The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-15


Blk months coupons small DO paid. Thus toe bono
VIII circulate only about two three OF the nrst
mouths out Of the ak. The other three or l0ur
mouths 1t Will be held as an investment The effect
Of this principle VIII be TO create demand among
bonus. Then again, II will have another most I'M
porlant eject wnlcn every true-hearted ana proud
American must ieel-lt WIN prevent me crea a
boughs ana sold In any MARKET The bulls and bears
OF Wall street or the Exchange IN London VIII not
be able 70 put up or put down the credit OF Our coun.
try Tor their amusement, interest or caprice; but
every loyal ana dlsOya man will be compelled 10 pay
equal respect TO me solemn Obligations OF The gov
ernnent. Our debt viii bear small interest;
1t VIII be OF great and tncacuaOle value 10 the trade
and business Of our country and the character Of our
obligations VIII be no Longer bought ana so0 IKE
warcred BtocK on our market. Tnus we utilize our
pubic debt AID make it public benefit. these
bonds viii present the characteristics VI perfect
credit Tie security VIII be the very best, twul DC
universally KNOWN TO be sucn ana easily converted
into any other thing These together with an inter-
est 3.65, viii make them more desirable tnan any
Other security. Then why should not the people
nave these bonds III this FORM lou are cOntent 10
the people every description VI l0w depre
acted security -lndlvldua ana corp0rate-anu SUI
jeet them 10 shares and heavy losses to reduce them
shape that will pas debt. Aud now can you re-.
fuse this boon o. perfect credit 10 our people wIel
you sanction ali Kinds oi imperfect crediIs1 Let our
laws DE equitable and give to al our people perfect
credit to the extent that they can pay for 1t.
But, Mr.. secretary. you speak OF asking Iorelgn
brokers to buy our credit ut di5c0un upon the con-
sol crodil OF England. Can It De possible thai you
are Ia earne5Lf Are you willing to say that our
credit IS second 20 English credt9 Are you willing
ing big about che Alabama ciaims that YOU, the
secretary vi the Treasury OF the great republic,
must 70 60 tie brokers OF Old England to borrow
their credit In exchange Tor our oWnY Is TINS your
craftsmanship Is Inns nign-toned PATRIOTISM Is
this lndependenceS Uhl Ito upon you. AIR. Secre-
tary. l would Iasner pay " our own farmers, &c,
three times the rate Of interest you propose 70 pay
~ these English brokers viian Illuminate my country
by sucn plan OF degradation, We nave fought out
our domestic quarrei without the AID or friendly
sympathy Of our 9ood friends VINO butt ana equip
ped the Alabama; and we ourselves should glory
Ia raising among our own people ali enc money
necessary TO conpe. old Engand 70 loot the bill or
damages 0ccasll ned By that celebrated steamer.
AMI every proud aud independent citlzen OF TINS
republic would rather see you hanged with your own
a discount upon the Englisa DEBT, which no be.
"'''' WV '''' - 'a'N' JONATHAN oLDBuoK.
Another Letter from Treasures spinner ON
the Currency Question.
The following letter from General Spinner Is ad-
dressed to John Elwell, OF Onawa. Iowa:-
TREASURY OF THE UNITED STATES
WASHINGTON, Dec. III, 1869.
DEA SIR-Your letter OF the 2Stn OF OCTOBER
reached me on the LIST OF November last when was
suAer.ng Ifom a painful Sickness and Immersed over
mead ana ears III the iacts anu figures for my annual
sta TO tue secretary OF the condition OF the
treasury But Tor tns reason 1t would have received
Immediate alteution. You say SO many good things
and True your letter that regret my inability 10
give my assent 10 the whole
There several propositions IN 1t from which
candor c0mpes ms to dissent ~ toto. You say that
by an incOnverCiDie currency you mean one tnut Is
not made COuverllOie Nv Statute law 0uu tilat you
''w0uid nave ~ convertible, voluntarily, by natural
law Any one having specie would freely exchange
lt ut par for paper one naviii1 the same exchange
able value Us Iae Othern And this you say III ex-
planat on the following passage III your letter 10
mo under dale ofSeptcmDer g. lo1y:-'I cndeavored
10 SHOW The great superiority oil an lnconveftioe
currency to one that convertible" And again,
III endeayOTed TO snow how 10 BRING this currency
to tine specie level without the use Of any specie,
without contraction and without any disturbance
OF tne business Of the country" When IN my an
swer you under date OF Inc 9th OF october last,
A n ftur nA -
should then KNOW tlat the philosopher 8 stone mad
been found; that the discovery Of the perpetual
motion was near ut hand; and the making OIL some
tang OUT OF n0tling very far OIL, Intended no
urespecL eitner W you personally or TO Tue start
ing theories political economy OF winch you are
tue adsccaie; sinpy wisaed to express my dissent
III strong language"
some great ana good men have honestly believed
that II would best to aD0ish all laws for the col
lection Of debts founded on contract, ana nave aJ-
duced very plausible arguments IA suppOrG Ol ther
views, yet not slnse commercial nation OF Inc
civilized world has ventured 10 Try the experiment..
Your Theory goes lar beyond THIS. You Wouiu c0nl-
Del the creditor u receive lrredeemable paper
pronise OF another Debtor In rull payment oil prior
PROMISE Of his debtor TO pay IN money. Inejo
schemes have been tried over and over again Ia an
manner OF ways, All times since u circuat-
lag medium has Deen u5ed III CO mmerce, ny indi-
vluais, by COMPANIES CORPORATIONS ana Dl nations;
yet 30 Tar as nave ever neard Wlthout VI eAcep-
Cod and SILVER lnd paper currency that is at all
times al tue VIII OF The holder, convertible on
uemaud into coin, the only that nave been
Iound fuzzy 70 answer the purposes oi u good clrcu-
u
or value IN commercial countries Ike ours
You say, III The people Ol tnl5 Country prefer
using paper Tor time, a taat Is necessary TO maze
Its exChangeaDe va.ue equal TO specie IS for che
government issue It, maze II legai tender. use IL
money la us receipts anu disbursements and
limit us amount tasomcthlas less tlan our proper
ton vi the currency OF the world"
Now, tnis JUST waat the government has been
dolng--or s,naiy rs . war measure, out IN defiance
OF the constitution vi the UnlJel States, as Is
believed ny many5 SILL doing, now that the war Is
cnleu AMI taa necessity has ceased. And yet /
Lnnk M
his gold and silver iOr the lnc0nveTtlDle legal
tender n0es OF the government. except on being
paid q premium on the gold that ms, WITHIN the
space OF . llttie over Two months from the sd or
September last, ranged from twenty TO sxtv-
inx business relations wAn other countries VIII
be able stand such fluctuations Of the cur.
rency Tor any great length oi time. commercial
rcvuisons ana universal bankruptcy viii, under sucn
a STATE VI things become tue order or tue day. All
legitimate tralic VIA! Cease, ana Speculation II not
fraud aud swinde, Will take iJS place. Coin only,
as the basis aud constituent part oi me currency,
can correcS tns evil. Gold - 10 the currency what
the balance wheel Is 10 Watcn or Wnat INC soVef-
You say, .'wnile our paper money, though all le-
gal telder Is IN excess OF proportion OF the
rency OF the word, IL viii be deprecated. What
the amount or paper IL IL only wortnln specie
what our proportion u tno currency Vi sae wor.a
Wnea every country has tho exclusive right sew
orally Itself 10 INK tle amount OF Tvs paper cur
lency IL would De u dinicuit pfobien to WORK out
aud ascertain our proportion OF tne worlds cur
rency. Paper money can only be USED Ia tue country
That II. Inc Ddiduce or trdue DetWeel coun-
tries cannot be adjusted by IT. Con-, on the con-
trary, wnen the true pro portion Is destroyed noWs
from the countries where u Is IN excess 70 those
wDere II IL needed aud 50 the true proportion Tor
each country comes ol lsell, by natural laws, aud
the equilibrium Is at once restored.
The ia.e secretary OF tue Treasury, with large ma
jority OF our people nc tao tne believed Lat " re-
ducton OF the legal tenuer notes. so as to bring the
a.nount OF such money nearer to what mixed cur
rency would be after Icsn pton Of specie pay ment5,
and to your proportion WIN tic resi- VI The word
tacse notes would immediately appreciate: and lnat
by continued reduction OF the amount Vi Sucn notes
they would by degrees come up u the par Oh gold.
la the lace Of all ms efforts IN that direction the
legal tender notes deprecated. Congress, ~ law,
prevented the further reduction; anu by tnis act
eudeav0rsd TO fix your true proportion with the rest
OF lie world to De 1855 0JO O0O. The Efforts OF the
tnen secretary were rgnt so lar as they went; they
needed but tue one element to success, To wit-the
c0nvertIuiii.y VI the n0Ic5 lutu coin.