The New York herald., 1869-01-28

coNrINUED FROM THIRD PAGE.


OF the value Of greennacks win operate = .
least inJuriousy to all the sound business int -
committee, % mi after the most careful COZ ~ your
came the conclusion that the on' sr% shs ho.
paa hs was Soiders o. sSg into q the pleasure
United States In the BOND we have 's se
eeed t4ns ne market valr e peope-the tenory
slightly that cf The .ns eas nTna ,sney aew but
,nat nstss sns M 5s srVSss Of appreciation ,ns
shs improving dk Of the country coy aSsalSe " ~''a
bond bearing rs Tow q rate Of interest as we
value hope to see s' q a susp ps9 r nsnsS gaS
within SPORT period. 1t enables us alter ten wears
tSsr reduce sDs o. the mney market to st fur
Q peImanent @ appropriation from an ample fund
nneens & Sitnout ~ mrther act OF Congress- to pay on
every collar o. the DEBT in twenty-five years. Again.
eir, TINS provision OF tne bill is right when tested by
the moral sense. When for Sufficient reasons we
the holder our note with Interest Such from the
gan pegnnlpSg ing Was, was the policy Of the government
OF July 25, 1859, they were convertible at wll ,nto
bonds. We With questionable Device by the act
now restor. it, During the war greenback would
purchase o. a equal amount Of bonds or any charac-
twentes the ten-fortes and the sevenhirties Ii is
now les valuable than these bonds only because II is
dlshoH,red paper, whicn, though due is unpaid and
IS only valuable as forced currency. which you conf
pei our citizens to take in payment OF their debts
oS ons eIuse TO take for your own bonds except at
proving credit OF the couatry, but you deny this
70 me note The simplest and painest rule Of equity
Hequires you you cannot pay this note, to give In
exchange bond bearing interest And here, SIT, s.
difficulty presents itself that forms the basis Of az
OF nearly all the division in the committee as to uIs
measure--what shall be done with the United Sr ties
notes refeved into the Treasury in the proces s Of
Will contend that they shall be retired a. they
are received. The Senator from New Jersey
30 rired but must he ressued The 'se Senator nor
rom oregon tMr. Williarls) wishes to limit the
iuaaa aea ,S o. S gresnSasGs to spgslns sum
purposes No doubt similar differences as to the
details win occur in the Senate. My own conviction
s that The notes and ten-forty bonds should be con-
veruhie and recoverable within ceitaln limits until
both Eise to the par Of gold. sach provision
approved by the committee, but the opposition
10 it by those who widely dinered from each other
duoe contraction and others expansion, caused il
TO be defeated. The proposition In this bill to sub
latter are retired by voluntary conversion into bond
Is an attempt Of the Commlttee OF Finance In defe
the Of the senate at the last session. te
effect the same object-ndmely to guard againy q
TOO rapid contraction OF the currency must Y ow-
ever Insist upon my conviction that the true w to
guard against both undue expansion and cog .trac-
don while specie payments are suspended IS to
ALLOW e PUBLIC % rsdOr whether her no nSteho sS s,
without any limitation except that the aggre gate OF
circulation should not exceed the United States
graduaY reduced as specie payments are esumeS d
II the senate shall agree with this opinion y adopt
made in the fourth section. II, however, the senate
eon noss soSa
collation. Of the Rreenbacks or rese rye OF legal
the Treasury. to Be issued at his dlscs elton SUCH
Sir are the general provisions OF this b L. The propo-
lerl though not formally referred to the committee,
yet having the sanction OF his great lame,
emboded IN the S reported but IT, Principal
portion, the repeal OF the Legal Tender act
Stsr saS sudden ss s ana % % uy am next co1sc, e 5
the views already expressed be disastrous to the
gear body q q G ns active business men q the country
Sx ao Ssy No
sury; and, second, the fixing Of specnc day for the
resumpton Of specie payments Now, in most Of
necessity resnmng specie paymenis Of the effect
Of contracton and the unjust discrimination that
holder--ah this meets my hearty assent 1t is the
remedy be suggests We have 10 deal with. Would
not the effect OF his measure be that the government
would hoard the gold and the people the greenbacks
and thus make the contraction he fearsY what
inan to take this doiiar now % having cn sable
power 81 sevenlyoar cents In gold locking n ns
be worth one, dollar IN gold, OF an annual
DSs q baaR nd n Ds
investment il could maker What prudent
man would dare build house or factory, railroad
or barn. with the certain fact before him that the
greenbacks he puts into his improvement will be
Ms Improvement tnen Is worthY why not hold his
money for two years until his building win cost him
as the sailors say, win be cose-reeied all enterprise
win be suspended; every bank win have con.
the debtor compelled to meet In COIN debt
contracted In currency will find the coin
IN clrcuiaton--hs property shrunk not only to the
extent OF the appreciation OF tue currency, but still
by the artificial scarcity made by the hoarders
Gf0 A haf
fixing the day for the resumption inevitably lead to
contraction OF the currency by the banks, 50 that
when the day came the actual scarcity OF currency
prevented q demand for coin; and this process Of
contraction, both IN England and the United states,
only relieved IN England by the Parliament requiring
tue loan OF Exchequer bills and new issues by the
ment the Continental bonds were species OF cur-
rcncy and as part OF the funding system Of Alex
ander Hamilton he provided Tor a new paper cur
rcncy convertible INTO coin to be issued By the Bank
.. the United states, and without which he declared
DIS lunGing system would be failure. SO, SIR, after
shc war OF 1872, the sore distress caused by the
failure OF the State banks was only relieved By
the tnited STATES, which Mr. Madison. Welding hIs II
coniinualiobjections, approved We therefore think
from Indiana lAr. Morton) be better obtained by
iegaliang specie contracts ~ ulllzing the coin in
Inc treasury by the gradual substitution Of coin,
Iency, rather than accumulate gold aud liking day
for resumption. Aud now sir, multitude Of collate-
raj topics present tneniselves-qucstions affecting
tie construction OF contracts questions affecting the
public debt, Of funding, OF the reduction OF the rate
OF interest: questions OF taxation and protection, OF
banking and the distribution OF bank crculation-aIl
tlscse have been considered and no doubt VIII he
presented 70 the Senate; but we have not embraced
kpem Ia this bill for the manifest reason that by at
fehnptng too much we are likely 70 defeat any meas
ure lending 10 the resumption OF specie payments.
1ais l1riinary duty accomplished Will solve many OF
the questions and prepare the way for other
es submit to Senators who favor this bill
Nhethct II Is not wiser TO leave time to the pro-
fess events and TO the next Congress 10 deal with
other ma tiers not vital 10 this measure. II II only In
This way that, with the confused and scattered
opinions Il the public mind we can hope to accom-
piish anyth ing. All these questions wifi be resolved
wisely n We are content TO follow the example set by
mir. Lincoln and by Congress during the war-to
make haste slowly. All the questions OF debate
that have "A sen from time 20 time In this senate
Chamber hav. been so decided that authority has
been vindicated and liberty been made universal.
we are soon ID the great hero Of the war clothed