The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1875-01-28
MIR ntrInNaL rfStNcEs.
s ! q. IlIs I,.ll.l.,.n..

- sn.cf.f Message or the f,reSfdent.
WAsHISGroN, Jan: 1.-THE President
sent to the Senate to-day the following mes
sage, accompanying his approval Of the new
Finance bill:
To the Senate of the United States:
Senate bill No. ], ,Oif 20 providefor the resuinp-
ton Of specie payments. is before ms, ana tlls
lay recelvesm my signature andIappTOva. Nsn. ~
ture upon tsis unusual method Of co0yey ing tlc
notice Of approval to the house IN which the meil~
sure originated. because OF its great importance
to the country at large, and in order to suggest
further legislation which seems % me essential TO
make this law effectual. IL is subject OF con
/ graduation that the measure has become a law
which fixes a date when specie resumption shall
commence; and implies an obligation ON the part
Of Congress, II in is power, 20 give such legsla-
| ton as may prove necessary to redeem this
promise. To this end, l respectfully call Your
attention to q few suggestions:
1 4 The necessity for Increased revenue to carry
out the Obligation Of adding 10 the sinking tund
annually one per cent. of the public debt,
amounting now to about s3l, 200 900 per annum;
and 20 carry out the promises OF this measure -
redeem under certain contingencies SsO,OoO,VVO
of the present legal tenders, and WITHOUT Sontln-
gen,v the actual currency now IN circulation.
How TO increase the surplus revenue " Tor Con
gress 10 devise, but VIII yentureto suggest tha1
the duty on tea and cohee might su VIZ
out permanently enhancing the costlS consum-
ers, and that a ten per cent reductlon OF the
tariff on articles specified In the lab OF June %,
l be repealed The s1PP 81 ssS vond Su IN M
probability be advanced N price oy auoPung @ tlls
measure but il is known that the ADOPTION iifec
entry to these articles OF necessity ed lvt os @ ~
them, but merely added to The prontS OF ue
countries producing them or Of mlddie.men IN
those countries who have the exclusive trade IN
them.
now provides that fractional currency shall DC
redeemed in silver coin as rapidly Us pracueaDle.
There Is no provision preventing 1uctuatlon IN
value of paper currency. With gold aea premium
of any thing over ten per cent. above currency ~
use Il is probable-aluost ccrtatn-that silver
would be bought up for eNportatlon last as ~
was put out until change would become 30 scarce
as 20 make the premium on it equal TO the pre-
MUM on gold or sufficiently high 10 make it no
Iongerprofitable TO bay to export thereby caus,
ing direct loss to the community ot large, and
great embarrassment 70 trade. As the
present law commands final resumption on the
lst of january, 1873, and as gold reeelpls oy INC
Treasury are larger than gold payments, anu
currency receipts less than currency payments,
thereby making monthly sales Of gold necessary 20
meet current currency expenses, II occurs 70 INC
that these difficulties might be reInedied by au-
thorizing the Secretary of the Treasury 70 redeem
legal tender notes whenever presented IN sums
not less than 3 100, and multlples thereof, az 2
the rate of two and a half per cent. per annun
from the LIST of January, lS75 to the date OF put
ting this law into operation, ana ell.lllsl,l. llS
premium at the same rate until hnat resumption,
changing the rate of premium demanded from
time to time, "a the interest amounts 70
quarter Of one per cent; n,,i suggess EEin.c
currency at par with gold Mt the date hAeu ny law
for final resumption. / suggest ten per cent aS
the demand premium at the beginnlhs,s Decause =
believe this rate would insure the retention %
silver in the country for change. Ihe provisions
of the third section of the act will prevent comb-
nations being made to exhaust the treasury OF
coin With such a law it is presumabe that no
gold would be called for not required Tor ieglu-
mate business purposes. When large amounts
of coin should be drawn from the treasury JIr 1u
respondingly large amounts of currency would be
withdrawn from circulation, thus causing sum
cient stringency in the currency to stop the out
ward flow of coin. The advantages OF currency
of a fixed known value would also be reached.
In my opinion, by the enactment OF such law,
business and industries would revive, anu the
beginning of prosperity on trm basis Woud DC
reached. =.
8. other means Of Increasing the revenue than
those suggested should probably be devised, and
also other legislation In iact 70 carry out te
first section of the act another mint becomes q
necessity. With the present facilities for com
age it would take period probably beyond thas
fixed by law for final specie resumption 70 con- ns
the silver necessary to transact the business OF
the country. There are now smelling furnaces
for extracting silver and gold from ores brOugnC
from the mountain territories in Chicago, St:
Louis and OInaha-three in the former city-and
as much Of the change required VIII be Wanteu
in the Mississippi Valley states, and as the
metals to be coined come from WesI OF @ ulose
States and, as | understand, charges for trans
pOrtatiOn of bullion from either city named 70
the mint in Philadelphia or New York City
amount to four dollars for each one thousand
dollars worth, with an equal expense for
transportation back it would seem fair argu-
ment in favor of adopting one or more oi these
cities as the place or places for the establishments
of new coming facilities.
have ventured upon this subject with great
diffidence, because it is so unusual 10 approve
measure as most heartily do this eyenif no fur
ther legislation is attainable at this time, and To
announce the fact by message. But DO SO be-
cause | feel that it is subject Of such vital I'M
portance to the whole country that it should re-
ceiye the attention Of and be discussed by, Con-
gress and the people, through the press ami
| in every way, to the end that the best and most
satisfactory course may be reached, by executing
what deem most beneficial Legislation on a most
vital question the interests and prosperity OF the
/ nation. u. ,. IBASI.
| Executive Mansion, Jan. II, 1S7J.