The weekly Louisianian., 1874-04-25

me in every /, animal message sent toll
Congress andm each inaugural adj
dress. Ii mysannual message to
Congress, in December, 1869 1.-The
following passage appears: "Among
the evils growing out OF the rebel
lion and not yet referred to, is that
Of an irredeemable currency. It is
an eva.which I hope will receive
your most,earnest attention. It is
q duty, and one Of the highest duties
Of government, TO secure to the
citizen a medium Of exchange Of
fixed, unvarying value. This I'M
plies a return to d specie basis and
no substitute for it can be devised.
It should be commenced now and
reached at the earliest practicable
moment consistent with a fair re-
gard to debtor c~lasses;s.immediate
Presumption, if practicable, would
not be desirable. It would compel
the debtor classes to pay beyond
their contracts the premium on gold
at the date Of their purchase, and.
would bring bankruptcy and ruin
to thousands. Fluctuations, how
ever, in the paper value: Of the
measures Of all values-gold-is
detrimental to the interests Of trade;
il makes. the man Of business an
involuntary gambler, for in all sales
where future payment is to be made
both parties speculate as tofwhat
will be the value Of the currency to
be paid and received I earnestly
recommend to you, then, such leg
islation as will insure q gradual re-
tu:n to specie payment and put an
immediate stop to fluctuations in
the value Of currency" ! still ad'
here to the views then expressed
As early as December 4, 1865, thu
, House Of Representatives passed
resolution, by q vote Of IA yeas *
6 nays, concurringg in the views o
, the Secretary Of the Treasury y
! relation to the necessity Of aeon
I traction OF the currency, with
t view to as earl, redemption Of spe
! Gle payments as the business inter
: ests of the country will permit, and
r pledging cooperation to this end a
, speedily as possible. The first &C
: passed by the Forty-6rst Congress
: on March l8, 1869, was as follows
I An act to- strengthen the publ
credit Of the United States.
Be it enacted, ETC., That in .orde
c to remove any doubt as to the pur
8 pose of the Government to dis
D charge all its obligations to til
: public creditors, and to settle coz
. aicting questions and interpretatio
OF the law, by virtue
q which such obligations hav
= been contracted, it is hereby pr
IL yided and declared that the faith {
q the United States is solemn
pledged to the payment in coin, {
j. its equivalent, Of all the obligation
of the United States, and Of all Il
Interest bearing obligations exec
in cases where the law authorizln
o. the issue Of any such obligation
Mt has expressly provided that the sa
r may be paid in lawful money or
r. other currency than gold andsllve
a. but none Of the said interest bea
S. ing obligations not already d
70 shall be redeemed or paid beto
as maturity, unless at such times asst
~ United States notes shall be co
vertible into coin az the option
H. the holder, or unless at such til
tobonds Of the United States beari
fv a lower rate of interest than t
". bonds to be redeemed can be &c
at par in coin; and the United Stat
i'd also solemnly pledges its faith
re- make provision, at the earli
he practicable period, for the REDEEM
re- ton of the United States notes
re- coin. This act SILL remains as
ks, continuing pledge Of the faith oil
re- United States to.make q provis1
lot at the earliest practical moment
,ct the redemption Of the Unitedsta
IT. notes in coma declaration contain