Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1874-06-12
The Presidents Financial Views.

MENT.
A recent conversation between the
President and Senator Jones of Nevada
on the financial questions Of the day so
impressed the latter that he wrote to the
President on Thursday, asking for
written memorandum of the Presidents
views as then expressed, and permission
to make it public. The President COM
piled with therequest, accompanying toe
he had reduced his views to writing be-
cause he had been consulted by mem
bers of the conference committee on the
currency bill aud others, in order that
all possibility of misunderstanding might
be avoided. The statement of the Pres
ident's views is as follows:
believe it is 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 lasting nation
al prosperity. i believe, further, 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
expedients to stimulate unreal prosperi-
ty and speculation on a basis other than
coin as the recognized medium of ex-
change throughout the commercial world.
The particular mode selected to bring
about restoration of the specie stand
ard is not of so much consequence as
that some adequate plan be devised, the
time fixed when currency shall be ex.
changeable 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
branches of Congress, and indeed full
discussion might shake my own faith in
the details of any plan might propose.
| will, however, venture to state the gen.
eral features of action which seem to me
advisable, the financial platform on
which / would stand, and any departure
from which would be in spirit of con.
cession and harmony in Difference tc
conflicting opinions. First, / would like
to see the legal tender clause, so called,
repealed, the act to take effect in fu.
ture time, say July 1. 1875. This would
cause all contracts made after that date
for wages, sales, etc., to be estimated in
coin. IL would correct our notion OF
values. The specie dollar would be the
only dollar known as the measure Of
equivalents when debts afterward con
tracted were paid in currency, instead Of
calling the paper dollar a dollar and
quoting gold at so much premium. We
should thing and speak of paper at SC
rauch discount. This alone would aid
greatly in bringing the two currenoies
nearer together at par. Second, | would
like to see provision that at fixed
day, say July l, 1876, the currency is
sued by the United States should be re.
deemed in coin on presentation to any
assistant treasurer and that all the cur
sency so redeemed should be Cancelled
and never reissued. To effect this il
would be necessary to authorize the issuS
of bonds payable in gold, bearing such
interest as would command par in gold,
to be put out by the treasury only il
such sums as should from time to tim,
be needed for the purpose of redemption
Such legislation would insure return
to sound financial principles in TIVE
years, and would, in my judgment, worl
less hardship to the debtor interest thar
is likely to come from putting off tn,
day of final reckoning. 1t must b,
borne in mind, too, that the creditors
interest had its day of disadvantage
also, when our present financial system
was brought into being by the suprem,
needs of the nation at the time. / would
further provide that from and after tn,
date fixed for the redemption no bills
whether Of national banks or of tn
United States, returned to the treasur,
to be exchanged for new bills, should b.
replaced by bills of less denomination
than ten dollars, and that in one yea
after resumption all bills of less thar
FIVE dollars should be Withdrawn from
circulation, and in two years all bills o
less than SO should be withdrawn. Th
advantage of this would be strength
} given to the country against time o
depression resulting from war. failure o
: crops or any other cause, by keeping al
ways in the hands of the people larg
supply of the precious metals. Witt
. all small transactions conducted in coin
5 many millions of it would be kept il
: constant use and, of course, prevente,
from leaving the country. Undoubtedl
poorer currency will always drive th