The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-06-06
WASHINGTON.
WIssISeroS. .June {

"AShl-'u.SNS ouS v.
The Committee on ElectioDs by q
vote Of six agsinst FIVE agreed to not re-
perfthe resolution OF Mr.. Haz'etou, re-
citing that Mr.. Cannon had proved to
be po!ygamist ,shsvlng married one o.
his wives since the passage o, the anti
polygamy law OF 1862, and therefore
+Shonld be expelled. The committee
voted down the resolution postpoping all
action in the case, but 1t is generally
believed that the further cons dsration
ofthe question will be postponed until
next session.
The Presldens ON the Financial
Question.
Senator Jones hss obtained permls.
sion from Presiden; Grant to publish
the following memorandum, prepared
by tine latter, expressing his views on
the financial questions: 81 believe it,
gays the PresIdenr, "a high and plsin
duty TO return 10 q specie basis at the
earliest practicable day, not only in
compliance with party and legislative
pledges, but as step indispensable to
lasting national prosperity. ! believe
further Il at the time has come when
Irhiscsn be done or at lesst begun, with
less em barrasment TO the large
branches ofindpstry thsu at any future
time. After resort has been had to
unstable and temporary expedients TO
stimulate unreal prosperity and specu-
laton on bass other. than
coIr ss the recognized medium,
bill, whether OF National banks or Of
the United States, returned to the
treasury 10 be exchanged Tor new bills,
should be replaced by bills OF less
denomination Than $40 and that in oDe
year after resumption al bills OF lees
than S5 should be withdrawn from cir.
culation, and in two years al bills OF
less than SO should be Withdrawn.
The advantage OF this would be strength
given 20 the country against time OF
depression resulting from war, failure
OF crops or any other cause, by keeping
always in the hands OF tie people
large supply OF precious metals. With
all the smaller transactions conducted
in coin many millions OF il would pe
kept in constant use and o course pre-
vented from leaving the country, Un-
doubtedlv q poorer currency always
drives g better out OF circulation. With
paper legal tenders and at a discount,
gold and silver become articles OF mer-
chandise az much as wheat or cotton,
the surplus will tiGd the best market
it can. With small bills in circulation
there is no use for coin except TO keep
il in vSults ei banks to redeem circu-
latiou. During the periods OF great
speculation aud apparent. prosperity
there is little demand ior colD, and then
it will flow out 10 the market where it
can be made TO earnfomethlng, which
it cannot do while lying idle. Gold,
like everything else when not needed,
becomes q surplus, and ike every other
.urplus, it seeks market wherever 1t
can fud one. By giving active en-
ployment TO coin, however, its presence
csu, it seems 10 me, be
secured, and panics and depres-
sions which have occurred period
icslly in times OF nominal specie pay
meuls. and i! they cannot oe wholly
prevented can ST least be greatly mitl-
gated. Indeed, ! question whether II
would have been necessary TO depart
rom the standard OF specie IN the trying
dsvs hich gave birth 10 the first legal
tender act, had the country taken the
ground OF no small bills as early as
1850 Again. would provide for the
excess OF revenue over the current eI-
penses. ! would do this by rigid econ
omy and by taxation where taxshop
could best be borne decreased revenue
would make constant reduction OF the
debt and interest, and would
provide coin TO meet the demands
on the Treasury tor the redemption
OF exchange throughout the commer"
cal world. The particular mode Sc
lected TO bring about the restoration OF
the specie standard is not OF go much
consequence, so that some adequate
plan be devised, and the time liked
when currency shall be exchsngsble tor
coin at par, and the plan adopted rig
idlv adhered to 1t is not probable
that any legislation suggested 10y me
would prove acceptable to both branch
es OF Congress. and indeed full
discussion might shake my own faith
in the details OF any plan might pro-
poee. | will, However, venture to state
the general features OF action which
seems 10 me advisable OF the financial
nla,torm on which ! would stand, and
spy departure from which would be 10
a spirit of concession and harmony IN
re,ererce to conflicting opinions. First:
I would like to see the legal tender
clause, 20 called, repealed. The repeal
10 take effect st future time, cay July
lat, 1875. This would cause all cons
tracts made after that date, for wages,
sales. &c to be estimated in coin. Ii
would correct our notions Of value.
The specie dollar would be the only
dollar known as q measure OF eQuIvs-
leuts. When debts afterwards con.
trsc,ed were paid in currency instead OF
calling paper dollar. a dollar, and
quoting gold at so much premium, we
should think and speak of paper as at
| 90 much discount. This alone would
aid greatly in bringing the currencies
nearer together at par. Second,
would like to see q provision that, st
fixed day, ssy July lst, 1875, the cur,
rency issued by the United States should
be redeemed in coin On the pre-
sentstion to any Assistant Treas
urer, and that all currency
80 redeemed should be cancelled and
never reissued. To effect this it would
be necessary to authorize the Issue OF
bonds payable in gold, bearing such
;nte,est as would comman Nd psr in gold,