, 1874-06-06
WASHINGTON.
The Man on Horseback
Opens His Mouth.
President Grants Views on
the Currency Question.
He Is Unqualitledly in Favor
Of Specie Payments.
He Advises an Early Repeal Of the
Legal-Tendcr Act.
No Objection to Unlimited Free.
Banking.
Passage In the 1lonse Of the Fort
st. Philip Canal Bill.
Eaas' S1l,o0o,ooo Jetty Scheme
Buried Out Of Sight.
The House Committee Vote Against the
Expulsion Of Cannon.
Resignation Of Assistant Secrc-
tary Sawyer.
Passage In the IIonse Of the Fort
st. Philip Canal Bill.
Eeas' S11,o0o,oo0 Jetty Scheme
Buried Out Of Sight.
The House Committee Vote Against the
Expulsion Of Cannon.
Resignation of Assistant Secrc-
tnry Sawyer.

WASHINGTON, D. O., Juno 5.-Therc is trouble
tn tho camp tonight. Mr. Grant has developed
capacity for producing trouble which is OF no
moan order. It appears that NfoBsrs. Logan,
Farwoll, and others who interviewed His Excel
loncy yesterday with regard to tho Currency bill
wont away with tho Impression thnt ha would
approve such bill rs waB afterwards adopted
by tue Conference Committee, as telcgraphod
to you last night Tho impression may have been
au erroneous one. Ata11 events It has boon utter
1y destroyed by tho evonts today. Tho Confer
enco Committee concluded to-day that they
would call on His E1collency FOR tho purpose Of
had agreed to, and which thoy supposed Grant
would approve. They called. Thoy did not con-
gratulato very much. They complain tonight
that tho tacitmrn man Of tho cigar
em % With thq tho ssasa So and nd
would veto tho bill. Ho was loud and voiublc,
and gave them m oyerhauling OF tho frat mag
nitude::, But this was not all. Aftor thoy had
taken thoir loavo, Grant drew up succnctly tho
It should pass, and gayo the document to Bena-
M thr Jonee to be toloeranl,ea all over tho land.
There is great excitement tonight in conse
aSsrssa aSspss 1 ct 81 h.vae ae n' s1sss01g g. is
md having, commenced actiyo1y to organize
the now party that ia to elect him to tho third
torn; Il IA believed that when Grant organizes
hia little company. and Morton gets his now
party into operation, things will DO aw{ully jolly.
THE cIv1L-n10nTs ELL.
Yesterday prominent member Of tho House
called at the Executive Mansion, and waa asked
Sy t1G pr1sdsnt whether the House would Pass
ds Hsh hts i pssssa was % tho 'e xea
"Yes, +" responded Grant, grimly, II want you
TO pass 1t 80 that can veto It,"
ALL At sEA.
The effect Of tue Presidents lottcr in reply to
tia 3t,x,y. ~
responlcnco is sent III full by the Associated
Proas tonight, will be to vitIate anything that
may ho dono by tho Republican senato-
rial Intuition Conference that ia to
GENE naoro On next M0na5s 5' as d The ses r.,
Vico.preeidents room at the Capitol this morn
ing. This miniature caucus was held, oweyer,
prior to tho receipt Of tho knowledge Of the con-
tenta Of tho oorrospondonce- manifesto, M con-
tanned in the reply to Senator Jonos.
ITO tbs Asaactated Press.1
PRESIDENT GRANT ON THE FINANCE QUESTION.
WASHINGTON D. c., Juno 5.-Sonator Jones
has obtained permission of President Grant to
publish tho following memorandum prepared
question:
bol.o7e IL [saya tho Prosident] a high
md plain duty to return to speolo basis at tie
oar!ioat practicable day, not only in compliance
Indispensable to lasting national prosnorlty. 1
bolievo further. that tho timo llna como when
this can DO done, or at least begun, with loss
embarrassment to every branch OF indlHtry than
St ',sa any y future simo' After resort hsa beon
UNSTABLE AND TEMPORARY ExpEp1EHra
to stimulate unreal prosperity and speculation
on basis other thnn coin, tho recognizod moll-
um OF exchange throughout tho commercial
world, the particular node ao1octod to bring
about tho restoration OF snocio standard III not
OF 40 much consequence ns that aomo adequate
pia1l DO devised, tho tiN1o fixed when currency
hlnl DO exchaageab!e for coin ut par, md tho
n|9n adopted figlaiy adhorod to- Il is not prob;
prove acceptable to both branches Of Congress-,
and Indeed q full discussion might shake my
own faith n tho details of any plan might pro-
poBo will, howegcr, venture to
STATE THE GENERAL rEAruHEs OF ACTION,
which seem TO mo advisablc,-tlio financial ptat-
form on which would stand, and anY departure
from which nould bo in q spirit Of concession
and harmony In doforoneo to conflicting opiu-
ions.
REPEAL TIE 1EoA1~TENDEn c1AuaE.
Farst-l would like to SEQ tho legal-tonder
clauHo. ao-called, repealed, the repeal to tako
effect at some future tino, ray July /, 1876.
Ihia would cause oil contracts mado aftor that
coin. It would correct our notions of ral,1oa
tho bpccle-dollar would be the only dollar known
as tho measure Of equivalents whom dobts aftor-
wards contracted woro paid In ct1rrenoy. Instead
OF calling papor-dollar dollar, and quoting
speak OF tho papor US at so much discount. This
alone would aid groasly in bringing tho two cur
ronclos nearor together at pnr,
SPECIE rAYaiENTs.
SecoHd-l would Hike to 500 provfa[on TINT at
fixed day, my Juiy, l, 1876 the curronoy isBuod
by tho United ssatoa should ba rodoomat in coin
on presentation to any Assistant Treasurer, and
that all currency 60 redeoned should he uar-
collcd aud mover roiBsued. To etfoct this, 1t
would DO necessary to authorize tho isBuo Of
bonds payable in gold, bearing such interest as
would command par IN gold to DO put out by tho
TREASURY only in such snma as should from timeto
time be- needed for the purpose Of redemption.
such legislation would inauro a return to
sound financial principles III two years. an!l
would, In my Judgment, work lcsn hard
ahir to tho debtor intoreHt than Is
likely to como from putting off tho
day Of final reckoning. It must DO borne In
mind too, that the crodt interest Ind ftB day OF
disadvantage also. WHOM our present financial
siyste1n was brought In by tho supsomo needs Of
tho nation at tho tl.no.
NET1ttE SMALL NOTES.
would further provide that, from aud after
tho date fixed for redemption, no bills, whether
Of National Banks or OF tho Uni ted 6tates.
returned to tue Treasury to bo. exchanged for
now bills, should 10 replacod BY BILLS Of
loss denomination than al0, and that In ono
year after resumption all bills Of leBa thnn $6