The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1874-04-29

GreSS IN lcb3, NHSiS4h ~
to he one of the highest duties oil
Government to secure to the citizens
a medium Of exchange of fixed, un-
varying value; that this implies re-
turn TO specie basis, and that no
substitute for il can be devised. To
the views then expressed he'still ad-
heres The action of the House Of
REPRESENTATIVE Of December "a, 90,
approving of a contraction OF the
currency with a view to an early re-
sumption Of specie payments; OF the
House again in 1869, in passing the
act to strengthen the public credit,
concurred in by the Senate, and still
a law and a continuous pledge of the
faith of the United States ''t9 make
provision at the earliest practical pc
riod for the redemption of the United
States notes in coin,n are also quoted
in support of his position. Having
built up this unassailable column of
proof of the heretofore declared pur-
poses Of both the Executive and Leg
islative Departments to look steadily
toward the attainment of q financial
policy on specie basis, the Presi-
dent expresses briefly his own views
as to the legislation needed. He de-
sires the amount of United States
notes issued to be permanently fixed
within proper limits, and the Treas.
ury strengthened so as to be able to
redeem them in coin on demand. He
would follow this with the inaugura.
ton of system of free banking with
provision for the compulsory redemp.
ton of circulating notes of the banks
in coin or in United States notes
themselves redcemable and made
equivalent to coin. Preparatory tc
free banking and the placing of the
government in a condition to redeem
its notes in coin, General Grant ad
vises that the revenues of the coun
try should be so increased as to pay
current expenses, provide for the sink
ing fund required by law, and also
for a surplus to be retained in the
Treasury in gold. The complaint
that there is an unequal distribution
of the banking capital of the coun
try, he thinks has no force, in view
of the fact that there still remain foul
millions of dollars Of authorized bank
note circulation yet untaken, and that
States having less than their quota
have the option of twenty-five mil
lions more, to be taken from the
States having more than their just
proportion.
This message is the most important
political event of General Grants ad.
ministration, perhaps the most i'm.
portant to the country since the close
of the war, and ii required no small
amount of moral courage to thus
place himself in antagonism to the
views of many Of his warmest and
ablest party friends We are not OF
those who believe that any great po-
litical results will flow from the event.
Parties are divided on the question,
and are likely so to remain, and a
geographical division on a question
Of currency, dwarfng all other issues
of the day is to our mind an absurd
itv. OF course the indationists are
exasperated and sore, while the con-
tractionists are in an equal degree
elated, but the present idle talk of the
disruption of the Republican party,
because portion of it disagrees with
the President on this question is SIM
ply ridiculous. Reason will return
with calmHess, and this exhibition of
the Presidents frmness, in what be
believes to be the proper course, will
largely increase public respect for
him. At first blush the veto will not
strike partisan politicians favorably
as party measure, but careful pc
rusal Of the document, reciting as it
does the public pledges of both the
President and the party, can leave
but little doubt that in a strictly par
tisan point of view i. is most com
mpndable