The Opelousas journal. [volume] (Opelousas, La.) 1868-1878, 1875-01-29
RESUMPTION.
The Finance Bill Approved by the
President.

To the Senate of the United States
i Senate bill No. 1914, to provide for the r.
sumption of specie payments, is before mG
ana THIS day receives my signature of approva
venture upon this unusual method of cor
veying notice of my approval to the house i
winch the measure originated, because of it
i great importance to the country at large. i
i order to suggest further legislation, Whic
seems TO me essential to make this law effect
ual 1t is subject of congratulation that
measure has become a law which fixes the dat
when specie resumption shall commence, ant
i implles an obligation on the part of congress
If In its power, to give such legislation as ma
prove necessary to redeem this promise. II
| this end respectfully cali your attention to
| few suggestions
| l. The necessity for increased revenue Il
carry out the obligation of adding to the sink
! ing fund annually one per cent. The interes
| ON the public debt amounts now to $34. .0O0 0Ot
| per annum, and to carry out the promises o1
| this measure to redeem under certain contin
gencies $80, 600, 900 of the present legal-ten
ders, and without contracting the national
currency now in circulation. How to increase
the surplus revenue is for congress to devise
But will venture to suggest that the duty on
tea and coffee might be restored, without per-
manently enhancing the cost to consumers
ana that ten per cent. reduction of the tariff
on articles specified in the law of June, 1872.
be repealed. The supply of tea and coffee
already on hand in the United States. would.
In all probability, be advanced in price by
adopting this measure, but it is known that
the adoption OF free entry to these articles of
necessity did not cheaper materially, or en-
nance the profits OF the country producing
them, or of middlemen of those countries who
have the exclusive trade in them
q The first section of the bill now under
consideration, provides that the fractional
currency shall be redeemed in silver coin as
rapidly as practicable. There is no provision
preventing the fuetuation in the value of
paper currency, or the gold premium advanc-
ing over ten per cent. above the currency in
use 1t ls probable, almost certain, that silver
would be bought up for expectation as fast as
1t was put out, until change would become so
scarce as to make the premium on it equal to
the premium on gold or sufficiently high to
make it no longer profitable to buy for export
thereby causlng direct loss to the community
at large, and great embarrassment to trade.
AS the present law commands final resumption
ON the first of January, 1879. and as the gold re-
ceipts by the treasury are larger than the gold
payments, and the currency receipts than cur
Fency payments, thereby making monthly sales
Of gold necessary to meet current CURRENCY ex-
penses, it occurs to me that these difficulties
might be remedied by authorizing the secre-
tarY OF the treasury to redeem legal tender
notes whenever presented IN sums of not less
han $1OOs and multiples thereof, at the pre-
mum Ior gold q ten per cent. less interest,"
% the rate OF 213 per cent. per annum, from
ne LIST of January, 1S75, to the date Of put
ing tins law into operation, and diminishing |
MS premium at the same rate until final re- /
Iult; changing the rate Of premium demanded |
rom time 70 time as the interest amounts to |
me. quarter or one per cent. I suggest this |
ate oI interest, because it would bring cur
ency at par with gold at the date fixed by the /
aW TOR the final resumption. suggest ten /
'er cent. as the premium at the beginning, /
because believe this rate would secure the I
etentlon OF silver in the country for change I
me provisions of the third section of the act I
VII prevent combinations being made to ex-
iaust the treasury OF coin. With such o law,
: Is presumable that no gold would be called
or not required for legitimate business
urposes. When large amounts of coin
hould be drawn from the treasury cores
ondlngly large amounts of currency would
g WlthdraWn from circulation, thus causing |
nfilclent strlngency in currency to stop the
utfloW OF coin and the advantages OF cur
sncy, OF fixed known value, would also be
eacned. In my opinion, by the enactment of
aen law, business and the industries would
awe, and the beginning Of prosperity,
urn basis, would be reached. Other
leans OF increasing the revenue, than those
aggested, should probably be devised, and
$50 other legislation, in fact, 10 carry out the
rst section of the act Another mint be-
omes necessity. With the present facilities
y coinage, it would take period beyond
lat liked by law for final specie resumption
coin silver necessary to transact the bust
sss of the country. There are now smelling
lfnaces for extracting silver and gold from I
'os brought from the mountain territories
TO Chicago, st. Louis and Omaha, three in
70 former city, and as much of the change !,
CURED Will be wanted in the Mississippi
llley states, and as metals to be coined {
me from west OF those states, and as I / /
adersto0d the charges for transportation
bullion from either of the cities named {
the mint at Philadelphia or New York !
y, amount to four dollars for each one !.
ousand dollars worth, with an equal ex-
nse Tor transportation back, it would seem q
air argument in favor Of adopting one or
0re OF these cities as place or places for
9 establishment of new coinage facilities. T fa
ye yentured upon this subject with great !,
fidence, because 1t Is unusual to approve d q
sasure, as do this, If no further legislation +
attainable al this time and to announce the !.
. by message. But do so because feel
at is a subject OF such vital Importance TO
3 whole country, that it should receive the :.
ention of, and be discussed by congress =
! the people, through the press and ia every q
7, to the end that The best and most satisfae- /,
y course may be reached, OF executing what =
eem most beneficial legislation on q most ii
81 question, to the interests and prosperity :,
tho nation. q. 3. GRANT.
Executive Mansion, Jan. II. 1876. g
L 4