New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-09-25
PAPER MONEY IN CONGRESS.
MR.. sPAULDINGs NOMINATION.
THE VATHER OF 1HE sREENBAcx SAYS THAT SPEECH

does not disOwn his child. 1.-THE original Legal
Tender act said be yesterday afternoon "was per-
fectly sound. If l were to draw the act again
would make no changes. II it had been allowed to
stand as it left my hands-lf the right TO fund the
greenback currency in gold bonds, as provided for
in the first two acts, had not been abrogated, we
would have had specie payments in 1868. Nothing
under heaven could have prevented It, The country
would have been forced into resuming specie pay
ments in spite of ITSELF
els resumption possible under the act of 1s75p
"Oh, Yesl If the Republicans carry the country
this Fall the resumption question can be settled by
the next Congress- 1t can be done. There is no
doubt about it."
The father of the greenback spoke with quiet con-
fdence Mr.. Spaulding is man of power. No one
can glance at his strong features or listen to ms
earnest tones without feeling that he is man OF
immense force. He is, perhaps, the only man IN
Erie County who has q national reputation. In
Nominating him for Congress tie Republicans OF
this district have chosen their strongest man.
Elbridge Gerry Spaulding has boon Mayor of Buff
falo State Treasurer, and member OF Congress our
ing three terms He has achieved success IN probes
sional business, and political life lie began the
studv Of law when he was 90 years old and in 1884
removed to Buffalo After his admission to practice
he entered into partnership with George II. Bah
TX,
being the oldest lawyer in practice, though not in
wears, He subsequently entered into partnership
with Herman b. Potter and John Ganson, and built
nm an extensive practice. Since 1852 he has been
engaged in banking, and owns to-day more
than threefourths Of the stock of the Farmers and
Mechanics National Bank. In 1913 no was elected
TO Congress and in the long contest for Speaker
with which the session opened he voted with the
Wings for Robert G.. Winthrop. He was one OF the
earliest and most consistent Abolitionists. He OPP
posed the Fugitive Slave Law and the compromise
measures which received the approval OF Mr.. Flll-
more's administration, and took an active part in
the organization of the Republican party. Mr..
spaulding and Philip Dorsheimer father of the
Democratic candidate for Lieutenant-Goyernor)
were among the pioneer Republicans Of
this county. As member Of the
XXXYIth Congress, Mr., Spaulding took
conspicuous part in the Presidential can
yass of 1850, being delegate to the Chicago
Convention and representing New-Iork in the Con-
gressional Executive Committee. In the XXXVllth
Congress, to which he was reelected, he served on
the Committee Of Ways and Means, and as Chair
man of a subcommittee drafted the two great meas
nres in the financial legislation of the Wharf.-The
Legal-Tender act and tho National Currency act.
His training nj the Bar and his experience az
banker made him master Of tho situation at mo-
mentous crisis The exhaustive speech wit h which
he opened the debate or the Legal-Teuder act car
red the measures through Congress and the grounds
on which nc advocated its passage have been fully
sustained by the United States Supreme Court As he
remarked to me Yesterday three committees of the
House ways and Means, Appropriations, and Cur
rency and Banking) now share the burdens which
then fell upon the shoulders Of single committee
Next to Mr.. Stevens ho was the most active member
4i,n NJ
early years Of the war was nodded by his hand This
is the man whom the Republicans have determined to
send to Washington member Of the next
Congress 1t is no see$st that be has not been IN
sympathy with the Administration during recent
years lie did not favor the denomination of Presi-
dent Grant in 1872 and he did not approve Of the
financial measures Of Secretaries Boutwell, and
Richardson. But he was br6d-in-the-bone Wing
and Rcpnblican, and could not join the Democrats
even in 1872. when his friend Mr.. Greeley was
candidate for the Presidency. lie has held aI0oi
from politics for eight years, but Is now IN hearty
accord with the Cincinnati platform and candidates
His election is generally conceded. The Democrats
hayo nominated this afternoon ns their
candidate Dis.rict-Attoney lockwood, bril-
liant yonQ lawyer, who hns made good
reputation by Sc turing tho conviction Of George d.
Lord. Mr.. Lock wood will make n thorough canvass
but be cannot win The Republicans carried the
county by 5000 majority last Fall, and they have
made no mistakes this year. The Father Of the
Greenback will take his seat in tho next Congress
and will undoubtedly take the leadership in fnan-
cial legislation. He says, indeed, that IL he is
elected he will devote the Winter 20 careful study
of financial questions and that he viii 90 70 Wash
ipptop next year with fixed ideas as to the best
course to be taken.
Mr.. SpauldiDg has the utmost confidence in his
own Judgment. He says that grave mistakes III
finance were made during the war, but the plumbers
were not his. The Greenback and National bank
acts were perfectly sound. III lac had to draw them
again he would not change them The first blnnder
i'm the mana cement of the finances occurred when
Secretary Chase forced the New-York banks TO pay
the money which they were advancing TO the Govern
ment into the Sub-Treasury in gold or gold treasury
notes. The banks were weakened thereby and q
general suspension of specie payments followed.
The second blunder was the abrogation Of the
right To fund greenbaeks in gold bonds. On this
point Mr. Spaulding referred TO his History Of
LepaI-Tender Paper Money! The object Of the
Ieqal-1ender act, which he found and introduced,
was 10 create n currency national IN character,
which could be used for hquidating war expenses,
and to prevent any plethora or redundancy OF such
currency TO provide at the time for funding 1t
in G per cent bonds TO fund the debt-that was the
leading object, 1t was a temporary war measure.
The whole Of this floating debt was redeemable in
per cent gold bonds. The Legal-lender acts
had worked well, and ali OF the $5OO,OOO,-
COO per cent bonds authorized had been
taken up at par At the urgent request OF the
Secretary clause was inserted in the act taking
away The absolute right Of the holders of greenbacks
10 fund them into per cent gold bonds after July
L, 1868 and leaving it discretionary with the Sec