New-York tribune., 1869-01-01

hat time nroyded the Government is making ' @ much
% Ss Of Of the reach
by gradual apprecation than 10 eJo rrocess should he
,Jua so thai the transition which the country
| make from one condition to me other s'"i' ~
as ayd Ey axne time for redemption so iar ID nS ,nG
future. Government can who1a NV ~ To bring about
,o Uradu appreciaon OF the greeback noss ne time
gold ysby accumulate y, tre .e said in letter
Ses wears car age that the in the Treasury S 70 the
surplus Of :ioC0Go not os set sssrt by for is reem
ton from tle probability that u ,c to reserve the
ateo IN ,v nns cold in the Treasury. ana that wcn M
TO accrue for the redemption OF tue fr the time
power tne edemnt1p TO obtain the necessary god ny
the sale OF our bonds. It would prSnaU -, have made
% p,snara"p but their appreciation wond not ne no
crndnai or 40 certain II the gold was vsioy @e0"
"s woud he necessary have IN tho Treasury m
amount equal to the greeinack c,nd safely be-
Gin Vim two hundred millions OF gold In tie Ireasy
under the provisions OF my Dill nut a. vervtins
savantv miions In this work confidence Is every tns
enG !. nlant of slow growth. and can only be pouuceS
by the obvious employment OF the necessary m
a god enough TO redeem all the notes that VIII pfopa
by be presented but few VIII oe Pre,n&. III H. =, In Tho
e cain at profit and this Ia the precise principle
npon which specie paying banks have been susias m s
which he Government and the people may wofS TO- anu
the making Of ncedful preparations 10 oe hom w nnn u
dersood by all are Indispensable tn any pan OF Iesu
tion which would avoid tho hardslps which you ADMIT
would attend the adoption OF yours. by tno ~ .h
have suggested there will bo an actual inatioh o RUG
currency at the time OF resumption TO the extent !nn.
the whole amonnt Of gold and silver IN ihs eou, ' th
wouid enter into tho circulation would exceed tno
wonnt of ereenbacks that would be prescned Tor re-
dcmpiion. and this would do much 10 prevent INC hu
shin, Tint might otherwlse occur. ..
nm sorry that IN tho conclusion Of your letter you
thought necessary to Introduce matter wh, Is iV
eicn 10 the subject In controversy ana seems 10 DC h
tended 10 be personal and That may not appear
10 rnlsreprescnt you. quote what you say ....
might av paid aud the poFei name ~ Neh
! say va. .Ps a..s we mi. n ias '%s s o not be-
quasi sud rtp.nant ,npreI,.f o, i s ,s
rSS d, & my ,,f s % T. % r. eosS,r5 Is to-day nan,
gs. :,a S 9t sspSSss Ss, % % ps,fis s- %
,s .n. to o men Ss' sn % o." Of al, .oash
their niesr dd no; suffice w.tn ,h' saItsn,a, s nave
wholly Withdrawn aud apooalre iof We mail vs r' h,f " ap
ton; S,. rSst 1@ ,fn.s.i,l'i6 p.c ~. ises so''''
under the statutes creating the legal tender notes and
500 bonds the Government had the rsht 70 use he oa
or sting notes In of thOec bonds TINS arg
prefaccd with tho declaration that the hfst duty
Of the Government was to return {" srree pnymenu;
denying the light OF the Government 10 Issue new noles
with which TO pay those bonds. what was cnilea s l,e
To print new with which 10 pay the $40 bohds.
nave always condemned. u this position Is what you
call the grecnback theory the UNANIMOUSLY dishonest
proposition" the criminal bunder you need not put
inc down as repentant supporter iou nave 10 eVF
Your staiement that but for tho talk of paying the
fyetweuties In Greeubacks the Government Wouiu
have resumed specie payments and commenced fundg
our nyetwenes at lower rate ol Interest long ago Is
absurd 1t is absolutely refuted by the quotations O our
stocks both nj aud abroad The Elk Per tenis OF
al as they are called, that were issued and sold before
the passage Of tho statutes creating the lfgaI
Notes and which nobody pretended should be paid Ia
ANYTHING but con about which there has never been
ston have never been rated more than four cents
higher than the fye-twentes; aud this was be-
cause the law creating them reserved no rieht on
the part OF the Government 10 pay them before
they fall due In 1881. and cannot be funded US
the others may The fact Is our bondholder. under
stand perfectly well that. whatever may bc the law
of tho question. the bonds, or any considerable
part Of them, cannot be paid IN coin while the currency
remains deprecate that In folly 10 talk about paying
the bonds gold IL tho Government cannot procure
gold enough where with redeem the gronbacks; that
the of the notes and return Ia specie pny
eps is necessary condition precedent In the payment
of the bonds gold and they look much more To the
return TO specie pay and tho establishment OF our
finances upon solid basis than To the mere form of the
contract as to how they shall be paid Gold payments
should BE- gin with the debt that Is due which Is the cur
rrncy aud not by shaving bonds that Will not be due for
"a years. The currency lies ut the foundation o The
whole financial structure. and N IL he nnsound the strio
ture above be insecure aud dangerous When DO
good by being made convertible into gold the M
tiona debt may be funded, by which ohetbrd OF tho
volume Of interest lie saved aud the nation
will the burden with ease until
Its fnal discharge shall come. am very respcifuly'
yours. U. +. MORTON.