Union and American. [volume] (Greeneville, Tenn.) 1875-1877, 1875-12-09
SPECIE RESUMPTION.

after the HrsI Gay OF january, 1913,
at the farthest. It would be a
great blessing if this could be con-
summated even at an earlier day.
seems to me more certain
than that q full, healthy and per-
manent reaction cannot take place
IN favor of the industries and fndn-
cial welfare of the country, until
we return to a measure of values
recognized throughout the civilized
world. While we use a currency
not equivalent to this standard,
the worlds recognized standard,
becomes a commodity like
products of the soil, the surplus
seeking a market wherever there
Is a demand for it. Under our
present system we should want
none nor would we have any, were
it not that customs due are paid in
coin and because of pledges to pay
the interest on the public debt in
coin. The yield of the precious
metals would flow out for purchases
of foreign productions and leave
the United States hewers of wood
and drawers of water because of
wiser Legislation on the subject of
finance by nations with whom we
have dealings. l am not prepared
10 say that / a suggest the best
legislation to secure the end most
heartily recommended. 1t will be
a source OF great qualification to
me to be able to approve any
measure of Congress looking eff
fectually toward securing resump-
ton. Unlimited imitation would
probably bring about specie pay
ments more speedily than any leg
islation looking to the redemption
Of legaltenders in coin, but it would
be at the expense of honor. The
legal tenders would have no value
beyond settling the present liabili-
ties, or properly speaking, repudi-
atlng them. They would buy
nothing after all debts were set
tied.
LEGAL TENDERS.
There are a few measures which
seem to me important in this con-
nection and which 1 commend to
your earnest consideration. A re
peal of so much of the legal tender
act as makes these notes receivable
for debts contracted after a certain
date, to be fixed in the act itself,
say not later than the 1st of Jan
uary, 1877. A hearty reaction
would set in at once, and with it n
desire TO make the currency equal
to what it purports to be.
The President Celebrates the
good effects which would follow
this suggestion. Second, that the
Secretary of the Treasury be au-
thorized to redeem, say not to ex-
coed two millions of dollars month
ly, OF legal tender notes, by issuing
in their stead q long bond bearing
three sixty-five h~undredths per cent.
of denominations ranging from fifty
to one thousand dollars each.-
Third, that additional power be
given the Secretary of the Treas
ury to accumulate gold for final re-
demption, either by increasing the
revenue or decreasing expenses, CIR
both. 1t is preferable to do both.
RESTORING DUTIES.
The restoration of the duty on
tea and coffee is suggested also
the reduction on certain articles,
such as hardly pay for the cost of
collection and such as enter into
manufactures.
CLAIMS AGAINST THE GOVERNMENT.
He suggests some better mean
be found for verifying claims against
the Government than through the
Court of Claims, especially those
growing out of the late war. They
are in nearly every instance exor-
bitant.
WAR DEPARTMENT.
In discussing The report of the
of War, he invites special
to making three hundred
dollars of the subsistence
appropriation available before the
of the next fiscal year;
the repeal of the law abolishing
mileage and a return to the old
system of appropriation fol- torpedo
trials by n corpse of engineers and
4 permanent organization for the
corps.
THE NAVY.
The condition of our navy at this
lime, he says, is a source of salts
Reviewing the details of
the defects as compared with other
nations, he says: But neither our
situation or our foreign
require we should have a
number of these power
crushing iron clads, while
our position and the nature of our
ports combined make those of 9th
er nations little dangerous to us
under any circumstances. We have
war ships, including fifteen
ron cladsnow in hand on the At
coast.
THE POSTAL SERVICE
entirely satisfactory. The Presi-
lent suggest the propriety of the ex-
of merchandise from the
INDIA DEPARTMENT.
The method of treating with the
Indians, adopted at the beginning
IF my first term, has been steadily
pursued with satisfactory and
Encouraging results, and has been
productive of an evident improve
nent of the condition of that race,
md will be continued with such
notifications as experience may in
licate to be necessary.
He speaks eh~eeringly and liber,
lily regarding the Centennial, and
says of the
BUREAU OF AaRIc uLrURE.
1t has accomplished much in dis
useful KNOWLEDGE to the |