New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-03-27
THE PRESIDENTS VIEWS.

legal tenders is to be Cancelled.
THE PRESIDENTS VIEWS.
w DESIRES THE DECLARATION OF A WISE FlNAN-
cIu POLICY. AND FAvoRs SPECIE PAYMENTS
AND FREE BANAINC-A HOPEFUL VIEW OBJ TIE
MANUFACTURING AND COMMERCIAL PROSPECTS
OF TIE COUNTRY.
10y TELEGRAPH TO THE TRIBUNE.l
WASHINGTON. March 26.-In view of the action
of the Senate this afternoon, tho views OF
the President the financial question, rs recently
expressed, Of peculiar interest. The President
observed that nothing more essential 70 the
welfare OF the people at this time than the declara-
ton of wise financial policyone which in ADDITION
to its comprehensive character would embrace III IT'S
range the whole Of the wants of every section OF
the country, and also give the assurance OF some
degree of permanency He thought that no single
influence was more productive OF evil consequences
in every department of trade than that of uncer-
tanty II bewildered fnanciers OF the greatest
foresight and to business men and manufacturers it
was a matter Of chance whether the end would be
success or ruiu Il deranged values. and gave even
the daily operations of trade degree of fiuctua-
ton which rendered it both impracticable and inn
possible to know what the changes Of a day might
bring forth.
The President has repeatedly expressed his desire
for greater permanency in the financial policy as
enunciated by Congress in the various laws passed
during the last five years. These fequent changes
have greatly embarrassed the operations OF the
Treasury and have rendered it impossible for the
President or tho Secretary to pursue direct hne'
They have been compelled to make diversions 10
shape tho finances to the devious turns of legsla-
ton, The President said that he thought some
thing should have been done before this to allay the
socitude Of merchants and manufacturers as to the
views of Congress on the all important questions of
the finances. He thought that prompt movement
in the right direction, as soon as prac-
ticable after the meeting of Congress, would
have gone far toward q thorough restoration
Of Older and confidence. The panic ne
thought. was ono of those reactonary movements
which are inevitable after season OF extraordinary
activity. and applied only to railroad speculations.
He did not think that the business and manufactur-
ing interests of the country were involved in the
crash, except by indirectiOn 1t was lack OF con-
dence rather than lack of ability that led to such
n general suspension of business. The evidences Of
rccuperation were apparent the moment the smoke
of the first explosion lifted and many manufactur-
ing establishments which had suspended, after a
brief respite, resumed operations. The stagnation
in trade which naturally resulted from the lack of
confidence occasoned by the panic, was further
protracted by the desire Of the larger merchants
and manufacturers TO delay little longer to see
what Congress intended 20 do about the matter
While not criticising the acts of Congress, the
President observed than he had hoped something
wonld have been done before this. The rival views
of the Eas' West. and South on the currency ques-
ton he thought multiplied the difficulties of the
financial situation, and with the opening of the
Spring trade there had been at the time OK the con-
versaion no definite indication of the intentions OF
Congress. The effect of this, he thought, could not
but be injurious, as it was evident that what the
country now wanted was action by Congress, as it
was conceded on all sides that if Congress pro-
posed to do something on the subject then
the quicker done the better. The President said
that he was opposed to initiation, as it did
not bring the means of relief. There might be
Temporary cessation of the strIngency of the money
markets but with initiation, he thought, the people
would suffer more severely IN the end; that all
legislation shold have main purpose in view, and
that should be resumption OF specie payments at
the earliest possible moment He favored free bank
ING with provisions for the redemption of all issues in
coin. TO further the movements in the direction of
resumption he stated that he was III favor of ncreas
inc the revenues Of the Government and boarding
the gold. He also in favor of requiring the Ma
tiona banks to hoard the gold received from inter
est on bonds and allow them to issue their currency
He did not believe in compelling the Government to
do everything, but that the banks should De re-
CURED to help.
The President remarked that il would be neces-
sary to consider the circumstances
of the late panic had not strengthed securities III
the eyes of the capitalists of the world that this
applied particularly to railroad securities. Several
important roads he SAID now in arrears for pay
ment of interest and the suspensions of operations
on new enterprises OF this kind all tend to increase
the distrust. With this source of supply cut of, he
thought those directly or indirectly interested in
foreign capital would be cramped at first but would
be better of IN the end it would confine opera
lions more within the bounds Of the means at home.
The President gave very hopeful view of the
manufacturing and commercial prospects of the
country as compared with those of the Old World.
In the latter in the production of iron, and in its
manufactures, the tendency of quality is down.
ward and cost of production upward. he thought
the day of successful competition with the iron man
ufacturers of England was near at hand and while
we will continue to import less, We will begin to
export in increasing ratio, all of which
will act correspondingy in favor of
the United States by bringing the balance
oftrade to us. The President believes in the skill,
enterprise, and industry of the American people,
and thinks that a financial policy IN accord with
their interests not in their local sense but in the
broader spirit of competition with the world at
large would produce wonderful results.
In speaking about the action of the House Of Rep
resentatves last Monday on the S41O,OO0,0O0 bill,
the President remarked that the designation Of
specific amount as the limit of currency circulation
would effect nothing, and that it was impossible to
decide in advance of practical test what amount
was required to accommodate the business neces-
sites of the country. He thought that this conld