The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1875-01-22
THE FINANCES.

RECOMMENDS THE RESTORATION OF THE
Duty on TEA AND COFFEE.
President Grant Sen. the following mes
sage to the United States Sonats, accom-
psnying his approval of the new Finance
bill
To IRE Senate - tire Tnited Stnt's:
Senate bill NJ. I.04i, to provide f"c resumption
of specie payments, is before me, and this day re-
ceives my signature of approval. venture upon
this unusual method OF conveying notice of ap-
proyal to the House in which the measure origi-
mated, because of its great i'm portance TO the conn
try st large, i'll order to suggest further le gislation.
which seems to me essential to make tia law eff
~fectnal. 1t il 4 subject of congrstuIntlon hat a
measure has become a law, which fixes a date
when specie re sumption shall commence, and i'm
plies an ohIigatiou on til" part OF Congress, if i'll
its power. 70 give such legislation as may prove
necessary to redeem this promise. To this end l
respectfully call your attention 10 a f-w sugges-
tiOns:
l. The necessity for increased revenue tn carry
on, the obligation of adding to the sinking fund
annually l per cent. of the public deb, amounting
now tn about s34,U l0 OUl per annum. and 10 carry
out the promises of this measure 10 redeem, under
certain contingencies, $50. . O,0DD OF the Present
legal tenders, and without contingency the frac-
tional currency BOW in circulation. How to iu-
crease the Rari iuS revenue j. for Congress to de-
Use; but | will venture to suggest that the duty
OH tea and coffee might be restored without PEI
m~arcnt!y enhancing the cost - cor-nmers ard
that The 10 per cent. reduction of tariff on articles
specified il the law OF June i, 1872, be repsaled-
The supply OF tea and coffee already on hand i'll
the United STATES would, in al proba5i ity, BE- ALL
yauced in Price by adopting this measure; but it ia
known that the adoption OF free entry - shese ar
ticles If necessity did not cheaper them, hut mere
y added to the profits of the countries l-oiuc'ns
them, or of the middle men III those countries, who
have the exclusive trade in them.
>. The 1irst section OF thu h3l under consiiora-
:ioa row provides that tue fractional currency
snail be redeemed ii silver coin as rapidly ~ prac-
t~ical,c. There is no provision preventing f!rctua-
tion III the yilue OF the paper currency. with gold
at L premium of anything over 10 per cent. above
the currency in Use, it is probable, Utmost certain,
that silver would BE- bought up for expectation AZ
fas a. it WAS put out, until change rouic become
SO srarce Us - make the preruium on It e'ludi to
the premium ON gold, or sufficiently high 10 make
it 10 longer profitable to buy for export, thereby
causing d direct loss to the community al large and
gre4; embarrassment to trade. As the present
las commands final resumption on the LIST OF JAN
nary, 1879. aud as the gold receipts by the Treasury
are larger than gold payments, and the currency
receipts less than the CURRENCY payments. thereby
making monthly sales OF gold necessary 20 meet cur
rent currency expenses, it occErs - RE that these DIFF
ficu ties M: 1T be remedied by authorizing the Sec
rotary OF the Treasury 10 redeem legal tender notes
whenever presented in SUMS not less than 400, and
multiple thereof, at a premium for gold OF ~ per
cent, less interest at the rate Of 2E per cent. per
annunl, from the LIST of January, 1915, to the date
Of putting this law into operation, and diminishing
this premium at the same rate unit! final resump-
tiun, changing the rate of premium demanded from
time to time Is the interest amounts 10 one lnarter
of one per cent. l suggest this rate OF interest, be-
cause II would bring currency at par with gold at
the date fixed by law for final resumption. l sug-
sest 10 per cent. as the demand premium AZ the be-
ginning. because 1 believe this rate would insure
the retention of silver in tie country for change.
The provisions of the third section of the act will
prevent combinations made 70 exhaust the Treas
ury of coin. With such a law, it is p~resumable
that no gold would be called for not required for
legitimate business purposes. When large amounts
Of coin should be drawn from the Treasury, cOrre-
spondingly large amounts of currency would be
withdrawn from circulation, thus causing a sufi-
cient stringeney in the currency TO stop the out
ward TOW of coin. The advantages of a currency
OF fixed known value would also be reached. In my
opinion, by the enactment OF such 6 law, business
and industries would revive, and tae beginning of
prosperity on a firm basis would be reached.
Other means of increasing the revenue than
those suggested should probably be devised, and
also Other legislation. In fact, to carry out the first
section OF the act, another enactment becomes a
necessity. With the present facilities for coinage,
it would take a period probably beyond that fixed
by the law for final specie resumption, to coin the
silver necessary to transact the business OF the
country. There are now smelling furnaces for
extracting silver and gold from ores brought
from the mountain territories in Chicago, st.
Louis and Onaha-three in tie former clty-and
as much Of the change required will be wanted IN
the Mississippi Valley States, aud as the metals
to be coined come from the west of those States,
and as l understand the charges for transport
tation of bullion from either Of the cities named to
the mint in Philadelphia or New YORK city amount
TO four dollars for each 81 900 worth, with an equal
expense for transportation back, i would seem 4
far argument in fayorr o adopting one or more Of
these cities as the place of places for the establish
meut OF new coinage facilities.
have ventured upon this subject with great
diffdenec. because it Is 50 unusual to approve a
measure. az l most heartily do this, even II no
further legislation is attainable at this time, and to
announce the fact by message. But l do so, because
/, 1 feel that it is a subject of such vital importance TO
the whole country that it should receive the atten-
, ton of and ba Ciscussed by Congress and the people,
7 through the press snd in every way, to the end thai
= the best aud most satisfactory course may be
, reached of expcutinSwhat.I deem the most beneficial
, legislation on a mos. vital question to the Interests
y aud prosperity of the nation, US. GRANT.
ExrcUrIv MANSION, Jan. II, 1851
GERRIT SMITH lett a will, in which he