Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-06-08
TIE PRESIDENTS VIEWS.

In letter to Senator, Jones of Nevada,
President Grant gives expression to his views
on finance as follows:
believe it high and plain duty to return
to specie basis at the earliest practicable
day, not only in compliance with legislative
and party pledges, but as step indispensable
to lasting national prosperity. l believe, fur
ther, that the time has come when this can be
done, or at least, begun, with less embarrass-
ment to every brench of industro than at any
future time, after resort has been had to I'M
stable and temporary expedients to stimulate
unreal prosperity and speculation on basis
other than coin as the recognized medium of
exchange throughout the commercial world.
The particular mode selected to bring about
a restoration Of the specie standard is not of
SO much consequence as that some adequate
plan be devised, the time fixed when currency
shall be exchangeable for coin at par, and the
plan adopted rigidly adhered to. 1t is not
probable that any legislation suggerted by me
would prove acceptable to both branches of
Congress, and indeed full discussion might
shake my own faith in the details of any plan
I might propose. l will, however, venture to
state the general features of action which
seem to advisable, the financial platform on
which would stand, and any departure from
Which WOulu Dc Ill spun vi COuCeSslUn anu
harmony in Difference to conflicting opinions.
First, would like to see the legal-tender
clause, so called, repealed, the repeal to take
effect at future time, say July l, 1875. This
would cause all contracts made after that date
for wages, sales, ETC., to be estimated in coin.
1t would correct our notions of values. The
specie dollar would be the only dollar known
as the measure of equivalents when debts af.
forwards contracted were paid in currency,
instead of calling the paper dollar dollar
and quoting gold at so much premium. We
should think and speak Of paper as at so
much discount. This alone would aid great
ly in bringing the two currencies nearer to-
gether at par.
Second, l would like to see provision that
at a fixed day, say July !, 1876, the currency
issued by the United States should be re-
deemed in coin on presentation to any Assis-
tant Treasurer, and that all the currency so
redeemed should be cancelled and never re-
issued. To effect this it would be necessary
to authorize the issue of bonds payable in
gold, bearing such interest as would COM
mand par in gold, to be put cut by the Treas
ury only in such sums as should from time to
time be needed for the purpose of redemp-
ton. Such legislation would insure return
to sound financial principles in two years, and
would, in my judgment, work less hardship
to the debtor interest than is likely to come
from putting of the day of final reckoning
1t must be borne in mind, too, that the credi-
tors interest had its day of disadvantage, al
so, when our present financial system was
brought into being by the supreme needs of
the nation at the time.
would further provide, from and after the
date fixed for the redemption, no bills, wheth-
er of national banks or Of the United States,
returned to the Treasury to be exchanged for