, 1874-12-21
THE FINANCES.
Why Greonbaoks Were Made Legal
Tender by Statute.
How to Produce an Eternal
See-Saw.
Effect Of Specie Resumption on Exist
Ing Contracts.
legal TENDERS.

r. n. n.,or - ~. iun 49,, rmHpMxs. ,tas,ss.
~ w. E"'" ~ 1"e e"'eas' A,''""s -, In
eAto"oo, uee' !o.-o' Ill .luessioA'" w. .s.
toio Luz top''o 'n'lo 'os cpl'A'ae'a'V a.s..,",,
e", '"u' ~ W. .fo ao" bi''"loa' pos. .,,a ,,,.at
wv Po'tla"'s, ID pos'au sa,,,,o., ~
anr I.ost os,'4s H., .,,,ot,n,, ,-,,,,,
seep' 10 n",o nna''s lo"sns'' AAo H.. a,,s t,as..,
bou't"'y snas 'a"seAl ."Anss -. 80 s,;,,a H. W.
3s.o,i 20 "pn'.u.e'y As.v sra,,a.o,,,, ~
49," .n'e4os~ ~ s.,1 - rat,,r,, =, trn ~
p.ssa ~. sae sst;"rua to 10 tho o,,, ~,
49, 49,, >1l@ l''. ~ ~. 11,r, W. ~ A., -, t,,o
pu4 n;,.,, ro1t ,tispatar ia Tia olt,,,.
uortunt question: and nbot,t as difficult ~ 10
land slip safoly in still breczo, undcr iull
shll. .,, .a
HeieT1lpe, Ho", ~ oltu ~ pSs ~! ~ iuu pooy @
te'Isn tno rasnn;ou'uf nncro nav,ncnta in,lnracI.
md ,lrcoa nv tho President It la recommended
ns tho tisst Important antl direct step to TINT
END, to ropent, tno Aegal-IoilaGr aes, to taho
eGts ~ ~ -, Il, ~
dav hut to you,nln a lousltem,cr lar ai old COW
Now, + u,n unalfo to comprehend how e re-
pcal of tile Logal-Tender act cot, nifoct and atl-
nul tlln groonbacAs aB 1ogal-tonder for any COIL
tsass No% or oiu; 10 ionE as It Is ~ e1Fcalatoh,
anorv =. ~ /, /; 'rrta ~ -, rpu . T',,s
ID iogal-touder ut itu face value for ali dobts.
public nud private, except for tlutios
aud intercse, on tAo public debit" and
!ne IL as nucn pnrs OF LUG noto aa 1no daco q
jur ts1, ami, Ills fon;,,ro vi ~ III rraonhnn
wilich gives It it's value mainly, it il 10 pract-
cabo At MI legally, ia repudialion. as mich as
TO ropudinto tho Taco Of IT, There lH no limit ~
~ .o 'n9 ~ sleenoaohss n.aa sua ,ais a ,.Sa'"
It is In ' circujatou, Tho pcoplo layo% % Iocn m
generously contldng towards tho ouoyornment,-
most uawlsely 10, too. ant most d;snstronnly for
all our homo intoreste,-in BubmttingIao fur to
hns beon tilroctiy to improve tho value Of onr
national bonds only, without any special effort
TO give US a good, sound currency Mt hnntet anti
/ don't think any policy to actually doprccinto
thom will now be acHuiesced in. oven by tho Re-
publican party.1
Public continent is Just beginning to realize
tho consequences OF our financial policy, nog-
lecting our home interests III tho important mat
tor Of our currency, aud awakening TO our renl
condition. I do not propose to giyo my viowa at
present on our financial problem further than to
any, and with no feeling OF egotisn,, that We
have boon, Rnd aro now. laboring under tho grav-
ost errors OH thia snbtoct. aud nutil we cau d.
veBt ourselyca OF them nnl botter comprehend
the true laHs OF dnanco, mud our own roal con"
dition rolEtlve to thonl, We nro likoly to mako
bad worse, by adopting any policy which pro-
poses to accommodate itself specially to our
present system of Finances and condition. With
your permission, Twill giyo my yiews on tl,is
question. which, without detail, will require soy-
etal nftleieS' nPEc1E oFASDAhD.
ANSWER.
luz polllS tuaao os QUE eorteapon"e''s " hos
sound. Grcepbacks wore nlado legal-tonder W
statute Whien WIS OF huch questionable author
1ts that II ooold GUY 10 pronounced legal gu Tug
gsoaha Oh 'hpcflous Necessity III tune OF war.
aha' hecess1y has long sE'eo p'saca away, aoo
congress "on1a 'ot ho" n"'e tao eohst.tutlohal
authofitY to fnahe lfcasnfy'1'otes loeal-fender.
II IL not proposed to lako from thcae Notes their
iosas'tehoos charaesof' asceps aa 10 no" coh-
tracts made efter certain aato III sAe iasuso'
aia to DO that cannot ~ any %ay aopseo'aae tho
'a!uo o. tno no1os' WHICH VIII always 10 fecol'-
aolo ny Tho Government inoeo mover waa
tliae "he' man was compol1ea 70 eSehanSo his
Ptopef'5 OF nls moof 1or sfeohoaeRs' anu coI-
eay that ho sllall not 10 eohpelleu to tako them
jn Payment Of debt contracted aftor lny fixed
dn the future. This must bo ohyious to cur
correspondent after littlo reflection.