The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1874-04-30

national obligations to creditors, congress
ional promises, party pledges on the part
| both political parties, and of the Persona
views and promises made by me in ever.
| annual message sent 10 Congress. and in IN.
inaugural address.
QUOTES FROM FORMER MESSAGES
In my annual message to Congress in De
cember, 1869, the following passages appear
"Among the evils growing out of the lie
belliop, and not yet referred to, ia that Of al
irredeemable currency. 1t lie an evil which
hope will receive your most earnest atten
tion. 1t is the duty, and one Of the highes
duties of the Government, to secure to tn
citizens q medium of exchange Of fixed, I'm
VARYING value. This implies . return 4
a specie basis, and no substitute for it can b
devised. Ii should be commenced now, ant
react ed at the earliest practical moment con
sistant with fair regard to the interests o
the debtor class. Immediate sumption, !
practicable, would not be desirable. 1
would compel the debtor to psy, beyont
their Contracts, the premium on gold at tn
date of their purchase, and would bring bank
ruptcv and ruin thousands. Fluctuations
however, in the paper value of the measure
of all values, gold, il detrimental to the in
terest of trade. Ii makes the man Of business
an involuntary gambler. for in all sale
where future payment il to he made, boil
parties speculate "a TO what will be the valu
of the currency to be paid and received.
earnestly recommend to you. then such, leg
isIation "a will insure gradual return 4
specie payment, and put an immediate sto'
to the fluctuations in the value of currenc!
CONGRESSIONAL PRECEDFNTs.
I still adhere to the views then expressed
As early as December 4, 1863, the House o
Representatives passed a resolution by Ia
yeas to 6 nays, eoncurring IN the views o.
the Secretary of the Treasury, in relation to
the necessity of a contraction of the curren
cy with a view to as early q resumption o
specie payments rs the business interests o
the country will permit, and pledging CO
operative action to this end, as speedily a
possible. The first act passed by the Forty.
first Congress, on the 18th day of March
1869, was as follows:
"Aa Act to Strengthen The Publie Crejh o
tho Cnited States:
BE It enacted, ETC., That, in order to re
move any doubt as to the purpose OF the
government to discharge all its obligations tt
public creditors, and to settle conflicting
questions and interpretations Of the law in
virtue of which such obligations have beer
contracted, it il hereby provided and de
clared that the faith of the United States il
solemnly pledged to the payment in coin Of
its equivalent, Of all the obligations of thu
United States, except in cases where the Law
authorizing the issue OF any such obligation
has expressly prov ided that the same be pait
= nNhoe thai
cold or silver; but none Of said interest
bearing obligations not already due, shall be
paid before maturity, unless at such time a
the United Stvtes notes shall be convertible
into coin at the option of the holder, o.
unless at such time bonds of the United State
bearing q lower rate of interest than TIL
bonds 10 lie redeemed can be cold at par II
coin; and the United States also solemn,
pledges its faith TO make provision at tn
earliest practicable period for the edemp.
ton OF United States notes in coin.
This act still remains as continuing
pledge of the United States to make provi
sion at the earliest practicable moment TO
the retention of the United States notes II
coin. A declaration contained in the act
June 10Th, 1864, created an obligation tina
the total amount of United States notes il
sued, or to he issued, should never exceed
S4Ol, ZOO, O0O. The amount in actual circn
latio1 was actually reduced to S356. OOO, OOC
at which point Congress passed the act
February 4, 1865, suspending the further r.
Guction of the currency.
THE RESERVE.
The S4i, 900 600 have ever been regarde'
q reserve to he used only in case OF an en-
ereeacy such as has occurred on several OK
casions, and must occur when, from an
cause, the revenues suddenly fall below th
expenditures, and snch reserve is necessar
because the tract ionai currency, amountiD
to $50, 900. GOO, is redeemsble in legal ter
ders on call. II may be said that such n
,nrn of fractional currency for redemption
improbable, but let steps be taken for
RETURN To SPECIE BASIS,
and it will be found that silver will take Ii
place of fractional currency as rapidly as
can be supplied. When the premium G
| gold reaches a sufficiently low point, vii
the amount of United States noies to
issued permanently within proper limit
ard the Treasury 80 strengthened as to 3
able to redeem them in coin on demand,
will then safe to inaugurate system OF ire
banking, with such provisions as
make the compulsory redemption OF circ'
lating notes Of banks in coin Or United Stat
| no,es. themselves redeemSble and mat
equivalent TO coin. As a measure Prepar
tory to Tree banking, or for placing tie Go
eminent in a position TO redeem lis notes
coin at the earliest practicable moment, Il
revenues of the county should be increased
"A TO nav the current expenses, provide II
the sinking fund required by Law, and also
surplus to be retained, in the treasury
gold. am not believer in any artiticl'
method of making paper money equal
coin. when coin is not owned or held read
to redeem the promises to pay; for pap
money is nothing but promises TO pay, and
valuable exactly in proportion to the amou!
of coin that it can be converted into. VIII
coin is not used as circulating medium,
the currency Of the country is not convert
bic into coin at par, ii becomes an article
commerce a. we'll as any other product. III
SURPLUS will seek foreign market az vi
any surplus. The balance of;rade has not
ing 10 do with the question. The cuiies
. imports, being required in coin, create a Ill
tied demand for gold, end bank enough
satisfy that demand remains in the countr
To increase this supply, see no way but
the government boarding through the meal
above given, and possibly by requiring q
national banks to aid. 1t is claimed by I
advocates of the measure herewith return
that there is
AN UNE QUAIL DISTRIBUTION
of the banking capital of the country.
was disposed to give great weight to this VII
of the question at first, but, on reflection,
will be remembered that there still renal
$4,000, 600 of authorized bank-note circn
ton assigned to States having less than TIN
quota not yet taken. In addition to tn
. the States having less than their quota
characterization have the option Of 81
GOO. 600 more to be taken from those Sta
having more than their proportion. VIII
this il all taken up, or when specie p
I meuts are fully restored. or are in rapid pl
cess of restoration, will be the time to &C
slider the question of ''moEs currency"
[Signedl q: g. GRANT
Il Executive MANSION, April q, 1874.
ii A correspondent, wiring from the c
{ of Mexico, says: II cannot pretend to CIV
: description of the cathedral. l never saw
2 much gold and silver used As ornaments
/ the interior OF building in all my lifs
solid silver columns, ten or twelve feet hie
{ ,upporting golden candlesticks, surrou
e eyerv alter; bronze ratings protect
e nrecious decorations from the curiosity
Z he deyout worshippers. In every rec
; ~ IN altar, at some Of which, during l
I.1;~ 0orreouelv aitired. vafa kne