The daily gazette., 1879-12-29
Letter From senator naysrA.

WHY HIS LEGAL TENDER REPEAL
RESOLUTION ExcEPTs DUTIES ON I'M
PORTS.
Senator BAYARD has written letter
TO a gentleman in Baltimore, In which he
very concisely and clearly sets forth why
his resolution forbids the reception bf
United States Treasury notes in pay
ment of duties on imports. This in
quiry has been made very frequently
and reference not unfrequently at the
same time made to the proposition Of
Mr.. Sherman, Secretary Of the Treasury
to receive legal tenders in part for pay
ment of duties on imports. Senator
BAYARD makes his point clear and dis
tinct to every reader. The bonds when
issued were payable in the currency Of
the country. Gold or silver was held by
Democrats to be currency of the coun-
try. But the legal tender notes began to
be considered as the currency OF the
country also. Then by act Of Congress
the bonds were made payable ain coin."
Silver being demon etized gold is only
used in the payment Of U. 5. bonds by
the government. Senator BAyARDs
reason for excepting duties on imports
from the debt-paying power Of U. s.
Treasury notes, as stated in his letter,
goes back beyond all these questions, to
the very inception Of the present bonded
debt.
Very many excellent men have OBJ
ected to the government paying the
bondholder IN gold, and others Of its
creditors in notes or silver. But II
must be remembered by every patriotic
citizen that he desires TO be and Is a part
of The government-that 1t is his; or II
is our government--and II we would
borrow al the lowest rates Of interest
we must pay in the best currency, gold
and silver.
We have been furnished by Senator
BAyARD witha correct copy of his let
ter, and publih it as follows;
WASHINGTON, DEC. Is. ls79-Dear Sir
I have your letter OF yesterday, askin
why except duties on imports rom IN
! debt-paying power OF ,he ohi1ed Seaee s't
nffsrcd 10 deprive the United States treas
urS notes OF their compulsory legal tende
) power. .., ,.t
the administration of the United State
I | government in 1862 borrowed money 20
cali from the people, ana, issuing TN
; treasury demand notes, made them
= forced loan, and created them currenc,
= because they made them by law "A iegf
tender for all debts, public and private
erceDt interest on the public debt and dHl'
u on imports, as you Will see by reading IN
superscription ON any OF these notes
I'm 1864 when the present bonded del
was commenced, an act OF Congress wf
pnssed which provided that 'dU duties
e imported goods should he 'PGid ~ CON, an
4. 'set aside as a special fund,' First, for u
payment of interest on the public debt
" second, ms an annual sinking fund TO pa
IN the principal of such debt
W "Under this distinct pledge the Unite
Ne states borrowed the money which If no
represcnted by our present bonded det
e "Although In my Judgement 1t was ul
10 wise and dcrogatory to the dignity M
W character of great government ike al
s own thus to pledge its special revenu
' for The payment OF Its obligations, yet II
as fact rcniains-it was done, and being dol
49, nv the elected agents Of the governm Ell
~ we cannot now disown nor qualify IL.
ge "The American people saw MT To pla
~ these agents in power, and " they act
l. improvidentiy, or unwisely, II IL too Ia
!, now 10 disavow their authority. 1t Is q
misfortune, but the maxim Ia 'respondt
ng superior'-the principal is liable for {
=, acis OF his agent within the scope OF
III authorization.
ce "HoweVer unwise we may consider
that In l4i1 the party In charge OF the &c
hs- crnment declared by law the duties
.or imports should be payable in coin, a
Vi set apart that coin as special fund
of pay the interest and create an annu
=. sinking fund TO pay the principal OF
III national debt, and expressly denied pow
lo | to their issues of treasury notes to p
such interest or such duties on impor
as yet the fact remains-they did so. The
suit is that we AS citizens Of the govci
10 ment, which is not for "A day. but for
we time as we hope, must keep these pledl
inVlolate. in letter and in spirit.
III "rhe bs st Investment we can make
lIo our present gains and prosperity Ia To
'i' tablish a high and uniInpeachable pul
A credit: and let II he known and proclaim
that when repub America gives
ile word, all h. r sons will see that II Is Ike
in no matter what Inconvenience II eau,
81 hope | have answered you satisf
aX- torily: and am. with much respect,
Yours. trurly, ct. 4. BAYARl
IN. III. "A