The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-06-06
IN Az x& knz ~ IN Sak EA& zhEE& Ss
President Grants Views on
the Finance Question.
The Democratic Ticket be-
1ieved to be Elected in
Oregon.
Death of Edward l.. Gross.
jeff. Coming Homo.
JEFF. Coming Homo.
Accidents, Deaths, Fires.
Etc, Etc.

WASHINGTON, June 5.-Senator Jones
has obtained permission from President
Grant to publish the following memoran-
dun prepared by the latter, expressing his
views on the financial question:
| believe it, says the President. a 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 a step indispensable to last
ing national prosperity. | believe further
that the time has come when this can be
done, or at least begun, with less embar-
rassment to every branch of industry than
at any future time, after resort has been
had to unstable and temporary expedients
to stimulate unreal prosperity and specu-
lation on a basis other than coin, the rec
ognized medium of exchange throughout
the commercial world The particular
mode selected to bring about restoration
of the specie standard is not of so much
consequence as that some adequate plan
be devised, ald the time fixed when cur
rency shall be exchangeable for coin at
par, and a plan adopted which shall be ad-
hered to. 1t is not probable that any leg
islation suggested by me would prove ac.
ceptable to both branches of Congress, and
Indeed, full discussion might shake my own
faith in the details OF any plan | might
propose. | will, however, venture to state
the general features Of the action which
seems to me advisable, the financial plat
form on which | would stand, and any de-
parture from which would be in a spirit of
concession and hormony in Difference to
conflicting opinions:
First, | would like to see the legal-ten-
der clause, so-called, repealed, the repeal
to take effect at some future time, say
July /, 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 as
measure Of equivalents. When debts ai-
terwards contracted were paid in curren-
cy, instead Of calling paper dollor dol
lar and quoting gold at so much premium
we should think and speak Of a paper at
so much discount. This alone would aid
greatly in bringing the two currencles
nearer together at par.
Second, / would like to see a provision
that at a fixed day, say July /, 1876, the
currency issued by the United States
\ should be redeemed in coin on presentation
to any assistant treasurer, and that all cur
rency so redeemed should be cancelled and
VI.
necessary to authorize the issue of bonds
payable 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 the pur-
pose of redemption. Such legislation
'' would insure a return to sound fnancia
! 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 redemption. 1t must
be borne in mind, too, that the creditor in
- terest had its day of disadvantage also
when our present financial system was
brought in by the supreme needs OF tht
nation at the time. | would further pro
vide that from and after the date fixed fO
redemption no bills, whether of nationa
tanks or of the United States, returned t
che treasury to be exchanged for new bills
.hould be replaced by bills OF less demon
ination than $l0 that in one year after re
sumption all bills less than So should b
withdrawn from circulation, and in tw
years all bills of less than $40 should
Withdrawn. The advantage of this woul
be strength given TO the country against
time Of depression resulting trom war, tn
failure Of crops or any other cause, b
keeping always in the hands of the peopl
large supply of precious metals. Wit
- all smaller transactions conducted In col
many millions of it would be kept in COZ
, slant use, and, Of course, prevented frOI
| leaving the country. Undoubtedly th
! poorer currency will always drive the be
ter out of circulation, With paper a leg
tender and at discount, gold and silyt
become articles of merchandise as much
wheat or cotton. The surplus will find Il
best market it can. With small bills
- circulation there is no use for coin excel
NJ to keep in the vaults of banks to redee
g circulation, During periods of great spe
- ulation and apparent prosperity there
. little demand for coin, and then it will flo
out to a market where it can be made
r. earn something, which it cannot do viii
lying idle By giving gold active emplo
ment, however, its presence can, it seen
M to me, be secured, and the panics and d
Lot pressions which have occurred periodical
I'm, if they cannot be wholly prevented can
ira least be greatly mitigated Indeed, lquestiC
- whether it would have been found necess
ry to depart from the standard OF spec
= in the trying days which gave birth to Il
l. first legal tender act had the country
ken the ground Of no small bills as early
1850. Again, | would provide an exec
, OF revenue over the current expenditure
| would do this by rigid economy and
taxation where taxation can best be born
2T Increased revenue would work consta
= reduction Of the debt and the intere
would provide coin to meet the deman
II on the treasury for the redemption of
Y notes, thereby diminishing the amount
IL bonds needed for that purpose. All tax
after redemption begins should be paid
coin or United States notes. This woU
force redemption on national banks. Wi
measures like these or measures viii
200 would work out such results, | see no d;
200 ger in authorizing free banking witho
Zoo Zoo limit
100 200 SAN FRANCISCO, Cal, June 4--Retul
1000 1000 from the Oregon election so far give W
1000 Jams (Republican)f for Congress, 4,078;
,9GS ,SS Dow (Democrat), 1921 Davenport Int
1000 pendcnt), 1900; Talman (Repubhcanl.
200 Governor, A. 554 Grover 4, 19l CampbC
1oOO 3,462 Seven counties to hear fro
1000 Chadwick lDemocratl probably re. elec
o,OoO Secretary of State; Clark (Republic'
1000 Treasurer; Rowland Republican, Sup
intendent of Public Instruction.
5000 WASHINGTON, june 5.-The Democr
n Nl..s-