Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1874-06-18
THECURRENCY OK
important Statement from the
President.

WASHINGTON, June 5.-Senator
Jones has obtained permission OF f:e5-
idept Grant to publish the following
memorandum, prepared by the iatter,
expressing his views upon the nnah-
cial ouestions: 81 believe H." says the
President, "a high and plain duty 10
return 10 specie basis at the earliest
practicable day, not only in compliance
with legislative and party pledges, out
as q step indispensable TO lasting ma
tionaI prosperity. l helieve iurther,
that the time has come when TINS can
be done. or at least begun, with less
embarrassment to every branch OF M
dustry than at any future time. Al
ter resort has been had to the unstable
and Temporary expedients to stimulate
unreal prosperity and speculation on a
basis other than coin, as the recognized
medium of exchange throughout the
commercial world, the particular mode
selected 70 bring about restoration oi
the specie standard is not OF SO mnch
consequence as that some adequate
plan be devised, time fixed when cur
rencv shall be exchanged for coin at
par, and a plan adopted and rigidly al
heTed to.
at is not probable that any iegisla-
ticn suggested by me would prove ac-
ceptable to both branches of Congress,
and indeed q full discussion might
shake my own faith in the details OF
any plan i might propose, will, how
eSer, venture to state the general lea
lures of the action which seems to me
advisable, the financial platform upon
which / would stand, and any depar-
! ture from which would be in spirit OF
concession and harmony in reference to
conflicting opinions.
81. / would Ike 70 see TIE legal ten
der clause SO called repeaied, the re-
peal TO take effect at a future time. say
July /, 1875. This would Gauss AL con-
tracts made after that Grte for wages,
saivs, ETC., to be estimated in coin. it
would correct our notions of values.
The specie dollar would be the only
dollar known as q measure OF equiva-
/ ients. When debts afterward con-
tracted were paid in currency Instead
of calling a paper dollar dollar, and
quoting gold at so much premium, we
should think and speak OF paper as at
! SO much discount. This alone would
aid greatly in bringing the currencies
nearer together at par.
80 would like to see a provision
| that at a fixed day, say July j. 1876,
! the currency issued By the United
States should be redeemed in ccin on
presentation to any assistant Treasurer,
and that all the currency so redeemed
! should be cancelled and never re-issued.
TO effect this it would be necessary to
authorize the issue of bonds, payable in
-, tnu y.-1E,lA
| mand par in gold, to be put cut OF the
Treasury only in such sums as should
from time to time be needed for the
purpose OF redemption. Such legisia-
tion would insure return TO sound IL
nanciA principles in two years, and
would in nsy judgment work less hard
ships TO the debtor interest Than is
likely to come from putting OF tie day
of final reckoning. 1t must be borna
in mind, too, that the creditor Interest
had lis day of disadvantage also when
our present financial system Ra5 brO't
in by the supreme needs of the patton
at the time.
~ would further provide that fEon
and after the date fiXed for redemption
no bills, whether OF the national banks
or Of the United States, returned to the
Treasury to be eXchan ed for new bills,
should be replaced by bills of less de-
nomination than SO, and that in one
year after resumption all bills OF less
than s. shall be withdrawn from circu-
lation, and in two years all bills of less
than $40 should be Withdrawn. The
advantage of this would be the strength
given TO the country against the time
Of depression resulting from the war,
failure oi crops, or any other cause, by
keeping always in the hands of the
people large supply of the precious
metals. With sli the smaller transac-
tions conducted in coin many millions
of il wonli be kept IN constant use, and,
of course, prevented from leaving the
country. Undoubtedly poorer cur
rency will always drive the better out
of circulation. With paper legal tell
der, and at discount, gold and silver
become articles of merchandise as
much as wheat or cotton. The sur
plus will find the best market it can.
With small bills in circulation there Is
no use for coin except to keep in the
vaults of the banks to redeem the cir
culation. During periods ofgreat spec
ulation and apparent prosperity there
is little demand for coin, and then it
will HoW out TO market where it can
be made to earn something, which it
can not do while lying idle. Gold,
like anything else, when not needed,
| becomes surplus, and, like every 9th
er surplus, it seeks a market where it
can find one. By giving employment
to coin, however, its presence can. it
seems TO me, be secured, and panics and
| depressions which have occurred peri
odically in the times of nominal specie
payments if they can not be wholly
prevented, can at least be greatly miti-
gated. Indeed, 1 question whether it
would have been found necessary to
! depart from the standard of specie in
the trying days which gave birth to the
first legal tender act had the country
taken the ground of no small bills as
early as 1860.
"Again, would provide an excess
of revenue over the current eXpendi-
| lures. would do this by ridid econO-
my, and by taxation, where taxation
can best be borne. Increased revenue
would work a constant reduction of
the debt and interest, and would pro-
vide coin to meet the demands on the
Treasury for the redemption of its
notes, thereby diminishing the amount
| of bonds needed for that purpose. All
taxes, after redemption begins, should
De paid in coin or United States notes.
This would force redemption on the
national banks. With measures like
these, or measures which would work
out such results, see no danger in au-
thorizing free banking without limit"
| --eN
THE following is literal copy of a
| Indictment inst rendered by a Florida
county judge in case between on old
black man and his wife: "Be it known
throughout all Christendom that the
husband is the head of the wife, and
whatever is his'n is his'n', and what
ever is hers is his'n, and come veal or
woe, peace or war, the rights of all