Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1869-11-25
specie Payments.

TFrosn the Buffalo Com. Advertiser, Nov. ~
1t begins to be manifest that popular
sentiment will compel an early atten-
tfon TO the question ofresuIhption on the
part OF Congress, and we anticipate that
Ii will form the subjectof the most inn
nortant debate in tie House ut the
forthcoming session. The sentiment
that a deprecated currency is no longer
a necessity, but is fast becoming a re
proach to the nation because it is un-
necessary, is a growing sentiment with
all classes OF our people. The sudden
aud disastrous collapse OF the recent
gold conspiracy in. Wall street. which
erumbled to dust and ashes at the touch
of our Financial Minister, threw brIl-
liant light on the situation and showed
how completely it was under the mas
tership of Mr.. Boutwell,, was splendid
demonstration of the power of the
Treasury in coping with and thwarting
the ablest and most desperate of the
gold gamblers, and Of its ability TO put
a sudden stop to the whole business at
pleasure. We apprehsnd that the Adj
ministration, even lift had the disposi
ton, viii not be allowed to go back oi
that demonstration of its pecuniary
strength. 1t must continue to go for
ward, and now with more rapidity, III
the march toward resumption.
We do believe, indeed, that this is
the intention of General Grant, and
that his Cabinet is practically unit on
the question of early resumption. Gold
may be a good thing to have, but we
cannot advise any one to keep it, SC
long as they can dispose of it at the
present price. It must come down and
" snl- la "
from Attorney General Hoar may,
without a great stretch of probability,
be considered practical exposition oi
the views and foreshadowing of the
noiicv of the Administration on the
question of Resumption: sut ~
LETTER FROM ATTORNEY GENERAL HoAR
WASHINGTON, Oct. 10, 1869.
Hon. e. g. jSpQetLdiay:
My DEAR SIR: / have the honor to
acknowledge the receipt of your letter
of the 9Th inst, and with it copy Of
your Financial History of the War, for
which 1 desire to return my thanks,
The constant pressure upon my time
has prevented me from giving the book
more than q cursory inspection, but il
seems to be valuable contribution to
our financial history, and throws con-
siderable light upon the important
question of return to specie payments.
1 am one of those who believed that il
was the interest as well as the duty o.
the nation to return at once to the true
and solid standard of value as soon "a
active hostilities ceased; that gOe should
hare treated the currency as 1Oe did oul
drnlies-regGrding the GotunteerS dltC
1yeen5dcks alike as necessities of GUIr, tC
be dispensed aoith as fast os possible on
tie return of peace. think we made
q great mistake in not doing so; tina
the shortest method was the safesi
and best; that the only way to reach
the object is by steady and persisten
contraction of the currency-a painful
process whenever it comes, but harde
and worse for US the longer it is delayed
hope that Congress will addres
itself with courage and constancy, tC
the solution of the problem as soon as
it meets; and will feel assured that th'
American people have intelligenc
enough to support those who do it. NJ.
views on the subject are of little i'm
portance toanybody, but, as an Amercal
citizen, should be sorry and ashameJ
TO find my country unable and unwill
ing, in a time of peace and prosperity
20 provide for its over due paper.
Very respectfully,
Voc. .-....asa Il. r. HoAR.
This is important, coming from mem
Der ofthe Cabinet. But wehave reason
To think, further, that it foreshadOw!
some affirmative action in the House
ora5 least a powerful expression ol
affirmative sentiment on the part o
that body. Hon. Horace Maynard, o.
Tennessee, was one of the few men o
-t.- Il
during the war, and always supported
the Union cause. Having been TO
many years member ofthe Committe,
of Ways and Means, he is one of th,
most influential men in the House
during the winter of 1S6l-2, when tbs
Legal Tenderi act, the Bank bill ant
ether financial measures were matured
and he still retains that position. Hi
opinions in favor of Immediate resump
tiun are peculiarly valuable at tn
present time. The following lette
from Me-, Maynard, on that question
VIII be read with interest:
LETTER FROM HON: HORACE MAYNARD
KNOXVILLE, Tenn, Nov. 5, 1869.
Hon. e. G. Spauy1jllg:
DEAR Sir: Thanks for the book, a:
well as the copy sent me. 1t was wei
timed and much needed. So successful
were the financial arrangements durih:
tile war that people incline to regar'
them as automatic, self-accomplished
with no special credit to any one.
OF all who were concerned, you wer
the one to have prepared the book--en
titled as you are, pre-e minently, to tn
credit of the great measures whicl
carried the nation SO triumphant,
through the financial struggles Will
Idid not feel at liberty to partieipat
very activity in the passage ofacts which
must affect other portions of fthe countr
far more seriously than that which
was my fortune to represent, it gratifie
me to remember that both in the Com
mittee of Ways and Means and in til
House, they received my unfailing su
port.
AS result, we now have the best eur
rency ever known in the nation. LIE
itnow be made convertible into coin a
the pleasure of the holder, and nothin
would be left to be discussed. WI,
this has not been done, why it is nc
done, why it should not be done, con
fess, after all have read and heard,
am not able to see.
One of these days some bold man wi
take the step, and then everybody wi
wonder why it had not been taken year
before. Would that you were again q
your old place at the House.
| am, very truly yours,
HORACE MAYNARD.
We are not prepared to assert tina
Senator Simmer is regarded as SCUM
authority ON questions Of finance, bu
the assertion that no man possesse
greater nfi uappa in thn Stata oI, oeY1ars
questions cannot be denied nor will
be disputed that his wonderful ability i
presenting his opinions, and his confirm
ed habit of adhering to and pressin
them. render him a powerful advOcat
ofany cause which he may heartily e:
pouse. In this view of the case we II
gard his earnest desire for imrnediat
resumption, expressed in the followin
-letter- rs yery sinni -Sinni e cant r