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Letter From Secretary Chase To Mr. Walley

Letter From Secretary Chase To Mr. Walley image
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Treasury Department, Oot. 23. My Dkar Sir - I ara muoh surprised ty the statement you say has boen mad by one who ougbt to know, that the governmeot intend to refuse payraent of the 5 per cent, aud 4 per ceut. temporary depogits u anything but 6-20's. I certainly hava qever entertained a thought of paying them in anytliing exeept the currency in whieh they wore reoeived - that is to say, United States notes - unless, indeed, they are paid in gold. The idea that they aro to be paid in anything but money, however, is only about as absurd and groundless as the statement that the natioual debt amouuts to two thousand ïuillions of dollars; and yet, this statement was gravely pul forth in the leading resolution of the conservative eonvention, whieh met the other day }n Faneuil Hall On the day that resoiution was adopted the national debt amounted to less than $640,000,000. I wish I had thought of it, and I would have obtained the precise figures at the departraent before I carne down, (I am writing at my house), and I would havo given them to you. Six huudred and forty millions, compured with what we havo to show for the expenditure of our part of it - seventy-odd millions, you Jtnow; was the iegaey of the Buolianau edministration - is bad enough. J certainly do not contémplate it with eomplscenoy. With fitilj. leps coinplaeenoy do 1 contémplate lts increaso actual since the resolution was adopted, and praspec tive for the year, at the rate of a milli n pnd a quarter a day. Bilt still six liundred and forty raillions i8 not two thou pand millions, nor do I thipk it wise or patriotic to suy two tliousund when sis hundred and forty representa the truth. It wag said, doubtluss, by mistake. You may show this letter to vvhoni you pleae, and if you choose, thongh itit is written with a ruDning pen, as you seo, priiit the BubíftaDce of it. S.F.. CHASE.


Old News
Michigan Argus