The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-09
THE PRESIDENT on FINANCE.
Views on the Veto and Monetary Affairs a. Ex.
pressed to q Bostonian.


A gentleman from this city called upon President
Grant last Monday to thank him for his veto mes
sage and the beneficial effect 1t had exerted upon
the finances OF the country at home and abroad,
when the report Of Mr.. william Gray OF his inter-
view with the President was made the subject OF
conversation. An account OF this later inter-
view In the Journal states that the President re-
marked that Mr.. Gray had given very correct
impression OF the interview, although 1t was not
expected that IL could have been reported in the
precise language He said, as TO the original legal
tender acts they were OF now open for consider
alton, or even criticism; that when they were
adopted they were adopted BY loyal men for TIE
salvation Of the country, and with them the war
had been successfully carried through, and 1t was
only with that success and the results growing out
Of It that We had any country or currency either,
to regulate. This the President said, was the
point that he himself had uppermost in his mind,
and which he intended to impress upon Mr.. Gray
and those be represented. TN the question Of
using the reserve or the purchase Of long bonds he
SAID that what he wished particularly TO present
was the fact that as the taxation was then pro-
ducinR revenue in excess OF expenditure, and stil
the national credit abroad and ut home was not
directly strengthened by that TACT, he mad fixed
upon the policy OF buying or, IN other words pay
ing the long bonds, for the reason tna1 TINS I'm
proved the credit OF the nation wherever these
bonds were held, which EXTENDED throughout the
financial world; and the bonds, moreover, them
had then become payable ut the option OF the gov.
ernment and the government having surplus OF
tbs 70 pay sS legal
favor OF going further than Mr.. Gray or his COM
mlttee had suggested, and IL was merely following
tender acts themselves should now be repealed;
they had worked out their whole office; they had
carried the country through the war, ana were no
during It's present session, would
REPEAL ALL THE LEGAL TENDER ACTS,
cv1rhr orNo t,t uk otf nd nQf
thereafter all contracts should be made on gold
basis. He SAID 1t would seem tnat this could be
done without any disturbance or the commercial
or financial interests OF the country, and once &C
comphshed, all temptation TO lnnxtloa was ended.
AS 70 the taking away from New Ensiand tne
amounted to notning. Yne. banks irom the
East were now returning their circulation and
there was any demand rom the West and
the South Tor the circulation. He thought
that more than double the amount Of circulation
had been re turned from The East that was asked
for by the South ana West. He SAID that ne did
not think the Currency bill, II no mad signed 10,
would have produced innation, IN the present con-
ditlOn Of the country, as there was no demand ior
ton OF what we now had but the danger Was in
the future, and II was step IN the wrong dtrec-
ton, that any increase O. irredeem deems, paper
the Otner Eand, an unlimited issue Oh redeemable
currency could do no harm.
HE WAS IN FAVOR OF FREE BANKING,
but with 1t and as an lnseparable accompaniment,
insisted that we should have redemption, and ne
was willing to give to the West aud South free
and had taken pains that his friends In those sec
tions should understand. The President said he
was In constant receipt Of communications from
business men, bankers and public men at the West
and South, expressing on the part Of the writer's
or some similar measure, as means or relief
at the present time; out nearly all Of them
assured him that the effect OF tile mes
sage had been to restore confidence and
give permanence to the future course Of
the government, that was 1uly as great relief
and more satisfactory to business interests, He
further said that while his communications from
New York and the East were almost all in approval
OF his course the action OF the south ana West was
the very best results 10 the country, and very
likely the benefits would far exceed the expecta.
tons OF any One The President seemed as de-
clded IN reference to his iuture action as he had
been in the past. He expressed the greatest kind
ness towards all parties, especially those VINO
might have ielt disappointed at the course winch
duty had compelled MN TO take.