Evening star. [volume] (Washington, D.C.) 1854-1972, 1875-01-15
MESSAGE OF THE PRESIDENT.
Important Financial Recommenda.
fiOnS

.
] approval of the new finance bill:
| 10 he Senate cfthe Uiiteci States:
The Senate bill, No. 1,OH, - TO provide for
! the resumption of specie payments is be-
Ioie me, and This day receives my signature
/ of approval.
venture upon this unusual method of
! conveying the notice of approval to the
House in which the measure origiuatei''
! because of its great importance to the coun-
| try at large, and iii order TO suggest further
| legislation. which seems to me essential TO
| make this law eifeCtuai.
| IL is "A subject of congratulation that a
| measure has become law which fixes a date
when specie resumption shall commence,
and implies an obligation on the part of Con-
| gresS IL in its power, to give such legislation
| as may prove necessary TO redeem this prom
! Use. To this end / respectfully call your at
| tentiOn TO few suggestions.
First. The necessity for an increased rev
| enuc TO carry out the obligation of adding to
| the sinking fund annually one per cent Of
| the public debt, amounting now TO about
| thirty-iOur million dollars per anRum. and TO
carry out the promises of this measure To
redeem, under certain contingencies, eighty
million OF the present legal tenders. and.
without contingency, the fractional currency
now IN circulation.
How to increase the surplus revenue is for
Congress 10 devise; but l will venture 10
suggest that the duty on tea and coffee might
be restored without permanently enhancing
Tie cost TO consumers, and that the ten per
icleS specified in the law of June &, 1872 be
repealed. The supply of tea aud coffee
already in hand in the United States would
IN all probability, be advanced in price by
adopting this measure. But il is known that
the adoption OF free entry to those articles of
necessity aid not cheaper them, but merely
added TO the profits of the countries pro iuc-
ing them. of the middlemen in these cotIn-
tries who have the exclusive trade in them
Second. The first section of the bill now
under consideration provides that the frac-
tiOnal currency shall be redeemed in silver
coin rapidly practicable. There is no
provision preventing the tiucIuati0n in the
value of the paper currency. With gold at a
premium ofanything over ten per cent. above
The currency in use, it is proD.tbe-almoSt
ccr1aln-that silver wOulI be bought up Io'
expectation a fast as it was put out until
change would become SO scarce as to make
the premium on il equal TO the premium on
gold, or sufficiently high 10 make il no longer
pr0htabIe 10 pay Tor export, thereby causing
direct loss TO the community at large ana
great embarrassment to trade.
As the present law commands final re-
sumption on the LIST day of January, 1919, and
as the gold receipts by the Treasury are
larger than the gold payments, and the cur
Tency receipts Than the currency payments
thereby making monthly sales of gold neceS-
sary to meet current currency expenses. il
occurs TO me that these difficulties might be
rCmedicd by authorizing the Secretary of the
Treasury TO redeem legal-tender notes. when
ever presented. III sums OF not less than one
hundred dollars and multipleS thereof, az q
premium for gold of ten per cent, less inter
est at the rate of two and one-half per cent.
per annum from the first day of January,
1919, 10 the date of putting this law into ope-
ration, and diminishing this premium at the
same rate until final resumption. changing
the rate OF premium demanded from time TO
time as the interest amounts TO One-quarter
of one per cent. / suggest this rate of in
terest because ii would bring currency at par
Win gold at the date fixed by law for final
resumption. / suggest ten per cent. as the
demand premium at the beginning. because
| believe this rate would insure the retention
OF silver in the country for change.
The provisions of the third section of the
act Will prevent combinations being made to
exhaust the Treasury OF coin. With su ch a
law il is preSumable that no gold would be
ness purposes. When large amounts of coin
should be drawn from the Treasury. cores
pondlnsiy large amounts of currency would
be Withdrawn from circulation, thus causing
sufficient stringency in currency to stop the
outward flow OF coin.
The advantages of a currency of a fxei
known value would also be reached In nv
opinion, by the enactment of such law, bust
ness and industries would revive, and the be-
ginning of prosperity on firm basis would
be reached.
Other means of increasing the revenue than
those suggested should probably be devised
ana also other legislation. In fact, To carry
out the first section of the act, another min
becomes a necessity. With the present facii
lticS for coinage 1t would take n period prob
ably beyond that fixed by law for final specie
resumption to coin the silver necessary to
transact the business of The country.
There are now smelling furnaces for ex-
tracing the silver and gold from the ores
brought from the mountain Terri tories
In Chicago, st. Louis and Omaha-three
in the former city; and, much of
the change required will be wanted
in the Mississippi valley States. and as the
metals to be coined come from the west of
those States, and, as / underetand. the
charges for transportation of bullion from
either of the cities named To the Mint in
Philadelphia or TO New York city amount to
four dollars for each one thousand dollars
worth with an equal expense for trans porta-
tlon back 1t would seem a fair argument in
favor OF adopting one or more of these cities
as The place or places for the establishment
of new coming facilities.
/ have ventured upon this subject with
great diffidcnce, because it is so unusual to
approve q meaSure-aS / most heartily do
this-even if no further legislation is attain
able at this time, and To announce the fact
by message. But do SO because feel that
II Is a subject of such vital importance to the
whole country that it should receive the at
tention OF and be discussed by Congress and
the people, through the press and in every
way, to the end that the best and most salts
factory course may be reached of executing
what deem most beneficial legislation on a
most vital question to the interests and pros
perity OF the nation. L. s. GRANT
Executive Aansion January II. 1915.
THE WEEKLY STAR, now ready, contains
the Presidents message ON Louisiana affairs
and press comments thereon; Beecher's trial;
proceedi ngs of Congress; all the news of the
weAk local and general a large amount of
literary matter, suitable for holiday rea ling.
stories, poems and sketches society and
fashion notes. Washington news and gossip
agricultural items, household receipts, &c,
&c.
Terms: Two dollars per aunum in advance:
postage prepaid; single copies five cents, in
wrappers.
CANDIDATES FOR u. S. SENATORSHIPS.-
In the democratic joint caucus of the Penn
sylvania legislature, for the United States
Senatorial nomination, on the first ballot
Wallace received l0S votes, Clymer IL, and
Black 4. '''' The democratic caucus of the
Indiana legislature last night nominated
Judge Mcdonald for Senator on second bal
lot. The vote stood Mcdonald, AZ; Holman,
%; j. ID. Williams, 1. and VOORHEES,, 1. 80.
Senator Ramsey, of Minnesota, at the fourth
ballot i'm the republican legislative caucus
last night, had 40 votes; necessary to choice,
AZ. Davis received 20; Washburn, IA; rest
scattering. 80" HOratio Seymour has writ
ten TO New York democratic state Senator
reiterating his determination not to be a
candidate for the United States Senate and
favOr1ng kernan's election.
FREEZING OF MERCURY, WHISKY AND
CHINAMAN. "A dispatch from He
lena, Montana, dated yesterday, says
Last night the mercury in the thermometer
frOze. Small quantities OF mercury in phials
became concealed, and proof whisky placed
frnz col a., ,,