Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-06-24

the ideas he had written down on this
paper, but it was postponed from time
to time, and finally the passage of the
first bill made it unnecessary. In writ
ing his veto messagehe had no occasion
tosetforth his plan IN ertensO, but SIM
ply to state his objections. During
the session of the Conference Commit
tee, the President was again repeatedly
called upon for statement of his posi-
ton, and he again produced the paper
he had before shown. The copy was
given to Senator Jones at his own re-
quest. The President always consid-
cred it private paper until he had the
copy made for Mr.. Jones, and never
originally intended it for publication.
The only man in the Honest Currency
party who is displeased at the publica-
ton of the Presidents views is Mr..
Conkling, and the cause of his dissatis-
fiction is said to be that the President
did not use him as the medium of CON-
munication."
Now it must strike every one as sim
gular, /, That the President should
feel it necessary to make this explana-
ton; 2, That if this document has
been in existence some months, andhas
been indiscriminately shown ''to great
number of members of Congress, end
apparently to almost any one of the
hundreds who have consulted him
about the finances, and without any
charge of secresy, no one should have
ever breathed word about the Presi-
dent entertaining such radical and ex-
traordinary views; and ), That the
President should not, in his communi-
cations to Congress, especially in his
previousv veto of the Currency bill, have
uttered one word intimating that he en-
tertained these opinions. 1t does seem
the most incredible thing that ever
a public sFas asked to believe, that |
the President should have thus openly |
announced TO Congressman ofall shades
of financial opinion views so directly
at issue with those of his friends, and |
in fact at variance with the whole cur
rent of public opinion, and yet that |
there should have been no surprise, no |
talk about it, until his opinions were |
put in print, when every Onewas amaz- |
ed and COMPOUNDED. The President, |
however, says he did thus make his
opinions known; and we have, apparent |
", no alternative but to believe him,
and accept this miracle of silence. 1t |
would be satisfactory, however, to have
the miracle confirmed by the testimony
of number Of credible witnesses, who
have seen this document weeks or
months ago and yet never deemed its
extraordinary contents worth mention
ing to a second person.
The President, in his veto message,
so far from having any idea of displac-
ing United States notes as a currency,
by depriving them of their legal tender
quality, says: when the premium on
gold reaches a sufficiently low point
with the amount of United States notes
to be issued, permanently fixed within
proper limits, and the Treasury so
as to be able to redeem
them in coin on demand, it viii then
be safe to inaugurate a system of free
banking, with such provisions as to
make compulsory redemption OF the cir
notes OF the banks tn cOiE or IN
UNITED STATES NOTES, themselves re-
deemable and made equivalent to coin +"
This clearly implies that, on the Dist
Of April, the President contemplated
the legal tender function of
greenbacks and retaining them in cir
for, then, he would have bank
notes redeemable IN them, as the equiv
alent of coin.
These inconsistencies in the Presi-
dents explanation of the publication
IF his memorandum" only increase
the mystery of the whole affair. Suffi-
eient appears, however, from what we
have stated to warrant the conclusion
that the memorandum" is of little
significance as foreshadowing any
definite financial policy on the part of
.ither the President or his political
friends. Those party journals which
nave been so hasty in endorsing the
new departure may do well,
therefore, to consider before they go
much farther in that direction.