The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1874-06-11
Sound Corn.

&GE.Esd Corn.
President Grants views as TO the Flnan-
cial question and the difficulties surrounding
it's solution, as promulgated in his memoranda
written in reply to request from Senator
Jones of Nevada, for an expression OF his
views, have in them the ring of the true
metal. 1t was not to be expected, nor did
the President expect, that his views would
meet the concurrence Of the many shades OF
opinion held by Congressman on the subject,
and yet the people of the country, in over
whelmiug majority would rejoice most hear
| tily if these same views were incorporated IN
bill and be speedily made law of the land
The President from his point of look out
sees the dangers Of the case and its demands
most plainly With the accumen of an
enlightened statesman, and a profound Imam
cier he sees that the first duty Of Congress is
| to see to the redemption Of the pledges made
to the country, when reason was sought tor
! the issuance of the millions of paper money
required to meet its pressing needs in It's day
of greatest trial He sees, too, the cause of
all our present financial troubles growing out
of overtrading because of an overstock OF
cheap, irredeetsaJe paper money, which
nothing but the decree Of law that it should
be a legal tender FOR the payment of debts
between the people prevented from sinking
nearly to the level value of the old contnen-
tai currency long ago, and hence his views
that the legal tender clause should be
repealed currency issue be redeemed in
coin-the whole business Of the country be
forced to to a specie basis, and free system
of banking be est& ,..;-hed.
The President does not ask that these
things should all be done on the spur Of the
moment, but he suggests that preparation
be made at once, and Is satisfied that if the
legal tender clause be repealed to take effect
on July lst Of next year, all contracts made
after that day for wages, sales &c, would
be estimated in coin and would correct our
notions of value Then the specie dollar
would be the only measure Of equivalents,
and when the debts were afterwards paid in
currency, instead of calling the paper dollar
dollar and quoting gold at SO much prem
ium this financial fiction would be done away
with, and the transaction be truly spoken of
as the paper dollar at SO much discount.
This alone would greatly aid in bringing
gold and currency nearer together at par.
| In furtherance Of his views the President
would ike to see a provision Of law which
would fix the lst of July 1876, as the day
when the national currency would begin to
be redeemedin coin, and when all currency so
redeemed should be cancelled and never, re-
issued He would further provide that no
bills, whether of National Banks or of the
! United States returned to the Treasury to
be exchanged should be replaced by bills of
less denomination than ten dollars, and that
in one year after resumption all bills of less
than FIVE dollars, and in two years all bills of
less than ten dollars should be Withdrawn
from circulation This he is satisfied would
give strength to the country against time of
depression resulting from war, failure of
crops or any other cause by keeping a large
supply Of the precious metals in the hands
of the people, while with all smaller transac-
tions conducted in coin, many millions Of it
would be kept in constant use, and thus, OF
course, prevented froM leaving the country.
The President reasons correctly when he
states that undoubtedly poorer currency will
always drive the better out of circulation,
and that with paper as q legal tender, and
at discount, gold and silver become articles
; of merchandise as much as wheat or corn.
His position, by inference, that an irredeem-
able paper currency fosters speculation is as
true as that he exists, and as speculation has
: always been the bane of true financial pros
perity, the sooner that reason assumes sway
: in the halls of Congress and is displayed
in secondiug the sound views expressed il
! the President 5 memoranda, the sooner viii
: real prosperity, and financial stability dawn
. upon the country and the days of a steady
onward progress begin for us.
e We would like TO pursue the theme fur
S ther, but want Of room compcls US to desist
s In conclusion permit us to say that it matter.
i not what Congress may do in the premises
: the people will undoubtedly thank Presiden
q Grant for the wise financial hints which hC
e has thus felt impeled to throw out both t.
r them and their representatives. Congress
Z, will do well to pay heed to him.