The New York herald., 1869-02-03
THE OLD WOMEN OF THE CITIZENS; AsuclAnaH on the
FINANCIAL QUESTION.

A Plan for the Regulation of tho Currcucy
in Way That Will Not Derange the Basi.
ness Of the Country and Will nj the Same
Time Secure the Most Rapid Return 60
specie Payment.
To THE EDITOR OF THE HERALD:-
The connict OF opinion that prevails in rsis-
tion to the changes deemed necessary to bet
ter the condition OF the currency OF our country
and the unmeasured importance OF the subject
would seem to demand that every thought be-
lieved to be important should be gladly contributed
to aud in wise settlement Of question that lies q
the foundation OF all the great interests OF our com
mon country. In the settlement Of this great ques-
ton especial reference should bc had 20 those
requirements Of the constitution that make It the
duty Of Congress to pass all laws that shall be neoes
sary and proper To- "borrow money on the credit of
value thereof" ito tx q standard OF weights and
measures" and ITO regulate commerce with foreign
ns nawsr sSas ~ Eonrysss me sssers' ~ r
credit Of the United States implies the richt and
dpy 70 issue the evidences OF debt that takes hold
OF debt liriy bind the government to make their
obligations legal tender tnat Will enable those who
hold them TO pay their debts as no amount OF even
gold win enable person TO pay his debts without
the stamp Of government upon IT. Our government
bound rs II was TO iegisatc for whole country.
found itself compelled TO borrow money 10 save tho
nations life oy forced loans by the issue Of such
paper currency as would bind the whole property
Of tire country N an involabs obligation TO pay the
made and implied when the people furnished the
means ne sessary to maintain the government and
took these obligations for the These evidences
OF debt, having been made and used by the govern
ment aud people rs the currency OF the country
since the commencement OF war, have In the mutt
piled exchanges that have taken place, exceeded In
value the amount OF all the property Of the country
thereby creating tho most solemn Obligations bni-
Ing the government TO defend these legal tender
promises pay, and 10 TO IL that NJ act Of the
government snail IN any way lessen the power Of
these legal tenders TO pay the debts created during
their use.
The great question that now demands tho most
profound consideration OF the gov rltnent is 10
determine what arrangement OF the currency will
best sustain tue business OF the country the bus
ness OF the country is the only out OF which
money can be drawn TO maintain The government
and to pay the debts created Dy The war. II s nox
stability to the best currency the country nnd aov
ernment have ever possessed.
This can be done by iegalizing gold contracts, with
provision that no increase hliail be inaue IA the
present paper circulation Of the country and than the
whole present circulation shall bc made q legal
tender with power to pay nll debts due The govern
ment and individuals by adding an amount OF cur
rency In all contracts To pay god equal 10 The
rage premium that gold mas borne during the noatb
preceding the payment or maturing Of the debt.
This course will bring gold down 10 the smallest
possible premium without disturbing the business of
the country. IL Will lessen the power men 10 IN
crease or diminish the price oi goid ana THIS win
soon bring the paper circulation on par with specie,
by the great increase OF our population aud the
growing business OF the country, as IL viii bo
made the interest OF all TO pay their debts Win the
~ ' PEsffER COOPER