, 1877-09-26
CHASE TO GREELEY.

CHASE TO GREELEY.
Financial MoaAurt4 Adopted by ConEress to
Garry on the War.
AZ this time, when what may be called the
grrcnback period In our national fnaares Is
drawing to itA end, tho following letter from
the Secretary OF the Treasury Under whom the
lcgal-tendcr t!rst saw the light rs OF 6pecal In
terest- II Is friendly statement TO his friend,
Horace Greeley, Of the various measures TINT
Secretary Chaae adopted and had adopted by
.Congrcs4 to provide the means for carrying on
tho War. It was written after his retirement
from the Cabinet Of President Ltnculu, aud Is
now published for the first ttmc:
0nKElrr! i feel, as The Qnakets .ay, impressed
arc few Who andctssapd Hhat my "ork ~as. II
l. To cstab1t.h satisfactory relations between
The public credit and tho prodncltye industry u
Ths r suspcnson of The banks .put 10 end 10 tho
1trt and most obvious resort .loann Of Eold-snd
made now methods Indispensable. Then seaoftcd
people came 10 sId Of the 'abora of The Treasury
IND The legislation Of Congress- and the a'as great
j t s sos oay e sss sas b. %
vtdtnx n national currency There we're about
i,50o s.ats banks in existence. who wsn.ed 70
make their own paper the currency OF tho conn
Efsenbaes. sy ous eeaa Ae dss out hcr
fcncy. nor inleei did think I exactly honest 10
deprive them o. withSnt s1{lns ~ a. eG%9,etent
rcncy, and makr thom allies ~ far a. possible 10.
stead Of enemies " my cndeayors 70 secure
succcsa was assured. The national nank* were
asn 1S.et e b r;s' ss e g. as
| tloua! currency. Thts saved III from panic and
rcsuison ii the end of tho War. md 4 Of .ncsta-
bic value TO men Of labor and men Of business; In
T. rio H. tsita division of my labor xds to provide
funding eygteto was nnasoaaGte aaiame h r. p,
reasonable rates. Thc form that suited one lender
ncedeI every dollar tha. could 10 rat.ed ID everJ
form. Hence Temporary ioans cctiaeate' !ie o. de-
pos! eetiasaess o. aressn,~ noss
m Int III Il wa nceetsafJ 10 lave j"ada9 toons. into
r asns msracd. 70 thIs ana established the b:ao
loan and the 10.i0 loan. M belief VA that nites
Of the o osn snn had - seen axs1
was Vi really to rvsott 70 the 30. in sa:s q ..ner;
nv sacccssors got about 10 millions more par,
nnd have never been able TO sec nn{ good reason
yct.iSc, Il the holders optiou. into 30s instcat
Of lDI0s Lender. Of course. preferred tho former
bearing per cent gold, to tho latter bearing onal
after jsft the department than before. nnt 40 In
deco we're brokera; for Jay Cooke Eot ncar!y
qa!.s sweS ~ srss snw h under
"nS You cau sss sox sh.s nndns sYsem Of mp
worked { 5o1 t4ks up ths Iast statement M Of y
SS ssSo. 90, 9oo %: SOD xo, Soo 81 psyaI'
is' ea iss ;sahs ohs osa ea Gsa
/. sss;ss;sa into isSs! and 4
ioo 600, 600 greentaeks. Including fractional cur
foncy; making tho debt Of g., QUO, ooo: ooo:
sss ss TS' & G. sS a
. or l0.4o 5.pss cents , -
Can there se better fnnd1nE ,1 systom! ,aa,a a99
I yhe object IL TO catch gudecons by apparcnsl
aanS re Il ssy s 70 oes Vi
With reservation p tight 70 ta1 mt exceeding
Vii 1 .s u.sneens ;oaS iaf 5@c1e.. and end
et 'ss 8 accoasd % &c dsqiSs iS4 @
year loan. unla1abte. IL worth moro in the mark
aa1 o.a nsT San i'll saa 9ans
per r cent e. ior shs privilege Il paying il debt Ieio
'0 want specially to cali your attention to thi.
.nay t,s wcl enough u make .sa loan. II ste ioI
>. prposed u the saamor iof taxason Wy b. t tssi
!, Ycars Instead Of A4lhcFtpg to the 1910 Plan.
which thc debt IL rcdccmable II any time after !.
yeArs. and thus kept under thu control OF 7
penplcf have no doubt that u our ananecs
}. property managed. wc can borrow within TN yea
Il { per ccnt-0r with rightto tux It one nth
css|iy ~ we Gnu now bUrruW ~ oFN with right
tax ouy. sixth. Why bud oaraelvcs 10 pay eth
rnte of intarest fot thirty Year,. when L !. y
litioua! expanss Ia tho form OF pEcmlHma for :
Tcrhaps you havs rot had your sttcntton paEt
a. mar tho So, co... I00 0f 1910 5 per cents. t
currency was much less iahatcA than Il has b.
II orc. sIucs, and Il now. The i4sucs OF the cFre
back. and tho 1nAistos!t'on OF Con9resa To tax !
ulosI III tue imitation thai took placo under MY
n,inixlIsttap. The lA.r imitation docs not seun,
mo excused bJ public r1iVvnctea. The rrcshbae
should have nsen retired oeatty of qaita past r.,
With tho issucs " naetona!'1anR notss, aaa
et equilibrium pscsevet.
iTbc comparative tnhatioa will sppcsr from
2e statement of tho circulation on June 20. ~
whsn left tho Department, and jane ~. 1875
al Jaas - "a jung ~
Uuted States u: I1@ ~ ~ IVY .n,
5f5ss, sasIsas; t.;..... @. & ss1s
7e.., sTstss u 'za@.
.; sass psaS tssJj............ tiuslsoo u So,
4. , -, ssts ss'' - "a, VA 81 :S
Increase, Juas+ sa.,.".,... itA AZ
III seeYsS. A. though s0a'd .as 4 Taee % 9;u.s. q:
sqerss eoisas VII: hi. letts. 80 badly ths
achnckef TO copy, fearing Inst oihersEsse II mt
!. noyef be read. TO show how badly can wfits
q incOsa thu oElgtaal. doubt II you can Deal
haud.
THE GOOD TIMES At HAND.
RI | R,..tfnI rAsc,atfA q tn [Atcau9 Tribune,