Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1874-06-10
Grants Financial
Policy,

(
but in a way of his own he submits
what be calls a "Memoranda of Views
on the question, to Senator Jones, oi
Nevada, and Mr.. Jones has bad the
Presidents Memoranda of Views u
published. The Senator to whom this
precious paper has been contided is re-
puted to be very wealthy gold and
silver miner. The Memoranda Of
Views" show how completely the Pres
ident has yaulted into the position Of
a severe contractionist and hard money
man. 1t will be hard to say STARE thee
well'' to President Grant. 1t was said
TO abler men, and men as honorable as
he. 1t was necessary to say it to
Greeley. Will President Grant make
it necessary to have it said to him
II James Buchanan had written 1t,
doubtless it would have been some
what differently wOrded, but its de-
votion to the juggling coin could not
have been more definitely expressed.
The Presidents policy, if put into
practice, would bankrupt half the coun-
try. Space will not permit of review
of tie "Memoranda of Views" in this
issue
To Hos J. P. JONES, United States Sen
ate.
MEMORANDA OF VIEWS ENTERTAINED on THE
SUBJECT OF DESIRABLE LEGISLATION On FL
NANCE
believe it high and plain duty to
return to a specie basis at the earliest
practicable day, not only in compliance
with legislative and party pledges, but
as step indispensable to lasting na-
tionsl prosperity. l believe, further.
that the time has come when this can
be done, or at least begun, with less
embarrassment to every branch of in
dustry than at any future time. After
resort has been had to unstable and
temporary expedients To stimulate un-
real prosperity and speculation on
bases other tfan coin, the recognized
medium of exchange throughout the
commercial world, the particular mode
selected to bring about a restoration of
the specie standard is not Of SO much
consequence as that some adequate plan
be devised, the time fixed when cur
rency shall be exchangeable for coin at
par, and the plan adopted rIgidly ad-
hered to. 1t is not probable that any
legislation suggested by me would prove
acceptable to both branches of Con-
gress, and, indeed, full discussion mi ght
shake nv own faith in the detail of any
plan l might propose. L will: however,
venture to state the general features of
the action which seems to me advisable,
the financial platform on which | would
stand, any departure from which would
be In spirit of concession and har-
mopy in Difference 10 conflicting opir-
ions.
First. | would Ike to see the legal
tender clause, so called, repealed, the
repeal TO take effect at a future time,
say July l, 1875. This would cause
all contracts made after that date for
wages, sale, &c, to be estimated in
coin. 1t would correct our notions of
values. The specie dollar would be
the only dollar known as the measure
of equivalents. When debts after
wards contracted were paid in eurren-
cy, instead of calling the paper dollar
a dollar, and quoting gold at so much
premium, we should think and speak of
paper money as at so much discount.
This alone would aid greatly in bring
ing the two currencies nearer together
at par.
Second. | would like to see a provi-
sion that at fixed day, say July l.,
1876, the currency issued by the United
States should be redeemed in coin on
presentation to any assistant treasurer,
and that all currency so redeemed
should be cancelled and never reissued.
To effect this it would be necessary to
authorize the issue of bonds payable in
gold, bea,ing such interest as would
command par in gold, to be put out by
the Treasury only, in such sums as
should from time to time be needed for
the purpose of redemption. Such leg
islation would insure return to sound
financial principles in two years, and
would, in my Judgment. work less bard
ships to the debtor interest than is
likely to come from putting off the day
of final reckoning. 1t must be borne
in mind, too, that the creditor interest
had its day of disadvantage also, when
our present financial system was brought
in by the supreme needs of the nation.
| would further provide that from
and after the date fixed for redemption
no bills, whether Of national banks or
of the United States, returned TO the
Treasury to be exchanged for new bills,
should be replace by bills of less de-
nomination than ten dollars, and that in
one year after resumption all bills Of
les. than five dollars should be with
drawn from circulation, aud in two
years all Of less than ten dollars should
be withdrawn. The advantage of this
would be strength given to the country
against time of depression resulting
from war, failure of crops, or any other
cause, BY keeping always in the hands
Of the people large supply of the
precious metals. With all smaller
transactions conducted IN coin many
millions of it would be kept in con-
slant use, and Of course prevent it from
leaving the country. Undoubtedly a
poorer currency will always drive the
better out of circulation With paper
. legal tender aud at discount gold
aud silver become articles of merchan-
disc as much as wheat OF cotton. The
surplus will fnd the best market it can
with small hills IN cir.ul,tion Tbara