The broad ax. [volume] (Salt Lake City, Utah) 1895-19??, 1896-10-17

reeentattves In 1873, has been quotet
times without number. Other fllustri
Gus statesmen Of all parties have testi'
fed to the truth Of Blaine's statement
that Not q member Of congress knew
at the time that the act Of 20 demone-
tized silver" Neither did President
Grant, who signed the bill. Here Is bis
special message 70 the senate on the
day he signed the resumption bill Nc
sane man, after reading II, will dare to
say that President Grant knew that the
act Of 1873 debarred silver from the
mints. The message:
To the Senate OF the United States:
Senate bin No. 1044, ito provide for
the resumption OF specie payments"
is before me, and this day receives
my signature Of approval i venture
upon this unusual method Of conveying
tAA notice Of approval to the house on
which the measure originated because
Of its great importance to the country
at large and in order to suggest further
legislation, which seems to me essen
tial to make the law effective.
The provisions OF the third section Of
the act will prevent combinations be-
ing made to exhaust the treasury Of
coin. With such law il is presumable
that no gold could be called for not
required for legitimate business pur-
poses. When large amounts OF coin
should be drawn from the treasury,
correspondingly large amounts Of cur
rency would be withdrawn from cir
eulation, thus causing SUFFICIENT strin-
gency In currency to stop the outward
how Of coin
The advantages Of q currency Of q
fixed. known value would also be
cached. In my opinion. by the enact
tent Of such Law, business and indus
tries would revive. and the beginning
Of prosperity on a firm basis would be
reached
Other means Of increasing revenue
than those suggested should probably
be devised, and also other legislation
In fact, to carry out the first section
Of the act. another mint becomes nee
essary. With the present facilities for
coinage. II would take q 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 some smelling fur
naces for extracting silver and gold
from the ores brought from the noun
famous territories. in Chicago, St
Louis and 0maha-three in the former
city-and rs much Of the change re-
quired win be wanted in the Mississippi
valley states. and as the metal to be
coined comes from west Of these states.
and as ] understand the charge Of
transportation Of bullion from either
Of the cities named to the mint in
Philadelphia or to New York city,
amounts TO 81 for each 81, 900 worth,
with an equal expense for ransporta-
ton back, II would seem q fair argu-
ment in favor Of adopting one or more
Of those cities as the place or places
for the establishment OF new coming
facilities.
have ventured upon this subject
with great difhdence. because II is 50
unusual to approve a measure-as / |
most heartily do this. even IL no fur
ther legislation Is attainable At this
time-and to announce the fact BY mes
sage. But do so because feel that |
il is subject Of such vital importance
TO the whole country, that It should re-
ceiye the attention Of and be discussed |
BY congress and the people, through |
the press and in every way, to the
end that the best and most sattstae-
tory course may be reached Of execut-
ing what deem most beneficial LEXIS
lation on q most vital question to the
interests and prosperity Of the nation.
o. s. GRANT.
Executive Mansion. Jan Il. 1878
On motion Of Mr.. Sherman. the mes
age was referred to the COMMITTEES on
finance and ordered to be printed
See Congressional Record. volume Z
part I. Forty-third congress. second
session, Dec. :. 1875. page Issl
The above Il not the only Substantial
evidence that General Grant was fr-
aorsnt Of the whole proceeding. Fol-
owing b one he wrote two Yeas pre-
Eio1s to his Secretary Of the interior.
Believing that silver might sim be
aken to the nints and coined ire Of
,harge. he wrote:
4 wonder that silver Is not already
'oming into the market to supoly The
ieneiency In the circulating medium |
Experience has proved tAat
takes about s4e.ooo. 900 q fractional |
b make the snail ehsnr. nee-
say for the transaction Of TIE bus,-
less a the country. SILVER win rad
ally take the place q this currency
nd. further. WIN Become the st.ndard |
{ values which YIN be boarded IN a
NAH way I estimate that tn. Vim
oazune iron 80. 90. go to go ooo
81 n tina - fN4, --~-a-- II