, 1876-02-12

SIR: You have my thhnIH fof tue ah1Wers you
hcYo given to mr questions In your issuo Of
havo benn gratifod II they lad hecn, not longer,
bat more directly to tho point, To my frst ques-
tion, "Would not tho repeal Of the legaI-seuder
cauae hsyo tbs Immediate offact TO depreclhto
tho value OF tho groenbaok2" I" you EopIy by say.
lpg, iu substance, it is botter to- have i1od
than iluc1uatlng valuo to greoneaeks, and bet
Tor therefore exchange thon for 3.d5 thilty-ycnr
bouslB but il monov ia worth por cont intor-
ost, then 3G5 bonds, II psrmauent like tho
English conaoa. woulu 10 worth just To
conts on the dollar. [Our correspondents OYER
looks, pusposoly, tho additional value which
wouid necessarily be impessed to thoeo 8.C5
bouds By making then legAl-tender8 In payment
Of all debts In o8istouco at tho time. TloBe
tabta amount now Rt tho loHoat calculation We
can mako TO about fivo shoueard millions OF
do!ars. Tho 1egal.tondcr bonda would bo
specially valuable mud sought aftnr for tho my
| ,ieut OF this vast uaaa of indebtedness. beo"
| rotary Dr1etow says no eau sell At par for gold
| lhirty-year ~ per cont bond. II 10, J.h5 per
cent thirty -Soar gold bond would brlug: without
and would iocreaso in the future. We are per-
ioctly conlldont that 3.65 ie9at.ender gold bond
would bo worth fully a. sooa1n much u: u,,,aa ~
iB7o, viz, about 81 cents.-Ep;l II to
thin wo add tho ,,7aluo. arising from
| their full payment at the o1!d Of thirty years.
they would etil! DO worth but about ~ csnts:
but gfeeubacgs, i! redoomou on lilo 1at day Of
thsn siIh conts n,e1oly Al IN invostmcut. Now,
there 10 no uncertainty hero hoons thctr valno.
unlsBs It may o1ist in the probability Of q moro
rapid appreciation than that arising alone from
tho noasliess Of their redemption: Whether the
MIN OF TnE Tn,nusE, for substituting Cogal-
toutor1 bonds In tho place Of Grocnbacas, would
be desirable Que. under nuol. circumstances, ID
question cauily answered.
lIut tho direct eKtct Of tho proposed plan can
DO more eaaily approhenloI by considering what
arc tho clelnonis OF value III tho groolbacAs.
One OF them Is undoubtedly their logal-teuder
character In the payment OF debts' Another ta
that tue Government receives them for internal
Fpyouuo. A third slamont teas the provision for
redeening then, with $40 bonds. This lass.
Aftor bong abolished. has boen so'nasfted uudet
OF January. 1870. 10 ntrlko down at oncc two
Of theas clements Of value, auu those Whoso
operation Ia tho H,oas direct and Immediate mus
oj,orate to greatly. and : shink uninstly; depte'
[Ono OF thesa " "olements" has hat
no beneficial effect whatever on t'ls
value Of the green,nasek g,ssas. M II .ot W. VIZ
worth % csnts ave ysasa ne,of9 ta' 81 cos, VI,
is13, and Ol5 In the t.'l 1t 1874. After tho Re
! eumpton act paused the pnce declined. ant
last summer gtesnnssks a. NJ ea s "ste woss!
above Ba. The Resumption act ssien has no
been thus far OF the slightest value to The greou
D'1n Int Tms TRIBUNE has answered niue Of N.
nuasttons st ono swoop, by admitting tsat ate
, iha eyentful lat Of january, 1877, we must pa
nnr ,ts1es Of all kinds 10 tho noyofnn,ea
; IL eold. TllE rnlauSs il uot. cottais
mhout tho State hntl municipal taxes, bit ther
: csn he no doubt Rbout thD,n. Now Yos
/ las already taken hor Btand-the rcst will fol
: low. Acciulug in.orsst on old duLts .nnst b
= paid in gold. mo old. Old debts and seesain
q must pay gold Oh all deposits made after tha
day. and redeem III gold all thel
l. notses paid ons after that day;. Ant
i OF course will rocolyo only gold {,
r deposit. Henoe, merchants must demand gol
L. Tos guild uosesl aud tho people must pay i
trhE1 is, for fn!rse dsbts.l The unfortuuat
l. creditor who recesvcs s1eeubacka or bonds fo
them, must soil them for what he eau get. LII
I. vii be abo ~ Bst for lsgal-teuder bonds MOI
valus tuan b. ga1a.-Ep.1 RhaYlpE ahops ri