Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1869-10-14
The Policy of the Administration Fore
shadowed.

From the n Y. Times, August 25, 1869.
FtSANCIAL POLICY OF THE ADMINISTRATION.
Thus far sin his administration of the
Government President Grant has not
set forth, in an official form the policy
by which he Is governed when acting
upon fiscal affairs. This utterance can
not reasonably be expected prior 10 the
meeting of Congress in December next.
In his annual M Message, and in the re-
port of the Secretary OF the treasury, we
may expect to see clear and full devel-
opment OF the policy of the President
and in the subsequent acts OF congress
that policy will be aided, strengthened,
and, perhaps, modified.
In the meantime, the acts of the Ad-
n,inistration enable us to form decided
views of its policy and intentions. First,
the President evidently intends to pay of
the "five-twenties," as rapidly as he
NAV, in gold. Secondly, in order to be
able to make this payment soon, the
President is labCring to largely apprecl-
ate the credit of the Government; he IS
struggling to lift its securities to the lev
ell of the securities of the wealthiest Eu-
ropean States. When this end is meas
urably attained, the President will be
able to negotiate a loan at par, in gold,
at 4 or Al per cent, with the proceeds OF
which to pay off twelve or fifteen hum
dred millions of the public debt; thus,
in the mere saving in the rate OF inter-
est. Iessening our annual payments OF in
terest. in gold, $25, 600 900 or $30, ,OOO, 600.
Thirdly. to enable him to build up the
Goyernment credit and lessen the inter-
est upon the debt, the President has sed-
ulously and with some success labored to
collect the revenues without loss or
waste. and with less expense; also, to
Introduce q rigid economy into every
branch of the public service. Great sa-
Wings have been realized in the Military
and Treasury branches, creditable sa-
wings in the State and Interior Depart
ments have been effected, and consider
able savings are hoped for from the Ma
Wy and Post-office.
So far as the current movements OF
the Treasury are concerned, until the
crops are moved, it is not likely Treas
ury gold will be sold Tor currency TO De
locked up. The entire surplus OF cur
rancv in the Treasury, on the contrary,
will he employed in the purchase OF
bonds. as heretofore, that money may
ne abundant and cheap at the time
crops are to be paid for and moved by
transporters to market. AND 1T MAY
RE- THAT FURTHER PURCHASES OF
RoNDs WILL BE MADE DIRECTLY WITH
GOLD. l~At time of the year so critical
to 'producers, the President will not
withdraw currency from the channels
of trade and commerce 4; he DaU not Sesed
CoII ioto the market and sell for caTTen-
c,J 10 lock ND in the Treasury vGutts.-
Snch procedure would reduce the value
of sur entire products; to buy and lock
nm our currency now, and thus make
money scarce and dear, would distress
ali of The producers of the country, ana
benefit nobody but usurers and specuIa-
TORS. This error a0iU not be committed.
No Administration can desire money
panic. and, as consequence, low prices
for produce, upon the eve OF the 1all
The policy of the President is, then,
as revealed by his acts, to appreciated the
values of all Government securities pre-
paratory to the making OF an eifofG 10
lessen the rates of interest on the puDllc
deht-to honestly collect the revenue
to reduce the expenditures. rms poicy
will enable the Administration TO place
our finances upon Solo Iounuatioh'
and to reduce the tdces.
Such is the financial policy of the
President, as developed by his acts. 1t
is at once simple and efficient. BY
our credit we carry our
bonds to par in gold; by becoming able
to obtain money at or AZ per cent, we
can save II or per cent. per year upon
our whole debt. Contests between Low
eminent and bondholders are Likely to
lessen the value of bonds and destroy
our hope of reducing the rate ofinterest
from to 4 per cent. per annum. Inc
poIicy of the President is wisest and
best. 1t is honest, simple, and states
manIike. It will succeed If adhered TO
and vigorously maintained. ra.