Year: 1870

OF gold below this true value s elevation above IT,
such depression cannot be relied upon ~ lasting MOI
fluctuations. These treasury sales. while they DO not
improve permanently the yalueof the Government paper


not be understood fayOring any expansion of
the legaltender currency. The Government cannot a!
woud be utterly uDJustifable TO put out any more
The Federal Treasury is not warranted taxing the
people keep ts present enormous surplus OF reye
nues ~ Ino oU'y -, a. Va ro, Vii nake the noy1ent ~
the principal OF the debt come easier moderate sur
plus beyond the interest on the DEBT aud the expenses


devote itself efficiently TO the great imperative duty
OF making paper money good The moment the peo
pe ace that the Government getting ready 70 redeem
It's paper by providing itset with the only neanso OF
doing H. the appreciation in the actual value Of the legal
tender notes will IL will continue and the
progress toward return OF specie payments wiz pe
Gradual steady and certain The very fact that the
Government is under fixed and stable, and not an ex
porimenta and variable policy. preparing 20 redee lS
paper and Will day announce s readiness 70 40 so
would narrow the range within which speculation IN
gold would be impossible. The current value on sne
notes the open market will Indicate when the proper
time has come for redempon the Government heed NOT
declare II in advance.


The most severe crnel and runous method OF conIac
ton would be that should put tbe value OF these
notes by regular graduation az higher and higher rate
from day 20 day week To week suggested by the
President OF the United states or any method by which
they should be converted exchanged INTO interest
bearing securities for this would fgdy and rapidly
to take them out OF circulation such form OF contrso
tion would. fear not only nfct unparalleled distress
upon the people, but endanger The credit OF the Govern
ment itself.





original measures Of which present financial condi
ton is the result. l simply consider the practical
questions which present themselves taking thngs ss
they are IL needs great financial wisdom 20 see that
way high credit s for the Treasury 70 prepare


itself to pay all debts. well "a It's legal tender
promises as its bonds that high credit IL the condition
precedent to lower rate OF interest on Government
loans: that lowering the rate OF interest on the loans
Will afford relief To the people and that no RELIEF
either Treasury people be expected from what
tends to deTangeme stagnatlOn IN the
business OF the country. The earliest practicable
return 20 the hard money Of the Constitution
is therefore. desirable being in every way
for the interest OF the people; but this return
should be made wisely. by process which will not cost
needless suffering under declared and fixed policy,
ineligible 10 the whole country and which viii insure
that tine change. when 10 comes, shall be permanent


rash attempt would. by its failure, make our condition
worse than 10 is But time should be lOst IN
adopting measures which shall lead by prudent steps 10
the attainment at very distant day. OF result 10
which sooner later we must come. Hthe Federal
Government does try accomplish an early return
TO the Of gold and silver without spreading rum
among the people, 1t fails in its duty H. Win It's aOun
tails i'm Wisdom join I. HOFFMAN.