The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1880-02-05

of the message in regard to the curren-
cy. the President sent ON Thursday the
following letter:
EXECUTIVE MANSION.
WASHINGTON. Dec. 4th, 1873.
MY DEAR ----: You want money 70 be
plenty, the rate OF interest to be low; at the
same time You want the money to be good.
You can only have this state OF things when
there t. confidence in the stability Of the cur
rency. Capital will not go where it il uncer-
tain In what currency debts will be paid next
month or next year II the legal tender for
debts depends on the uncertain action Of
Congress there will he want Of confidence.
The only constitutional legal tender Is gold
and silver. Depart from that aud confidence
Is gone. All the worli now believes that in
restinenis in America are likely to Ice profit
able, \ sound financial policy will bring lis
money from all the commercial nations Of
the earth. In good times prepare for hard
times; in good times pay debts. The legal
tender notes are debts. Let them be paid BY
the coin in the Treasury and the coin that is
coming in from abroad aud il will not con-
tract the circulation. Let our ship be head
ed in the right direction. 1t is a sound poll.
cy which has brought good times: the same
policy win continue good times.
Sincerely, Il. b. HAYES
Not even President Lincoln ever sue
ceeded in packing more sound sense in
W u tcW Noiuc. luts efloTt. unoHicidi,
and apparently hasty letter, is worth
more than dozen speeches or messages
of the ordinary sort. IL is the best thing
YET done by President HAYES. and bet
ter thing in regard to the currency. has
not yet been done by any man. In
these few lines there is the true Gospel
of Finance, which will surely prevail
because it is the truth. The marvellous
blessings which have been showcred
upon this Nation have been rewards of
the Nation. fidelity to its pledges. If
the Nation ceases to seek Justice. if it
ceases to keep lie honor bright and
tread the path Of duty it has no right to
expect that honntiful crops here and Il
growing demand abroad will continue
TO enrich the land.
The urgent appeal of the President is
not in conflict withe recommendation of
Secretary Sherman. The President
point, to the end towards which an
honest and wise Nation should move:
the Secretary defines the first step in
that progress. Removal Of the legal
tender quality Of the United States
notes i, The natural and proper sequence
OF The resumption already accomplished
as II u the first step towards final re-
tircinent OF rs many of the notes as the
country may not need 10 retain in cir
cllation. II viii be noticed that the
President, with rare discrimination.
points olt the fact that il l. only the
iega, tender quality Of the notes which
makes them OF uncertain value. Ii il
was IN the power of any creditor To re-
fuse the notes, in case they shonld de-
preclafe. II Is certain that there would
be no depreciation on the contrary any
part of the notes that could not be
readily circulated at par in gold would
Immediately be redeemed Take away
the legal tender quality. and the power
of the Nation to defraud il creditors
10y an excessive issue vani>hes nj once
Take away that quality. and every
ground of complaint on the score of ma
tional honesty wiil be removed. for each
niicd STATES note will then represent.
not a forced loan. bat q claim which re-
mains due only because the creditor re.
fuses To ask for payment in gold.
The conscience ofthc Republican par
t. viii reiterate the counsel which the
President has given. Like the WHISPER
iu"s of CONSCIENCE. his words do not
urge that The right thing should be
done bera,ise il will help = party lii
votes. but because il is right. Yet there
is not II shrcwd Republican Statesman
who does not dDow that the party has
been strong and victorious only bccaiise
il has listened TO the conscience of The
Nation. |, can hope to prevail hereat-
ter only if j! obcys The dictates of the
popuior conscience. In the Eastern
States, which conie-sedly hold the bal
ance Of power. and without when
neither party can hope tea succeed, un-
tailhtiilnc,s IL pnbllc obligations means
sure defeat. The Democratic party
knows that il has no chance of success,
save by carving New York and ether
Eastern Stairs. Il is warned, day by
day, that ii cannot hope Ia carry either
ot these States unless il. can gain the
confidence ut men who believe in public
faith aud sound carroDcy. The Repub-
lican party has had in repeated defeat
i'll those -ane Eastern States. and if il
llae any vision. VIII not suffer any
doubt TO be raised as To il fidelity.
Honesty Is the best policy here rs else
where. The path of duty has proved
the path of safety Ia the Republicans in
many emergencies hitherto. and they
may rest assured thai the duty to which
the President points them l. one which
cannot with sa.eiy he neglected