The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-08-21
FINANCES.

President Grant, under date of June 4,
1874 in his letter to Senator Jones, says:
First: | would like to see the legal
tender clause, sOcalled, repealed; the re-
peal to take effect at a future time, say
July lst, 1875; this would cause all con-
tracts made after that date, for wages,
sales, etc, to be estimated in coin. 1t
would correct our notions of values. The
specie dollar would be the only dollar
known us the measure of equivalents.
When debts aftcrward contracted were
paid in currency, instead of calling the
paper dollar dollar and quoting gold at
so much premium, we should think and
speak ofpapcr as at so much discounts
this alone would aid greatly in bringing
the two Currcncies nearer together ut
par.
SeconW: | would like to see Il provision
that ut "A fixed day, say July l, 1876, the
currency issued by the United States
shonld be- redeemed in coin on prcScnta-
ton to any assistant treasurer and that
all the currency so redeemed should be
concealed and never reissued. To effect
this it would be necessary to authorize
the issue of bonds payable in gold, bear
ing such interest rs 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 re-
dcmptiOn.
Such legislation would insure return
tosOund financial principles in two years
and would in my judgment work less
hardship to the debtor interest, than is
likely to come from putting off the day
of final reckoning. Provided that from
and after the date fixed for redemption,
no bills, whether of national banks or of
the United States, returned to the Treas
ury to be exchanged for new bills, should
be replaced by bills of less denomination
than SO, and that in one year after re-
sumption all bills of less than s. should
be withdrawn from circulation and in
two years all bills Of less than $40 should
be withdrawn.
1t will be seen that the President
thought that by July next the Legal
Tender act would be repealed, &c. This
would make all debts then owing, wheth-
er due or not, payable in gold, and all
business thereafter done in coin also.
The President would follow this up by
calling in bank note under the denomina-
ton of five dollars, and in less than two
years by calling in, and prohibiting the
Use of bank notes of n less denomination
than ten dollars. The repeal of the Lee
gal Tender Act, and the withdrawal of
all bank notes under ten dollars, would
bring distress and ruin upon the country
and people generally. While this policy
would greatly increase the wealth of the
bond and coin holder, it would decrease
the value of articles of trade or Use, 50
that the dollar in gold or
bond would buy perhaps twice as much
rs now. Those owing debts
would, consequently, have hard time to
pay them. On the other hand, rs opposed
to General Grants policy, we find lead
ing Republicans in the West and South,
such as Senators Morton, Logan, Ferry,
(of Michigan,) &c, saying more paper
money and no time named to redeem.
so you see, the Republicans, as a party,
have no fixed policy on finances. The
Great majority of the Democrats, myself
among the number, say, pay less interest
to the bond holders, and make banking
free to all Let the business and increase
of the country bring the greenbacks and
gold gradually together, and specie pay
ments will soon necessarily follow.
THE DETERMINATIONS MADE BY THE
GENERAL GOVERNMENT AGAINST THE
SOUTHERN BORDER AND WESTERN
STATES, AND IN FAVOR OF THE MIDDLE
NEW ENGLAND STATES.
The revenue collected by the United
States for the fiscal year ending June so,
1873, WAS:
From imports or custom du-
Ties. .-l
From internal reyenue............ ll3,T2sr3li IL
From circulation OF national
ornB,u5. %
From miscellaneous sources. 2o,SSy'sB 10
Total receipts for the year end
ing June ~, lS1S--.-...-.-- ...SSph-ISn--o %
1t will be seen from the above that
more than one-third of the entire revenue
of the government is collected from in
ternal or direct revenue from the people.
This is so arranged by Republican Con-
gress and administration that but little Is
collected from the Eastern or New Eng
land States but the most of il is collected