To secure the latter I see but one way, and that is to authorize the Treasury to redeem its own paper, at a fixed price, whenever presented, and to withhold from circulation all currency so redeemed until sold again for gold.
Grant proposes a method for the Treasury to stabilize currency by redeeming its own paper at a fixed price.
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More from Ulysses S. Grant
There is no class of Government employees who are harder worked than the Army--officers and men; none who perform their tasks more cheerfully and efficiently and under circumstances of greater privations and hardships.
This begot a spirit of speculation involving an extravagance and luxury not required for the happiness or prosperity of a people, and involving, both directly and indirectly, foreign indebtedness.
The delicate and complicated questions continually occurring with reference to naturalization, expatriation, and the status of such persons as I have above referred to induce me to earnestly direct your attention again to these subjects.
Our progress has been great in all the arts--in science, agriculture, commerce, navigation, mining, mechanics, law, medicine, etc.; and in general education the progress is likewise encouraging.
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