The daily gazette., 1875-11-18

ment interfere no more forever with
the currency, except to coin money,
ana collect and disburse its revenues.
tpon two other points there seems
10 be some apprehension and some
Misunderstanding: First. What is
resumption of Specie Payments? Sec
ond: What can it be Accomplished
Ftrst--During the war the United
states Government found itself with.
out money and without credit. In
TINS necessity it issued $500, 900, 900 of
que Dllls known as greenbacks, which
were given In exchange for material of
war or personal service, To give them
currency the Government solemnlv
promised that this issue should never
be increased, and compelled people tc
take them by making them legal ten.
der. The whole amount became :.
forced loan levied upon the country
and so remains to this day. The prom
lse to pay which each bill has upon its
lace has been a falsehood and o snare
for thirteen years. Not ore dollar o.
principal or interest has been paid to
this day. Resumption means that the
government shall honestly meet its
obligation and pay now, in the time OF
Its prosperity, what it took by force
in the hour of its necessity. It does
not follow that people will be distress
ed or commerce derangcd by this act
of justice and common honesty. The
means ought long since to have been
provided by retrenchment and proper
economy, and can soon be by these
means or by loan, and every bill
redeemed without diminishing BY one
dollar the volume of the currency
When the Government shall paw its
debts IN coin, banks and people can
do so without inconvenience or
loss.
Second--When can the Government
resume? Congress, at its last session,
hxed the tirst of January, 1879. 1t may
or may not he prepared to do So Sew
enteen years from the creation of debt
would seem to be long enough for the
debtor to commence to pay principal or
interest. No debt was ever paid until
the determination to do so had been
formed, and sometime for payment be-
forehand resolved upon; but II the CON
diton of the country in 1877 or 1873 be-
such as to make impossible the fulfill
ment OF this virtuous promise, it will be
time enough then to change the law and
ask for further indulgence. Let not the
Democratic party, now TO assume the
control of the destinies of the country,
take step backward until the necessity
for t IS demonstrated.
nave already treSpassed too long up
on your indulgence. but cannot forbeai
to refer to one other aspect Of this dues-
ton. Judge Kelley, in his speech in this
city short time since. expressly dis
claimed any intention to repudiate the
Obligations Of the Government. The
vastly increased amount Of greenbacks
which he seeks to have issued he propo-
ses never to redeem, but leave them as
an lrredeemable, non. xportabie curren-
~ forever; but the bonds, he left his
hearers to infer, were in some mysteri-
GUS way ultimately 10 be Paid. I was
easy to See, however, that the adoption
of his wild schemes led directly ana ne
cesSarily to the uon-payment of the en-
tire public debt. 1t was tempting ap-
peal TO the prGjudiceS of a Southern au-
dience; it was Satinic solicitation by
a Northern man to throw off the obliga-
tion to pay for the manacles which
bound them; it was an assault upon
their honor and good faith but | am
proud to be assured that 1T was without
effect. When the Southern people came
back into the Union they accepted the
Government cum snere with the validity
and sanctity of the public debt admit
ted. They have no thought or purpose
of their own motion, or at the instiga-
tion Of dishonest schemers elsewhere, OF
proving recreant TO their plighted hon
or. Aside from the momentous conse-
quences of such an act Of bad faith to
the credit, morals and prosperity of the
whole country, the South cannot belle
her history and betray her ancestry
Mr.. Kelley may advocate directly or in
directly national rascality if he chooses
Southern men cannot speak or think OF
it. Noblesse oblge. For your champion.
ship of their cause in Congress, for the
trust you placed in their honor, for your
warm and generous solicitude for their
welfare, you have the gratitude of the
entire South. Very respectfully,
Ii. V. NJ. MILLER.