The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1874-06-23
The Presidents Views on Finance.

JOHN PAU n Harpe,'s Mage -iae.
The Presidents Views on Finance.
Some days ago Senator Jones talked
with President Grant, and on the 4th
wrote him this letter
UNITED STATES SENATE CHAMBER, }
WASHINGTON, June A, 1874,
TO THE PRESIDENT L was so deeply
impressed by the clearness and wisdom Of
the financial views-some Of which you
have, fortunately, reduced to writing
recently expressed by you in conversa.
tion in which had the honor, with few
others, to be participant, that I cannot
dismiss them from my mind. The great
diversity Of ideas throughout the country
upon this subject, and the fact that public
opinion concerning the same is still in
process Of formation, lead me to believe
that the publication of these views would
be productive of great good. | venture,
therefore, to request of you that | may
have copy Of the written memorandum
to which l have alluded, with your per.
mission that it may be made public
| have the honor to be, very respect
fully, your obedent servant,
JOHN p. JONES.
Tie Presidents reply is as follows:
EXECUTIVE MANSION,
WASHINGTON. June 4, 1874.
DEAR SIR Your note of this date, re.
questing a copy Of memorandum which
| have prepared expressive of my views
upon the financial question, and which
you with others have heard read, is re.
ceived, but at too late an hour to comply
tonight will, however. take great
pleasure in furnishing you copy in the
morning as soon as | have it copied. 1t
is proper that should state that these
views were reduced to writing because |
had been consulted ou this question no:
only by some members OF the Conference
Committee but by many other members
OF Congress. To avoid any and all posi-.
bility Of misunderstanding, deemed this
course both justifiahle and proper. With
this explanation enclose you herewith
the memorandum referred to.
Nery respectfully,
u. S. GRANT.
TO the Hon j. p Jones, U. S. Senate.
Memorandum Of views entertained on the
subject of desirable legislation on the
finances.
believe it a high and plain duty to
return to specie basis at the earliest
practicable day. not only in compliance
with legislative and party pledges, but as
step indispensable to lasting national
prosperity. believe further, that the
time has come when this can be done, or
at least begun, with less embarrassment
TO every branch Of industry than at any
future time, after resort has been had to
unstable and temporary expedients to
stimulate unreal prosperity and specula.
tion on bases other than coin as the rec.
ognized medium Of exchange throughout
the commercial world. The particular
mode selected to bring about restorat
Of the specie standard is not of so much
consequence as that some adequate plan
be devised, the time fixed when currency
shall be exchangable for coin at par, and
the plan adopted rightly adhered to. 1t
is not probable that any legislation sug.
gested by me would prove acceptable to
both branches of Congress, and indeed q
full discussion Nigh shake my own faith
in the details of any plan l might pro-
poe. | will, however, Venture to state
the general features of the action which
seems to me advisable-the financial plat.
form on which l would stand, and any
departure from which would be in a spir.
it of concession and harmony in Difference
to conflicting opinions.
FIRST: | would like to see the legal
tender clause, so-called, repealed the re.
peal to take effect at future time. say
July lst, 1875; this would cause all
contracts made after that date. for wag.
es, sales, etc., to be estimated = coin
1t would correct our notions Of values
The specie dollar would be the only
dollar known as the measure of equiva
ents. When debts afterwards contract
ed were paid in currency, instead Of call.
ing the paper dollar dollar and quoting
gold at SO much premium, we should thinI
and speak of paper as at so much dis
J count this alone would aid greatly il
bringing the two currencies nearer to-
gether at par.
!, SECOND: would like to see provis
ion that at fixed day say July l. 1876
} the currency issued by the United States
should be redeemed in coin on presenta'
, tion to any assistant treasurer, and thai
all the currency SO redeemed should b'
} Cancelled and never reissued. To effec
this, it would be necessary to authorize
} the issue Of bonds payable in gold, bear
ing such interest as would command pal
in gold, to be put out by the Treasury
only in such sums as should from time t
time be needed for the purpose of re
!; demption.
; Such legislation would insure return
to sound financial principles in two years
and would, in my judgment, work les
hardship to the debtor interest than i
| Il A. Al