New-York tribune., 1875-01-15
THE UCUs FINANCE BILL.

THE PRESIDENTS MESSAGE OF APPROVAL.
HE ADOPTS THIS UNUSUAL METHOD IN ORDER Io
uRay FURTHER IEGIsLATI0S-THE NECESSITY
or AN INCREASED REVENUE TO CARRY OUT THE
PROVISIONS OF THE NEUTRALITY-SUSPICIOUS. OF
THg DUTY ON TEA AND COFFEE, AND REPEAL or
THE TEN PER CENT TARIFF REDUCTION RECON-
MENDED-sUGGEsTIoS FOR THE REDEMPTION
OF THE FRACTIONAL CURRENCY-THE ESTABLISH
MENr or A NEW MINT MADE NECESSARY.
WASHINGTON, Jan. 1.-THE President sent to the
Senate to-day the following message, accompanying
his approval Of the new Finance bill:
To the Senate OF the United States:
"senste Bill No L0iI 10 provide for tho resumption
Of specie yment" before me- and TINS uay
my signature Of approval venture upon ths unusual
method OF conveying the notice OF approval 10 tno
| house In which the measure originated because OF
| Its great importance to the. country al
| large and IN order TO suggest further
legislation which seems essential 10 make this
law eectual 1t is subject OF congratulation that
| measure has become law which fixes date wnen
specie resumption shall commence, ana imphes an
obligation on the part Of Congress-, II In ts power 70
give such Legislation as may prove necessary 10 reaeem
this promise. To this end respectfully call your stten
ton TO o few suggestions.
First The necessity for All increased revenue to carry
out the obligation Of adding to the Sinking Fund an
nually per cent OF the public debt amounting now
10 about c4OOooOc per annun, and 70 carry out the
tDgences. tsoOOo.OoO OF the present legal tenders
and. without contingency the fractional ~ cur, ,hn
surplus revenue Ia for Congress to devise but will
venture to suggest that the duty on tea and coffee
misa, be restored without permanently enhancing the
cost TO the consumers, ana ,nt me ten per cent
ducton Of the tariff the articles specified In the
coffee already hand IN the United States would 10 al
probability be advanced In price by adopting TINS meas
these srtees Of nsCssy ' did not Cheaper them but
merely added to ne profits OF tho countries producing
the exclusive trade n them.
SecOnd: The first section OF the bill under eonsidera-
ton now provides that the fractional currency shall be
redeemed in silver coiu rapidly as practicable.
There is no provision preventing the huctustng
gold '1 at premS Of aPSRSns 'uSrSp' oTer ten per
cent above the currency n use IL Is probable-amost
as fast as 1t was put out until change would become SO
scarce TO make the premium equal to the pre-
profitable buy for export thereby causing direct
loss TO the community st large and great
to trade AS the present law commands nna Resumption
on the lst OF January, 1872 and as the gold receipts Dy
tho Treasury larger than the gold payments and the
currency receipts than the currency paynehs Thereby
making monthly sales OF gold necessary to meet current
might be remedied by authorizing the secretary OF lne
Treasury TO redeem legal tender notes whenever pre-
at premium for gold OF 10 per cent, less
interest. at the ratio of y per cent per annun.
this law into operation, and diminishing this premium
at the rates unH anal resumption, changing the
terest amounts TO onequsrter OF ona per cent Isug
geet this rate of nterest, because Il would
fixed by law for final resumption. suggest ten per
the demand premium at the beginning, because
believe this rate would Insure the retention OF silver
the for change The provisions OF the third
section OF the act will prevent combinations being made
10 exhaust the Treasury or coin. With law 1t il
presumabe that gold would be called for required
for Legitimate business purposes. When large amounts
OF should be drawn from the Treasury, correspond
ngly large amounts OF currency would be Withdrawn
from circulation thus causing Sufficient strinRency in
currency 10 stop the outward How OF coin. The ad-
vantage OF currency OF a dxcd known value would
also be reached. In opinion, by the enactment OF
such law business aud Industries would revive, and
the beginning OF prosperity ON firm basis would be
reached.
Other means OF Increasing the revenue than those
suggested should probably be devised, and other
legislation In fact 10 out the first section OF the
act another mint becomes necessity with the present
hclutles for coinage 10 Would take period probably
beyond that fixed by law for iual specie resumption
coin the silver necessary TO transact the business OF
the country. There now smelling furnaces for
extracting the silver and gold from the brought
from the mountain territories In Chicago st. LOUIS and
Omaha, three in the former city and, much OF the
change required Will De wanted fn tao Mississippi Val
ley States ana the metals coined from
west Of those States and understand tue charges
for transportation OF bullion from either of the
cities named 10 the mint in Philadelphia, TO New
equal expense for transportation back, IL would seem
a fair argument in favor OF adopting more OF
these cities the place or places for the establishment
OF new coinage facilities. have ventured upon this
10 approve measure (s most heartily do ths) even
If no further legislation Is attanabe at this time
and 20 announce tho facG by message; but
that a subject such vital
10 the whole country that IL should receive
the attention Of and bs discussed by Congress and the
people through the aud in every way TO the end
reached OF executing what deem the most beneficial
legislation most vital question TO the interests aud
prosper ty OF the nation. L. 5. GRANT.
ErceatGc Mansion, JAN Is, 1875