The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1869-09-21
THE CURRENCY QUESTION
THE EIVE-TWENTAES PAYABLE
IN GREENBACkS.
Letter from Hon. ThOs. Ewing, ST.

The following is from letter dated
August 90, written to W. S. Sulliyant
and others, of Columbus, by the venera-
hle Thomas Ewing, the eminent Whis
statesman, on the issues of the day 1t
will be seen he is for the Democracy:
THE FINANCES.
The repeal Of the Legal Tender Act
and the consequent making of all debts
of the United States, al. taxes and all
private debts, payable in coin, is one of
the most important party issues which
will be presented to the people at the APP
preaching election. The declared policy
of the Republican party is to pay or as
sumo to pay the principal as well as the
interest of all our bonds in coin, includ-
ing those which we promised to pay in
Legal Tender notes, and in order to do
this, with the less embarrassment post
pone the adjustment or funding of our
debt until the Legal Tender Act be re-
pealed, specie payment fully resumed,
and coin becomes the only tender in
payment Of debts. This distinct policy
or any modification of it Immediately
pursued, would, in my opinion, involve
disastrous consequences. 1t were safer
to allow the course of trade and busi-
ness to settle the time when currency
shall be worth as much as coin, and thus
bring about the necessary change, with
out violence to the business of the coun-
try; and at once, or as early as practical
bic, to pay off in legal tender notes, ac-
cording to contract, that large portion
of our public debt on which we pay an
exorbitant interest; or that we fund it
at the option of the creditor in bonds
bearing a moderate interest, having
long time to run.
As early as January last l expressed
my opinion on this complex question in
a letter to the Committee of Finance of
the Senate, presenting somewhat in detail
my views and reasons in favor Of the
measure, some portions of which l here
in substance repeat; suggesting, however,.
that before the next session of Congress
the fve-twenties of 1864 become paya-
bic, and that these were purchased at an
average of something less than fifty
cents on the dollar Between individu-
ais equity would scale the debt, and give
to the creditor no more than he lent,
whatever might be the fictitious value
put upon it by the parties. But we, as q
nation, may not do this. We promised
to pay the principal of our fve-twenties
in currency which should be legal ten
der in all contracts public and private,
and in all debts due to or from the Uni
ted States, except interest on our bonds
and customs duties, and good faith re
quires that we should SO pay it, though
the fluid in which we pay be worth much
more than the fund we received; and we
must pay the interest in coin, although
it be SO enormous that, as between indi-
viduals. court of equity would set it
aside for exorbitant usury. Good faith
requires that we, as nation, abide by
our contract and pay the debt as we
agreed to pay it, and it is high time that
we take measures for its adjustment by
payment in legal tender notcs,or funding
it in bonds on long time and moderate
interest, at the option of our creditors
Those who propose to repeal the Le-
gal Tender Act and thus at once make
coin the only legal tender in payment of
debts, have not, think, well considered
the effects of the measure. A general
provision Of this kind would be produc-
tive of much hardship and injustice to
the debtor class. This class is made up
of our active Young business men, me
chanics, manufacturers and shippers, the
producing class, most of whom combine
their own personal industry and energy
with borrowed capital, and thus build up
an independence for themselves, while
they give employment to labor and pros
perity to the country. Now, if we repeal
the Legal Tender Act, and make gold
and silver the only legal currency, we
ruin this class of men, and drive them
by thousands to bankruptcy;
The man, whatever his vocation, who
owes $1,000, owes it in legal tender
notes, but repeal the act and his debt is
at cnce increased, by the difference be