The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1875-01-19
THE FINANCE BILL.

1T Is SIGNED BY THE PREsIDENT-HE SENDS
WITH 1T soMR OBSERVATION-DISCLOSURES
TIER LEGISLATION NEEDED.
WAsHISs1oN, ID. c., Jan. 1.-THE pTesi-
deut sent 10 The Senate to-day the following
message, accompanying his approval Of the
new finance bill:
To the Senate Of the United States:
Senate bill No. GA, to provide for the re-
sumption of specie payments, is before me.
and this day receives my signature of ap-
prevail. 1 venture upon this unusual
method OF conveying notice of approval to
tue house in which the measure
originated, became of it's great
Importance to the country at large,
and in order TO suggest further legislation
which seems To me necessary to make this
law effectual. IL is a subject of ceUgratula-
ton that = measure has become law which
fixes a date when specie resumption shall
commence and implies an obligation on the
part OF congress, if IL is in its power, 90 give
such legislation as may prove necessary to
redeem this promise. To this end l respect
fully call your attention to Ten. sugges-
tons: list, the necessity for an increas ed
revenue to carry out the obliga-
ton of adding to the sinking fund
annually ] per cent Of the public debt,
amounting now to SS4. 100000 per enDum,
and to carry out the promises of this meas
$50 coo, 600 of the present legal tenders, and
without circulation OF the practical cur
rency now in consultation. How to increase
the surplus revenue is for congress to de-
wise, but will venture to suggest that the
duty on tea aud coffee might be restored
without permanently advancing the
cost to consumers and that the
per cent reduction of the tariff on the articles
specified in the law of June 6, 1872, be re-
pealed. The supply of tea and coffee already
on hand in the United Srates would in all
probability be advanced In price by adopt
ing this measure. But it is known that the
adoption ofa free entry to these articles of
necessity cid not cheaper tEem, but merely
added TO the profits of the countries produc-
ing them, or of middle men in those cOun
tries who have an exclusive trade 10 them.
Second; the first section of the bill under
consideration provides that
THE FRACTIONAL CURRENCY
shall be redeemed in silver coin as rapidly as
practicable. There is no provision prevent
ing fuctuation in the value of the paper
currency. With gold at premium of any
thing over 10 per cent. above the currency
IN use It Is probable, almost certain that sill
yer would be bought mp for expectation as
fast as IL YVES put out, until change woulj
premium or it equal 10 the premium on
gold, or sufficiently high to make il no lon
ger profitable TO buy tor export, thereby
causing direct loss 10 the community at
large and great EN- barrassment to trade. AS
the present law commands a final resump-
sion on the lst of January, 1879, and as
the gold receipts by the treasury are
larger than the gold payments and
currency receipts than the currency
payment, thereby making monthly sales o.
gold necessary tn meet the current expenses
IL occurs 10 me that these difficulties might
be rendered by authorizing the secretary o
the treasury 10 redeem legal tender notes
whenever presented in sums OF not les:
than 800 aud multiples thereof, a. premium
Tor gold OF ten per cent. less interest al {
rate OF two and half per cent. per sunuu
rom the la Of January, 1875, 10 date, put
Ing tins law into operation and diminish
ing this premium at same rate until the fins
resumption. charging the rate of premium
demanded from time to time as tn