The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1874-06-11
GRANT AND THE CURRENCY.

mission Of President Grant TO pub
lish the following memorandum pre-
pared by him, expressing his views
on the financial question:
81 believe it says the President
high and plain duty to return to
specie basis at The earliest practic-
able day not only in compliance with
Legislative and party pledges, but as
a sep Indispensable to lasting ma
tional prosperity. believe, further,
that the time has come when this can
be done, or a. least begun, with less
embarrassment to every branch of in
dustry than at any future time.
After resort has been made to unsta-
bic and temporary expedients tostim-
ulate unrea prosperity andspeculation
on basis other than coin, the re-
cognized medium of exchange
throughout the comm ercial world,
the particular mode selected to bring
about the restoration of the specie
standard is not of so much conse-
quence as that some adequate plan
be devised, the time fixed when cur
rency shall be exchanged for coin at
par, and the plan adopted rigidly ad-
hered to. 1t is not probable that
any legislation suggested by me
would prove acceptable 30 both
branches of Congress, and inceed a
full discussion might shake my own
faith in the details of any plan might
propose. / will, however, venture to
state the general features of action,
which seem to me advisable the
financial platform on which | would
Standard any departure from
which would be in spirit OF concess-
ion and harmony in Difference to con-
1icting opinions.
2EPEAL THE LEGAL-TENDER CLAUSE.
l. | would like to see the legal
tHnder clause, so-called, repealed, the
repeal to take effect at some future
time, say July /, 1875, This would
cause all contracts made after that
date for wages, sales, etc., to be esti-
mated in coin. 1t would correct our
notions of values; the spectacular
would be the only dollar known az
the measure of equivalents when
debts afterwards contracted were
paid in currency. Instead of calling
a paper-dollar dollar, and quoting
gold at so much premium, we should
think and speak ofthepape: at so much
discount. This alone would aid
greatly in bringing the two currencies
nearer together at par, -rt[
SPECIE PAYMENTS
3 | would like to see a
provision that at fixed day. say
July |, 1876, the currency issued by
the United States should be redeem
ed In coin on presentation to any AS
slstant Treasurer, and that ali cur
rency so redeemed should be cancell-
ed and never reissued. 10 effect
this, 1t would be necessary 10 author
ize 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 10 time be need
ed for the purpose of redemption.
Snch Legislation would insure re.
turn to sound financial principles in
two years, and would, in my siudg-
ment' work less hardship tothe debt
or interest than is likely to come
from putting off the, day of final
reckoning. 1t must be borne y IN
mind, 100. that the credit interest
had its day of disadvantage also.
when our presenf financial system
was brought in by the supreme needs
of the nation at the time. 0 BcTO
RETIRE SMALL NOTET.
| would further provide that, from
and after the date fixed for redempt-
ION, no bills, whether of national
banks or Of the United States, re
turned to the Treasury to be ex-
changed for new bills, should be re
placed by bills of less denomination
than $40, and that in one year after
the resumption all bills of less than
70 should be withdrawn, from
circulation and in two