The Hickman courier. [volume] (Hickman, Ky.) 1859-current, 1874-06-13
RESUMPTION.
All Authoritative Expression OH the Sub
Ject from Preside ent Grant.

The president has authorized the pub
lication of the following memorandum
expressing his views upon financial
| questions
I believe it high and plaiu duty to
return to a specie basis at the earliest
practicable day, not only in compliance
with Legislative and party pledges, but
as a step indispensable to lasting nation
al prosperity. / believe further that
| the time has come when this can be
done, or at least begun, with less en-
| barrassment to every branch of indus
| try than at any future time, after resort
has been had to unstable and temporary
expedients to stimulate an unreal pros
perity and speculation on basis other
than coin as the recognized medium OF
exchange throughout the commercial
world. The particular mode selected
to bting about the restoration of the
specie standard Is not of so much con-
sequence as that some adequate plan
be devised, a time fixed when the cur
roncy shalt loo esschap s,s,atsls for coin st
| par, and the plan adopted rigidly adj
hered to. II is not probable that any
legislation suggested by me would prove
acceptable to both branches of congress,
and indeed, a full discussion might
shake my own faith in the details of any
plan | might propose. l will, however,
venture to state the general features Of
action which seems TO me advisable,
the financial platform on which l would
stand, and any departure from which
would be in a spirit of concession and
of harmony, and in reference to conflict
ing opinions.
/. would like to see the legal tender
clause. so-called, repealed, the repeal to
take effect at future time, say July !,
1876. This would cause all contracts
made after that date for wages, sales,
etc, to be estimated in coin. The specie
dollar would be the only dollar known
as a measure of equivalents. When
debts afterwards contracted were paid
in currency, instead of calling a paper
dollar Il dollar and quoting gold so much
premium, we should think and speak of
paper as at so much discount. This
alone would aid greatly in bringing the
currencies nearer together at par.
?. 1 would like to see a provision that,
at fixed day, say July !, 1876. the
currency issued by the United States
should be redeemed in coin on presen-
tation to any assistant treasurer, and
that all currency so redeemed should
be cancelled and never be reissued. To
effect this, it would be necessary to
authorize the issue of bonds payable in
gold, beRAiag such interest as would
command tn gold, to be put out by
the treasuf S6nlyin such sums as should
from time y time be needed for the
purpose of redemption. Such tegisla-
tiOn would insure a return to sound
financial principles in two years, and
would, in my Judgment, work less
hardship to the debtor interest than IS
like to come from putting off the day
sbf final reckoning. 1t must be borne
in mind, too, that the creditor interest
/ had its day of disadvantage also, when
our present financial system was ushered
iH by the supreme needs of the nation
at the time.
l would further provide that from
and after the date fixed for redemption
no bills, whether of national banks or
of the United States, returned to the
! treasury to be exchanged for new bills
/ of a denomination less than ten dollars,
/ and that in one year after resumption
! 6es withdrawn from eircalatio6, aha IN
/ two wears all bills of less than ten dol
| lars should be withdrawn. The advan-
/ tage Of this would be the strength given
/ to the country against a time of de-
preston resulting from war, failure of
crops, or by keeping always in the
hands of the people a large supply of
/ the precious metals. With all smaller
/ transactions conducted in coin, many
millions of it would be kept in constant
use, and of course prevented from leav-
Sing the country.
Undoubtedly a poorer currency Will
always drive the better out of circula-
ton. With paper a legal tender at a
discount, gold and silver become arti-
cles of merchandise as much as wheat
or cotton. The surplus will find the
best markAit can. With small bills in
circulate here is no use for coin,
exceptA it in the vaults of banks
to req. - Tcirculation. During pc
riodSSS - ~ Speculation and apparent
prQESG5ey, there is little demand for
ceSr S7tnd then it flows out to the mar
&rTs1lere it can be made TO earn some
fhsHs, which it cannot do while lying
idle. Gold, like anything else, when
not needed becomes a surplus and seeks
a market where it can find one. BY
| giving active employment to coin, its
| presence, it seems to me, will be Sc
cured, and the pauics and depressions
! which have occurred periodically IN
times of nominal specie payments, II
| they cannot be wholly prevented, can
at ledSb D6 SHGdbiN u1lt4BatSN- AANtSNN'
I question whether it would have been
found necessary to depart from the
standard of specie in the trying days
which gave birth to the first legal tender
! act, had the country taken the ground
| of no small bills as early as $3.50.
Again, l would provide an excess OF
revenue over current expenditures. ]
would do this by rigid economy and by
| iavatioO where taxation can best be
borne. Increased revenue would work
a constant reduction of the debt ard in
terest, and would provide coin to NEE
the demands on the treasury for the re
demption of its notes, thereby dimin
ishing the amount of bonds needed
For that purpose all taxes after redemp
ton begins should be paid in coin o.
United States notes. This would forc'
redemption on the national banks.
With measures like these, or meas
ures which would work out such results
I see no danger in authorizing fre'
banking without limit.