, 1874-06-06

a production q year or two ago that President
| Graut would ever earn q reputation az n no,;t;~
oal economiRt, would have bcou received with
derision. And yet If ho is entitled to tho croilt
| for tho viows which Senator Jones pute forth ma
bis by authority, and which wo print this morn
ing III our Washington dispatches, he has given
tho clearest expression to sound financial prin-
flples which VIC hive Ind from Washington dur
ing I'LL the discussion. It is All Intelligent ol.b-
oratlon Of Horace Groeloy'a aphorisu.
that tho way to resumo is to rcsumo.
Ao believes in roturn to D specio
basis at tho earliost practicable date, and be-
lieves that tho time may be lxod, and plan de-
vised, now as well us later. The plan ho would
recommend. though ho Las no confidence TINT II
will be adopted by tho present Congress- is sim-
pie and feasible:
l. Ho would repeal tho Lega1-Tender act, the
repeal to take otrcct July l, 1875. All contracts
mado subsequent to that date would DO On tho
gold basis.
z. After July l, 1876, ho would have crcen
backs redecmahle in coin at nll the Assistant
Treasurors' offices, and would issuo sufficient
amount OF gold bonds to provide for such re-
demptlon. AL greenbacks presented for 10.
oemption should be Cancelled and retired.
8. No bills should bo Issued in exchange. after
redemption, Of q smaller denomination than
Slo; within one year after redemption alI the
81 billa should bo withdrawn; and, within two
years, all tho $40 bills, 80 that tho country
might have permanent supply Of gold and
silver In circulation.
l. 4. Thon thoro could po FREQ banking without
limit and without danger.
TliH is tho whole plan in nutshell uutn-
numbered by any confusing provisions or tam.
porlzlng compromises, It III not tho dotail
but tho spirit Of tho plum which should commend
itself othor might 10 substituted If tho splrit
were retained. II it wero adopted, the pooplo
would wondor In two years why 1t had not boon
adopted boforo. Con. Grant understands ylat
Messrs. Morton aud Logan probably could not
comprehend, that poorer currency drlyes out
better currency, and that, whom gold
coaaos to be commodity Of which
the country has d surplus md no
mood, 1t will romain In tho country iustoad Of
Booking q market abroad. In tho moantimo.
Con. Grant would maintain m oxcoss Of rove
nue over tue Goyorument expenditures, ~ by
rigid economy, aud (2) by taxation whore 1t
could be best and easiest borne. II this polioy
could be maintained. tho country would bo vol
prepared for resumption at tho time 1lo 1xoa,
tho national crodis would ba in condition to
command all tho gold 1t might neod grecnbaclss
would be worth par, and tho debtor " oass would
not bo hulf III badly hurt IL tho "crelitor"
cass VIVA whom tho Logal-Tender aot bocamo q
Ian.
Con. Grants usteranceR have probably ro-
oelVod q peculiar and striking emphasis through |
the Interpretation Of sonntor Jouea, Of Nevada,
who had already demonstrated in hia seuate
speech good hoad for practical common.sonAe
anu logical finance. But 1t Ia sufficient IL tho
President comprohonds and approves tho vleva
thua put forth. lie may not be able to Induce
tho present Congress to adopt tho,n, but 10 |
u u = poaitlon, by ths axare!ss OF