Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1874-05-04

futO COIu DIT tiiC 0fttSh Va VIC 4iOA0Si. y
, unless at the time bonds of the q.
bearing lower rate of interest than tn
: bonds to be redeemed can be sold at pa
in coin; the United States also pledge
its faith to make provision at the earli
est practicable period for the redemption
of United States notesi in COIN
This act still remains as continuing
the pledge of the faith of the United
States to make provision at the earlies
practicable moment for the redemption
of I. S. notes in coin.
The declaration contained in the act
of June Goth, 1861, created an obliga
ton that the total amount of United
States notes issued should never exceed
four hundred millions of dollars. The
amount in actual circulation was actu-
ally reduced to three hundred and fifty
six millions of dollars. at which point
Congress passed the act of February 18th,
1868. suspending further redemption of
the currency.
THE FoRTY-FoUR MILLION RESERVE.
Forty-four millions have since been
regarded as reserve. to be used only in
case of emergency, such as has occurred
on several occasions, and must occur
when from any cause the revenues sud-
denly fall below the expenditures; and
such reserve is necessary because the
fractional currency amounting to fifty
millions. is redeemable in legal tenders
on call. 1t may be said that such a
return of the fractional currency for re-
demption is impossible, but let steps be
taken for return to specie basis and
it will be found that silver will take the
place of fractional currency as rapidly
as it can be supplied.
FREE BANKING.
When the premium on gold reaches a
sufficiently low point. with the amount
of United States notes to be issued per-
manently within the proper limits, and
the treasury SO strengthened as to be
able to redeem them in coin on demand.
1t will then be safe to inaugurate a sys-
TEN of free banking, with such provis-
ions as to make compulsory the redemp-
ton of the circulating notes or bonds
in coin or United States notes, themselves
redeemable, and made equivalent to coin
as measures preparatory to free banking
or for placing the government in con-
dltlon to redeem its notes IN coin.
THE PREMIUM ON GOLD.
At the earliest practicable moment
the revenue of the country should be in
creased so to meet the current expenses,
provide for the sinking fund required
by law, and also a surplus to be retained
In the treasury in gold. l am not a
believer in any artificial method of max
ing paper money equal to coin, when
coin Is not owned or held ready to re-
deem the promises to pay, for paper
money is nothing more than promises
to pay, and is valuable exactly in pro-
portion to the amount of coin that it
can be converted into. While coin is
not used as circulating medium, or
the currency of the country is not con-
rvr titl~ irre,y- 10 t,r.r-, - svvvr.,,=- IN
ARTICLE OF COMMERCE.
as much as any other product. The
surplus will seek the foreign market as
we'll as any other surplus The balance
of trade has nothing to do with the
question. Duties on imports being re-
CURED in coin, creates a limited demand
for gold and about enough to satisfy
the demand remains in the country. To
increase this supply, see no way open
but by the government boarding through
the means above given, AMI possibly by
requiring the national banks to aid.
UNEoAL DISTRIBUTION OF BANKING
CAPITAL
1t is claimed by the advocates of the
measure herewith returned that there is
an unequal distribution of the banking
capital of the country. was disposed
10 give great weight to this view of the
question at first. but on reflection it will
be remembered that there still remains
Tour millions Of dollars of authorized
bank note circulation assigned to States
having less than the quota taken. In
ADDITION to this. States having less than
their quota of bank circulation have the
option of twenty-five millions more to be
taken than their proportion. When
this is all taken up. or when specie paw.
ments are fully restored or are in rand
progress of restoration, will be time to
consider the question of more cnrrenev
Signed L. S. GRANT
Executive Mansion, April %, 1874.
1hE TRAVELS OF ACENT.-Five years
ago gentleman in Portland scratched
his name on nickel cent and sentIt
on hls-travels. Eighteen months after
this cent came into the possession of a
Lowell acquaintance, who marked his
name upon it. Two years after it left
the pocket of the Lowell man it came into
the hands of the Portlander Recogniz.
ing the name, he inscribed his also on
Inc coin. Last week the man who start.
ed the cent on its travels u,.