Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1874-06-10
The Presidents Views on Finance.
Some days ago Senator Jones talked
with President Grant, and on the 4th wrote
him this letter:

with President Grant, and on the 4th wrote
him this letter:
UNITED STATES SENATE CHAMBER
WASHINGTON. June, 4, 1874
% asd Wisdom w o se
Of which you have. fortunately reduced 10 wrltlnS
Essfasyh
o3
subject aud the fact that public opinion coneernng
eve that the publication of these views would be pro
ductiye Of great good to
raGdnm to which have alluded with your permission
have the honor to be- very respectfully, your ODE
iient servant. JOHN r. JONES'
The Presidents reply is as follows:
Yar " ms 1s p
Of memorand2m WReh have prepared
Of views upon the financial question and when you
M n hoar comply VIII
as hTe eop you P
state that these views reduced to writing because
Of h en
asF Of e1 IF
both UNSUITABLE and With this o
Very respectfully, ,
To the Hon J. P JONES, U. s. Senate.
MEMORANDUM of views entertained the subject Of
desirable legislation on the finances
believe it high and plain duty to return to spe,
compliance with legislative and party pledges but as
step Indispensable to lasting national prosperity l
done, at least begun with less embarrassment to
ter resort been had to unstable and temporary ex-
pedents to stimulate unreal prosperity ana
exchange throughout the commercial world The par,
cuar MODE to brng cb as
5hat some adequate plan be devised, the time nxed
and the plan adopted rightly adhered to- 1t is not
accepab to- boh Of and
indeed fun discussion might shake my own IaiIn II,
Re eas p a. l psP the
which to advisable the financial platform torn
which would be in spirit of concession and harmony
FIRST; would ike to see, the legal tender clause
lie the rep repeal to take eaea
made after that date for wages sales etc to be est
The specle dollar would be the only dollar known as
the measure of equivalents When debts atterwards
the dollar dollar and quoting gold at so mnet
dsco w ths aone Would SH aid treaty in bring
ing the two currencies nearer together at par . -.
IKEA az: say July $50 the currency issued BY th
ION @ states should ne 9 n h cP On
so redeemed should be cancelled and never relssued
issue of bonds payable in gold bearing such interes
as would command par IN gold to be put our 10y u
time be needed for the purpose OF REDEMPTION. :
nancal principles in two years and would my judr
ment work less hardship the d,btor interest tln
ing 1t must be borne in mind too that tn creditor IN
|
ent financial system brought IN sby the supreIn
needs of the nation at the time would further pro
vide that from and after the date fixed for redemption
no bills, whether OF National banks OF OF the Unite
new bills should he replaced by bills of less denon
nation than $40, and that year after resumptlo
all bills OF less than So should be drawn from clrcula
ton and in two years all bills of less than shoul
be withdrawn The advantage of this would be tn
strength II the country against time of depres
sion resulting from failure OF crops or any otne
cause by keeping always in the hands OF the people
supply of the precious metals. With all saIle
| transactions conducted i'll coin, many millions OF
would be kept Ill constant and OF course reVente
from leaving the country. Undoubtedly poorer cul
rency Will always drive the better of clrculatOl
With paper legal tender, and at discount, gold an
SILVER become articles OF merchandise as much 4
wheat or cotton, The surplus Will ind the best markt
1t can: With small bills III circulation, there JUS
TOR coin except to keep the vaults OF banks to II
deem circulation During periods OF great speculate
apparent prosperity little demand tor
and then 1t Will How out to market where II can
made sJuetning which it cannot do while ~
Idle. Gold, like anything else, when not needed be
! market where II find one. BY active Ell
plOymeut to com, however its presence II seen
to be secured and the panlcs depreSslOns VINO
nave occurred periodically III times oI nominal spec
least be greatly mitigated. Indeed, question wheth
1t would have found necessary to depart from II
to the first legal tender act had the country taken Il
ground OF no small bills as early AS 1850
Again would provide an excess of revenue oNt
current XpendItures would this by rlgli econun
/ creased revenue would work a constant reduction
debt and interest and would provide CON to meet
mandS the Treasury for the redemption OF Its note
tlereby diminishing the amount of bonds needed 4
that purpose. All taxes after redemption begins shou
/ be paid in United States notes. This wuu
! force redemption the national banks With mea
such results. see danger III aUthorlzu< free ban
: ing without limit.