The Monitor-register. [volume] (Woodstown, Salem Co., N.J.) 1892-1972, 1896-10-30
Gen. Grant on the Currency Question

Gen. Grant on the Currency Question.
The peakers in favor of free silver
coinage who have visited Woodstovn
during the campaign have frequently
quoted President Lincoln and Gen. Grant.
during his Presidency, to support their
arguments. But their extracts, taken
apart from their connection, hardly do
justice to these eminent men. 1t is not
iikeiy, if they were living today, that
they would advocate the flea coinage of
silver as it is now presented. We ouote
some extracts from Gen. Grants MESSAGES
on this question:
earnestly recommend such lepisla.
tisn as will insure a gradual return to
specie payments and put an immediate
stop to fluctuations in the value of
currency. To secure the latter. 7
see but one way and that is to authorize
the Treasury to redeem its own paper at
fixed price when presented and to with
noid from circulation all paper so re-
deemed until sold again for gold. The
vast resources of the nation, but developed
and undeveloped, ought to make our
credit the best on earth. "-Presidept
Grants First Annual Message, December
6. 1896.
The approach to the specie basis is
very gratifying, but the fact cannot be
denied that the instability of the value of
our currency is prejudicial to our pros
perity and tends to keep up prices to the
detriment of trade. The evils of a de.
preciated and fascinating currency are so
great that now, when the premium on
gold has fallen so much, it would seem
that the time has arrived when Congress
should look to policy which would place
our currency on par with From
President Grants Second Annual Mes
sage, December 5, 1870.
Continued fluctuations in the value of
gold as compared with the national cur
reney has most damaging effect upon
the increased development of the country
In keeping up the prices of all articles
necessary to every day life. 1t fosters a
spirit of gambling prejudicial alike to ma
tional morals and national finance. II the
question can be met SO as to give a fixed
value to our currency, that value con.
stantly and uniformly approaching par
with specie, very valuable object would
be gained. p From President Grants
Third Annual Message, December 3,
1871.
The preservation OF our national credit
is of national Importance; next in import
ance to this, is to provide national cur
rency, of fixed, unvarying value as COM
pared with gold and, as soon as practi-
cable, having due regard for the interests
| of the debtor class and the vicissitudes of
trade and commerce, convertible into gold
at par."-From President Grants Fourth
Annual Message, March 4, 1872.
"The exact nedium is specie, the
recognized medium of exchange the world
over. II obtained, we shall have cur
Iency Of the exact degree of elasticity. If
there be too much of it for the legitimate
purposes of trade and commerce, it will
flow out OF the country; if too little, the
reverse will result. To withhold what
we have and to appreciate our currency
to that standard, is the problem deserving
the most serious consideration of Con-
gress. From President Grants Fifth
Annual Message, December i, 1878.
81 firmly believe that there can be no
prosperous and permanent revival OF bust
ness and industries until policy is adop-
ted, with legislation to carry it out, look
ing to return to specie basis. 1t is
easy to conceive that the debtor and spec
ulative classes may think it Of value to
them to make so called money abundant
until they can throw portion of their
burdens upon others. But even these, l
believe, would be disappointed in the re.
suit if a course should be pursued which
will keep in doubt the value of the legal
tender medium of exchange. 1t
| bccuS W u0 tuaG uOGuluR III Cl6ar6r Gndn
the greater part of the burden of existing
prostra ton, for the want of sound finan-
cial system, falls upon the workingman
who must, after all, produce the wealth,
and the salaried man who superintends
and conducts business. The burden falls
upon them in two ways; by the depriva.
ton Of employment and by the decreased
purchasing power of their salaries. p
From President Grants Sixth Annual
Message, December z, 1874.
Nothing seems to me more certain
shat full, healthy and permanent reac
ton cannot take place in favor Of the
icountry until we return to the measure of
values recognized throughout the civilized
Yorld. The yield of precious
ts2s flow out for the purchase of for
productions and leave the United
Hes 'hewers of wood and drawers of
/ Water because of wiser legislation on the
subject Of finance by the nations with
whom we have dealings. From Presi-
dent Grants Seventh Annual Message,
December T., 1875.