New-York tribune., 1869-01-05


TO no Editor Of The Tribune.
SIR: To Mr.. Greeley's statement that "bni
for the UNANIMOUSLY dishonest proposition that the $40;
might Justly be paid off In greenbacks and the powerful
by which that villany was upheld We might ona
ago have resumed and commenced funding the 52Os az
lower interest," Mr. Morton replies that II is absurd ano
refuted by the quotations of stocks at homo ane
abroad that the six per cents Of 49, which no one pre-
are to paid in anything but coin have never SOLO
more than four cents higher than the o2Os ana tins
slightly higher price is because they cannot DC pad un
ST. while others may be paid in ye years from date
These quotations may prove that bonddealers under
stand that She 520 due In gold and as likely as tho
s1s 20 be paid in gold but it does not meet Mr. Greeeys
argument which is that thepropositon to pay In green
backs is evidence Of dishonesty; which dishonesty dis
credits all the bonds and greenbacks together The
dscredlt Is great that the buyers OF our BOMBS at
present prices will get twice the interest yielded on
French conso and thrice the interest Oh English cohsos
on another point Mr. Morton seems to me the stronger
He says "Gold payments should begin with the debt
that is due, which is the currency and not by shaving
that III not be due for II years" or course, M
Greeley believes that by essening the debt the credit VIII
be improved aud the holders Of both bonds and currency
benefited; that b payment proving honesty, the prices
OF bonds viii rlse aud greenbacks viii come up to par
But here is the main point IN dispute The moneyeMa M
world deems us dishonest. Why2 one says Because or
the support given to tho SYndeton scheme not Only by
still numerous party, but by bodies in the other party
nature and the way out of the difficulty is to give the
moneyed world assurance far as possible that we re-
pndiae this Infamous party and these Infamous men ~
the other party Expel from Congress all who laHe
been smooth with the enemies OF the public
honor whether they DO Democrats or Republicans
IN Coneressnen are so shallow to doubt the consttu
tional right and duty, id as To shrink from iu.
filling the duty OF expelng such Infamous persons then
the constituents ought instruct them to return home
that they may elect Others And, II In nelther way We
rid of we must still pay nine per cent or more. IL makes
DO difference whether the bonds be OF this or tnat shape
~ this Kind while the Interest will DO according to tho
worlds market rate or less enhanced BY the TsEs
OF inability or dishonesty. Ana the moneyeu WOIu re-
CARDS this whole papcr-money business as nascept Or
It's initiation might be deemed due to the eowardce Of
unskil rulers during the fover Of war but it's CON
DSss IN Te TST pgopensy SS Of rSdcs
men which impels them TO shave their Gus
TONERS, usteed oi serving them Literally and honoraDiy
as gentlemen serve each otherj which propensity Is
likely to fail into suspensions ibromises qubbles
about the constructions OF acts OF Congress questions
about What money %ene5 sSa Of BneT u shSrman
Swndletons. and seymours and other swells without
AsQ o T ps sS5S S people
interest currency, Is OF this elnfaeer aud exei,es
credit Besdes It Is and the eonsdeTa- G
on Of It by Congressn,en Is eyidegs at s1ey ARE M ~
capable OF understanding the CONSTITUTIONS or nehea 20
usurp power, and, In either case unlikely 70 maintain
the National credit The paper money scheme must pe
money market OF tho world IN the hgh position due 10
its Aud Mr. Greeley expects as he seems to-
that We can and shall keep out paper currency mere
currency that pays nteresthe ~ as much IN error as
r..
snoach and contempt for barncymongers, prompt
say that both he and Mr. Morton arc much IN the wrong
aud the solution Of the question needs other help than
on another point, can agree with Mr. Greeley II he
will yield lte He says: The one thing needfnl for
Resumption Is provide form of National oblga
ton which the holders OF greeabacks viii prefer con7
for ip have sue sested In T6e Bankers Magazine Ths
Erenng Post and THEiTRDUNE that four per cent COM
ana ultimately 10 gold and would make better cur
rency any other do not say that they would be
pounds will not; hut this damaging Legal-Tender Act
ought coon be repealed with due notceand as the
time apnr6aches when they will pay debts the green
hacks viii be willingly paid for the compounds, and will
be redeemed far that they Will not eubarrass steady
Mr. Greeley believes Resumption practicable at once
hence that this circuit is idle and he would object to the
have yield to the general uubelef therefore say
mat as ms St when adoped Would
strenuousy keep up taxes and sell six per cent bonds
and draw IN tho four per cents uni tnoy were az PAR
the duty OF entirely redeeming them or course, we
should do than this: we should have done what Mr.
Robert Walker advised years which 70 bOr
row gold, and resume as soon as possible.
have met with nexperts who say that compound-in-
teret notes would be Troublesome and require cacua
each payment Their tongues faster than their
brains there would be such trouble; the calculations
would made before the notes issued and printed
In tubes aud there would bo less trouble than there Is
orally premium. The people are quick at learning
Tho effect Of such notes would be that each holder
note; and, having this moderate interest he would hold
his money aud not hasten 10 invest II and thus the cir
culaoD would be retarded and greater volume would
be needed than the currency paid no interest and
therefore would be hurried from hand To hand. This
sluggishncss is what tho Government now wants, In
order that 1t may sell and keep at large amount of
per cents In place Of six per cent bonds And many Of
the people want such notes, more convenient than
bonds that have to pay profits to brokers when bought
and when sold, and when interest Is collected.
For all time, this Is the best eurrency-because IL pays
interest accurately and conveniently Each person who
70 keep money even for few days would pay out his
gold and keep his interestpaying notes. And IL the
Government deemed honest, the gold would not be
demanded except for use In the arts and 10 pay bal
in foreign trade and for these purposes the dealers
Government kept the volume Oh currency down 10 the
needs OF trade On the other hand the worst currency
II that which We used to have, from rrespOsoe anu
unno private banks that were liable at all times 10
be discount and To break down under pressure A lalr
Of tie Constitution, aided by the debates IN
shows that these Old bills of credit were
intended prohibited altogether but what the States
prohibited from doing, they licensed corporations
TO O and what Congress was not authorized 10 DO IL mas
done under the plea O necessity The supposed necessity
having ceased 10 has for continuing this
But II has undOubted power to b0rfow aud discre
tOn 10 tho FORMS amounts and rates Of Interest OF IT'S
promises To pay; ami IL may ISSUE nNes tens, mites ad
hundreds. that will voluntarily be taken by the people,
long they ret in And here is the power
Intentionally LETT Congress to provide for the encrYc
need OF loans. So long the Government in debit aud
unable To pay OFT II can provide this currcneynot as
legal tcudorhut practical currency. And pro-
hb the emission of the old paper money n its interest
notes should not render such prohibition unnecessary
To sum up; CompOund-interest notes. expulsion
frOmt Of rcpudiatOrs and senlrepudiatOIs
OF the repudiat0r Johnson; sale OF per
enough tOkeep tho four cents par aud yield
an average reduction 0f the debt OF so millions yearly
viii IN time get us out OF diScrcdit j. X. FISHER
--------------------------
The French profess to have discovered
new disease which thcy call La Crdnp deS Ecyirdss or
scribhcr's Cranp. Charles Dickens claims however,