The south-western. [volume] (Shreveport, La.) 1852-1870, 1869-12-08
Resumption of Specie PAYMENT.

Resumption Of Specie Payment.
This subject is attracting the attention of no
only the press Of the country, but the mass of The
people, and the matter is being discussed pro and cor
with good deal of vim II is one of those subject:
which the advocates of both sides adduce plausible ar
guments and leave the innocent asprant in search o.
every thing for the best as much in the dark a:
ever One thing is very evident from the tenor o.
the dispatches that many of the leading merchants
and politicians of the North to say nothing of the
bondholders, in favor of the movement being in
troduced at once
Hon. E. G. spaulding the author of the LIE ga
Tender Act who has lately Put before the public very
valuable financial history ofhe war; has furnished the
Buffalo Commercial, for publication the following
three leters-one of which, least, foreshadows the
policy OF the administration
| FROM ATTORNEY. GENERAL HoAR.
| WASHINGTON, Oct Is, 1869.
Hon. E. G. Spaulding-
| MY Dear SIR: I'm one of those who believe
mat 1t was the interest well the duty of the ma
uon to return at once to the and solid standard
value as soon as active hostites ceased that we
should have treated the currency as we did our
les regarding the volunteers and the greenbacks alike
as necessities of war; to be dispensed with as fast as
possible on the return of peace. think we made
great mistake in doing that the shortest method
was the safest and the that the only way to
the object is by steady and persistent contraction of
the currency, painful process whenever it comes
DOUBT but harder aud for the longer de-
layed.
hope that Congress will address itself with cour.
age and constancy to the solution of the problem as
soon as meets and will feel assured that the Amer
can people have intelligence enough to support those
who do MI views IN tha ouhiac ~ l;ttIo
portance to any body, but, an American citizen,
should be sorry and ashamed to find nv country I'm.
aoie and unwilling in time of peace and prosperity
to provide for its over due paper.
Very respectfully, E. R. HoAR
FROM HORACE MAYNARD OF TENNESSEE.
KNOXVILLE, Tenn, Nov s, 1869
Hon. E. G Spaulding-
copy sent me- 1t is we'll timed and much needed
so successful were the financial arrangements during
the war, that people incline to believe them as auto
body.
As result, we now have the best currency ever
known Ia the nation. Let it now be made convertible
into CON- at the pleasure of the holder and nothing
would be left to be discussed Why this has not been
done, why it is not DONE why it should not be done
confess, after all have heard and read am not able
to see One OF these days some bold man will take
the step, and then every body will wonder why it had
not been taken years before. Would that you were
again at your old place in the House,
am, very truly, yours, HORACE MAYNARD
FROM CHARLES SUMNER.
BosToN, August 8, 1862
my Lear SIR: You have done good service in |
preparing your book; nor is their any body to whom
this duty belonged more than yourself y
am not content with long postponement of specie
payments believe that the time has come for this
blessing and begin to be impatient when see how
Easily people find excuses for not accepting it.
Believe me, dear sir, very faithfully youIs,
CHARLES SUMNER.
There is no question but serious draw back to re-
umption exists in the apprehension that debts con.
raced in currency will be collected specie and that
redtors will thereby gain and debtors lose the amount
f the difference between the specie dollar and the
pece value of the dollar at the time the contract was
'ade. The Picayuue argues follows, in relation to
MS matter
There is strong ground for the conclusion that the
upreme Court would carry decision that the le-
al tender act is void and unconstitutional by decid
g that contracts made in currency sovable in the
arrency at Its valuation in specie that promise to
~ 800, when gold was at premium of % per cent,
'all be satisfied with $50 in specie
This is clear logical deduction from the opinion of
e court recently delivered, in giving judgment in
Re case OF contract made in Confederate moue dur.
E the war. The decision was, that the notes were
rrency in fact, imposed by paramount authority,
hlch made them circulation by necessity, in which
dealers had no choice. The currency Of the Con-
deracy was not lawful money of the United States,
1t 1t was the sole medium for exchange, and on its
appearance the contracts made under it must be t
nstrued as representing only actual value, estimated
the restored standard r
The same state of circumstances exists in respect to
e greenback currency. 1t was created by the Gov
nment, and became by force of law and legal nom n
les, the only circulation II it shall be decided that
was issued unlswfuy, by government that had no Il
Institutional power to issue it, but had the executive
wer to keep it in circuation-in short that it is not
awful money at all-the consequence follows in b
itaby, that the doctrine of adjustment exists ii
to them, which existed as to Confederate notes. tt