The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1874-06-25
THE PRESIDENTS MEnoRANDuM.

THE PRESIDENTS KEH0RANDuA.
We give below full copy Of the "mem-
orandum" written by President Grant, in
which he sets forth hi. views on finance.
The statement was contained in q note writ
ten BY the President TO Senator Jones, which
Mr. Jones subsequently obtained per missio n
to make public. As the memorandum"
has beea much talked abou. of late in the
newspapers and financial circles, We repro
duce it here in fall:
81 believe it the high and plain duty OF
the country to return to a specie basis at the
e earliest practicable day, not only in COM
pliance with legislative and party pledges,
bat as step indispensable to lasting ma
tional prosperity. j believe further that
tine time has come when this can be done, or
at least begun, with less embarrassment to
every brauch of industry than after further
time has been spent in resorts to unstable
and temporary e1pedieIts TO stimulate
unreal prosperity, and speculation On basis
other than coin, the recognized medium
al exchange throughout The commercial
world. The particular mode selected 10
bring about the r., tJration of a epecie san
dard il not Of 80 much consequence az that
rome adequate plan be adopted, the time
fixed when currency shall be exchanged for
coin al par. ami the plan adopted and rigid
Iy adhered to. 1t IL net probable that any
legislation suggested ty me would prove ac-
ceytable TO both branches of Congress, and
indeed full discus-ion might shake my
faith in the details of any plan l might pro-
pose. 1 might, however, venture TO state
the general features OF an action which seems
10 me availsb1e-ihe financial platform on
which i would stand, and any departure
from which would be in a spirit Of conces-
sion and harmony In difference 10 conflict
ing opinion.
risi, / woald like to see the legal tender
clause, 80 called, repealed. the repeal II
take eject say July LIST, 1875, this would
cause al! contracts made after that date for
wages, silss, etc, to be estimated in coin; II
would correct our notions Of values. A spe-
Gle dollar would be the only dollar known as
a measure of equivalents. When debts af
ierwards contracted should be paid in cur
r.rcy, instead of calling paper dollar a
dollar ard quoting gold at 80 much premium
We should think and speak Of paper n At go
much discount. This would aid greatly in
bringing two conveniences nearer toget her
1t par.
Second, would like TO see provision
that at a fixed day, say June lst. 1876, the |
currency issued by the United States be re-
deemed ia COIN on presentation 10 any As
sisi ant treasurer, and that all currency so
redeemed shall he cancelled and never re-
issued. To effec; this il would be Necessary
10 authorize the Issue Of bonds payable in
gold, bearing such interest az would COM
Inand par in gold, to he paid out OF the
treasury only, in such sums AZ should from
time to time be needed for the purpose OF
redemption. Such sg'slation would ensure
a return to sound financial principles IN two
year,, and would in my judgment, work less
hardship to the debt or interest than is like
ly to come from putting of the final day ii
reckoning. 1t must be borne in mind, too,
that the creditor interest had IFS day of dis
ad vantage also, when our present financial
system was brought on by the supreme needs
of the nation at the time. l would further
provide that ircm and after the date fixed
for redemption, no bills, whether of national!
banks or OF United Siaies, returned to the
tressury, to be exchanged for new
bills should be eflaced by bills Of less de.
nomination than ten dollars, and that in one
year after resumption, all Of the bills less than
five dollars fould be Withdrawn from circu-
la,ior; and in two years all bill OF less than
zen dollars should be Withdrawn. The sdv.n-
age OF this ould be the strength given to the
country against time OF depression resulting
rom war, failure Of crops, or any other I
,ourse, by keeping always in the hands of t
he people a large supply of precious metals. {
With all smaller transactions conducted 10 I
DIN many millions Of il would be kept in '
onstant use, and OF course prevented from I
eaving the country. Undoubtedly the poor 1
r currency will always drive the better l
ut OF circula:ion. With paper 9
sgal tender and at discoun, gold and silver |
'ecome articles OF merchandise as much IS |
wheat or cotton and the surplus will find 5
he best market it can. With small bills in t
REGULATION there is no Use for coin except 10 I
eep II in the vaults of banks to redeem cir. 1
ulstion. Daring the period of great circu- i
alton and apparent prosperity, there Is little 9
emand fer coin and il then will flow out 10 a
iarket where it can be made to earn some $
hing, which il cannot do by lying idle. By 1
living gold actual employment, however, it q
an, IL seems to me. be secured, and panics >
nd derressions which have occurred period I
ally in times of national specie payments il r
ley cannot wholly he prevented, can, at +
a t, be greatly Irrigated; indeed l quss- t
on whether it would have been found ne- Il
IF sary 10 depart from the stand ird of specie
a the trying days that gave birth to the first "
agal tender act, had the country taken the s.
round of no small bills as early as 1850. o
Again, | would provide an excess Of rev. a
ME over current expenses. l would do so o
v rigid economy and taxation, where taxa fl
ion can best be borne. Increased revenue a
,ould work 4 constant reduction of the deb. il
nd interest, and would provide coin 10 /,
nest the demands of the treasury for ,e
empiion of its notes, thereby diminishing
he amount of bonds needed for that pur-
'o-e. All taxes after redemption be-
ms should be in coin or United States
totes This would force the redemption OF
ational banks. With measures like these, b
r measures which would work ont such re- n