Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1869-02-18

compel your citizens to take in
pavmeDt of their debts, but refuse
to take for your own bonds except
at discount. You give the bond
the benefit of the improving credit
Of the country, bat y ~ deny this to
the note. The simplest and plainest
rule Of equity requires you if you
cannot pay this note to give in ex-
change for it bond bearing inter
est. And here, sir, a difficulty
presents itself that forms the basis
of all, or nearlysaall, the division
in the committee as to this measure.
What shall be done with the United
States notes received into the Treas
urv IN the process of funding? The
Senator from Vermont Mr.. Morrill,
will contend that they shall be re-
TIED as they are received. The
Senator from New Jersey Mr. Cat
tell will insist that they must not
be retired. but must be reissued.-
The Senator from Oregon Mr..
Williams] wishes to limit the fund
ing Of greenbacks to specific sum
each month, and amendments are
pending for these purposes. No
doubt similar differences as to de-
tails will occur in the Senate. My
own conviction is, that the notes
and ten forty bonds should be con
vertible and recoverable within
certain limits until both rise to the
par IF gold. Such a provision was
reported at the last session and is
still approved by the committee,
but the opposition to it by those
who widely differed from each other
as to its effect. some insisting that
it would produce contraction and
others expansion, caused it to he
defeated. The proposition in this
bill to substitute coin notes for le-
gal tender notes as the latter are re
tired by voluntary conversion into
bonds is an attempt OF the Commit
tee on Finance. in Difference to the
vote of the Senate at the last ses-
sion, to effc.t the same object.
namely, to guard against too
rapid contraction Of the currency
I must. however, insist upon my
conviction, that the true way to
guard against both undue expan-
sion and contraction while specie
payments are suspended is to allow
the public creditor. whether note
holder. or bondholder, to freely
exchange one for the other
without any limitation except
that the aggregate of clrcu-
latiou should not exceed the United
| States notes now outstanding: and
this aggregate may be gradually
reduced as specie payments are re-
sumed If the Senate shall agree
with this opinion by adopting the
amendment of the Senator from
New Jersey, Mr. Cattell,] then some
changes will have to be made in the
fourth section, II, however. the
Senate still opposes this mutualitv
cf conversion. then the substitution
Of coin notes should precede the
cancellation Of the greenbacks, or a
reserve of legal tenders should he
maintained by the Secretary of the
Treasury, to be issued at his dis
cretiOn.
Such, sir. are the general provi
sions of this bill. 1t seeks to sub
stitute gradually, by the voluntary
action Of the people, coin contracts.
coin notes, and convertible bank
| bills for currencv contracts and ir-
redeemable and inconvertible paper
money. 1t seeks to secure to the
,nblic creditor the prompt payment
Of his interest in coin. and to the
people the like pavment in coin of
the deprecated notes held hv them.
| IF tie process is too slow it is he
cause the danger of more rapid
| process is too CRATE. Let no man
! deal with this qustion with the hastv
i npulse of first impressions, fo, he
will only illustrate his own follv
Let no man be too confident of his
own opinions until he has eXamin-
ed those of others. and he will then
find that many have travelled this
path before him; bnt no man vet
has found an easv road to the re.
sumption Of specie payments.
q. Tt now remains for me very
briefly to state why other promo
sitions submitted to the committee
have not been approved. Y,ul
patience will not allow me to ex.
anime arv of the multitude of sug,
gestions that have been made in the
public prints. though many of them
are worthy Of careful study. 7 will
only alllide to some propositions
that have been referred to the com
-mittee. The suggestion of the
President to pay the interest for six
teen wears if the creditor would
surrender the principal has already
been disposed Of The plan of the
Secretary Of the Treasury to con
tract the currency until we reach
the specie basis has already beer
incidentally referred to The prop.
osition of the Senator from Mass
| Mr.. Sumner, though not form
allv referred to the committee, vet
having the sanction of his great
name, carefully considered. and sc
much of it as was approved was EN-
bodied in the bill reported: but its
principal feature. the repeal Of the
egal-tender act after the 1st of JULY
next. is far too sudden. and will. i
I am correct in the views already
expressed. be disastrous to the grea
body of the active business men o
the country.
The plan of the Senator from In