Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1874-04-08
Special to Boston Advertiser.
The Presidents Views ON Finance,

1 haH NV
position to all schemes of imitation. III
has carefully examined each of the vari
GUS plaus that have been presented in Ell
Their House, and looks upon the question
as one which imposes upon him very greal
responsibilities. Ii conversation respecting
the imitation of the currency, as Indicated
by the recent votes in Congress, the Pres
dent remarked to-day that any finance bill
which may be passed and sent to him fol
approval will be most closely scrutinized
with particular reference to its effect ol
the amount of curTencs, as he is more
firmly convinced than ever that expansion,
except as dictated by the actual and pres
sing wants of the people. would not only
be %prejudicial but suicidal 10 their best
interests. He observed that the interests
of the different sections of a country SC
extensive, ranging through every degree
Of the semi-tropical and north temperate
zones, must In many respects differ. They
vary as the productions of the soil and as
the pursuits in which the people are en-
gagged, as whether they may be agricul.
tural, manufacturing, mining, commerce
or fisheries, each constituting a specific
source of wealth. There may be, again,
a difference, he said, within any one of
these general sections, as cotton forms the
staple of the South grain of the West /;
the mining and manufacturing employs the
people of Pennsylvania .and Maryland /;
commerce and agriculture New York and
general manufacturing New England. But,
he remarked, there is one thing necessary
to all and that is a well balanced and
wise financial policy. In the absence of
this every industry is paralyzed and the
people, unable to apply their skill and en-,
terprise, are soon impoverished. He said
that anything but a move toward specie
payments, be its accomplishment near or
remote, would be unwise.
Imitation, he thought. would be a step
backwards, and there were no attendan.
circumstances, such as war or famine,
which would seem to justify such o meas
ure now. Initiation, he said, would be to
increase the responsibility of the govern
meut, and he could not lend his aid to
that when there appeared to him no rea-
son for such "a step. The President said
any increase of the volume of the legal
tenders would be imitation aud could not
be calmly contemplated. He does no,
think that free banking, if properly guard.
ed, especially in the matter of redemption,
would be imitation.
He admitted that at present the curren-
cy might be unequally distributed, taking
into consideration the population and
wealth of the different sections of the
country. but it was evident that the true
remedy was not to be found exclusively in
legislation The actual necessities of aDy
locality could not be determined or regu-
lated by a mere theory which could only
approximate the probable quantity wanted.
The per capita circulation varies from
about %thirty-one and one-half dollars for
the eastern, and about thirteen dollars for
the middle States, down to about three
dollars in the southern aud southwestern,
and two and one-halfiu the western States.
In proportion to tbs increase of industry
must be the circulation of money, but it
should be money based on competent Sc
curity to warrant It's stability in the mat
ter OF value. The President is Of the
that an insuficiency in the volume
of the currency should not be met by an
imitation of the circulation Of government
paper. He thinks that the whole question
could be best solved by the authorization
Of free banking with an assurance Of re-
lemptioB. That banks keep pace with
he necessity of trade is shown. he said,
n the fact that at the time of signing the
treaty of peace between the Uuited States
md Great Britain, there was but one bank
n the country. Fifty years after there
about 800, and at present there are
nearly 1000. The President remarked
hat, so far from free banking, rightly
resulting in an excess of %circula- |,
ION, it would be limited by the exacting
Of supply and demand as applied 10
urrency, and by the tax on circulation t
Thich would prevent the issue of more
otes than could be pro6tably employed. -.
n fact, he said, six National Banks have !,
in their circulation and redeemed O
bonds. and are now banking without II
REGULATION, finding hat more profitable n
he President believes that a general law, =
a policy and laying down the !
roper limitations, would be sufficient. The o
then within the bounds Of the law n
ould fix their circulation to meet their Il
necessities. 1t Is not improbable "
lat the President may yet see proper to :
'nd a message to Congress, embed ying :,