The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-01-14

pcOptc.
Welcoming you back TO our city, we beg to ten
der you an invitation 70 public dinner on such
day as shall be agreeable TO you very respect
W. b. Aston, william M. Evarts.
Charles O'Conor Charles A. PEABODY
Hamilton FISH L. b. Woodruff,
stewart Brown, CHARLES H. RUSSELL
James Brown Samuel BlatchfoTd,
John G. Green, ADram 8 Hewitt
Peter Cooper, Joseph II. ChOate,
William c. Bryant, william Mitchell,
James j. Roosevelt, Henry NicOlI,
John Jay CISCO, John A. stewart,
". E. Dodge, ]. N. Phelps,
Robert Ienox Kennedy, J: D. Jones,
Moses TAYLOR, William II. Macy,
f. A. p. Barnard Washington X. Vermilye,
Alexander T. stewart, Wilson g. Hunt
J. J. Aston, Benjamin B. sherman,
Noah DAVIS, Edward Cooper,
Charles p. DAILY, William WOOD,
+. ID. Morgan, W. Butler Duncan.
Edwards Perrepont,
NEW YORK, Jan. g. 1875
GENTLEMEN-I have the pleasure Of acknowl-
edglng the receipt OF your favor oil the 29th ut
In laying down the burdens OF laoorlous and re-
sponsible office II Is great gratlfcaton to me to
be assured by those who represent so largely the
enlightened judgment OF this metropolis that they
have not been borne by me unworthlly can sln-
cerely say that the only object have held In view
throughout my administration OF the affairs Of the
State has been TO promote It's true interests and
offers has had any D influence with me ' in in the
performance OF any one OF my on1cial acts.
with thus earnest desire on n, my part to be
have ielt assured that any unintentional error
would be indulgently overlooked. l am very
sby inviting me TO accept public dinner, and am
sure you VIII not think me less SO when express
from office quietly. and without any demonstra-
ton beyond that which you have given by APPROX
ing the acts OF my administration.
l avail myself OF the opportunity your letter
has afforded me to congratulate you on the salts
factory condition OF the finances OF the State
than six millions OF debt were paid during the
year ending on the 3otn OF September last, ana
that the entire Indebtedness OF the State
after deductng available sinking funds, Is
less than seventeen and half millions OF dollars
If the principles asserted and enforced during
the last two years main tained in two years
from April next the canal debt, which will then
not exceed SIS 900 900 or 60 OOs COO viii be the only
one unpaid, and the annual State tax levy will
be reduced from about s1e,00000O TO ABOUT
ST. 900 0ooa reduction OF nearly one-third OF the
whole amount When these financial results are
accomplished one OF the great obstacles to the
returning prosperity Of the State VIII be re-
moved, and the people, except in cities and towns
where there is a large local Indebtedness, will be
more lightly burdened than In most OF the other
States,
But it Is In vain TO look for any permanent re-
lief IRON existing embarrassments until the gen.
eral government shall restore the public credit 70
normal condition by making the obligations
and evidences OF debt IL has put forth redee
In specie. 1t Is an important point gained TO have
fixed day Tor The purpose even though 1t be too
remote 10 meet the public expectation, for such
designation carries with it the obligation to pro-
vide for the accomplishment OF the object Dy
timely legislation. 1t Will be greatly 10 be re-
GREETED II the necessary measures are not adopted
now, Tor no future day is likely to be more
mously as TO make 1t doubtful whether they
would De further contracted by resumption
or specie payments. The business OF the country
Is 80 reduced In volume as TO render large
amount OF the paper In circulation redundant and
might safely commence now to accumulate coin
ana gradually to withdraw its circulating notes.
continuing TO do SO without interruption until the
difference in value between them and specie, as q
currency. should vanish. 1t Is the most simple
mode ana tine only one ~ Which re-
nearly all the complications by which the financial
question IS confused are the irult OF theories ana
nostrums, which have no solid foundation IN ex-
perence and are calculated to defeat the very OBJ
ject they are intended to accomplish.
1t Is cause for deep regret and mort1cattOn on
the part every patriotic citizen who is mis-
led by theoretical fallacles that we have remained
so long in open violation OF our pledge to provide
for the redemption OF our outs landing obligations
IN coin, and that we allow our credit to continue
degraded below the universal standard. There IS
nothing In the condition OF the country to justify
1t. Our immense power OF production, which has
been unimpaired, Notwithstanding the calamirtes
US years ago 10 meet our financial obligations In
the only legitimate medium or payment. The de-
lay ls discredtabe to our character as nation,
burdensome to our industry and disaGvantageous
to US in our exchanges with foreign States.
1t has expelled our coin. discouraged I'M.
mIgr alton, and Is constantly tending 70
make resumption more embarrassing by degrad-
ing our paper currency stu iurther below the
specie standard. Our legal tender notes are less
valuable than they were year ago. AL, these
considerations present the strongest argument In
favor OF the earliest possible abandonment OF q
destructive poicy-a policy not even advantageous
TO the specializing and selfish interests through
the influence OF which it Is, TO some extent main
tanned. The debtor interest OF the country, az Ia
well known, has been very largely IN favor Of In.
hating the currency still further. No measure
could be more fatal 10 those who advocate 1t with
the nope OF paying their debts In cheaper money.
1t would be the signal for the immediate collection
OF all private obligations overdue, including bonds
and mortgages for no creditor would permit his
deot to remain unpaid while the currency made
by law legal tender was in rapid course or
urI, T1G1iiation-as II would be by adding to Its
volume.
The delay in repeating the Legal Tender act-an
sSRss t %ss due 10 % DIS
ccreditable to US. II kas meyer had shadoy Of
JustinSatIon except as war measure anh;r Even -
measure OF necessity 1t was equally questionable.
II is believed by many OF the most sagac1ous
gress had embodied In every law borrowing
money provision 10 raise by tax sllnclent
amount to pay the interest, tee Legal Tender act
would have been unnecessary, and that our war
debt would have been kept within narrower
bounds BE this as 1t may, the act violates prl1-
ciple OF political justice which all communities
are bound 10 respect. 1t permits 10 the federal
government what II prohibits TO the states as an
act OF turpitude. Il such a measure was justified
cease with the restoration OF peace and vet IL
has been enforced fof ten years 10 dehance OF the
clearest maxims OF PriYate right aud public
justice. -
In declining the invitation you have Kindly ten
dered 70 me- this reference 70 The financial condi.
ton OF the country under its moral and political
aspects seemed not Inappropriate. IL Is subject
on which we all feel strongly. for 1t 10 one with
which the vital Interests OF this metropolis and
the state are inextrlcaDy inter- woven; and can
see no hope OF giving back 10 either the pros
perity an erroneous policy has 30 seriously I'M
haired and heavily burdened but ~ setting up
again the financial standard common TO the com
mercial world. am gentlemen, very respect
fully and truly yours JOHN A. DIX.
Messrs. william b. Astor, Charles O'Conor, Ham,
flton Fish, stewart Brown, James Brown, John Z.
Green, Peter Cooper william Q. Bryant, ana others.
THE PACIFIC MAIL PUZZLE,