The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-04-23

interpretations Of the law nv virtno
OF which such obligations havs Soor SU oea
tracted, It Is hereby provided and a.
clared that the faith Of The IInItoS SJS s,o,e. ee
Is solemnly pledged to tho payment in
coin or its equivalent Of all o6liSatiops NJ
The United States and OF all the intcreS, a.
bearing obligations, except In cases whsrc
the law authorizing the issue Of apv , sncS
obligations has expressly provided the
same may be paid In lawful money or in
other currency than gold and silver, bnt
none Of said interest bearing Obligations
not already due shall be redeemed Or pAId
before maturity unless at such times AZ tho
United States notes shall be convertible IN
tocoin Ut the option Of tho holder,o or unless
at such time bonds Of the United States
bearing o lower rats o! interest than
bonds 10 be redeemed can be sold al mar
In coin, and the United States also Sol.
emnly pledges It's faith 10 make provision
OF tho earliest practicable period for the
redemption OF United States notes In
COIN" This act still remains as a con.
tinuing pledge ot the faith oi the United
States to make provision at the earliest
practicable moment for the redemption
Of the United States notes In coin. A
declaration contained in the act Of June
2Oth, 1854, created an obligation that the
total amount Of United States notes Il.
sued or to be issued should never exceed
$400, 100000. The amount In actual cir.
culation was actually reduced to 1856.
000, 900; at which point Congress passed
the act Of February 4th, 1868, suspendin0
further reduction Of the currency. The
forty.four millions have even been re-
garded as reserve to be used
only In case OF an emergency
such as has occurred on several
occasions and must occur when from spy
cause revenues suddenly fall below the
expenditures and such reserve ia neces.
sary because the fractional currency am.
mounting to fifty millions Is redeemable
In legal tender on call. 1t may be said
that such q return OF fractional currency
for redemption Is impossible, but let stems
be taken for return 10 a specie basis and
It will be found silver will take the place
OF fractional currency as rapidly as 1t
can be supplied. When the premium
on gold reaches sufficiently low point
that the amount Of United States notes ara
10 be issued permanently within proper
limits, and the Treasury so strengthened
IS to be able to redeem them in coin on
demand, 1t will then be safe to inaugur.
ate q system OF free banking with such
provisions as TO make compulsory redemp.
tion OF circulating notes OF banks in com
as United States notes themselves are re.
deemablc and made equivalent 10 coin.
AS q measure preparatory to free banking
or for placing the Government in con-
dition 10 redeem It's notes in coin
at tho earliest practicable moment.
the revenues Of the country should
be increased so as 10 pay the current
expenses and provide for the sinking
Iund required by law, and also surplus
10 be retained in the Treasury in gold. l
am not believer in any artificial method
of making paper money equal 10 coin
when coin Is not owned or held ready 10
,edeem promises to pay, for paper money
8 nothing more than promises to pay and
8 valuable exactly in proportion 10 the
amount OF coin 1t can be converted into.
While coin is not used as a circulating
medium or the currency Of the country Il
not convertible into 1t at par, It be-
zones an article OF commerce as
much as any other product. The surplus
will seek q foreign market, as will anv
)ther surplus; the balance Of trade has
lothing 10 do with the question. The
luties on imports being required In coin.
'reate limited demand Tor gold, and
bout enough 10 satisfy tho demand re.
Mains in the country, To increase the
upply, l see no way open but by the Gov.
rnment boarding, through the means
bove given, and possibly by requiring
he National Banks to aid. Il Is claimed
y the advocates of tho measure here.
nth returned that there is an UNEQUAL
distribution Of the banking capital
I the country. l was disposed 10
i've great weight 10 this view Of
he question at FIRST, but on re-.
lection, let 1t be remembered that there
till remains four million dollars Of
uthorized bank note circulation assigned
States having less than their quota Of
ank circulation. They have tho option Of
twenty-five million more, TO be taken from
hose States having more than their pro.
ortion. When this Is all taken up, or
'hen specie payments are fully restored,
r are in rapid process of restoration, Il
I'LL be time to consider the question Of
lore currency. .. 8, GRANT.
Kzecutive Mansion, April %, 1874.