Evening star. [volume] (Washington, D.C.) 1854-1972, 1874-06-06
The Financial Question

VIEWS OF THE PRESIDENT.
On the 4th OF June Senator Jones, OF Nevada
wrote q letter to President Grant requesting
written memoranda OF the Presidents financial
President and Senator Jones had deeply i'm
pressed the latter by their clearness and wisdom
On the same day the President replied saying
that his views were reduced to writing because
not only by some members Of the Conference
Committee on the currency bill, but many other
menbers Of Congress, and TO avoid any and all
possibility OF misunderstanding. he deemed this
course both justihable and proper.
THE FOLLOWING IS THE MEMORANDUM
of views entertained by the President on the
subject Of desirable legislation on finances:
specie basis at the earliest practicable day,
not only in compliance with legislative and
party pledges, but as q step Indispensable to
that the time has come when this can be dons,
or at least begun, with less embarrassment to
every branch Of industry than at any future
time, after resort has been had to unstable and
temporary expedieDts TO stimulate unreal pros
perity and speculation on bases other than coin,
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 80 much consequence
as that some adequate plan be devised, the
time fixed when currency shall be changed
fer coin at par, and the plan adopted RICHLY
adhered to.
1t is not probable that any legislation sus-
gested by me would prove acceptable to both
sion might shake my own faith in the details Of
any plan 1 might propose. win, however, ven
ture to state the general features Of the action
platform ON which would stand, any depar-
ture from which would be In Q spirit Of conces-
sion and harmony in Difference to conflicting
opinions
First. 1 would like to see the 'lsgal.tenaer
clause" % called, repealed, the repeal to take
effect at q future time, say July I, 1875. This
would cause all contracts made after that date
would correct our notions Of values. The specie
dollar would be the only dollar known as the
measure Of equivalents. When debts after ward
eSns he paper dollar - aos1 nd %SsHs
gold ct 70 much premium, We should think and
speak Of paper as at 50 much discount This
alone would aid greatly in bringing the two
Second. 1 would Ike to ZEE Q provision that
issued BY the United staies should be redeemed
er, and that al currency % redeemed should be
cancelled and never be reissued. To effect this
II would be necessary tca~thorfse the issue Of
would command par in gold, 70 be put out By
the Treasury only In such sums - should from
time TO time be needed for the purpose Of re-
&c ~ rear
would, In my judgment, work less hardship to
the debtor interest than Is likely to come from
putting Of the gay q nD.i ssceontns ,n = must
had its day Of disadvantAge also, whom our
present financial system was brought in by the
supreme needs Of the nation ct the time.
would further provide that from and After
the date fixed Tor redemption, no bill, whether
Of national banks or Of the United States, re-
turned to the Treasury 70 be exchanged for new
nation than ten dollars, and that, in one year
after resumption, Ill bills Of lees than ave dol
iarsshould b .ithdrev N from circulation, and in
two years al bills Of le8 than ten dollars should
be withdrawn. The advantage Of this would
be strength given to the country against time