Year: 1869

To TEE EDITOR OF THE HERALD:--


few days since there was published In morn
ing paper letter purporting TO have been written
by f. r. Hoar, member of President Grants
Cabinet The letter may be noticed upon the ground
that 1t emanates from public functionary, and,
therefore, may contain some indication Of the pro-
posed policy OF the administration. II all the men,
bers Of the government are represented by the
Attorney General then we have indeed fallen upon
evil times.


The capacity OF the man on this subject may be
found printed In italics and IN these words, 1--WE
should have treated the currency as we did our
armies, regarding the volunteers and greenbacks
alike as necessities OF war, to be dispensed with as
fast as possible on the return OF peace. think we
made great mistake In not doing so. That the
shortest method was the safest and best. That the
only way to reach the object Is BY steady and per-
slstent contraction OF the currency, painful pro-
cess whenever 1t comes, no doubt, but harder and
worse lor us the longer 1t Is delayed" He then adds
the following trulsnf"My views on the beet are
of little IMPORTANCE to anybody"


Here is q letter published by the person to whom
1t Is written for the purpose OF adding to his own
consequence. without any reelection as to the bane.
OF our country This letter contains the same un.
reasoning assertions we have tried to meet In
these letters with an array OF facts that cannot be
Why does this of1icial advocate contractiong
What harm has our coined paper DONE or what is 1t





summary treatmentp Has IL deprecated in cur
rent value? How is the fact shown9 Coal has ad-
vanceu 70 S per 'on US we Suppose on n.y. Mr aSar
creased In value. Is this soa ASK the Western
tarmerHow Is 1t that your wheat Is at 81 10; corn,
65c.; nour, S5f Does this prove that the value
OF the greenback has increased In valueS Gold
rises ana falls in our market; does the greenback
should try to get at facts and weigh his
words before utterng them in SO public
manner me Ovad would serve the peoples
them out at once But the coined paper OF our coun-
try should be Dealt with in the same manner as our
banded. Will our worthy Attorney General tell ms
how we can pay on our coined paper2 Where is the
gold by which 1t can be paid orr Your wisdom has
decided that bonded debt must be paid in gold.
Surely, then, our coined paper must be paid gold.
You say 'the shortest way Is the best' TO specie
payments. Then why not pay or our greenDacks at
once III god2


You say this contraction VIII be painful process.
Then why try 1T What good would follow TO the
country II your plan could be carried outp Have
you estimated the loss and gains Is there any gain
VINO advocate your policy, that great and irrepara
BILE injury must fow from contraction, but you all
fail TO show any, the very least, advantage the
country Will gain by It,. Show us the advantages
are TO derive from this proposed calamity. You say
prices VIII fall-of course they Will; but what will
that creditors are bound to respectp Are you aware
that the money borrowers, the debtors, the real
your aid They. the money lenders have way OF
taking care OF themselves. The great producing





Specie par would take from the produce twenty
per- cent OF values, but contraction of fifty per cent
OF coined paper would render everything unsala-
BILE. because borrower and lender would be pow
eress.


Are you aware that the produce OF the great West
is hardly In movable condition with gold and ex-
change at 81 27S Then what can you suppose would
be the condition with exchange and gold at par
II barrel OF flour is worth now but five dollars, how
much will 1t be worth II you deduct twenty per
cent? 1t Is impossible for the farmers or the West
TO raise manufacture and send to our market -four
for f,ur Inli nn harlp mar Vn
stop all trade with the West Even unwatered stock
railroads would pay interest Indeed, the rail-
road and other interests must return to the condl-
ton they were In prior to the late When the
war commenced tie railroads of the West were pay
ing no interest on their DondS-many did not pay
running expenses and none paid dividends Your
specie par would stop all freight and travel and
bring the West back TO its condition before the war;
Do you desire this Specie par would be stagna.
tion, and stagnation would soon lead to struggle
for relief IN every legislative body in the country
and then the bent bow win ny back with jerk that
may send some officials back TO the ODscurity
from whence they unmeritorousy sprang.


Instead Of this yearnng for hard cash. try to assist
the labor and general industry OF our country. Let
well enough alone, at least until you know by what
law the currency of the country is governed.


Almost every farmer and producer North, South,
East and West knows that nothing Will benefit the
price OF exporable produce SO soon as rise In the
price o. gold and exchange. Go to work. then and
put stop to sales OF gold, to lower Its price. Do
what you can to advance exchange and gold to 150
then you Will see real prosperty all produce would
be in motion, your farmers would grow rich: your
railroads would pay dividends watered stocks;
your laborers, mechanics merchants, manufactur-
ers and shipowners would rejoice; your taxes and
tariffs would increase, and the burden OF the people
would be light. This prosperity be created very
easily when our Congress shall understand that our
credit unimpared and that 1t Is the price or god
not the value oil our coined paper that nuctuates in
the market JONATHAN OLDBUCk.