Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-10-13
President Grants Views.
From the ashiugton Republican

The views Of President Grant on the inan-
c!at qurs lou were expressed III substance on
| Saturday during a cuUvnrS atom between HIN
and tie writer OF this article.
10 the first place he tlought that The panic
! gccray through The country differed cssen-
tl.::ty. 10th il cause an eff ct from any sluilar
even; Of wLci. lie had knowledge. When such
events have heretofore taken place, dl>tru5t
| has been n,c;SIuned Is TO the currency III crcu-
aiinD. Every Que 10 possession 81 currency
would rush 10 the banks with 1t or spend 1t III
the mcst liberal manner. But now. curreucy,
instead III being pre.iatcd, Is actually bccom-
ing daily more valuable.
In response III question, he said he Thought
he saw III passing events the first STEPS toward
Resumption, for thereasou thatl an cs generally
occur when the Country lacks prosperity, SUCH
al from !hc t,urc OF crops, over-pu;chasc> tfoui
abroad, Il. La this Instance the panic has oc-
cured in the midst of the greatest general
prUsp"rity. He believed he Was Correct III say
| irg Ri II our exports since the being: of che
PRESENT ii,:al year have exceeded our imports;
that too, at lime when comparatively no cot.
ton, the largest single item of exports, was DOT
moving Everything we produc. is 10 great
abundance, aud the demand for il abroad Is be
yond the supply We have 10 spare. Our
;nanufactorlcs are prosperous aud many arc
c!cs winch have been Imported are, to a great
'xtaut, not only Icing produced at home, but
w. are actually competing in the supply OF
foreign markets The aid recently rem,
'icGcd in the purchase OF an unusually large
number Of bonds was not 30 much real Is
moral. ''The fact is, said the President,
''thc money corporations OF the country had
become stampedtd, and in turn startled and
>tampeied the whole country. Had not tie
Treasury seemed to aid them in some way the
Thighs would have become more general, and
the Consequences to the country more fatal -"
" il was. he really believed the effect was CO.
lag to be beneficial III many ways to the couo.
Try at large, though the Gust to some iudvd-
uatS, deserving Of a better fate, may be severe
Recurring to the subject of specie payments
the President SAID: Il return to specie basis
clp never be effected except by u shrinkage If
values. This always works hard to Il large class
9t people who KEEP all they are worth in mar
gins. This shrinkagc has now taken place
| Disasters IT, individuals have already ovcrtaken
them, and it is to be sincerely hoped the advau-
tagc may be rctained in order 10 reach solid
financial basis. Already the currency has ap.
ptccatrd u about par with silver. The won.
DIR is that silver i not now pouring out.
~ heu This shall take place, continued the
| Pre>ldent. my theory Is that the country will
absorb from Two to three hundred millions OF
II. This would prove great benefit in several
ways l.; would supply i market Tor nun
| Ter ot years Tor product of our millcs now
becoming drug L. would take the place OF
| forty millions OF FRACTIONAL currency-abont the
amount of change that is proven to be uecessa-
| r. for the transaction OF businessman become
the curreucy, which would be boarded in small
amounts. With silver once more ia circula-
ton, grccubacks would never be at discount
lur silver. All fluctuations from that point
would be in appreciation # value of our paper
money. As to LEGISLATION, the President
said II have thought much upon this Subjecr,
anu II | ere now engaged 10 wrltlog my an-
oua message to Congress | should recommend
positive authority to reissue the forty four
millions OF legal tender reserve: free banking
law, with the same protection to blll-hold"rS as
no%; repeal of the clause requiring Il reserve
| tr he protection oldcprsitorS, Il percentage Of
| the other reserve to he In gold, and thar in
creased in regular ratio until the whole re-
serve would be III gold. T4iS cou!d be s,Lly
| effected by requiring such Institutions to save
,hc whole Or large percentage of the gold in
terest paid to banks on their bonds held by the
Treasurer Of the Uritcd States for the protcc.
ton Of bill holders
| The President further said that he favored
aa absolute prohibition to the payment of in
tcrcs; ou deposits He did not contend that
he would be right in these recommendations,
but they cmbollcd the views which bis unad-
ed ref .ctionS had brought to him. There was
no question but that much decentralization and
injurious speculation and gambling WAS caused
By tic accumulation of capital in large centres
during portion Of the year when money is not
required FIR the moving Of products BY the
payment of interest on deposits This leads
country bankers, merchants. and others to de-
pcsl in city banks, principally in New York to
make this money earn something during the
period wheu they do not wish to Use it., Banks
paying Interest. on deposits cannot atIurd to
hold the money idle; hence gambling in Fancy
stocks millions OF which, as an Investment,
would not support family even 10 the most
economical manncr; the building of railroads
that are Tot wanted, and which cannot for
years pay running expenses, etc. Such
gambling and speculation continued the
President, II trust has received blow from
which it viii never recover. 81.
liz conclusion the President said that unless
his mind should undergo a change he would
rccommcGd post office bank This would give
Us AL Institution in which everybody would
have great coutiicnce, within the reach OF every
one who can approach money order postohce.
lie should recommend the payment OF four
per cent. to depositOrS, and the conversion OF
deposits either toto outstanding Unltcd States
bonds Or luto new tour and alali per cent.
bonds and the taxing Up of a corresponding
am9unt Of those outstanding.
NORTHERN Pacific RAILROAD. "A B. Net
ictun, agent OF the trustees Of the Northern
Pacific Railroad, publishes a statement Of the
affairs Of the Rad. showing that 55S mile.
have already been built and equipped, aud are in
regular daily operation with freight and pas
>cngcr trains. The earnings, he says, have
cauned the expectations Of the company The
rolling stock consists OF sevcnty-two locomotives,
twenty two Passenger cars, ten mail, baggage
aud immigrant cars, and one thousand five
hundred and fifty freight and platform cars
Up TO the present time the company has acquir