Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1877-06-21
J. {. INGRAHAM & co., Publisher
General News Summary.
FROM WASHINGTON.

PETER COOPER has addressed long open
letter to President Hayes, criticising the past
financial policy of the General Government,
and also marking out the proper course, in
his opinion, to be pursued in future. He
says: "Our National currency must bemade
receivable for all purposes throughout
the country, and interconvertible with
per cent. Government bonds. Such a
currency would have been worth more to the
American people than all the gold mines that
nave ever been discovered on the Continent
of America" He advises that silver be With
'irawn from circulation, and used in the pur-
chase of foreign bonds, and that the frac-
tonal paper currency be revived.
st the Cabinet meeting in Washington,
on the Sth, Secretary Evarts read comnu-
nication just received by him from our Min
lister to Mexico, to the effect that the Mexi-
can authorities will cooperate with the
United States authorities on the Rio Grande
toaprevent raids in-o Texas and break up
cattle-stealing in that section
PRESIDENT HAYES, on the 9th, removed G..
K. G. Pitkin, United States Marshal for
Louisiana, and directed a commission to be
made out for Jack Wharton to fill the va
cancy.
A RECENT Washington dispatch says the
books of the Treasury Department show that
the total amount of one and two-dolIar notes
then in circulation was S51, ,4O4, ,511; amount
of such notes in the Treasury office and re-
served for use, SO, 1S3, ,387; amount in the
Bureau of Engraving and Printing, prepared
or nearly ready for delivery to the Treasury,
So ,3O4 972.
IT has been recently reported that '' Presi-
dent Hayes, although in former years pre-
disposed, like many other hard-money men
to adhere to the prevalent doctrine of finance
writers in favor of a single gold standard
has materially changed his views during
the progress of the general discussions
regarding the wisdom and propriety
of the act of 1878, which demonetized the
old lcgal-tender silver dollar. He is now in
favor of its reconciliation, and of the re-
adoption of a double standard of gold and
silver, or, in other Words he favors q full
return to the condition of things in re-
lation to these subjects which exist
ed previous to the legislation of 1878,
being convinced that such a return to
the former system will greatly promote
the resumption of specie payments, an
object that he regards as of the first impor
tance. While, however, he considers the
legislation of 1878 to have been hasty and
uncalled-for interference with the legal-ten-
der powers of large portion of our circulat-
ing medium, he has not yet formed any de-
termination to bring the subject officially to
the attention of Congress, although it is by
no means improbable that he may hereafter
conclude that some recommendations on his
ri 1f IN aho
adyisablen
WASHINGTON telegram of the 14th says
the Syndicate had given notice that from this
date and until July 16, at three p. m, they
will receive subscriptions to the per cent.
funded loan of the United States at par and
accrued interest in gold coin. The bonds
are redeemable after thirty years from July
], 1877, and carry interest from that date, pay
able quarterly, and are exempt from payment
of taxes or duties to the United States, as
well as from taxation in any form, by or un-
der State, municipal or local authority
Subscriptions will be for coupon bonds of
$50 and 500, and registered stock in denom-
nations Of $50, 500, $500, 81, 900, s., 600 and
$4,000. Forms of application will be fur
nished by the Treasurer at Washington, the
Assistant Treasurers throughout the coun-
try, and by National Banks and bankers gen
orally. Two per cent. of the purchase money
must accompany the subscription.