New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-31

expected to Temporary c'rcrIstion. provision
SssS nS be- % the
tho principal OF bonds which not reeemable for
8se S1 their ssSs The a judgment had not then
been perverted Ivy an rredeeHsbe currency and prop
ositiVn that indicated a long continued departure ron
specie would have found few supporters In
Congress or among the people
LEGAL-TENDER NOTES AS A CIRCULATING MEDIUM.
No one can / think, read the debates In Congress
upon the lcgal-tender acts without coming to the
conclusion that if any apprehension had been cx-
pressed felt that these notes would have cOntin-
ued to lie circulating medium for five years, the
authority 10 issue them would not have been
granted. The Secretary Of the Treasury concluded
his thorough discussion of this question in the re-
port referred to liz his conclusions have been refuted
have never seen the refutatiou) in the following
words which trust may be pardoned for quoting:
In opposition to all such e1pediens for paving or
world honored economical policy of paying every ob
tlon of the Government according to the nderstanihs
with which u wa. rc3tcd the policy of Approaching
the paper dollar until i! shall represent dollar In coin
Of giving stability TO business aud assurance to enter
prise and wping from the country the reproach that
upon By of the low price Of its securities
IN the great marts of the world That this s the rocy
which will I've sustained by the people and their repre-
sentative. the secretary has the fullest coldencc
There may hereafter be nations o which 6 Ignoring tn t the
own statutes for the measure OF their na t
United states will not be found among them:
II has essentially suffered by the actual reputation Of
it still suffering from the same cause although more
than quarter % q century has elapsed since thr
ferinc also from the fact that Massachusetts aud Call
fornia alone OF all the States have continued to nay the
still suffering from the bad faith end false
Of some of its member tie financial honor
its inconvertibe PROMISES gaendr but has never
hands ~ the holders the youe OF ITS srcurtis or violate
It's engagements by covert Reputation
How THE FIvE-TwENriEs ARE PAYABLE.
In conclusion / would ask If 1t trnc,
stated in of the resolutions of the State Demo
cratic Convention Of Ohio year Five
twenty bonds "were by the letter and spirit OF the
law. and by the general understanding of the COM
munty. payable in lcgal-tender notes" how hap
pened it that by the community these bends were
never considered tn be of less value than the six per
cent bonds issue. under the act of March 3. s63.
or of comparatively less valne than the five per
cents issued under the act Of March B. 1864, both of
which acts provided that the bonds issued under
them should be payable in coinf Is not the fact
that the six per cents of March g, 1868. have not
had higher reputation than the other bonds OF the
same class ssued under other acts and that the hve
nor cents of March 8. 1864, have never pos
sessed in the market q value corresponding WIN
that of the Fivetwenties conclusive that 1t was not
the understanding of the community that the last
Would it not have been wiser and more patriotic on
the part of that Convention if instead Of denOuncing
Congress for pledginc, by the act of March, 1869,
the faith Of the Government TO the payment of the
Five-t wentes in CON- it had denounced Congress Tor
not doing 80 at much earlier day. according to the
recommendation of the Secretary of the Treasury In
his report of 1S6Jf And now, is it not the dictate
of patriotisrn that all cizens of the United States
should do what they can to improve the national
credit instead OF depreciatng it, so that the burden
of this national debt may be diminished not only by
pavmcnts. but by reduction of the rate of interest
which it bearsf
have said what have upon this subject not be-
cause there is any danger that the Government VIII
ever violate its faith to lis c.cdl"rs, but because
such resolutions as were adopted last year by con-
yenton in Indiana, and the unwise utterances OF
some of our Journals used by Foreigners who are
hostile to the United States to depreoiate our ma
tional credit thus rendering it more difficult rap
idly 10 fund our six per cent bonds in bonds bearing
lower ,te of interest. A reduction in the rate OF
interest in the United states il greatly to he desired.
and a reduction of the rate which the Government
is having would tend directly to bring this about.
Hence il ia Important rs well for the dimnution of
the burden of the public debt for the benefit OF
our prope in their private Transactions that the ma
tiono credit should be placed the highest posi-
bio basis Can there be any doubt, therefore ~ To
what should be the position of all good cizens upon
a dncstion of great importancef
London, July II, 1875. HUGH McCCLhoch
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PERSONAL.