, 1874-08-31
Ropcal Of Tho Legal-7oider Character Of
lilo Grtehbacks,, ,Their Rctironent by
Funding, and tho Substitution
Of Frcc'Banking.
He PfoHoihces the Resolution Of the
Indiana Democratic Convention a
Crime and a BIunder.
And Fayors 4 Tariff for Revenue
Only.

pLA1Nr1E1n N. j., Aug. II, 1874.
GENTLEMEN: Your kind letter OF tho 9th I'll
WAS forwarded 10 MIC from Fort Wayne after
had loft. I rcgrot tint other engagements prt
:yont mo from accepting your lattoring inyitt
tion to meot my fellow-citizouB Of Cinciunat
will, many Of whom was formerly connected b
business aud social tios and to speak to thcl
upon tho interesting, and what you term "pc'
picking" subjects Of finance aud taSation,
~ an in no Honao q teacher, Ny opinions upo
these subjects aro valuable, only aa tho .vows Q
ono who has given to them some Thought, nr
who Inns boon influenced iii his conclusion
neither by personal nor political Gparty) consider
ations. Az, however, you doHro On expression
Of them, aud as I now lind this cannot bo giyc
viva voco. I do not hesitate to oxprcss thom il
this maunor.
1t will bo sufiicicnt for my purpose to consido
That you especially refer by finance to tho cur
roncy, and by taxation TO tho tariff, although th
IL but limited view Of tho term. From want o
tino I shall only bo able to express tho con
clusions have reached, without undertaking tt
give tho facta or arguments on which they art
based.
NY opinions on tho BubJecs of
THE CURRENCY
read my Fort Wayne speech md my reports ua
Secretary of tho Treasury from 1866 to 1860.
Tho opinions I there established. in lnnguago NJ
strong and 1uoquivocal as could command,
haro neither boon changed nor modified. On
tho contrary, thoy havo, bcon confirmed md
strengthened by further observation and re-
1loction, L thonght 1t to bo tho duty Of Con-
grcss, considering tic question III its moral, as
wolf as it's financial, bearings, to adopt decisive
and enoctivo measures to bring about specie
payments, aud that tho timo for tic adoption Of
these measures was Mt tho close of the War.
did not think that " the way to prepare TO re-
sumo specie payments WIS to resume" but did
think it Of vital Importance to tho best interests
Of the country tlnt tho
RESTORATION or TIE srEc1E STANDARD
should bo tho eud and aim Of all Legislation bepr-
ing upon tho subject Of tho currency. My con-
vi1tion Was clear and decided that this could only
be clfected-within any reasonable time, md
boforo such financial disaster as has recently
occurred aud overwhelmed the country-by retr-
ing 80 much Of tho paper currency in circulation
Of would be necessary to bring up tho residue to
pnr. I thought that this could 10 accomplished
without tho occurrence Of the apprchondcd dig
aster to tho btsiucas Of tho country, md without
affecting in the least tue roal valuo of property;
that by curtailmont Of. tho arnouut Of incon-
veEtible notes in circulation, tho purchasing, or
measuring, power OF tho remainder would
bo proportionately increased, and that, couso-
quontly, 90.
i. THE AMOUNT, or REAL MONEY
in circulation would not DO thereby diminished;
that tho measuring property by u false standard
could not add to it's yaire, nor, by true stau1-
ard, reduce it. There was, it soemed to me, but
ono class in tho communicative debtor class-
who could bo benefited by dopreciatcd cur
rency, and I Was anxious TINT decided action for
relioylng tho country Of such currency should
bo taken Immediately after tho close of tho War,
when individual indebtedness was less than 1t
had boon for many years. II scemod to me,
also, that the injury to this class from reduc-
ton and consequent improvement Of tho cur
roncy, would be altogether less than was feared
by them; tEat what honest and energetic
aobtors needed Was not legislation to enablo
shom to nay their debts i'll deprociatod c,tf- :.
rency. but legislation that would giyo activity to
Eell-directcd, not speculative, enterprise aud
Inability to business thRt is III fact, ono debt is
III tho course Of trade, usually paid by tho cre-
Ation Of another, and tho gonerat indebtedness
of tho people is not ordinarily, from year to
year, materially reduced,
THE DEBTOR c1Ass |
itself was in no serious danger of boiug injured
by tho elevation of Tho standard Of values, md
that If debtors wore to bo injured by 1t, tho in
jury would DO small in comparison with that I
which had hccn inflicted upon creditors, through
tho legal-tonder actp, which compelled them to |
receive in satisfaction Of existing coutructs q |
currency Of tnr less value thau th4t which was |
the only lawful money at tho time they woro
made. and who gonerally bore their loHscs with
olt mltmuring, rs "a .nacritlco required by tho |
q Hoyernmone W iuits struggle, with 4 gigantic ro-
polAon. At that time. in language which
made up by expeitnoss what it nluy I,ayo lacked
III strength, + pointed ont tho danger
and tho Immoral Influences Of au inconyorii-
Die and dofreclutcd currency. BY ayery argu-
men. l could make. and every illustration I [
eouid @ bring to boar upon tho subject. endcay-
precated currency was, and eyor would DO. any
thmg elHe thln positive uumiRtakablo injury
70 tno people, morally and financially !. that, III
,,ogard !, e. TO e., such currency, thcrc could be no
policy that, by wiso leginaton, we' should
move toWqFds specie payments. or. by unwino
awe; OF ny drifting without Chart OF compass,
y %a ehonsd and ourselves upon financial breakers
In my oatlicst uttorancns u,ot,, tLp .fnancia,
question:. in. u, free talk with nv Fort Wnyno
[r!onds remarlcd ""tllat, while i regarded m
Exclusive @ metallic currency among an cntorp1ia-
:ling, regarded an irtedecmabo pnner cnr.
roncY a. an evil, which extreme crcunstu unraa
for q soauon might reudor necessity, but wIich
should never DO sustained All 9 policy; TINT tho
Ind ,as tho war lad been brought to successful
mcaautos should 10 ,tnlion for re.
iring these notca. altogether, or bringing them
lp 70 tho specie standard Tint I had no faith in
Prosperity that w waa ;I.. bnse4 upon dopFociuted
o. trppQ but that which led IN |