Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1874-04-30

than +bo bopds IN he redeemed can be sold at
nor in coin and the United States also sol
EMMY pledrc its faith to make provision at
the earliest practicable period for the reaemp-
ton of United States notes in com.
This act still remains as a continuing picuge
of the faith of the United States to make pro
vision at the earliest practicable moment Tor
the redemption of the United States NOTES IN
com. A declaration contained in the act OF
June 20. 1854 created an obligation that the
total amount of the United States notes Issued
or TO be issued, should never exceed S4VO,uOO,-
900 The amount in actual clrcul2uoh was
actually reduced to 1856, UOO,O0O, at winch
point Congress passed the act OF feo. =, 1908,
suspendng the further reduction OF the cur
reucv he S44,000,eo0 have even been re-
parded a reserve to be nsed only in case OF an
emergency such as has occurred ON several
occasions and must occur when, from any
cause the revenues suddenly tall below the
expenditures and such a reserve Is necessary
because the fractional currency, amounting 10
so 0O0, 900 il redeeynable i'll legal tenders on
call. 1t may be said that such return OF
fractional currency for redemption Is Improb-
able, but let steps be taken for return to a
specic basis and it will be found chat silver
will take the place of fractional currency as
rapidly as il can be supplied. when the
premium on gold reaches a sufficiently low
point, with the amount of United states notes
TO be issued permanently hXed WITHIN the
proper limits and the Treasury 50 strengthen
ed as to be able TO redeem them III com on
demand it will be then safer to inaugurate a
system of free banking, with such provisions
as TO make compulsory redemption of clrcu
lating notes of the bank in coin or United
States notes, themselves redeemable and made
equivalent to coin. As a measure preparatory
to free banking, or for placing the government
in position to redeem its notes III com at the
earliest practicable Moment the revenues OF
the country should be increased so a. 70 pay
the current expenses, provided Tor the SINKING
fund required bv law, and also a surplus TO be
retained in the Treasury IN gold. / am not
a believer in any artificial method OF making
paper money equal to com, when com Is not
owned or held ready 20 redeem the promises
to pay, for paper money Is nothing more IMAM
promises to pay, and is valuable exactly III
proportion to the amount OF coin that 1t can
Ice converted into While coin is not used a.
a circulating medium, or the currency OF the
country is not convertible into 1t AZ par, 1t
becomes an article of commerce as mnch as
any other product. The surplus viii seek IA
foreign market As will any other surplus. The
balance Of trade has nothing to do with the
question. The duties on imports being re-
uuircd i'm coin create Il limited demand Tor
gold and about enough to satisfy that demand
remain, III the country. To increase tins sup
ply ! see no way opcn but by the government
boarding through the means above given, and
possibly 10y requiring the national banks to
add 1t is claimed by the advocates OF the
measure herewith returned, that there Is an
meunal distribution of the banking capital of
the country, | was disposed TO give great
weight to this view Of the question at first,
sut ON reflection it will be remembered that
there sull remains 100000 Of authorized
bank note circulation assigned to states hav-
iug less than their quota which IS not yet taken.
In addition to this, the States having less Than
their quota OF bank circulation have the OPP
tiun of TWENTY-FIVE millions more to be taken
from those States having more than their pro
portion When this is all taken up, or when
specie payments are fully restored or are in
rapid process of restoration, VIII be the time
TO consider the question of more currency.
L. ). GRANT.
Executive Mansion, April -, lSt4.