Evening star. [volume] (Washington, D.C.) 1854-1972, 1869-01-05

Senator Morton has published q reioInder to
the second letter of Horace Greeley. He is
courteous to his adversary but deals him some
rather sharp thrusts. The second Greeley let
ter, Ike the first, proceeds upon tina assump-
ton that by mere declaration of resum ption
the currency would be brought to par, and that
sucn declaration should be made without de-
lay. This assumption, Senator Morton de-
ciares, Is unsupported by single fact or arga-
ment. ltis contradicted by all financial expe-
Hence, whether in connection with governments
or banks. Mr.. NJ. thinks Mr.. Greeley's argu.
ment that res umption at q period In the future,
giving time to the Government and people to
prepare for it, would cause more distress than
immediate resumption, is about as logical as it
would be to say that it would be safer to Jump
by the inclined plane.
In his letter Mr.. Greeley undertook to be
little smart at the expense Of Western finaa-
ciers, saying that questions of finance receive
practical solutions in New York which are
not familiar in Indiana. Senator Morton re.
torts that ''this is most likely true, aud yet
there are some things very well understood
even In Indiana, and among them that a
knowledge of stock and gold gambling Is not
necessary to a correct understanding of the
laws Of finance, and that the less we have of
the peeuIiarities OF New York finance in the al
ministration of the Government the better for
the country"
He continues
Your letters contain a strange admixture OF
resumption by manifesto and resumption by
contraction. You say that the policy OF con
tracing the currency At the rate OF four mil
lions a month would surely have brought
specie payments If il had been continued. Yes,
If all the currency had been taken up and
nothing
that while that CONTRACTION was going on the
currency grew worse, and seem not TO compre-
bend the idea, which you evidently regard as
a country notion, that the way for the Govern.
ment TO bring its currency up to par is to pre-.
pare to pay il according to promise. You be.
Heve resumption can be brought about by con.
You treat deprecated currency as q vice to be
reformed by q good resolution instead of
disease to be cured by time and the application
of JudIcious remedies. You believe in resi- mp-
ton by faith and not by works An old
preacher once, illustrating the doctrine of sal
walton by faith, SAID: "If the Lord bids you
jump through stone wall, you must Jump
Jumping Is your business, and going through
A declaration ofimmediate resumption would
result IN disastrous failure, which would
leave the currency in q much worse condition
than II is now. II II were successful, II would
produce great distress and lasting injury to
business. If the Government had IN the rreas-
sury gold dollar for dollar with the greenback
currency IL SuOuIQ not resume III once. 10 do
so would be a crime against the country"
In concluding he says:
ain your first letter. which is not too old vet
to quote. you finally made res umptIen impossi-
BILE, by making it dependent upon bond
drawing four or five per cent. interest, which
would sell for premium in gold, which the
holders In greenbacKs would prefer to coin,
and into which the currency would be funded
Such bond being impossible, in the nature of
things, in advance OF resumption, il would
seem unnecessary further to discuss your plan
You made resumption to result from coutrac-
ton, and contraction to depend upon method
incapable OF execution. Until your plan shall
be made consistent with itself, and Its execu.
ton shown to be possible, it is hardly worth
while to consider what would be its effect upon
the country, and / have discussed it only as
one Of the many obscurities cast into the pub
lie mind calculated to preve mt its clear percep-
ton of the situation and Of the true measures
for relief
i believe that resumption is demanded by the
best interests of the nation; that il can be &C.
complished without serious injury to any class
or " business; that it must proceed by dis.
tInct recognition Of The principle that the
currency is TO be paid according to promise;
that time for payment must be fixed far
enough of 70 enable the Government provide
for II, the people TO prepare for ii, and at or
before which the notes will reach par by
gradual appreciation