Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1878-05-31

Okalcna State5.l
AS many citizens Of Mississippi
graVely doubted the proposition that
United States Senator BAyard, Of Del.
aware, wrote q letter, to be used be.
fore the late Legislature to prevent, II
possible, that body from i~nstructing
Lamar, we took the pains to write to
Hon. W. A. Percy for q copy Of the
letter il.question. That gentleman has
complied with our request, aud the
States is thereby enabled TO PUBLISH the
document in advance Of all its cotem-
poraries.
We will preface the letter with the
following note from Mr.. Percy, under
date Of Greenville, Miles,, May 18th
"YOurs Of the 9Th, asking that l
would forward you, for publication, a
copy Of Senator Bayard's letter to our
late legislature was received a few
days since.
THE letter to which you refer was
addressed to myself, aud not to the
Legislature, and | should certainly not
feel OF liberty 10 comply with your re-
quest had not MI. Bayard, In q recent
letter, authorized the publication of
that 10 which you refer, should | deem
1t advisable. Feeling that possible
ground for very unjust suspicious In
regard both 10 the distinguished author
and to Mr.. Lamar might DO given, If l
withheld the letter under the circum-
stances, | deem II best to send you the
copy, 90 requested.
II will here state that the letter Of
last Winter was received by me q few
days after the resolution of instruction
had been adopted BY the House Of
Representatives, but before any action
had been taken by the Senate. 1t was
freely exhibited to members Of both
bodies as gu expression of the views
of an eminent statesman aud tried
friend OF the South.
Enclosed herewith you will fnd
exact copies of both OF Mr.. Bayard's
letters. II Is my wish 10 make II plain
that | have not submitted for publicA-
tion a private letter, without having
been first duly authorized to do 80.
"You will perceive, therefore, that
1t 10 entirely proper that | should re.
quire Of you, as a condition 10 the pub.
licatiou Of the letter in question, that
you publish, at the came time, Mi.
B4yard's second letter aud this note.
"Respectfully, W. A .PERjY."
CN TED STATES SENATE (HAMBERl
Washington, Jan. 10, 1873.
Hon W. A. Percy, Jackson, Miss:
Dear Sir: | beg to recall myself to
your memory, and the acquaintance
formed on the occasion Of my service
on the Committee of Investigation 10
Mississippi in 1876.
ain profoundly impressed with the
gravity of the condition Of public af-
fairs IN this country, and chiefly as
they are to be effected by measures
now pending in Congress in relation to
the amendment of u coinage laws-so
as to restore ia double standard OF
values.
The question l. Que OF great difficulty,
but undoubtedly depends upon the de.
gree Of acceptance which, In the mar
kets OF the commercial world, is given
TO the use Of either or both Of the pre-
ciOns metals.
Any statute OF the United States
which Is not in accord with the stand.
ard OF commercial dealings OF those
nations with whom We chiefly have our
exchanges, will be only productive OF
Commissions and certain loss and incon.
venience TO our people,
The great object we should now have
in view, is TO stimulate productions in
this country and In your section the
main need is abundant capital at low
rates of interest, for The development oil
your industrial capacities.
The owners aud controllers OF CAPT.
tai IN this country-without exception
ARE filled with alarm at the proposed
unlimited restoration OF silver dollars
If Az grains, as full legal tender for
all purposes whatever-ipcluding Gus
toms duties aud interest on the public
debts.
This alarm is so utterly destructive
Of confidence, that restrictions upon
loans of capital will be imposed, and
Increased rates OF interest will be sure
to follow.
The refunding OF United States bond.
at a lower rate OF interest has been stop
ped, and there is great danger that
American securities held abroad may
be returned here for sale in such
amount as to break down the market
and absorb ell the capital, that other.
wise would seek investment elsewert
and in other things.
The people of the south, who have
the prices Of all their products fixed BY
the gold standard of the London mar,
kels, are peculiarly interested 10 main
tanning public confidence in the GER
talnty Of a return 10 specie payment.
The West-I am sorry TO SAYS de
%nouncing so bitterly those whose CAPT
tai has been invested thtre, in publ,
and private improvement 8, that no idei
of further loans In that direction
exists.
The South offers the best field for thr
investment Of capital, and all that i
needed 10 make 1t abundant, and O.
very low rates of interest is confidence
Every public expression Of sentimen
cu...kIa A. mnod faith aud