It is generally understood that Secretary Bristow continues his monthly sales of gold, (which ought to be husbanded for resumption in 1879,) to raise the money to pay the current expenses of the Government, because Congress has failed to provide sufficient means to carry on the Government in any other way. It is also generally understood that Secretary Bristow would not resort to this monthly "make-shift" of keeping these broken legal tender promises in circulation, if Congress provided the means of administrating the government in the old fashioned, honest way. Every reissue of these broken promises, backed by the legal tender provision, is a forced loan in time of peace, and is plainly in violation of the constitution.

These sales of gold at this time, when the act for the resumption of specie payments in 1879, is in full force, is not a good indication for resumption at that time. More revenue will be necessary, and it remains to be seen whether it will be provided to aid in carrying this very important measure into effect.

Secretary Bristow is believed to be sound on the main question. In his first annual report in December, 1874, he very clearly sets forth the evils of an irredeemable paper currency as follows:

"The history of the irredeemable paper currency repeats itself whenever and wherever it is used. It increases present prices, deludes the laborer with the idea that he is getting higher wages and brings a fictitious prosperity from which follow inflation of business and credit and excess of enterprise in ever increasing ratio, until it is discovered that trade and commerce have become fatally diseased, when confidence is destroyed, and then comes the shock to credit, followed by disaster and depression, and a demand for relief by further issues. The universal use of, and reliance upon, such a currency tends to blunt the moral sense and impair the natural self-dependence of the people, and trains them to the belief that the Government must directly assist their individual fortunes and business, help them in their personal affairs, and enable them to discharge their debts by partial payment. This inconvertible paper currency begets the delusion that the remedy for private pecuniary distress is in legislative measures, and makes the people unmindful of the fact that the true remedy is in greater production and less spending, and that real prosperity comes only from individual effort and thrift. When exchanges are again

made in coin, or in a currency convertible into it at the will of the holder, this truth will be understood and acted upon."

Secretary Bristow is now making preparation to retire the fractional currency and replace it with silver coin, but, without any surplus revenue, he will not be able to accumulate gold in the Treasury, and must rely, at present, on the sale of the five per cent. bonds, authorized by the third section of the resumption act. It remains to be seen whether Congress will have the wisdom and courage to pass any further laws for increasing the revenue, or authorizing any further preparations for resuming specie payments on the first of January, 1879. This is the great question now before the people. I have a strong desire to witness a general and permanent resumption of specie payments. If I live to see it accomplished, I will write a concluding chapter on the "History of the legal tender paper money, issued during the Great Rebellion." Meantime I desire to repeat that if the legal right to fund the greenbacks in the six per cent. gold bonds, in accordance with the original legal tender act, had not been abrogated, we would have reached specie payments as early as 1868, seven years ago, and without very seriously injuring the legitimate business of the country.

The wit of man, during the last hundred years, has not been able to contrive any method by which a paper currency can be circulated on a par with gold, unless it can be conveniently converted into gold coin on demand. It is not enough that "the whole property of the country" is held liable to ultimately pay the greenbacks. Such security, though ample, is too general and intangible for the purpose. This "whole property" can only be reached and applied through the slow process of taxation. On this general theory the greenbacks have been greatly depreciated for over eleven years, and the government will continue in this discreditable condition, until some specific provision is again made for its redemption.

It was issued as a redeemable currency-it is now irredeemable, with no certain standard of value, and not possessing the requisites of a commercial currency. Congress ought to make ample preparation for its redemption in 1879-Will it do its duty?

BUFFALO, Oct. 1, 1875.

E. G. SPAULDING.

TESTIMONIALS IN FAVOR OF THE LEGAL TENDER ACT AS A

"WAR MEASURE."

FROM HON. WILLIAM H. SEWARD,

My Dear Mr. Spaulding:

Late Secretary of State.

AUBURN, April 26, 1869.

I thank you for a copy of your book. It is written without passion or prejudice, and makes it entirely clear that in adopting a legal tender currency, the government adopted a means not merely wise, but indispensible and effective. I always wonder at the resistance which the policy encountered. With kind respect and esteem.

Faithfully your friend,

WILLIAM H. SEWARD.

The Hon. Horace Maynard, of Tennessee, was one of the few men of the South who remained in Congress during the war, and always supported the Union cause. Having been for many years a member of the Committee of Ways and Means, he is one of the most influential men in the House. He was a member of that Committee during the winter of 1861-2, when the Legal Tender Act, the Bank Bill, and other financial measures, were matured, and he still retains that position. The following letter from Mr. Maynard, on that question, will be read with interest.

Hon. E. G. Spaulding:

KNOXVILLE, Tennessee, Nov. 3, 1869.

DEAR SIR:-Thanks for the book, as well as the copy sent me. It is welltimed and much needed. So successful were the financial arrangements during the war that people incline to believe them as automatic, accomplished, with no special credit to anybody.

Of all who were concerned, you were the one to have prepared the bookentitled as you are, pre-eminently, to the credit of the great measures which carried the nation so triumphantly through the financial struggles. While I did not feel at liberty to participate very actively in the passage of acts which must affect other portions of the country far more seriously than that which it was my fortune to represent, it gratifies me to remember that both in the Committee of Ways and Means and in the House they received my unfailing support.

Let

As a result we have now the best currency ever known in the nation. it now be made convertible into coin at the pleasure of the holder, and nothing would be left to be discussed. Why this has not been done, why it is not done, why it should not be done, I confess, after all I have read and heard, I am not able to see.

One of these days some bold man will take the step, and then everybody will wonder why it had not been taken years before. Would that you were again at your place in the House.

I am, very truly yours,

HORACE MAYNARD.

FROM THE HON. CHARLES SUMNER.

On the Finances.

BOSTON, August 3, 1869.

MY DEAR SIR:-You have done a good service in preparing your book; nor is there anybody to whom this duty belonged more than yourself. In all our financial trials, while the war was most menacing, you held a position of great trust, giving you opportunity and knowledge. The first you used at the time most patriotically, and the second you use now for the instruction of the country.

I am not content with the long postponement of specie payments; I BELIEVE THAT THE TIME HAS COME FOR THIS BLESSING, and I begin to be impatient when I see how easily people find excuses for not accepting it.

Believe me, dear sir,

Hon. E. G. SPAULDING.

Very truly yours,

CHARLES SUMNER.

FROM ERASTUS CORNING.

Also a member of the Committee of Ways and Means at the time the act was passed.

Hon. E. G. Spaulding, Buffalo :

NEWPORT, August 30, 1869.

DEAR SIR:-Your favor of the 14th ult. was forwarded from Albany to this place. Also a copy of your "Financial History of the War." I have read it with much interest, and can say that I consider it a fair and impartial history of the doings of the Committee of Ways and Means and of Congress while I was a member, and since as far as I understand their action. I am pleased that you have seen fit to place their doings on record. I thank you for the copy sent me. Yours very truly,

ERASTUS CORNING.

HOUSE OF REPRESENTATIVES.

Committee of Ways and Means.

WASHINGTON, D. C., Feby. 25, 1866.

DEAR SIR:—I have yours of the 23d inst., and have mailed to you to-day a copy of Mr. Sumner's speech on reconstruction, also the Globe which contains my own, on the Finance Bill. It seems to me that you have a right to be well satisfied with the part you took in initiating the financial measures which have carried the country so successfully through the war. We are somewhat excited here, but I have faith that everything will come right in a little time if we are discreet in our action in Congress. Yours with great respect,

Hon. E. G. SPAULDING.

S. HOOPER.

FROM SENATOR SHERMAN.

MANSFIELD, Ohio, June 14, 1869.

MY DEAR SIR:-I have received and partially read, with great interest,

your Financial History of the War.

It recalls many interesting events

almost forgotten, and is therefore like an old friend. I am much obliged to you for it, and will give it a careful reading and a place in my selected set of books. Very truly yours,

Hon. E. G. SPAULDING.

FROM E. M. STANTON.

JOHN SHERMAN.

Late Secretary of War, a short time before his death. WASHINGTON, November 28, 1869. MY DEAR SIR:-I hasten to render my thanks for a copy of your "History of the Legal Tender Act," and the accompanying note, received this morning.

No one could more fully appreciate than I did, and still do, the vital importance of the financial measures adopted for maintaining the government during the war. On all occasions, in private conversation and in public assemblages, I have endeavered to do them justice and cause them to be estimated as I estimated them. Without them I do not see how our armies could have been raised, equipped, clothed, fed, transported and kept in the field until the enemy were subdued. But my attention was too closely absorbed by military affairs for me to discriminate between the several views discussed, or to observe to whose sagacity and energy the country was most indebted. A hasty glance through your History has enabled me to see that you have afforded means for correct judgment upon the interesting points involved. With sincere regard, I am,

Truly your friend and obedient servant,

Hon. E. G. SPAULDING.

EDWIN M. STANTON.

FROM HANNIBAL HAMLIN.

Late Vice-President, and President of the Senate at the time the Act was

passed.

BANGOR, November 5, 1869. MY DEAR SIR:-Please accept my cordial thanks for your "Financial History of the War Legal Tender" which you sent me. I have given it a hasty examination, but enough to see that it is a full and true history of the subject of which you treat, presenting the facts connected therewith in their chronological order. A work to set the public judgment right at this time, and for reference it will be truly valuable.

I am surprised to know that no one of the historians of the times has furnished the facts and evidence which you have so fully and clearly represented. Yours truly,

Hon. E. G. SPAULDING, Buffalo, N. Y.

FROM HON. W. W. CORCORAN.

H. HAMLIN.

The Banker who negotiated the United States Loans during the war with Mexico in 1846-47.

WASHINGTON, September 13, 1869. MY DEAR SIR:--Many thanks for your kind letter of the 9th, with a copy of your "Financial History of the War." I have only had time to glance over the index. It will be very valuable and interesting volume and I shall