Ellsworth American., 1874-06-11
General News.
The Presidents Financial View.
STATEMENT PREPARED BY himself =

AT recent interview the President in.
! formed Senator Jones, OF Nevada, tina,
owing TO the frequent consultations on the
subject of the finances. he had deemed 1,
| proper. in order To avoid all mlsunder.
standing, 10 reduce his opinions to writ
lng. GA Thursday Mr.. Jones addressed a
note to the President. saying that he lad
| been so strongly Impressed with the clear
hess aud wisdom OF the views of the latter
on the iinaDcial question that he believed
/ their publication would be productive of
great good. and requested a copy OF the
memorandum TO be made public. The
President promptly complied, aud the
statement is published as follows:
| believe il a high and plain duty TO re-
turn TO specie basis at the earliest prac-
ticabic day, not only In compliance with
legislative and party pledges, but as a step
| Indispensable To lasting national pros
perity. believe. further. that the time
has come when this can be done. or at
least begun. with less embarrassment 10
every oranch OF Industry than at any tu-
ture time, after resort has been had 10 I'M
stable ana temporary expedients to stimu.
late unreal prosperity and speculation on a
basis other than coin AS the recognized
medium of exchange throughout the COM
merciai world. The particular mode Sc
lected to bring about a restoration of the
specie standard is not of so much conse.
qnence as that some adequate plan be de-
vised, tie time fixed when currency shall
be exchangeable for coin at par, and the
plan rigidly adhered to. 1t Is not proba
BILE that any legislation suggested by me
would prove acceptable to both branches
OF Congress, and indeed a full discussion
might shake my own faith In the details OF
any plan might propose. l will, how.
ever, venture TO state the general features
OF action which seem to mc advisable. the
financial platform on which would stand.
and departure from which would be in a
spirit OF concession and harmony in defer
ence TO conflicting opinions.
First. | would like to see the leoal-,en
der clause. so called. repealed. the repeal
10 take effect at future time, say july l.
1875. This would cause all contracts
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 AS the
measure of equivalents when debts after
wards contracted were paid in currency.
instead of calling the paper dollar a dol
lar aud quoting gold at SO much premium.
we should think and speak Of paper as at
SO much discount. This alone would aid |
greatly In bringing the two currencies |
nearer together at par. Second. l would |
IKE TO see provision 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 the currency so re.
deemed should be cancelled and never re-
issued. 10 effect this 1t would be neces-
sary to authorize the issue of bonds nav.
able In gold. bearing 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
he purpose OF redemption. Such legisIa.
non would insure return to sound fnan.
'iai principles In two years, aud would. In
ny judgment. work less hardship to the
iebtor interest than is likely to come from
putting Oh the final day Of reckoning. n
must be borne in mind, too, that the credi-
ors' Interest had its day Of disadvantage.
liso, when oLr present financial system
vas brought into being BY the supreme ,
'eeds OF the nation At the time.
would further provide that from and
iter the date fixed for the redemption no !
his, whether OF M tional banks or of the
nted States. be returned to the Treasury =
zoe exchanged for new bills Of less denons-
iation than ten dollars. and that In one U
ear affer resumption all bills OF less than '
We dollars should be withdrawn from
lrcniafion, and in two years all bills Of
SO than ten dollars should be withdravn. r
ne advantage Of this would be the I.
renetn given to the country against 4 n
me OF oepfessios resulting from war, fail b
Fe OF crops, or any otheg cause, By keep- =,
3 always IN tne hands Of tbs people 4 | n
rye supply Of the precious metals. with n
small transactions eeadnetsd u coin. =
81 I