Year: 1867




From the following synopsis of letter
recently written by Thad Stevens, of Penn
sylvania, it will be seen that the writer has
taken decided ground and is in favor of is
suing greenbacks for the purpose of wiping
out the public debt


New York, Nov. "a letter from the
Honorable Thad Stevens, on the subject of
our national finances, is published. lt is in
reply to a letter addressed to him by a neigh
Dor, and is very long and comprehensive.
He commences with the assertion that so
far as the financial condition of the Repub-
lie Is concerned, 1t Is not, or can it ever be,
in peril With the products which we can
readily dispose of, there never can be a time
when, with honest dealings, the Republic
will be unable to pay her just liabilities. He
says | have not yet, and do not approve of
the financial policy pursued by our Govern
ment for the last six years. L think we have
thrown away our billions, and are still
throwing away millions by mismanagement
Then addressing his correspondent, who is
National banker, he says: You are a
banker, and sound one. You, as well as
every other man who has tried it, are max
ing more through this national banking
than you ought to. He says he has never
doubted the constitutional power Of
the Government to make money of whatever
material it chooses, whether of metal, leath-
er, paper or tin, and to regulate its value,
and therefore, legal tenders are, to all intents
and purposes, lawful money of the country,
money IN which all debts, public and private,
may be legally and Justly paid. Money Is
Just what the law makes it The Govern
ment has, at different times, reduced the
price of silver, which, when so reduced,
was made to pass to every creditor and debt
or at the original price; and argues that
there Is the same power to issue and regu-
late the value Of any other kind Of money,
consequently it is just as law full for the gov
ernment to pay the national debt In green
| back money.


Referring to the debt Mr.. Stevens says
Now let US come to the Government loan,
and for a moment consider it, which, even
without the monstrOus doctrine of Greely
and Cooke, is the most profitable investment
ever made by money lenders, and is a mon
strOus swiTdle on the Americans on the
part of European capitalists. Although he
would pay In full the capitalists aud epecu-
latOrs who have made princely fortunes
/ through the folly of the Government he
does not think there is any obligation to
force specie payment He shows beyond
contradiction that IN creating there was no
| intention on the part of Congress to compel
| the Government to payment Of the princi-
pal in coin, except where 1t was expressly
/ mentioned This matter was well consider
/ ed and understood at the time, and the
/ bond-holders have no reason to complain, if
paid in legal tenders.


Mr.. Stevens says: For two years the
| greenbacks were the most popular currency
ever used in the United States, and had there


been no other, would not have failed to buy
every necessary commodity for every use,
public and private. If it periled the cOun-
try, it also swelled the business Of every ma


tuFe, and also the incomes Of business men,
thereby vastly increasing the revenues Of the
Government The great question at issue is


the policy Of paying the debt in greenbacks.
/ Upon this he remarks: Various methods
are suggested to redeem the fve-twenties IN
/ currency One very able writer suggests a


loan In greenbaCks to their amount, so that
afterwards the gFeenbacls may be redeemed
| with the others If we are satisfied that
/ there is no moro than sufficient currency to


do the business Of the country, with Its


probable increase. then that would be the


proper method, without iDhating prices as a


counterbalance to the saving. But if It is


believed that the present and prospective
business Of the country would fairly absorb


an amount large enough to redeem those


bondsas they become due and notinjuriously
increase business, the true way would be fol


the Government to issue legal tenders equal


to the amount to be redeemed, and thus save


the interest both Of the old and a new loan


With these views he deems tie contraction


of the currency four millions a month a.


unauthorized and highly impolitic Finally


he believes the true, If not the only way r


reach specie payment is to reduce the deb


as proposed, before making any attempt tC
contract currency.