The Grange advance., 1874-06-10
The Presidents Views on the Curren
cy cyQuestiOn.
THE ClVlL-RIGHTs BILL.

l..
Yesterday prominent member of the
House called at the Executive Mansion,
and was asked by the President whether
the House would pass the Civil Rights bill.
eyes, think so. You wish it passed,
don't you: >" was the answer. "Yes," re-
sponded Grant, grim}y, II want you to
pass it 50 that can veto it,"
ALL AT SEA-
The effect OF the Presidents letter in re-
ply to the written inquiry Of Senator Jones,
which correspondence is sent in full by the
Associated Press tonight, will be to viii
ate anything that may be done by the Re-
publican Senatorial Imitation Conference
that is to come off next Monday, as the
result of miniature caucus which was
held in the Vice Presidents room at the
Capitol this morning. This miniature eau
Gus was held, however, prior to the receipt
Of the knowledge Of the contents of the
orrespondence-manife as contained in
the reply to Senator Jones'
To the associated Press.
PRESIDENT GRANT ON THE FINANCE eUEs~
TON.
WASHINGTON. D. c.. June Ex-senator
Jones has obtained permission Of President
Grant to publish the following memorar-
dunn prepared by him, expressing his views
on the financial question:
| believe it says the President high
and plain duty TO return to a specie basis
at the earliest practicable day, not only in
compliance with legislative and party
pledges, but as step indispensable to last
ing national prosperity. | believe, furth-
er, that the time has come when this can be
done, or at least begun. with less embar-
rassment to every branch Of industry than
at any future time. After resort has been
had to
UNSTABLE AND TEMPORARY EXPEDIESTs
to stimulate unreal prosperity and specula-
tion on a basis other than coin, the recog-
nized medium of exchange throughout the
commercial world, the particular mode Sc
lected to bring about the restoration Of a
specie standard is not Of so much conse-
quence as that some adequate plan be de-
vised, the time fixed when currency shall
be exchangeable for coin at par, and the
plan adopted rigidly adhered to. 1t is not
probable that any legislation suggested by
me would prove acceptable to both branch
es Of Congress, and indeed a full discussion
might shake my own faith in the details of
any plan might propose. will, however,
venture to
STATE THE GENERAL FEATURES OF ACTION.
which seem to me advisable,-the finan-
cial platform on which l would stand, and
any departure from which would be in a
spirit Of concession and harmony in defer
ence to conflicting opinions.
REPEAL THE LEGAL-TENDER CLAUSE.
First-I would like to see the lepal-ten-
der clause, so-called. repealed, the repeal
to take effect at some future time, say july
l, 1875. This would cause all contracts
made after that date for wages, sales, etc..
to be estimated in coin. It would correct
our notions of value; the spectacular
would be the only dollar known as the
measure Of equivalents when debts after
wards contracted were paid in currency.
Instead of calling a paper-dollar dollar.
and quoting gold at so much premium, we
should think and speak Of the paper as at
so much discount. This alone would aid
greatly in bringing the two currencies
nearer together at par.
SPECIE PAYMENTS.
Second-I would like to see provision
that at a fixed day, say July l, 1876, the
currency issued by the United States should
be redeemed in coin on presentation to any
Assistant Treasurer, and that all currency
so redeemed should be Cancelled and never
relssued. To effect this, it would be neces-
sary to authorize the issue of bonds paya-
bic in gold, bearing such interest as would
command par in gold, to be put out by the
Treasury only in such sums as should from
time to time be needed for the purpose of
redemption. Such legislation would insure
q return to sound financial principles in