, 1875-01-15
WASHINGTON.
President Grant Ap-
proves the New FL
nance Bill.
And Offers Some Suggestions
to Make It Efectual.
He Understands the Bill to Be a
Pledge Of Specie Resump'
ton.
Congress Under Obligation to
Provide Legislation to
That End.
Tho President Recommends the
Restoration Of the Tea
and Coffee Tax.
Also the Increase OF the Tar
| iff to Its Old Standard.
A Proposition to Redeem Green
| backs at 10 Per Cent
Discount.
Gradually Decreasing the Ratio until
| Par is Reached.
Another Democratic Priest Of Virtue
Squeezed by Pacific nail.
New Developments Yesterday.
Gradually Decreasing the Ratio until
Par is Reached.


hhTiNkIAt
,,nr.a ~ 'o,shG on 1,,r r"1swn1. nn.a,nr..r
'11"9 "s LIE
WAsu1xaToH, D. G., Jan. 14.-Tha President
aent tn TIM Senato to-day tito following 1ncseaCe,
s..-s..~;a1. III, o,,.,ro, ~ IA ,,cv 1.;,.ncs
accompanying LIS apP1o'H4 "a 'no ne" iA"aoe0
~" ~ -, x.,,,< If IL, ,o,,,s s,o,,.
6crote ili TO- lGt4, to provide for tho resumption
Of rpeeo paynens befole me- e,la ts aS rscssss
alla nt.hol Of conveying notics Of al,rvra to tie
1loafa II Which tLo n,as.ure ors!aalaa Soauso of
ertcr 10 suggest further legislation, which teems
10 me essrl,lial 10 make 1nta law ofectivo.
measure has hccomo law Which h1rs the date when
apcctc resumption shall cou,ucncc, AMI implies Oh.
sus egssn as my prose cceasrs 10 redm Ills
promise, 10 this cnd respectfully call yuur attcn.
''0n 10 'o" 'qsgsst.ops 1sg!IEsss or TAXATION.
Er.t-The necessity for tucrrascl revenue to carry
ou, lie Obligation of atnH 10 tho siuklng fund an
,,nur ner rrnt II tho I1',1ic dcht amounting nuy to
sboui ST 0o p.r an,,m. and aso to carry ont lie
promises of this meas1ro to redeem und,r
rrrtnin corIIpon,c1es <RfI 0D1 ofn Of the prcscnt
scaIienders. md without contingency tic frscona
curraury now il circulation. How 10 incro.re tho
Ventura 10 sun;cst tint ihc Jtty on tea and colco
nnht le roslurc wthout 1crn,nneuty enhancing tho
RI t,,e tsriY on a1ticlcs spscIe ID the Inv Of Jus
& tSs an oe nH rsie ~ H. i1o p ia. ~ wou ae III I'll pro
nIilr De aiyIncci in nr1co by aortIn tts lncisurc
but It il known that tao adoption Of FREQ cu,ry to
these articles Of necessity iI ,ot chearsn them Lut
|
s4cusys T u rain IN thsn ~ "N*"
| rur rEnYurT1oy pRncrss
rta 3rst rerfnn ~ lin iii unier cons3der.
ntjou now ,ro,ics ,at lie fractonal currency el.i
In radeema In .ver roin M rati,I,v ma nror kral,r
r,ers i. M n,,rtsnn 1rcycntinr liz H,irt,ation Ia
faur af nancr rnrrcncv vii, co!d Mt ,rs,al,n, It
anvhjno nynr IN Lar rs,t nboyg tl,e CURRENCY In Fc
II ia I,rnhaije almost ecrtn, that svcr pr1d lIo
o,pht m for exmrta,1nl ~ fast is It was uat out
| premium On it enuai to tho rrc1niuh on gnId or
suiiciently hEh to mako it no longer profitable to
Icing for export thereby causing direct loss to tho
community a argo and great embarrassment to trsp,
it aa Of 1aaaary sa W 1sss anl Is soa rosss Al tho
Treasury arc aracr than gold payments a,I currency
receipts thau currency lay,leuts, thereby making
monthly saIca Of gol nceoss.ry to inset tic current
tiea might be rcn,etca by authorizing the Secretary
Of The Treasury 10 redeem lcal-taner nocs whenever
prceente.tu sums Of not less than 500 IND mltipc1
thereof 1t premium fur gull of IL pev ceu, eaa
interes at the ato OF az pcr cent per aun,t frpn,
tho lst Of january 1s75 to tho d.a OF putting tLis
iaw Into oncra.ion hnl minimizing this lreluiim ut
thn same rate until tpul changing thu ratp
nf premium demanded from time to tins aa tho In.
terest pinountx to ouc-q,iarter of per cent. sus-
Eest tAs rae of interest secaHe 1t would bring
Fl pcy at par with gold tho ate Axed by law for final
! resumption, EuGKe at 10 per rent ths denlu.d
premium at the bcgnhing heos'So bc!luvu this rao
would usure tile retention OF silver tn thu country for
! chEnge.
The provisions Of tho third section Of ths aet Wit!
cola. With sueh Inv it IL presumAble tlAt no gold
would be called for not required for legitimate bai.
neRs purposes Whom largo aA0ana of coin SHOULD be
drawn from tho TrenAury, cosreBrondngty largo
amounts OF currency would 10 Withdrawn from cfrc
nuon thus causing sufficient otftngenry IN currency
a currency Of 4 h1cd known value would aso ID