Wilmington daily gazette., 1873-10-14
THE OILY DEMocRArIc DAILY IN TRs STATE
The Prealdent,s Views.

U0 TNGStOOUt VISWSs
The views communicated by President Grant
TO the New York Press Association, do not meet
with favor from some OF his former admirers. The
New York Tribune thinks ait is pity that the
Presidents financial ideas are not as good as hii
Itentlons. He wants a return to specie payments
He wants encouragement of crazy stock specu-
lation, aud of building railroads without capital.
lie wants an end to the folly of the payment OF
interest by private banks on daily balances. Moth
ing could be better than these wishes.
But he proposes positive expansion OF the cur
:cncy, by law specifically authoriziag the un.
waTrantable issue OF the fourly-four millions
which his Secretary has already begun. lie pro-
poses free blnking He would also like q new
National blnking establishment, to be known as
the POST Office Bank; and, while prohibiting the
payment of interest on deposits by any other
banks, he would authoriss this to pay per cent.
on the average balances.
We have the highest respect for the Presidents
obvious good intentions in finance. But VIC had
not thought before that any utterance from him
or from anybody could possibly make us rejoice
that Secretary Richardson is still at the head of
the Treasury department"
Dad as the views o! Secretary Richardson are
the Tr,5OHe regards them as far preferable to
those of the President little management now
on the part Of these two officers would no doubt
bring about specie payments, in the most easy and
pleasant manner possible. But there is little hope
of our reaching this much desired condition OF the
finances, while these two officers are apparently
dung all they can to prevent the object in view
unless it be in defiance Of their wishes and from
the natural drift Of things AS the tide is setting
that way now, it is possible that this may b. the
result in very spite of the wishes of those who dc
sire to make money out of the arrangement of the
currency.
The edit Of the money column Of the Ledger,
Who after emitting considerable A4ttery upon the
President's views, extracts the kcrnal from them,
and puts himselfin hostility, in the following
graceful but positive sentences
"llis purpose is good, but his proposed means
OF accomplishing that purpose will be open to
criticism, As, tor instance, while he favors re-
sumption OF specie payments he proposes pos
uve expansion of the paper currency BY law sp.-
cincalS authorizing tue uuGarrAutable issue Of
the iorty.iour n Hons which his Secretary has
ALREADY begun. He piopos :, also. tree lanking,
and would itKe BeW naIional nK establIsh-
men', 10 be kno~n as he Post-Ofice Bank and
while prohibiting the parrnent OF Interest on de-
posts 10y any otaeT banks, he would authorize
t1is to pay four per the average balances,
TIE Philade!p4. PleSs differs f.om the Prcsi-
also Il says:
There is, howcye-, one proposition attributed
10 him from winch We wouli dissent, and only
ons. Ia our Judgement he theory tAa. we can
only each resumption bv accepting a shrinkage
OF Na'ues' which had injure 3" many individuals
deserving OF better Ia e."ls q most dangerous
delusions, a; least apphcable to this country .
The VoTld has long article on the President .
roF rhich rrot t,iyo ha
What could have possessed the President Of
the United States TO put forth such bundle of
M-solted trash {?
His recommendations are cruder, II possible.
than his theories and his notions Of financial
hlsIoly. lie desires an early retnrn 10 specie
payments, and yet be will ask Congress for
authority 70 issue the 100000 of additional
greenbaeks not perceiying that their is any re.
lailon between the amount Of the currency and
is oepfeclatlon: dc will also recommend "a free
banklng law with The same protection TO bill.
holders as now" But ii there is TO be unlimited
permission 10 issue bank notes under free bank
ing law, what need would there be OF also expand
ing the currency by issuing the fory-iour mil
Hohs OF reserved Freenbaeks Unrestricted issue
OF bank Iotes can be safe only when banks are
Vigorously bed 10 the sound rule Of redee ming
their notes in coin
The ae tional forty four millions Of greenback
ean oe needed only for supplying the banks
with the means Of redemptin1, as bank notes
Goud Ill tue channels Of circulation If
the bank circulation is to be enlarged the green
BACK circulation should be contracted The dou-
Die expansion which the President recommends
would put far away the day of, specie payments,
Whien ne processes desire to hasten. Ills recon-
mendatlons do not hang together.
lie recommends that banks be forbidden to
pay Interest ON deposits, aud in the same
Dteath recommends that they be relieved from
Keeping reserves to redeem their deposits.
Ihese recommendations are also Inconsistent
But the President can be consistent In moth
ing. While he would have a law forbidding
banks 10 pay interest on deposits, he wishes
congress TO establish what he calls Dost-of-
nee DARK Tor paying 4 per cent interest on de-
posits payable, like ordinary bank deposits.
on demand. The proposal TO convert the
Post-onlce into sayings bank is a wild scheme.
IL Is humiliation TO the country that it has
Chief Magistrate who can put forth such a
mess OF cruditles and contradictions with an
oracnlar air OF wisdom as if he were explain
Ing important measures.
How TO HELP BusINEss.-N Noting the deprea-
kA00 in f0FaiUu awcAanana Al. A.,