The New York herald., 1874-12-07
Resumption Of Specie Payments at
o Fixed Date.
THE STATE TROUBLES
InfatiOniStS Preparing for the Battle
Of the Morrow.
STARTLING ISSUES OF THE SESSION


The Presidents Message is not yet quite COM
pieted, owing to delay in receiving the report OF
the District OF Columbia Commissioners. a refer.
ence to which will be added to the Message to-
morrow morning. Copies OF the Message are being
MADE to-day for Congress and the press. Although
the President has shown the Message to no person
other than the members OF the Cabinet and the
copylsts. there ID the best for believing 1t
will contain substantially the following points
founded on expressions OF the President 10 in
innate friends since the Message was submitted
to, and cordially ind0rsed by, the Cabinet FRI
day last
The President says that although he did not COM
mence the preparation OF his Message until q week
ago yesterday some Of the newspapers previously
prognosticated its contents, although he had con-
suited nobody as to what 1t should contain. There
is no doubt the Message will state that our rela-
tions with all foreign Powers are friendly and
without disturbance, though there Is an unsettled
the awards OF the Joint Commission under the
Convention OF 1865. Congress, 1t will be recol-
lected, strongly expressed its sense on this
subject in February, 1879 The President, In
his Message OF last December. said there was
reason to believe the hesitancy OF that Republic
in recognizing the claims sprung In part at least
from real diniculty in discharging them in conneo-
ton with its obligations to other governments, and
therefore the expediency OF further forbearance
on the part or our government was believed to be
worthy OF the consideration Of Congress.
OUR SPANISH RELATIONS.
In addition to Venezuela We have unsettled
questions with Spain growing out OF the AFFAIR Of
the virginius and other grievous transactions ON
the part OF the Spanish authorities in con-
nection with events In Cuba. The magnitude
since the Presidents previous Message .
year ago. As this unsettled condition OF
anairs in Cuba cannot long continue II may be-
come necessary for other nations, with our own to
interfere to terminate the insurrection which has
SO long prevailed, the Spanish government hav-
ing unsuccessfuly attempted to suppress Il. Mean
time the commerce Of oil countries and especially
that OF the United States sufers, the nags OF the
United states and England having been insulted.
The President in conversation, although he does
not state the TACT in mis- Message, says the United
States purchase about eighty per cent OF Cuban
exports. and therefore the duties paid by
American citizens contribute to this extent
In helping Spain to continue the war
against the insurgents. The President had
hoped that BY the meeting OF Congress
tomorrow the present negotiations with spain
would nave been ended; but in this he has been
disappointed. He therefore says In his Message
little or nothing about indemnity pending the ne
gotiations, but at future time will present the
subject to the special consideration OF Congress.
THE FINANCES.
The position Of the President on the financial
question Is positive, az Observation-Disclosures
the former speculations OF those who spoke with
out authority, he desires aud WILL recommend the
resumption OF specie payments al the earliest
practicable day; but be does not believe this can
be reached as soon IS the 1st OF January, 1875. He
does not name any day, leaving Congress to de-
wise the to secure this desired end, 1t being
the duty OF Congress to do so.
Tne legal tender clause OF the Currency act
sho 1u be repealed, to take eYect az to contracts
made after the day to be fixed by law for Its re-
peal. power should be given 10 the Secretary OF
the Treasury to obtain gold from and after the
date liked for the resumption OF specie payments
by the issuance OF bonds In addition TO this the
revenues Of the government should be in excess
OF the expenditures To support resumption
greater economy should be practised in all depart
ments OF the government and. II neces ary, the
Customs and Internal Revenue laws changed. in
order TO secure larger amount OF revenue.
With the return OF specie payments
BANKING SHOULD BE FREE.
The bilholders should continue to be protected as
at present under the Banking law. There should
be no limitation 10 the volume OF currency, ss the
community itself should determine what amount
Is required ior business TRANSACTIONS, instead OF
leaving the Executive, Secretary oil the Treasury
and Congress to nx the limit. 1t would be the
duty OF Congress, however, to make regulations
regarding free banks OF issue and to state the con.
dtlons on which they can be organized aud transact
business the legislation to be In accordance with
the new order OF things, or, in other words, the
resumption or specie payments. There should be
no monopoly by fixing the amount Of issue.
The President will recommend that Congress do
not interfere with the present Currency act,
passed during last session, unless to amend 1t SO
as to conform with plan for the resumption OF
specie payments. The President viii make no
recommendation on the subject OF
INTERNAL IMPROVEMENTS
oy the general government, but will merely refer
to the fact that Congress has already appointed q
committee ON transportation routes to the sea-
board which has already made It's report and will
give further information from more recent investi.
cations.
THE STATE TROUBLES.
The President devotes much space to AFFAIRS
in Arkansas, giving reasons why he declined to
interfere in the recent dinicultes In that State.
and he adverts to the facts narrated in his special
Message to Congress in February, 1874, relative
recommendation to make on the subject. But II
there were any practical way OF removing these
dincultIes by legislation then he earnestly re-
quested that the question might be taken up that
session Of Congress. He was extremely anxious
to avoid any pretcnce Of undue interference In
State AFFAIRS and, II Congress offered with him
as to what ought to be done, he requested Its I'm
mediate decision to that effect, otherwise be should
feel obliged, far as he could by the exercise OF
legitimate authority, to put an end to the unhappy
controversy which disturbed the peace and pros.
trated the business Of Louisiana by the recogni-
tion and support or that government which was
recognized and upheld by the courts Of the state.
It seemed advisable he should state which course
ne should feel bound to pursue In reference to the
matter. In the event OF no action being taken
by Congress at that time, but subject TO any salts
factory arrangements that might be made by the
parties to the controversy, and which. OF
all things, was the most desirable,