The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-04-23

y upe lUlu, 4tOSi CIeoteu ~ oo'6oSA
that the total amount Of United States
notes inued or to be Issued should
never exceed four hundred million dol
lsre. The amount in actual cifculs.
ton was actually reduced to three
hundred and fifty-six million dollars,
at which point Congress passed the act
of February 4lh. 1868, suspending the
further reduction OF the currency, The
forty-four millions have ever been
regarded as a reserve to be used
only in case OF an emergency such as
has occurred on several occasions and
must occur when from any cau.e
revenues suddenly fall below expendi-
tures, and such . reserve is necessary
because the fractional currency amount
ing to fifty millions 10 redeemable in
legal tender on call. 1t may be said
such a return OF fractional currency for
redemption is impossible, but let steps
be taken for . return to q specie basis
and it will be found that silver will
take the place oil fractional currency as
rapidly as it can be supplied when the
premium 90 gold reaches q sufficiently
low point, the amount OF United States
notes 10 be issued comes permanently
withiD proper limita, aud the treasury
is so strengthened as to be able to re.
deem them in coin on demand. twill
then be safe to inaugurate
a system OF Tree banking with
such provisions As to make COM
pulsory the re iemption OF the circula.
ting notes of banks 10 coin or the
United States notes themselves re-
deemable aud made equivalent to coin.
as q measure preparatory TO free bank
ing, or for placing the government in .
condition to redeem its notes in coin at
the earliest practicable moment. The
resvenues OF the country should be in
creased 50 as to pay the current ex-
penses and provide for the sinking fund
required by law, and also . surplus to
be retained 10 the treasury in gold. |
am not believer in any artificial
method OF making paper money equal
to coin when coin is not owned or held
ready to redeem promises to pay, Tor
paper money is nothing more than
promises to pay and is valuable exactly
in proportion to the amount OF coin
it can be convertible iute. While coin
is not used as circulating medium or
the currency OF the country is not con-
vertible into it at par, it becomes an
article OF commerce as much as any
other product. The surplus will seek
a foreign market as will any other SUR
plue. The balance OF trade has notn-
ius to DO with the question. The duties
on imports beng required in coin
create a limited demand for gold, and
about enough to satisfy the demand
remains 10 the country. TO increase
this supply l gee no way open but by
the Government boarding through the
means above given aud possibly by re-
curing the national banks to aid.
1t 10 claimed by the advocates OF the
measure herewith returned that there
is an unequal distribution OF The bank
ing capital OF the country. l was dls-
posed to give great weight to this view
OF the question at 6rst, but on reflection
it will be remembers that there still
remains four million dollars OF authoriz
ed bank note circulation assigned tc
States having less than their quota moi
vet taken out. In addition TO this the
States having less than their quota o.
bank circulation have the option ol
twenty-five millions more to be taken
from those States having more thar
their proportion. When this ia al
taken up or when specie payments ar
fully restored or are in rapid process .
restoration will be the time to consIdeI
the question OF more money.
" U.S GRANT.
Executive Mansion, April 22nd. 1874.
The Arxansas Troubles.
The following telegrsphic correspsn
deuce took place to-day:
LITTLE Rock, ARKANsAs, Apr. %.
To Ihe President Of The United States
Washington
AsI cant move with any troops to
asserting my claims to the office o
Governor, without a collision with th'
United States troops which | will no
do under any circumstances, l propos'
to call the Legislature together at al
early day and have them settle the
question, as they alone have the power
But TO do this the members OF the leg
islature must have assurance OF protec
tion from you and guarantee that they
NAV meet in safety. This will be
pesceable solution OF the difficulty auc
| I will abide by the decision OF the leg
islature.
TS,pued,1 ELISHA BAXTER,
Governor of -trkanSaS.
ExscUrIvE MANSION.
WASHINGTON, April %.
| To Hon., Elisha Baxter. Little Rock
arkansas:
l heartily approve OF any adjustmen
peace ably of the pending difficultie
| in Arkansas by means OF legislstiv
assembly, the courts or otherwise.
will give all the assistance and protec
ton | can under the Constitution OF th
| United States to such modes OF adjust
meut, and hope that the military OF
| both sides will be disbsuded.
[Siyned.] U. 5. GRANT.
The District Isvestisation.
Mr.. Starkweather. of Connecticu
appeared voluntarily before the Distric
Investigating Committee to-day, an
stated that before the present investi
CATION commenced certain insipuasiou
had been made in disparsgement {
him. II one word OF testimony ha
been offered BY anybody which affecte
| him, either as . member Of Congress Q