Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-10-16
A Letter from President Grant.

Evening Post. of the 18th inst.
EXECUTIVE MANSION,
WASHINGTON, D. G., Oct. 9th, 1873
Mn Dear Mr.. C0,cayry Iour letter OF the
29th ult was duly received aud read. as was
YOUR previous letter Neither required al an
swer particularly, and hence | did not answer
them at that time. Your last letter, however.
contains one sentence that it seems proper |
should reply to, that is, as to az implied threat
to the National banks, contained in my letter
to Messrs Anthony & ClahiD. Nothing was
further from my mind than threat: MY
whole object was to restore confidence
to the public mind, aud to give assur,
auces that the Government would give all
the aid 10 its power, keeping IN view, at the
same time tho solvcncy of the National! rcaSu-
nv. You, and all bank president know more
about the condition of your banks than can
possibly know. 10 turn, |, through the Secre-
tary of the Treasury, know more about the
financial condition Of the Government its ability
to render aid, &C., than any person oil connect-
ed from the administration Of its affairs can
know. | alluded to the fact that the lorty-tour
million reserve notes in the Treasury would be
regarded as money in the Treasury subject to
use. for the purpose of showing that the means
arc at hand TO give the relief We promise.
do not believe the present panic will work
to individuals half the injury ii will work gencr,
al good to the country at large. Our monetary
system is the creation of necessity. 1t has 10
elasticity, but in other respects 1t Is tic best
that has ever been devised. No one now dis
trusts the value of this paper dollar; on the
contrary, it is seized and boarded with the
same avidity now that the gold dollar has been
in former like universities. The panic will call
attention to the defects in our monetary system;
and will, no doubt, lead to legislation to relieve
the wants of elasticity.
The panic has brought grecnbacks about TO u
par with silver / wonder that silver Is not
already coming ioto the market to suppl y the
deficiency in the circulating medium. When
it does come-I predict that it will soon--wc
will have made a rapid stride tnward specie
payments Currency will never 80 below silver
after that
The circulation Of silver will have other beue
fetal effects. Experience has proven that 1t
takes about forty millions of fractional currency
to make the small change necessary for the
transaction Of the business of the country. Sill
yer will gradually take the place Of this curreu.
cy and, further, will become the stand ard of
values, which will be boarded in small way.
| estimate that this will consume from two to
three hundred millious in time, of this species
Of our circulating medium, 1t will leave the
paper currency free to perform the legitimate
functions of trade and will tend to bring us
back where we must come at last, to specie
basis. | confess 10 desire to see a limited
boarding of money. 1t insures 4 firm fouuda
ton in time of need. But | want to see
| boarding of something that has standard OF
value the world over. Silver has this aud if
| we once get back to that, our strides towards
| higher appreciation of our currency will be
repaid.
Our mines are now producing almost un-
limited amounts of silver, aud it is becoming a
question, what shall we do with it?'' |
suggest here solution that will answer !or
some years, and suggest to you bankers whcth-
er you may not initiate 1t; to put 1t 10 clrcua-
ton now; keep it there until 1t Is fixed, and
then we will find other markets. The South
and Central American countries have asked US
to coin their silver for them. There has never
been authority of law to do so. | trust 1t will
DOW be given. When it is given it will be more
than the equivalent of becoming exporters of
articles of manufactures which were previously
articles of import. Orders will come for large
amounts of coin. It will be all in silver while
payments are not necessarily so. We become
! the manufacturer of this currency, with profit
and will probably secure portion OF our pay
10 the more precious metal.
| I have thought much about the recommended
tons | should make to Congress, and have
changed slightly in regard to banking laws since
| | last had the pleasure of a personal interview
with you 1t is not necessary to state what
those changes are because thew may un-
dergo further modification. shall give to the
subject, however, by sincerest thoughts, and
will court the views of others.
have written this hastily, but if it calls forth
any views you would like to express | will be
glad to hear them.
Yours truly, U. S. GRANT.
MOVEMENTS IN MEXICo For some time
past there have been movements ln Mexico
tending to marked political changes iu the feat
ures of government The latest advce> show
the result 10 the fact that the Congress OF that
country has adopted amendments to the constl-
tuition providing for the separation OF Church
aud State, there being no power to establish or
prohibit any religion, and proclamation Is made
| by the President accordingly. Under the new
laws marriage is civil contract, all oaths are
abolished, parties being required only to affirm
the truth, monasteries are prohibited 20 rell-
gous institutions being allowed to possess prop
erty, and all involuntary servltude suppressed
| 1t is added that the Jesuits have been ordered
to leave the country at the first opportunity.
OF course, these measures bcget opposition
from the interests affected, and much depends
upon the degree of moderation exercised in en-
forcing the new laws. constitutional changes,
whether referring to politics or religion, seem
to be made with great facility in Mexico
When Iturbide proclaimed Mexico independent
in 1921 one of the principal points of his pro-
gramme was the recognition Of the Catholic as
the national creed. In 1888, when Santa Anna
became President, Congress passed laws abro-
eating the authority Of the Pope over the Mex.
lean Church, suppressiDg the converts, and
abolished the compulsory payment of tithes.
1t also proposed to appropriate the property Of
the Church to the payment eff the natlooal
debt, but this measure led to Instructions and
complications which ended in 1875 in the abro
| CATION of the constitution. In March, 1856,
| President Comonfort conhscated by decree