasury the banks ought not to De
Obliged to redeem their notes In specie until
Jan. 1872, and during the preceding six months
should be compelled to hold the same amount OF
greenback reserves, with which they can, as now,
redeem their notes. Holders of National bank
notes could, if they desired, convert them INTO
greenbacks, which would be of equal value and
at par, and on them they would receive, at
the expiration OF the time named, gold. lie
maintained that the sales OF gold should be
stopped, and the gold set apart Tor the redemp'
ton of the green6acks. lie SAID the statlstics
of the country would show that there would be
enough gold in the Treasury to resume specie
payments if the plan which he supported were
adopted. If, however, there were no time
given for the people to prepare, he sincerely be-
Geyed there would be a series of disasters which
this country had never known, and which he
hoped it would never know.
Dr. j. &. Hill spoke at length on the SUBJ
jected. He reviewed in detail the speeches
of Messrs. Morton, Sherman and Butler. The
proposition of the first was to hoard gold tor
time, which would enable the boarding OF
greenbacks, which in the interim would leave
the people without circulating medium
The second recommends the legazing OF gold
contracts, which would tend to break down the
legal tender currency. The last Mr.. Buter's)
was the most popular of all, and that was the
irredeemabe paper currency. He thought that
the honorable member had diligently read the
history, not only of his own, but other coun-
tries on the subject, and would prove to be
what he had always been-a tar seeing man.
He was one of the first, during the war, to 60
for emancipation then Tor using negroes as
soldiers; and finally, as voters was the hrst
and foremost for impeachment, and now MS
position on the finance question was virtually
irredeemable paper currency or reputation
He would probably be the reputation leader
before the thing was over. Or. II. was IN
favor of Senator Sherman s proposition OF legal
izing gold contracts, as it would best tor the
South. The cotton, tobacco and other valuable
products of his section would bring gold prices,
and as the people were poor, and had but lew
greenbacks it would be best for them to get
gold for what they raised.
Mr. K Kemper said that he agreed with
MIR. Neale in the arguments which he had ad-
vanced. He believed that an immediate re-
sumption of specie payments would prove far
from beneficial to the country. AS tar as he
was concerned he would like specie to be once
more the medium of circulation. He said the
Jingle OF silver dollar in his pocket would be
very agreeable to his ears, and would call up
happy "reminiscences of the past. lie said the
question was SO abSruse a one that unless a
person felt some special interest IN 1t, nc would
be unable to debate it. He confessed he felt no
such interest. The finances of his own family
employed all his time Mr.. Kemper continued
in the same humorous vein, and his speech
was very much reshed by all present.
Mr.. George Mushbach spoke in favor of the
resumption He said that the stopping of the
sale of gold would bring enough gold into the
vaults of the Treasury to redeem the notes out:
standing. 1t was necessary that we should
have currency which will not, under any cir
cumstauces, depreciate. a man who owned
100000 in greenbacks to-day will be
worth 1000 tomorrow, and less the next
day. Gold never depreciates it is always the
same And to have currency which can be
relied on was the main reason tor which he
favored a resumption.
Other gentlemen addressed the Association,
but the late hour at which the debate was con-
Guided prevents US from giving their speeches,
The Association adopted resolution to eel
citrate the 22d of February by supper, to be
given at one of the hotels, and appointed
Messrs Chapman Neale, DIR. James G. Hill,
and K. Kemper Committee of Arrangements
and Invitation.
The association has rented one of the rooms
in Mr. Kemper's school building, in which to.
hold their meetings hereafter.
The question to be discussed at the next
meeting is: ''From which do we derive the
most pleasure, the ideal or the real?" Messrs.
Chapman Neale and g. w. HOFFMAN In the
affirmative, and Cornelius Coz and W, f.
Came in the negative. .,.L..4
Police REpoRT-MAYoR's OFFIoE.-A
warrant was issued for the arrest of L. Cent?
berger for carrying on the junk business with
out license, but the hearing OF the case was
postponed until Monday.
MAGISTRATES OFFICE. "A warrant was Is
nnI,;r anlarnd TOR