New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-06-06
WASHINGTON.
TIE CURRENCY QUESTION.

ICIsMs AS TO THE PROPERTY OF IT'S UTTERANCE
-ooRREsPoSDKNCE BETWEEN THK PRESIDENT
AND SENATOR JONEs-A BILL TO BIZ REPORTED
ON MONDAY.
TBY TELEGRAPH rHR TRIBUNR.l
WASHINGTON June 5.-The Conference Committee
the Currency question was ready to report an
agreement this morning, on the basis telegraphed
last night viz. S7i per cent retirement of green
backs abolition of reserves for circulation, and
redemption of legal tenders in gold bonds JAN l.
1873 When the Committee came together to-day,
and the views of the President expressed TO Sena
tor Logan and Representative FarweH were mace
known. and the cOnferees became convinced that
the President would sign their bill If they fixed the
time of redemption at Jan. l, 1871 but not 1t was
postponed year longer. long discussion ensued
The reason assigned by the President for the stand
he has taken is that he is determined 10 bring the
country to specie payments during his present term
of Office though it is hardly possible TO see how
redemption in bonds viii bring specie payment.
From the tone Of the debate in the Committee
IL appeared that both Sides and especially the mia
tonists were greatly dissatisfied with the position
taken by the President, but they finally concluded
10 make virtue of necessity and put the bull into
such shape that it would stand some chance OF re-
ceiving the Presidents approval. IN order to have
some definite action on the currency question TINS
session. Members of Congress begin 10 get II into
their heads that the uncertainty of the past hve
months is not the best thing for the business OF the
country.
There was much talk in the conference to-day
over the precedent the Committee were indirectly
establishing Of consulting with the Executive as to
the character of the legislation he would sign, and
some of the mOst'prominent men in the Committee
declined to visit the President TO ascertain his
views on the ground that Senator could not, with
due regard for the body of which he was a member,
.4,o IL I'M Wit
President in behalf of the Committee of the Senate
a. to what action the part of that body would be
acceptable TO him. This view of the stood
quite a. much in the way of yielding 70 the Presl-
dents demands anything else. The result Is that
the Committee viii present such bill as has been
indicated on Monday next.
Tonight the President has given his views 10 the
Associated Press in the shape of letter TO Senator
Jones and accompanying memorandum. The TACT
that such an ultimatum has been gwen 10 the
country while the Conference Committee of both
houses was still in session Us creating very general
comment and no little criticism In conversation
with members of the Conference Committee and
others the President has said that the Republican
party and the President were committed TO the policy
of bringing about specie payments at the earliest
practicable moment and they could not afford TO
disregard those pledges. AS TO the argument that
to raise the national currency in value TO par with
gold would be unfair the debtor class he sld that
the debtor class in the country had had the advan-
tage of the depreciation during and immediately
after the war and IT was nothing more than fair
that the creditor class should have any little advan-
tage that might arise from return 10 specie pay
ments. Gold he said was the standard of values IN
all countries and the sooner the United States got
hack 70 il the better it would be all classes The
last Senate bill, he thought, would endanger
our credit abroad. Were II to become
law the foreign holders OF our bonds
would not be likely to discriminate between
our lecal-tenders and National bank currency
and suppOsing the latter 10 be an obhgatlon OF Une
United states would suppose the public debt TO be
increased bv their issue The President has repeated
to nearly every one who has called upon him his
desire to have repeal Of the Legal-Tender act, to
take effect July l. 49, and the destruction OF al the
greeubacks within the next fiscal year He says
that his views are subject 10 revision, and that ne
cannot of course decide in advance before bull Is
presented to him, whether he viii sign II or not
AUTHORIZED STATEMENT OF THE PRESIDENTS
VIEWS.
GENERAL PRESS DIsPATCH.i
W.sHryGT0v. June 5.-The following correspond
enee ON the financial question between the President
md senator Jones of Nevada has been obtained for
puoho~''oN' TINTED STATES SENATE CHAMBER,
WAsHISGTOS, June 4, 1874
H. 81, p,s.idsnf. T was so deeply impressed by the
el.aruess and wisdom Of the financial views-some OF
which you have, fortunately, reduced 10 "rl'AHs
Gently expressed ny you III conversation III "nioA
had the honor with q few Others, TO De participant
that cannot dismiss them from my mind. The great
versities OF ideas throughout the country upon TINS
,ec, and the fact that public opinion concerning the
.-, "a still in process OF formation lead me to believe
So, tho publication or these views would be productive
NJ great good therefore 10 request or you
maj may have a copy Of the written memorandum to
which have alluded, with your permission that 1t may
be made public.
honor 10 be- very respectfully your obedien
servant. JOHN T. IOSES
r1rcrTrvy NJ AssIoS WASHINGTON. D. c., June 4, 1874
DrAR SIR: Your note of this date, requesting copy
of a memorandum which had prepared expressive OF
NV views upon the financial question: and which you
with Others have heard read received hut at too late
al hour to comply tonight. WILL however take great
pleasure in furnishing you copy in the morning as soon
rs can have copied. Ii proper that should state
thai these views reduced 70 writing because had
teeu consulted on question not only by some mem
hers OF the Conference Committee but by many other
members OF Congress. To avoid any aud all possibility
of Misunderstanding deemed tins course both Just-
tsbe and proper With this explanation inclose you
h.rovt.s .he memorandum referred Very respect
fully. T. q 0hANA'
To the Hon. j P Jones, L. 9. Senate.
HIMORANDUM entertained on the subyeei Q de
sara6le legislation the hndnees.
believe II high and plain duty 10 return TO specie
basis at the earliest practicable day, not only in comp
snce with legislative and party pledges, but az step
Indispensable 20 lasting national prosperity believe
farther that the time when this can be done
or at begun with less enbsrrassment 70 every
raneb OF industry any future tune after resort
has been had 10 unstable and temporary expedents 10
stuate unreal prosperity and speculation on bases
other than coin as the recognized medium OF exchange