The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1875-01-29
OUR NATIONAL FINANCES.



WASHINGTON. Jan. 1.-THE President
sent to the Senate to-day the following mes
sage. accompanying hi approval Of the new
Finance bill:
10 H. Senate Of the United State.
senate bill No. loot. 10 provide for the re
sumption Of specie pa, Inents. Is before me. and
this day receiycs my signature AMI approval.
1 venture upon this unusual method Of conveying
thu notice q approyaito the house in which the
measure originated. becaHse of it, great impOr-
lance 10 the country at large, and in order e.
suggest further legislation which seems to me
essential 10 make this law effectual. 10 j. a sub
lect Of consratulatIon that the measure has be-
come a law which fixes a date when specie NJ.
sumption shall commence, ami implies an obliga-
ton on the part OF Congress, If Ina ite power, 10
give such legislation a. may prove necessary g.
redeem this promise. To this eua, ] respectfully
call your attention 10 a few suggestions
FfrSf-The necessity for increased revenue 10
carry out the obligation uf adding o. the sinking
fund annually one per cent. OF the public debt.
amounting now TO about ga $50. go per annuln,
and % carry out the promises Of this measure t.
redeem under certain contingencies 49, q 900
OF the present legal t~rnlers, and without cOntin-
gency. the actual currency now in circulation.
How 10 incrcase the surplus revenue H. for Con
gress TO devise, but | Will venture u suggest that
the duty on tea and coffee might be restored with
out permanently enhancing tne cost 10 consum-
ers, and that a ten per cent. reduction Of the
tarni on articles specined m Inc Law 81 june .,
lsIs, he repealed. The supply Of tea and coffee
already on hand In the United >iafe1 would in all
probability be advanced in price by adopting this
measure, but il is known that the adopuOno ~ free
entry tO those articles Of necessity did no. cheap
en- them, but merely aided TO the profits of the
countries producing them or Of middle men in
those countries who have the exclusive trade In
them.
Second-The first section Of the bill under con
sidcration now provides that fractional currency
shall he redeemed In silver coin as rapidly a.
practicable. There Is no provision preventing
iuctuation IN value Of paper currency. With
gold at a premium Of any thing over ten per cent.
above currency in use, u II probable-almost
certain-that silver will lie bought zap for expor-
tation az fast as il was put ont, until change
would become so scarce a. 90 make the premium
ON IL equal to the premium on gold. or sufici
emily high - make il no longer prOnta-
bile to buy 10 export. thereby causing a d-
rect loss u the community at large. and great
embarrassment 10 trade. As the present law
commands final resumption on tie lst II Jan
nary, ls7s. and a. gold receipts by the Treasury
are larger than gold payments, and currency
receipts less than currency paymenis thereby
making monthly sales Of gold necessary %
meet current currency expenses, IL occurs 10 me
that these difficulties might he remedied by au-
thorizing the Secretary OF the Treasury 20 redeem
legal tender notes whenever presented in sums
not less than 800. and multiples thereof. az a
premium for gold Of ten per cent. less interest at
the rate Of two and n half per cent. per annum
from the lst of January, lssS, y the date Of put
ting this law into operation. and diminishing This
premium AT the same rate until final resumption,
changing the rate Of premium demanded from
time 70 time. n the interest amounts 10 one quar-
= - R' - f'H $50
est because IL would bring currency nj par with
gold at the date fixed by law for final resumption.
J suggest ten per cent. as the demand premium
at the beginning, because ! believe this rate
would insure tie retention OF silver IN the country
for change. The provisions 81 the third section
81 tine act viii prevent combinations being made
10 exhaust the Treasury of coin. With such a
law IL Is prcsumahic that no gold would be called
for not required nv legitimate business purposes.
When large amounts Of coin should be draw from
the Treasury, correspondingly large amounts Of
currency would be withdrawn irpm circulation.
thus causing sufficient sfringpncy in the currency
Ia stop the outNardhow oi coin. The advantages
Of currency Of . fixed known value would alsobe
reached. In my opinion. By the enactment 81 such
n law business and industries would revive. and
the beginning " prosperity on a firm basi. would
be reached.
other means Of increasing the revenue than
those suggested should probably he devised. and
also other legislation In fact, 20 carry out the
first scctiOn 81 the act another mint becomes a
necessity. With the present facilities for coin
age 10 would take a period probably beyond that
nNedl5 law TOR hnal specie resumption 70 coin
the silver necessary 70 transact the business Of
the country. There ARE now smelling furnaces
for extracting silver and gold IRON ores brought
from the mountain territories IN Chicago, I.
Louis and omaha-threc m the former ciiy-and
az much OF the change required viii be wanted
IN the Mississippi alley states, and a. the met
all 20 BE- coinet come from west 81 those states,
ami, a. understand, charges for transportation
% bullion from either of the cities named 20 the
mint In Phiiadeldhla OF New York City amount 10
four dollars fofeach one thousand dollars' worth.
with an equal expense for transportation back, IL
would seem n fair argument IN favor Of adopting
one ur more of these cities ae thc place or places
for the establishment Of new coming facilities.
! have Ventured upon this Subject with great
dinidcnce, because il b. 40 unusual to approve a
measure. as I most heartily do this even u no fur
Their legislation j. attiinablc at this time. aud 70
announces the fact BY message. But I do 20 he
cause | feel that N u a subjecf 81 such vital fm-
p0rtance 10 the whole country that " should re-
ccive the attention Of. and be discussed by Con.
grcss aud the people. through the Tsfrss and IN
every way, TO the end that the beet and most sat
isfactory course may be reached. by executing
what ! deem the most beneficial legislation on q
most vital question % the interests AMI prosperity
Of the nation. g.. :. GRAM.
Executive Mansion Jan. Is, lss5.