South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1874-05-01

the business interests of the country will
permit, and pledgiug Cooperative action
to ,his end as speedily as possible
The first act passed by the Forty-Grst
Congress, on the 18th day of March, 1869,
was as follows: -r .
An Act to strengthen the public credit of the u
nited States.
Re it enacted, &C., That in order to remove
any doubt as 10 the purpose of the govern ment
10 discharge all its obligations 20 the public
ditofs, and 10 settle confic ting questions and in
Expectations Of the law by virtue of which such
obligations have been contracted, it is hereby
provided and declared that the faith OF the Uni
ted States ia solemnly pledged To- the payment in
coin, or its equivalent of all the oblig tons Of
the United States, and OF all the interest bearing
obligations, except IN cases where the law au-
thorizing the issue of any such obligations has
expressly provided that the same may be paid la
lawful money, or in other currency than gold
and silver, but none of the aid interest bearing
Obligations not already due shall be redeemed
or paid before maturity, unless at such times as
the United States notes shall be convertible into
coin at the option of the holder or, unless at
such time bonds of the United States, bearing a
lower rate Of interest; than the bonds to be re-
deemed can be sold AT par in coin. And the u
hlted States also solemnly pledges its faith 10
make provision at tue earliest practicable period
for the redemption Of the United States notes in
coin.
This act i'll remains as n ntinuing
pledge Of the faith of the United States 'to
make provision at the earliest practicable
moment for the redemption of the United
States notes in coin.;
n declaration contained in the act Of
June so, 1864, created an obligation that
the total amount OF United States notes is
sued, or TO be issued, should never exceed
four hundred millions of dollars The a.
mount in actual circulation was actually
reduced to three hundred and fifty six mil.
lions OF dollars, at which poiut G. m gross
passed the act of February 4, 1868, sus-
pending the further reduction of the cur.
rency. The forty.four millions have ever
been regarded as a reserve to be usel only
10 case OF emergency, such as has occurred
on several occasions, and must occur when
from any cause revenues suddenly fall be.
low expenditures, and such reserve is
necessary because the fractional currency,
amounting TO fifty millions, is reJeemabie
in legal tenders on calI.s -.a 30 a-
Ii may be said that such return Of
fractional currency for redemption is i'm
possible. But let steps be taken for return
to specie basis, and it will be found that
silver will take the place of fractional cur
rency as rapidly as it can be supplied, and
when the premium on gold reaches a stuff.
clently low point, with tho amount of Unit
ed States notes to be issued permanently
fixed within proper limits and the treasury
strengthened as 10 be able 10 redeem them
ia coin on demand, it will then be safe to
lnaugurate system or free bankino with
such provisions as to make compulsory re-
deupuon of the circulating notes of the
banks in coin or in United States notes.
themselves redeemable and made equivalent
to coin.
As measure preparatory to free bank
ing, or for placing the government in n
condition to redeem its notes in coin ut tho
earliest practicable moment, the revenues
of the country should be increased 40 as m
pay current expenses, provide for the sink
ing fund required by law, and also sur.
plus to DE retained 10 the treasury in gold.
| am not a believer in any artificial me bod
OF making paper money equal to coin when
the coin Is not owned or held ready TO re
deem the promises to pay, for paper money
Is nothing more than promises to paw. and
Is valuable exactly in proportion 10 the A.
mount of coin that il can be converted io,a
While coin Is 10: used SIS circulating me
dunn, or the currency Of the country is not
convertible iuto II at par, il becomes an
article OF commerce as much "a any other
product. The surplus will seek a foreion
market, as will any other surplus. The
balance of trade has nothing 10 do with the
question. Duties or imports being reanir-
cd in coin creates limited demand for gold
About enough to satisfy that demand re-
mains in the country. To increase thi.
supply sec 20 way open but by The gov.
eromcnt boarding through The means above
given, aud possibly by requiring the nation
al banks 10 aid
II is claimed by tho advocates Of The
measure herewith returned that there IL an
unequal distribution Of the bankiog capital
Of the country. ] was disposed 10 give
great weight to this view Of the question
a, fret, but on reflection il will be remem-
bered that these still remains four millions
OF dollars u authorized bank note circula,
ton assigned to States having less than
ihels quota not yet taken. la addition 10
THE, The States having less than their quo
ia Of bank circulation have the option Of
twenty Eve millions more, to be taken from
those States having more than their pro-
portion. When this Is oil taken up, or
when specie payments arc fully restored, or
arc in rapid process Of restoration, will be
The time TO consider the question Of more
currency u. s. GRANT.
Executive Mansion, April p, 1874.
"A Milwaukee paper states that young Ger
man girl died Of joy on meeting her bctro;bed
in that city. She had come all the way from
Germany 10 join him. She embraced him upon