New-York tribune., 1874-08-17
MR.. TREASURER SPINNER And CONGRESS-
MAN MERRIAM
A REPLY TO THE TREAsURER's LETTER-NfR. MER-
RAMS RECORD CITED TO SHOW THAT lie Is An

A REPLY TO THE TREASURERs LErTER-MR. MER-
RAMS RECORD CITED 70 SHOW THAT lie Is Az
NFTATIOSIsT
To the EdttOr 0f The TrtbHRe.
SIR Probably no one IN the United States
experienced greater surprise on about the lsh day
OF July, 1874 than did the Hon. Clinton l. Merriam on
reading letter written by Mr.. Spinner to Gen. Amos
H. Prescott. Herkimcr. " Y. OF the above date pub
llshed in your journal that day. In that letter
after expressing profound surprise that opposition 10
worthy member had sprung up mainy On the
ground that he iuaatlonist" Mr.. Spinner says
% can hardly conceive what this charge IL based,
unless, be because it Just now, and for some time
has been, the and policy OF Interested parties to
denOunce every who Is not Ia favor OF immediate
contraction n1ltiOni7t" Again, says Mr. spin
ner: 1T Is true that the Currency bill that became
law Just at the close OF the late OF Congress
owes It's existence, II not its paternity mainly to Mr.
Merriams industrious exerOns Ia It's behalf both IN
the committee and the door OF the House
Of Representatives. know that the idea that 10
measure that would produce imitation never entered his
mind" II, Mr.. Spinner says ne got his impressions
OF Mr.. Mcruam's attitude toward imitation from OFT
repeated conversations with him" Mr.. Merrim public
and private uterances and opinions are strangely at
variance or he has sgnay failed 70 make himself
understood than any who ever tried 20 say one
thing and said precisely the contrary thing. H. has
placed himself fairly squarey before the country
an infatiOnst or the most advanced type. Mr. Spinner
strangely mistaken in suppOsng that IL. Merriam
deserves any credit for the bill which became law
June 90, II there Is anything cred!tab.e about 10.
On the llth December 1873, Mr.. Merriam presented
bill providing that s laws and parts OF laws limiting
the amount OF National bank circulation be aud the
same hereby repealed" Il il enough % Ok this
bill that 10 died the committee. On the 18Th April
Mr. Merriam flthered another inhlt.onist bill. Il
began by repeating the act Of March 3, 1865.
The repeal Of this act by the Merriam bill
would have authorized the National banks now
organized TO issue upon their present capital an in
crease OF more than s5OOOOOO circulation upon the de-
posit 1 the necessary amount Of bonds. The
ton also authorized unlimited issue Of additional
National bank notes 90 any association that might be
organized in any State the Union Section OF the
Merriam bill contained the following proviso:
"IHd Drsrided further, That the entire amount OF
United states notes ut-ldudug and IN circulation az
time shall not exceed the sum Of SJOO0OoJ now
authorized By existing law
This prOviso authorizes the permanent issue OF
Si00OOOJO OF Legal tender notes and what's much
than that assumes that previous OF Congress
had also authorized the issue OF the full amount Of
SC0JO00OJ. It Is well known that this the opinion
Mr.. Merriam, well other iniauonists But this
was too strong even for inhationlst senate This
bill the fate OF the last The bill which was vetoed
was introduced by Mr. Merrimon OF North Carolina, II
limited the increase OF circulation TO $AO000O Mr..
Merriam wanted unlimited circulation and voted against
out all OF errams PROVISIONS IN reference 20 imitation.
reduces amount legal tender notes 70 s3s4o
O00 which the amount then 10 circulation Mt Mer-
and OF the other !udaOnlsts voted IOr tAls
bill The President had vetoed one imitation Dill, ana
public sentiment was irresistible. Mr.. Merriam then
dld as he il irving tO do. He TOOK back-tracks
Mr. Merriam did devote his most % industrious eIer-
tuus" 20 the furtlerauce OF imitation, and IN its
advocacy pronounced the 2sth Ot March speech
which covers pages OF The Congressional Record OF
\ few selections cued from tAl- eIUrt VIII
show clearly what MI Merram's apparent attitude
toward imitation. Under the heading Arguments and
AppoI., for more CIrraucv,' he reads petition PIE
,enfed by the Hon senator Logan to support MS position
l. begins Your petitioners beg leave respectfully 10
represent they greatly alarmed at lhe eH1lts
being made by mOuey-enders to induce your honorable
body to pat a stop % the further issue OF legal
fore. respectfully ask that the volume OF the
currency be increased. especially the legal tenders
Under the head " + FIrced Resumption" he says:
Gnt resumption, with The balance of trade 50 much
AGAINST us ~ ls now, lmposslbty uu less eN-
p.rleuce ani history false" Again; " We nave
done some things regard 10 the currency that we
-Iouid not nave done We have restricted the amount
TOO long We gong 10 correct 1t and make you an
htppy." This : Du den Of the whole speech. 1T
Lo-i. Morton. aud Ferry were not intAuouot5, then
,.r Merriam was inilatOnist. That Mr. spinner
should credit MT Merriam with the present act except
m so far as 10 is a compromise forced by him aud tine
Othrr lOni-s, can only be explained on lie ground
II yir Spnners M health and absence IN tlort1 iur-
ing the uuaucIat debates IN the House ana Mr. Mer-
ram', private dIsta.u!s from MS puplC Ultet
aUres. HARD AoNEl Man
Netc- York, Aul. Il, 1874