The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1874-04-30

deemable currency. It Is an evil which
hope will receive your most earnest at
tention. 1t is duty. and one of the
highest duties of the government, to Sc
cure to the citizen a me dunn of exchange
OF fixed, unvaryirg value. This implies
return to a specie basis, and no substi-
tute for it can be devised. It shonld be
commenced now, and reached al the
earliest practicable moment consistent
with fair regard to the interest of the
debtor class. Immediate resumption if
practicable, would not be desirable. It
would compel the debtor class to pay be-
You'd their contract the premium on gold
at the date Of their purchase, and would
bring bankruptcy and ruin to thousands.
Fluctuations, however, in the paper value
o. the measure of all values of gold is
detrimental to the interest of trade. 1t
makes the man of business an involuntary
gambler, fer in all sales where future pay
ment is to be made, both parties speculate
as TO what will be the value Of the cur
fency to be pad andsreceived. earnes
ly recommend to you, then, such iegisla-
ton as will insure gradual return to
specie payment, and put an Immediate
stop to the fluctuations in the value OF
the currency" I still adhere 60 the views
then expressed. AS early as December,
1865, the House of Representatives passed
a resolution by vote of IA yeas to 6
nays, concurring in the views of the
Secretary of the Treasury in relation to
the necessity of contraction of The cur
rency, with view to as early resump-
ton of specie paJmen ts as tue business
interests of the country will permit, and
pledging cooperative action to this end
as speedily as possible. The first act
passed by the Fort! -hrst Congress, on
the 18th day OF March, 1869, was as fol-
lows: E~ .l..#'#'at@@
An act to strengthen the public credit of
the United States.
Be II enacted by the Senate and House
of Representatives of the Uuited States of
America in Congress assembled, That in
order TO remove any doubts as to the pur-
pose of the government 10 discharge all
its obligations to the public creditors ,and
to settle conflicting questions and inter
pretations Of the law by virtue Of which
such obligations have been contracted, it
is hereby provided and declared that the
faith of the United States is solemnly
pledged TO the payment in coin, or it's
| equlvaient, Ut all the obligations of the
United States,and of all the interest-bear-
ing obligations, except in eases where the
law authorizing the issue of any such OBJ
legations has expressly provided that the
SAME be paid in lawful money or other
currency than gold or S LIVER, but none of
SAID interest bearing obligations not al
ready due shall be redeemed or paid be-
tore maturity. unless at such times as the
| United States notes shall be convertible
into cain at the option of the holder, or
un,ess at such time bonds of the United
/ States bearing lowerfate of Interest than
the bonds 10 be redeemed can be sold at
par in coin; and the United States also
solemDly pledges its faith to make pro-
vision at the earliest practicable period
for the redemption of United States notes
| in coin.
This act still remains as continuing
pie dge of the faith of the United States
! to make provision at. the, earliest practi-
cable moment for the retention of the
| United States notes in coin. A declara
| tion contained in the act of June 30, 1864,
created an obligation that the total
amount Of the United States notes issued
or to be issued. shuold rever exceed $780,
100000. The amount in actual circula-
ton was actually reduced to 1856, 900, 900,
at which point Congress passed the act
of February 4, 1868, suspending the fur
Their reduction Of the currency. The re-
serve to be used only in case Of an elner-
gency such as has occurred on several oc-
casions, and must occur when from any
cause, the revenues suddenly fall below
the expenditures; and such a reserve is
necessary because the fractional currency,
amounting to $5O,OOO.OOO is redeemable
in legal tenders ON CALL It may be said
that sucn return Of fractional currency
for redemption is improbable, but let
steps be taken for return to specie
basis and it will be found
that silver will take the place
of fractional currency as rapidly as it can
be supplied. When the premium On gold
reaches sufficiently low point, with the
amount OF United States notes to be issued
4 ~ ~