New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-28
SHERu1N And TIE LEGAL TENDERS.

A LETTER TO SENATOR MORRILL-THE OBLIGATION
TO MAKE THE PAPER MONEY AS VALUABLE AS
COIy INSISTED UPON.
WASHINGTON, Jan. 27.-SenatOr Morrill, dropped
4 note Ia Secretary Sherman the oath inst, stat
ing that brief aud unimportant letter, written by
the Secretary to DR.. Mann in 1868 has been paraded
in the Senate in such a manner as, from the
Senator's knowledge of the main principle the
Secretary constantly maintained, did him gross
iniusiicc. Whatever may have been your
opinion" he says as to the technical rights OF the
Government. You always held that it was its first
and paramount duty to make United States notes
equal in value to coin" To this note Secretary
Sherman has replied in long letter. in which he
declares that he has not changed the opinion ne
really entertained III 1865. lie says
never have changed my opinion as TO the technical
legal right to redeem the principal OF INC ~
b1nds ia legaltcnders. but you know ana correctly
state have always insisted tina; we could not avail our
selves Of this legal ig until we complied ID al feSpee.5
with tie legal and moral obligations imposed
b, the tender note ~ redeem II IN coin on demand
or to the hight to convert IL into an interest bear
ing Government bond The grounds OF TINS opinion are
vciy fully stated in tie speech made February ~ ls6S
referred to in the lelter to Dr. MaEn and IN lelor on
the Funding Eli. made by me from the Committee on
Finance. December T. 1867.
Uaed states legatender for all debts public
aud private except customs duties ana interest Oh
n Rso sss asD e United States notes
srcnr OF bonds until we made COCA me pledge OF the
1
printed on the face Of the notes when Issued, was
repeated several acts OF Congress, and was declared
| valid and obligatory by the supreme Court.
In NIL NY official connection with legislation az 10 regal
tender notes have but act 10 regret AMI To apollo
OF, for and that Is my acquieselCe In the Act Of March
1863 which, under the pitsNr o. war ana 10 promote
! ne sale OF bonds, took away from the holders
/ az ttoge notes the right to convert them into
interest hearing securities This night might proper y
have been suspended during the war; but ls repeal was
fatal act the and of all the financial evil
we have suffered. and from which we cannot recover
untl we restore that right, or REDEEM on demand our
nnics In coin. Unt then our notes are Geprcci-
a,r hv our wrongful act, ard have right to take
advantage of Lioney by forcing upon the bond
! LolIeTs the notes we refuse To receive.
mi, ia the precise principle involved in the Act TO
strengthen public credit, approved March Is 1857
50 far az the bondnOldcr Is concerned IL Is an
executed law. over S70u,O0O,00o Of bonds have been
redeemed in coin under it, and the civilized world II
card. All the remainder covered by lis sanction. AMI
IN their faith in it securities have become tic
~ nud only III the markets of the world THIS law Is n0t
vet quite executed, far the Do;chOlder Is con-
c.iucd n note j. not yet quite good as coin. Con-
gr- has debit,d ever since its pass the best mode to
| MAKE good. the Senate in 1870, provided, in
tho fllrl section OF the Reiuudins Act, Is il
passed that body, that these notes might lie
| converted tntO per cent bonds. but the
House would not concur. Everybody can now see
. Tins had been done the notes would now De nj
In rDn O.her cXpcdicuts were proposed, and nna.y HE
Erspnno Act passed. aud, II undistnrbed. Il now
ON the eve Of execution. The promise made N SCI, aud
so often repeated il about To be fulfilled. Agitation OH
collateral questions may delay II. but the obi gallon OF
rGrc fqith written the face of every United states
note and sacrcdy pledged by the Act 10 strengthen the
public credit Will give IA neither peace nor assured
pru. pCriiy until Il Is fulfilled.