, 1875-12-20

The 'rribasne'H Resumption Plan. and
That OK N7r4 r. It. ChsAnatlDr.


10 he Editor of The CAieayo Tribune:
CHlCAno, Dec. 18,-THo real iskne. ycu atatc,
is How to resume Will, tho least burden to
tim various intsrcstas Of tho coun.ry,. aud es-
pacaily to tlnse WHO arc IN dent II, hoN-
ever. you separate ts from, tho duty OF tho
Government from the hnnor uf the nntion or
that regard for right which holds iuslolato all
contracts made IN good taltl,, the question casa
eiaes ca ' an G al Sss dSstllss 'Ds cstred d''tSa on
by borrowed money, OF oil their blrdonD,
instead Of 20 to rs per cent. M yon rroposo IN
mak!ng q a.b5 boud 1egaa-tent1cr for all dsbtH Tor
honor and right arc adhered to, nothing should
bo dono in any manner to impair tho Obligation
Of contracts, oven Should ono class Of indlv!d,l-
ais 10 tic lofcrs thereby. IAelc cal, ho no OBJ
jectond to offer to such bondn. or any other low
rate Government tndebtodneEs, anil tier votun-
tary ncceptsnco, nor to l,ayinE intorost Oh tho
present loGn'-tendors, which might avoid my lc-
yat question as to The validity Of issuiug new
sas s % q s'pas st Il aess time? a G. Gass.
innoccntly taking Tho garb Of tho legal
tender quality Of tho old aud WORKOUT notes.
and conlid!pgly insinuatirg tloy arc bosser
tAal tho old. because definite promise to paf,
with interest added, shall bo legal-tcnder os,
past contracts, and ut tho Famo timn not 10 b.
paid in gold till after Il. u. 19D0,-in face Of The
most solcnan pronlise that legal-teudor notes,
for which these 3G5 bonca arc to DO substituted,
ahall be redeemed In gold On and after Jau. /,
lb7D,-thls, B.y IL !noat unlawful plan to de-
preciate tho value Of tue currency in which said
contiactH aro payable and which currency wuB
aolemnlY pleagol to bo n,ado equal to gold oven
u loug time before tue day now liked for specie-
Payments.
This ntatemcnt of tho c1sa IL wlllfuliy de-
ccptye, and SLOWS that Mr.. Chandler IL driven
into corner. o'so ho never would rosort to It.
1t WAS distinctly stated by THE TRIBUNE that
the lfBtl-tonder 3.Gj gold bonds woro TO bo Of
forod to tho public for theif voluntary accept-
nnce. No nau is 10 DO coorced. OF eyon coaxed,
to exchange lis groenbacks for tlenl. Lot him
hold on to tho latter until jan. l, 1871, and take
lis chances ot getting hts coin. 1t Is not pro-
posod by TIE Ta,uraE'B plan to iutorfero with
tue awful1y "Boenn " act of Congress- III 1uos-
ton. But Copgross has certainly an induhitnbio
right 10 offor tho iegal-tondor bond III exchange
for tho present greeubscks and tho people Aayo
III equal right to accept thom.-ED.l
It IL argued that. at the time tho contracts
wcre made. tho value Of legal.tundcr ,iotes was
not equal to golut bnt ranging oil tho way from
40 to Us per cont. Dnt wcre tho mixers OF thuse
contracts compelled to make tAena Wsxe they
prevented fro1n making their cun1racta iu gold
Did they not deliberately enter into tl,eu' KNOW
Ing wall that the day might come when loyal
tendera would DO equA! to gold. IN aocordaucs
with Tho promise of the Government
LQl.ose Ia not emo man In 10,0u0 who mort.
gagged his farm OF house tor grcenbacks who
expectod to be caltod On for gold when making
paylnent.-ED.l
The Constitution permits Congress to tooyo
tnsp!vent dobtots, but nol thoao "ho aso Abio 10
D4y. No legal provision can bo nl1do to reduco
ono's iudebtedncas at the ox,,oasso OF tho cred
itor to whom it ~ owing. Ia it right
that The millions ot "lollass" " inyeslcd iu sav.
ings banks, .sust funds. a.c., SHOULD DO arbitta.
losaou tie obligations Of another class OF poo-
p!u! AL the relief that ought to bo Rlyen has
baon already made In tho nature Of = +'etay
law, OF an extenHion Of tho tino Wten iegal-
tenders a4ail 10 redeemed iu gold 70 TINT the
loss will Du distributed oror lung poliod Of
time.
thlr. O, will have to rreacl o good whilo bo-
foro lie oan persuade tho tons Of thousands Of
man whose farula and houses hTo uortgagod for
1noney worth 10 to BG TINT it III ony small mat
ter to pay OF thoir obligations in gold.-Ep.}
THE Tribune cannot beliovo ous OF about
II Of per cent month eau hs 4 hardship to
tho debtor cisns, which III an extreme case. How
uauy borrowers pay moro than this every
mouth ~ e1tEa lntarcst. exchange, brokerage.
etc., aud don't ask for roltet? II owned plseu
OF seal estate rnoEtRaEol for half its value. !
| would rasor, ut thu bal OF turoe years, Pay
said mortgage in gold although it might cost ia. ,ao
u par cent moro than u pay HOW ln srsoltbacks,
| Than lot 10 layo the question OF Bpacie-pay-
| monts effectively Bettied, bocauso tlat real
ESTATE. within tho three yea.s, would have to
my loss and buIleys, nnior wise systonl OF
tluance, 1t would slyanca Is 10 81 Per cent wlip,
under bad syHohl, it would still further dccllno.
| Another illustration will show how greatly OK
ayEsrated AFRO tho faass OF the "dehsor class"
1he great bulk Ut their indebtedness ~ 10 doubt
| III tue lolm OF short paper. tnrtr days aud
| over.
| tIhe mortgages on rosl estate iu this county
alono aEo catmaEad 10 excssd zC9,00U.0u0. Yas
"short paper ~ small su1a iu comparlaou
! thprew1th.-ED.]
| II legal-tendor notcs are gradually aud uni
fofmy apprse'Atou " par wlssllu three years. un
| u ulrty.aay conlIaut thare might ba loss OF u
OF por rent Of lilo aobt. II tue Let.us de7iros
to make . new cuntrnot. tho sato OF iatcroat
| would 10 ls.s than foraeslY, because the lender
would loan cheaper. LdcauAe Aa "ouu bu
aulu OF getting hst.er money il Eoliirl an1 lhu
cospsr rats of interest would be susne Offset 10
| the lots t4rousl ths appreciation Of the cur
| repey. In regard TO long coutsacks, like muni-
! cipal ho11da, tue loss on those ruuning Say hf-
| teeu yenys would amount to Iurs than / per cet,t
ter AnnuMl 10 rsliay0 tha "debtuE clasa" to
such kr!lluy extent, Ii 1t c1peaient 10 break I'll
| n1lemn rlsdgls Of tAs Government, 10 tho great
uishopoF Of tho natlont
Ito make the dahsor pay IS per cont mora
f1kn thu NAV u..rt