New-York tribune., 1870-01-13
THE RESUMPTION OF SPECIE PAYMENTS.
LETTER FROM TREASURER SPINNER TO KARL
SEUFFERD.


sEUFFERD.
wAsu,YGroN Jan. 12.-The following is a
copy OF letter addressed by Gen. F. E. Spinner, Treas
urer OF theUnited States TO Mr.. Karl seuGerd Domain
Steward Of tho Grand Duchy Of Baden in response to
leter from that official proposing plan for the resump
ton of specie payments in this country.
TREASURY OF TIE UNITED STATES,
WASHINGTON, Jan. 7, 1870. )
MY DEAR SIR: Your two esteemed letters, the one OF
the 1lh February and the other OF the lst OF July last
spective dates Answers were withheld, not from want
any want Of regard for you personally An illness Of
four months duration, and consequent accumulation OF
ever since must plead for any seeming neglect
tIsympathize with ysn IN your perpexlty IN reading
and understanding myhtters presume, h9weyer % ina.
have in reading your German letters Since Hast wrote
sno% % bpgps Snp
to the par Of gold, without the use OF com on ASK
Has any OF the proposals which were submitted 10
your Government given assurances similar TO minei
and have they furnished the demonstrati0nF lu answer
quote from one, which is In substance the proposition
How to bring the currency to the specie without the Of
specie whOat any disturbance Of the business
| Of the country"
This as understand you is also the substance OF your
Ifyour theory should prove true in practice II would
OF course be Of ncacuDle value to the people OF TINS
country but way TO bring about lts adop-
ton by this Government so as TO make peeunary pen
ehcia to Yourself Other governments ana othgT rd @
your idea OF cooperating with Is the very pest
| :
and the financial shrewdness TO discern whether IL No
be safe 10 embark in your project guaranty from nun
might induce our complex Government TO aaoPt
your plan and 1t proved success as you anticipate ~
will, 10 allow you and him liberal consideration tnerelor
If your principle" by winch an irredeemaDe paper
| money can be made equal in value to Its nominal
representative IN ROid Is really true, then ~ Is OF
Cumbersome and dear metallic money Of the whole world
would sOuu be replaced by the cheaper and more con
| medium OF exchange. If you have made -" scientific
discovery" through or by which this can be DONE then
his own use alone, sum that would be larger any
reasonably minded man could find use for. 49, ,,,,,o
Since last wrote We III this country nave maue
rapid and great strides in the march OF human progress
mat connects us with your East by way Of the West has
been completed, and Is now In successIui opeIauoh;
Within the last four years and four months the National
Debt has been reduced by S3S9l2s being over eleven
per cent OF the whole amount It's payment Is now gong
| on with accelerated moyement-ln tne
| seven months from juno TO December, both
| inclusive, the reduction has been SO,t69,9oG
being Of very nearly s0OOOOOOO per annum Onr
legal tender paper money feeling the effects Of this In
my last letter stated that this KIND 81 money WAS
at time in 1862 only 35 cents on the u0a 20 q. au @
in up that tme in 1865 10 be worm u cents ana
it had at the close OF the year lSo Whout any M oI
reduction OF It's YOiune auEahce1 10 % Ccnt ~ % ~
lar IN com. Many of our abest fnancleTs Deeye that
without any legislative interference, 1t WILL IN snort
our paper money is in way considerably increased
| this result viii soon be reached.
| The number of our people s moro than doubled in
every 20 years 1t increases at uniform rate OF more
in this connection, that legal tender paper money
has been reduced since the close OF the Rebellion ana
| debt from slOO.OOOOOO, to s356OOO,OOO; that the
people OF tho eleven States late in insurreeton,
| lion nine millions who dld not then, put are
nGw Obliged to use this R5a OIL money ahd & IaaI bee ee
increased by least five and half millions more peo'
n Won will see one of the causes this appreciation,
and hv IT viii Continue unless interfered with until
two kinds OF our money paper ana goa, VIII pecOme,
dollar dollar each the equal Of the other AT the close
of the war the loyal people VINO used the legal tender
notes numbered about twentysiX millions Tie lnhaDi
tants Of the nsurectonary States about ten and half
mons the OF the whole nation since that time
1 has probably been five and half millions making a
emit time of fortywo millions using only $35CO0OoOO
OF this kind Of currency against cnly twenty millions
of people using $OOo00O OF at the close OF the war;
The proposition a plain II the same proportion OF
dollars to the people had been of fep Pc up & NG SSo eS
tender paper dollars that we now have This Is really
In other words, when the war closed this kind Of
laon to every person using H. was more thah 0 0S'
would upon the whole seem TO be clear that unless
the currency 1t stands is interiered Wlth the
viii soon bring about the equilibrium between paper
money and coin. When the point OF just proportion
come as matter course, OF itself In the mean tme
Secretary Of the Treasury who has all these matters
understands financial condition, is doing all hat can
be DONE under existing laws to reduce the national dob
and at the time bring about speedy return TO
The annual report Of the Secretary Of the Treasury
and my last report made TO that officer are herewith in
mcIn yoy Dccember 1859 aud January J. 1870 both in
English and in German. Also such statements made
at the beginning of the ten preceding months From In
spectOn of these will be able TO learn just what the
Secretary of the Treasury has been dong since the pres
ent Administration came into power, and you Will be
OF what he will be able 10 accomplish In
the future. You will see that, at the rate
he gong II not interfered WITH he will wipe out
the whole national debt in 10 years. This nation las
establishment twice honestly paid It's entire
indebtedness In coin.
First paid its debt created In consequence OF tho
war with Great Britain, from 1912 TO 1915 ana second
debt incurred by the war with Mexico, from lS46 TO
l6l8
II any other Government has extinguished
large national debts by paying the whole principal and
interest in gold have failed 10 know the fact Very
resuectfully yours i. f, SPINNER.
Karl seuderd, esq Freiburg, Grand Duchy OF Baden
Germany.