The Donaldsonville chief. [volume] (Donaldsonville, La.) 1871-current, 1874-06-27
Associated Press Report. ]

IAssociated Press Report.
WASHINGTON, June 5.-Senator Jones has
obtained permission of President Grant to
publish the following memorandum, pre-
pared by the latter. expressing his views upon
financial questions:
believe it (says the President) high and
plain duty to return to specie basis at the
earliest practicable day, not only in compll-
ance with legislative and party pledges, but
as a steD Indispensable to lasting national pros
perity. believe further that the time has
come when this can be done, or at least be-
gun, with less embarrassment to every
branch of industry than at any future time,
after a resort has been had to unstable and
temporary expenditures to stimulate unreal
Drosperity and speculation on any basis 9TH
er than coin as the recognized medium of ex-
change 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, time fixed when the cur
repcy shall be eXchangeable for coin at par,
and the plan adopted and rigidly adhered to.
1t is not probable that any legislation sug-
gested by me would prove acceptable to both
branches of Congress, and indeed full dis
cussion might shake my own faith in the de-
tails of any plan / might propose. will,
however venture to state the general features
of the action which seems TO me advisable,
the financial platform on which l would
stand, and any departure from which
would be in spirit of concession and
harmony in reference to conflicting opinions:
1. would like to see the legal-tender
clause, so called, repealed, the repeal to take
effect at future time, say July /, 1870. rms
would cause all contracts made after that date
for wages, sales, etc., to be estimated In coin.
II would correct our notions of values. The
speeie dollar would be the only dollar known
as the measure of equivalents. When debts
afterward contracted were paid in currency,
instead of calling paper dollar dollar, and
quoting gold at so much premium, we should
think and speak of paper as at SO much dls-
count. This alone would aid greatly in bring
ing the eurrencies nearer together at par.
>. i would like to see provision that, at
a ixed day. say July /, 1876, the currency
issued by the United States should be re-
deemed In coin or on presentation to any
assistant treasurer, and that all currency SO
redeemed should be Cancelled and never
reissued. To effect this it would be neces-
sary to authorize the issue of bonds payable
i'm gold, bearing such interest as would COM
mand mar in gold, to be put out by the Treas
urv only in such sums as should from time to
time be needed for the purpose OF re-
demption.
Such legislation would insure return 70
sound financial principles In two years, and
would, in nv Judgment, work less hardship to
the debtor interest than is likely to come from
npttino off the day of final reckoning. 1t must
be borne in mind, too, that the creditors IN
terest had its day of disadvantage also When
our present financial system was brought III
nv the supreme needs of the nation at thai
time, 1 would further provide that from and
after the date fixed for redemption, no bills.
whether of national banks or of the United
States returned to the Treasury to be eX
changed for new bills, should be replaced by
hills of less denomination than ten dollars
and that in one year after resumption al
bills of less than five dollars shouic
be Withdrawn from circulation, and IN tWe
wears ali bills of less than ten dollars shoult
be withdrawn. The advantage OF tni'
would be strength given to the country
against the time of depression resulting IRON
war, failure Of crops or any other cause. o,
keeping always in the hands of the people !,
large supply of precious metals. With al
smaller transactions conducted In coin, man.
millions of it would be kept IN constant US
and of course prevented from leaving the eoun
trv. Undoubtedly poorer currency WI
ALWAYS drive the better out of circulation
With paper legal tender and at discount
gold and silver become articles of merchandis
as much as wheat or cotton. The surplus WI
find the best market it can. With small Dill
in circulation there is no use for coin exceptU
keep in vaults of banks to redeem clrcuiatlon
During periods of great speculation ana ap
parent prosperity there is little demand 10
coin, and then it will flow out to marke
where it can be made to earn something, whie
it cannot do while lying idle. Gold, like any
thing else when not needed, becomes SUI
plus, and, like every other surplus. it seeks
market where it can find use. By givin
active employment to coin, however, its pres
enee, it seems to me, will be secured, an
paries and depressions, which have occurre
periodically in times of nominal speci
payments, if they cannot be who'll