The Weekly Kansas chief. [volume] (Troy, Kan.) 1872-1918, 1874-06-18

sen..Hi. Fiaaae,.i P.iiey a. Wrissen T 'r. c.i
Senator Jones has obtained permission from
President Grant to publish the following memo
randnm, prepared by the latter expressing his
| views upon the financial questions: iI believe
it," says the President, "a high and plain duty ia
retur" to specie basis at the earliest practical
ble day, not only in compliance with legislative
and party pledges, but as n step indispensabIe IN
lasting national prosperity. 1 believe further.
that the time has come when this can be done.
or at least begun, with less embarrassment to
every branch of industry that at any future
time.
"After resort has been had to unstable and
temporary expedients to stimulate unreal pros
perity and speculation on any basis other than
coin as the recognized medium of exchange
throughout the commercial world, the particular
mode selected to bring about restoration of spe-
Gle standard is not of so much consequences as
that some adquate plan be devised, time fxed
when currency shall he exchangeable for coin At
par. and the plan adopted rigidiy adhered to. n
is not probable that any legislation suggested Inv
me wonld prove acceptable to both branches of
Congress, and, indeed, full discussion might
shake my own faith in the details of any pla6 I
might propose. will. however venture TO state
the general features of action which seem IN me
advisable. The financial platform on which i
would stand and any departure from which would
be in spirit Of concession and HARMONY in re-
ference TO conflicting opinions:
wonld like to see The legal tender clause
so-called, repealed. The repeal to take effect ar
a future time, say July 1, 1875 This would cause
all contracts made after that date for vaass
sales, ETC., to be estimated in coin, IL woSIS
correct our notions of values Tn. specie dollar
would be the only dollar known as a measure Of
equivalents. Whendebts, afterwards s contracted.
were pald IN currency, Instead of calling paper
premium, We should think aud speak of naner A. |
at 80 much discount This alone would aid rreat. !
IN bringing the currencies nearer together AT |
par. e -
= would like to see q provision that at a |
liked day, say July 1, 1876, the currency i.snsS
Iy the United States should be redeemed in co;n
,h ~ presentation to any assistant TREASURER. and
nat all currency ~ redeemed should be cancel
u aud never re-issued. To effect this IL vonIJ
q q necessary to authorize the ssne of bonds nav
loie IN gold, bearing sueh interest rs vould com
nand par in gold, to be pnt ont by the Treasnrr
'ny s ~ snch sums as should from time to time be
leeaeu ior the purpose of redemption. Snch |
;si s,s.ion would insure a return to sound fnan-
,drm.n. two years, and would, in nv
work less hardship 70 the dsb,o, r!
crest than Is likely to come FINN ,n-
ay OF nnal reckoning. IL must r. i ~ '.e
y nind, TOO, that the creditors iuterast b.5 -.
'. aisanvantage also when our present fnsnc;.,
] stem was brought in by the saprema r."S. r
he nation at the time heeds OF
would fnrther provide that fro, m,
ne aate nAe1 ior redemption, no bill, Wbether
the United States, returned IN ths T, Tne'ner
D be exchanged for new bills, should h. rsais
y bills of less denomination than tn p,aeea Sppn
nd that in one year after resumption ali hiis ot
IS than five dollars shall be withdraw e.,
REGULATION, and in two years all bills Of less than
m dollars should be withdrawn The advan-
lge of this would be strength given to the conn.
y against times of depression resulting FINN i
ar, failure of crops, or any other cause, bv ,
eeping always in the hands of the people ,
rye supply of the precious metals. with ali :
MAILER transactions eondnsted in coin, many :