The New York herald., 1869-01-11

that tue question OF specie payments may be put out
ceed 70 fund the debt Do this ana there win be no
longer middle course between repudlation ana 8
You put he nation at once IN the power ssSs q tSs
creditor; you can no longer hope to fund at less
rate than ak per cent In gold our present bonds that
cost nfy cents In gold for every nominal dollar; 90
mil Milton o. scaal dollars re borfoSsd sSS
that 0n arraS % q numbers which, IKE
the figures representing stellar spaces, makes
Snt ns bsnr neaa Translated into plain nteeoIe EnSS
suit 81 this large sccumuiatlen Of interess In sng
Of popular feeling against usurers and those sus-
pected Of favoring them. and nations have enacted
as 70 guard against it The Year Of Jubilee in Israel
cumuiston, and the Jews FOR their habit ol srowing
were for centuries persecuted and plundered BY
every people In Europe. This. OF course, was the
treme opsht 70 be avoided, ana while the CAPT
taist is protected in all his rights, he Is
evidently. In the corrected opinion OF mankind,
simple justice and he viii take or himself and
steer his way safely through all financial vclssl-
tudes and this is all that an intelligent public Will
allow you to give him. In Europe, though the accu
mutation OF interest is comparatively Slow families
ana nrms VINO pursue It sasaclousJ ami pers,sentiy
eide questions OF peace and war, and IN effect rule
the world Here. IN the rapid accumulation OF in
1t VIII take hut few bret years to make the money
power supreme and place our iree republic under
the control OF moacycd aristscracy and
Senates will be In their hands but as toys.
The debtor class-those who create the capital
which must pay the debts. public and private-are,
as have already said, the IabOriny men, and tho
farmers aad manufacturers their immediate employ
ers. Many OF these are the soldiers who fought our
battles who have returned to their homes broken in
health, broken fortune rich only in military glory,
and who VIII not be willing 10 have imposed on them
a heavy additional burden.of taxation by way of o
who staid at home and lent money at an enormous
interest.
1t is proposed to encounter all these evis-pelng
bankruptcy and ruin on large and meritoriOuS
class OF citizens, who occupy the post OF danger
the present evil of deprecated currency. | have
already expressed the opinion that the object TO be-
gained-though worthy Objects not worth the
sacrifice Let rs look at 1t more closely and test It's
value more accurately.
A deprecated currency-one below the standard
OF the civilized worlds an evil, but by no means
SO great as has been assumed without proof-loosey
thought ana as loosely represented careful analy-
sis viii show that tne most OF Its alleged m!sesies
Without discussing the question fully few Of these
First. as between the United states and foreign ma
tl0ns. The lower standard OF our currency has,
think, no positive effect AS to our exports pound
coin goods in England as it would bring II gold
were our home currency, and such foreign goods.
when imported, at once assume the value in currency
due to the article exported ana exchanged, with the
addition OF freight, commissions ana duty, also
changed from gold to currency, and though our
wealthy men who travel In Europe must pay large
exchange for goid yet II they are bondholders and
exchange 1vetwenties for coin they get at pre-
sent rates Of exchange about seventy-dve cents ON
the dOlar-juSt what our currency IS worth at home
in gold with snail excess for accruing interest,
being considerably more tnan they paid in gold when
they purchased. So tnat In our trade and inter-
course with foreign nations nobody suffers greatly
BY the present condition OF our currencv.
between n can ar O Sns
branch Of business or any occupation which hasnot
pretty well adjusted Itself to the existing standard.
The importing merchant sells higher; the retail
merchant and the manufacturer and the farmer all
sell higher and the laborer receives higher wages
all in pretty fair proportion to the changed value OF
the currency. An Immediate resumption OF specie
payment would unsette che present relations OF the
various branches of business TO each other. and give
the farseeing and sagacous SPECTATOR most decided
advantage over the ordinary, industrious million.
1t would not embarrass the credlfor-the capitalist
wilson, monetary or commercial. He never makes
q mistake, but II you make one he well knows how
soon ~ 1u paoP % n's av re
the debts OF the debtor class about $1,000 000 900.
and add that much effective capital to the creditor
class, provided the debtors remain able TO pay IL
would also, II our solvcncy under such inc0nsderate
Legislation be relied on, make our debt ut once
about $3.50, 100000 larger than it now Is. II
l,6oo,oo0000 bushels or wheat Will now pay
the debt, resume specie payment 0t once, and
make gold the only iesal tender wheat must fan as
1900, ,0o0 900 bushels 70 pay It, making sacrifice OF
6o0 100 QUO bushels Of our great staple at once and
would not improve our national credit A debtor
who owes as much as he can pay By strictly limiting
have better credit II he cacu ate closely and cav for
o single hair than by heapng CASA ON Peli0n In his
un6oanded uni, lberality. snylock, nggard as ne was
had doubtless better credit on the Kalto than Bas
sanio, with all his chivalrous generosity.
The principal objection 70 national leyal tender
paper currency 10 lts tendency TO fuctuation; but
IhIs Is much less than is generally supposed. The
British consos, which are the national currency in
nearly ali large transactions, nuctuale but little
min ffrflo noi
place here, are very stable IN value, as also
greenbacxs whel undisturoed by Treasury opera
ti0ns IN gold Still all fluctuate In value, and so,
deed, does gold, compared with everything which
supplies the wants OF civilized man. am no. quite
nations faith, viii nucaate more or be more sensi
tive to commercial vicisstudes tnan gold. lmprovi-
dent legislation would doubtless make it 80, as is
much more fully In the power and under tue control
Il Is not the deprecated currency but the heavy
annual interest tho debt that pre- with such
enormous wegat on the productive industry OF the
country. We. the people, want 10 reduce this bur-
den OF interest and bring 1t within manageable
compass. 1nls can be done only by funding that
portion Of the debt which Is payable, and shall
become payable ara reasonable rate OF interest," AMI
1t II now IN your power 10 take an important and
decisive step that direction. There S500 900 900
OF the i've twentles Of 1862 now payable at the
or whsevr es me Creator and e
nent may, by mutual agreement prefer to legal
tenders-say bonds rcieeiabe IN forty years, bear
ing interest of four per cent-perhaps three and
q half were better.
But here we are met with what may be called the
previous question. The currency Is deprecated, let
US say some; make tnat equivalent 10 g0ld aud
then, this disturbing element being removed, pro-
coed TO fund. lhas, take II, Is The bondholder's
proposition, Tor it would place the nation in his
power and enable him TO dictate terms. In behalf
the people, aud In furtherance OF Justice submit
that the funding OF the dept ana the reduction or
interest wncn Is most immediately pressing. should
be first disposed o--EeInovej out o. the Way as "a
disturbing eement,n anu afterwards that the re-
sumption OF specie payments De considered or that
that question be LETT where IL belongs. TO be settled
by the law OF trade. Whenever our currency under
the operation OF tnat Law becomes equivalent to
gold me question - settled.
The ACT OF February ~, 1862, which provides for
the issue OF the sJoo.v0JOJo OF nye-twcatcs, pro-
vides expressly that Treasury notes. which IL also
authorizes, .snall be receivable Ia payment OF all
taxes, internal duties excuses, deDts and demands
OF every Kind due 10 the United States except duties
on imports. and OF all claims and demands Of every
kind whatsoever against Uated states except for
interest upon bonds and notos, winch shall be paid
m coin; ana snail also be lawful money and legal
tender In payment or all debts public and private,
within the United states except duties on imports
and interest az azores Nd"
This law Is the authority or the Secretary OF the
Treasury to borrow the money. Having defined hts