, 1874-12-09

all parties, ponco will come, n1ld not TIL tlacn
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THE LEGA1-rENnER ACT.
Tho President ntlyisos nnl coln1nentls to Coli-
treaa thu advica Of tho Bccratary of tho Treas-
ury tlint, ~ preliminary atop towards re-
sumption Of specie payments, uongreR# should
by law fx eate after which greonbaclB ahall
coaso to DO legal tontlor except for tlobts
contracted prior to TINT tlato. Tho great
argument heretofore used egainnt any return
to specie payments 1as bcc1l, that II would 10
oppressive upon tho debtor class; Tint the
lRttor llavo contracted debts upon the basis
of .leprocintnd curronoy whose vnluo has
ranged from 10 to 90 cents OIL the dollar, aud
TINT to compel tho payment Of such dobts III
coin or Its equivalent would Da to add to tho
indebtedness Of tho individual the amount Of
tho depreciation oxisting when tho dobt was
uronted, This clnss includes not only in-
dividualsj and private corporations, but it
embraces tie whole raugo Of municipal
corporations, which in tie aggregate owe
nearly thousand millions Of dollars. While
wo do not consider tho nvoit1anco OF
this seeming hardship rs nt all COM
pousating for tho gonoral evil aud loss
Of permanent suspension Of specie rny-
nlonts, ending eventually i'll tho panio Of 1879
, and widespread bankruptcy, NO llayo felt
Tint the reluonstrancc Ind considerable force.
But tllo co,uso recommended BY tho Prcsi-
dent nvoids even the appearance or possibili-
~ of any injustice to my one by fixing
tlay in tile future nfter which nil debts cou-
tractctl shall bo upon tho coin btsis, leaving
the greenbac1z as now legal tender 50 long
~ debt re1nrins unpaid. Tho proposition
to return to speoio payments has been re-
sisted by those who haye made loans Of
banks, end by tho banhs who hnvo outstand-
ing $3.50, ,00O, 900 Of bank uotoa. which they
wonia ]lnyo to redeem in coiu; but tho plan
| low proposed takes away these objections.
! Graonbacks will rc'nnin legn1 tender in pay
,nont Of every note, bond, mortgage, or other
[ form Of indebtedness Issued before tho dato
! fixed by Congress- Any contract maGo after
| that tlate will be made OF necessity upon Il
| coin basis, mud can work no possible injury
or Inconvenience to any one.
| Here, then, we have the mode pointed out
| by which the country Gun gradually emerge
from tie depreciated currency standard Of
! values without tho 1east shock or disturbance
| Of any right Of either creditor or debtor and
the re-cstabiishmont Of the business Of the
country on the real md permanent standard
recognized by the whole commercial world.
! The time being fixed when all low contracts
shall begin on coin basis Of value, without
any disturbance OF the present legal tender
for oil existing contracts and debts, tho b,,Bi-
ness of the country would rapidly SO adapt
itself to the coming change that tile trausi-
| ton from the ono system to tho other would
be lnarlod by no confusion or arrangement
{ As the President we'll points out, the return to
| specie payments must come at some time.
Every day it is postponed but oggravates tho
evil and pushes The country nearer to general
| prostration. Resumption must bo brought
about by the Government taking such steps
as will promise beyond oil donbt a
resumption at some set time, Or re-
sumption must como by tho general
prostitution Of all credit md the general
rcpudiation Of oil debts. 4 choice must be
made, and ought to 10 mado at as carly date
as practicable, Capital isabuntlant, but is ull-
employed. 1To have all tho means Of pros.
pority. l4nbor il abundant, and the capital
to mako that labor productive is Mt hand.
What ia wanted iB confdonce-iait in future
stability. Capital will not invest whom the
national credit ii drifting no one knows
where. We must begin anew without re-
putliation, or nc must begin anew after re.
pndiation.
The favorable action by Congress Oil the
recommendation Of tho Secretary of the
Treasury would have M Instant effect upon
trade, production, and commerce. It would
| give TINT confidence that is now wanting, and
set free the boarded and unemployed capita
which does not now dare q venture. It woulG
put labor at productive employment Of ever,
character, and once more p1ace upon per
manent basis tho prosperity Of the who'll
country.