The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-06-11
National s'rOniiscs.

An orrN LITTER FROM pn. LEONARD nA-
CON.
TO the lion. HORACE MAYNARp
DEAR SIR: Perhaps l ought TO offer
some apology for addressing you, with
whom | have no personal acquaintance.
My apology is that you, as a member Of
the National Legislature, are in an impor
tant relation to every citizen. Though
YOU represent neither the district nor the
State in which | reside, you are conspic-
uous in that house of representatives,
for all the other states.
| have been reading your speech of
March 24 on "The Currency and Free
Banking For lack of ranking priv
iege the envelope, instead of being adorn-
ed with some illustrious autograph. bore
only cheap postage stamp, and | am,
therefore, unable to say whether owe this
pamphlet copy of the speech to you or to
some other member of Congress. Vt least
l am indebted to you for the matter OF the
speech, and | desire to acknowledge the
obligation.
In your exordium, having announced the
vastncss, completely, and difficulty of the
subject, you say, "While it presents much
that is obvious and palpable, it conceals its
governing laws, so subtle as hitherto to
have eluded the kcenest scrutiny" The
first part of that statement is beyond the
reach of contradiction, and of the remain
der shall only say that / do not propose
to dispute about it. What is "obvious and
palpable" will be enough for the purpose
of this letter. "Those governing laws
so subtle as hitherto to have eluded the
keenest scrutiny" may perhaps reveal
themselves after while in the results of
that legislative wisdom which attempts to
create value out of nothing by cnactng
that certain pieces of paper shall be of
equal value in the market with certain
quantities of gold. AT present, certainly,
| do not propose to discuss them.
Certain things in your speech are "obyi-
Gus and palpable" to all honest men en-
dowed with common sense. Allow me to
quote some of them. There is a passage
(p. 81 in which you compare ga
ten-dollar United States note and
ten dollar National bank note"
You say, "Trace them back to the source
of issue, and we find the one issued in the
payment of Il debt, the other as loan"
You say, ''tor the one there is no existing
commercial equivalent; for the other there
remains some form of substantial value"
You say, "one is technically money q. c.,
money by act of congressional tender for
money the other only Il promise to pay
money; in Short one q. c., the bank note)
is a promise to pay the other" You say,
''the United States notes are, in fact, pop
uar loan to the government'-"th Ma
tional bank notes are a loan by the banks
to the people"
How well you understand the ''obyious
and ralpable" appears, even more striking
ly, when you proceed to express your ICON
viction that the United States notes are a
pcrilous issuc'-more perilous than the is
sue of National bank notes. "The tempta-
iion,' you say, twill always be very great
TO remit taxes and to pay the expenses Of
the government in money costing nothing
but the printing
Here, then, is statement of certain 'ob-
vious and palpable" facts. The ten-dollar
treasury note the grecnback, as we call i
was issued in payment of debt is
sued, therefore, for value received. 1t il
simply an acknowledgment that the Unite'
States were inGebted in the sum of $40 tC
the person who first received it. SO of al
the greenbacks. The United States, being
embarrassed in their affairs, and, indeed
brought to the verge Of total bankruptcy
and dissolution, were under n necessity o
putting off upon their creditors these ack
nowledgments of Indebtedness due-bils'
--promissory notes payable to the bearer
The government did all that was then it
its power to make those Acknowledgement
who were compelled to receive them. No
only was there pledge that the notes SHOULD
be receivable in offset against certain debt
due to the government but every persol
within the jurisdiction of the United State
was required by law to receive them as tn
equivalent ofmoney to the payment ofdebt
due to him. We may dispute as to whethe
they were really money, but it cannot b.
denied that they were brought as near be
ing money as mere legislation could brin;
them. They were, and continue to be
''lawful money" for some uses, but not 70
all uses. OF such notes issued and now il
circulation the nominal amount is not mucl
less than $500, 100000. They were all is
sued, as you say, Sin payment for debts ;
aud you compare them with a note suppose,
to be given by some impecunious gentleman
for the dinner which he has eaten at a hotel
While they acknowledge value received
they represent only value consumed. Or
as you say, "there is no existing CONNER
cal equivalent" for them.
If these things are "obvious and palpa
BILE" (and that they are you certainly will
not deny,) then some other things in you
speech must be explained by referring t