The Canton mail. [volume] (Canton, Miss.) 18??-1882, 1875-01-30
RESUMPTION,
The Finance Bill Approved by the
President.
To the Senate of the United State. :

To the Senate of the United States
Senate bill No 1044, to provide for the re-
sumption OF specie payments is before me-
and TINS day receives my signature of approval.
L venture upon this unusual method OF con-
veying notice of my approval to the house in
which the measure originated. because Of its
great Importance to the country at large in
order to suggest further legislation, which
seems to me essential to make this law feet
ual. 1t is q subject OF congratulstion that q
measure has become a law which fixes the date
when specie resumption shall commence. and
implies an obligation on the part of congress,
il in its power, TO give such legislation NAV
prove necessary to redeem this promise. To
this end respectfully call your attention to
few suggestions
l. Ire necessity for increased revenue to
carry out the obligation Of adding to the sink
ing fund annually one per cent. The interest
on the public debt amounts now to S34, 000. 900
per annum, and to carry out the promises of
this measure to redeem under certain contin-
gencies $50, COG, 900 Of the present legal-ten-
ders. and without contracting the national
currency now in circulation. How to increase
the surplus revenue is for congress to devise
But viii venture to suggest that the duty on
tea and coffee might be restored, without per-
manently enhancing the cost to consumers.
and that ten per cent. reduction of the tariff
on articles specified In the law of June, 1872,
be repealed Tho supply of tea and coffee
already on hand in the United States, would,
IN AL probability, be advanced in price by
adopting this measure. but it is known that
the adoption Of free entry to these articles of
necessity did not cheaper materially. or en-
hence the profits of the country producing
them, or of mddlemen Of those countries who
have the exclusive trade in them
2 The fret section of the bill now under
consideration. provides that the fractional
currency shsn be redeemed in silver coin a
rapidly as practicable. There is no provision
preventing the fuctuation in the value of
paper currency, or the gold premium advanc-
ing over ten per cent. above the currency in
.IoL1 al -,
would be bought up for expectation as fast as
it was put out. until change would become so
scarce as to make the premium on it equal to
the premium on gold or sufficiently high to
thereby causing direct loss to the community
at large. and great embarra ssment to trade.
As tho present law commands final resumption
on the nrst of January, 1879, and as the gold re-
ceipts by the treasury are larger than the gold
payments, and the currency receipts than cur
rency payments, thereby making monthly sales
OF gold neces. arv to meet current currency ex-
penses, it occurs to me that these difficulties
might be remedied by authorizing the secre-
tarv Of the treasury to redeem legal tender
notes whenever presented in sums OF not less
than s100: and multiples thereof, at the pre-
MUM for gold of ten per cent. less interest,
at the rate of ~ per cent per annum, from
the LIST Of January. 1875, to the date of put
ting this law into operation, and diminishing
this premium at the same rate until final re-
suit changing the rate of premium demanded
from time TO time as the interest amounts to
one quarter OF one per cent. I suggest this
rate Of interest. because it would bring cur
rency at par with gold at the date fixed by the
law for the final resumption. I suggest ten
per cent as the premium at the beginning,
because believe this rate would secure the
retention OF silver in the country for change.
The provisions OF the third section Of the act
viii prevent combinations being made to ex-
haust the treasury of coin. With such law,
it is presumable that no gold would be called
for not required for legitimate business
purposes When large amounts of coin
rhould be drawn from the treasury cores
pondingly large amounts of currency would
be Withdrawn from circulation, thus causing
sutficient striDgency in currency to stop the
outflow OF coin. and the advantages OF cur
rency, Of fixed known value would also be
reached In my opinion, by the enactment of
such law, business and the industries would
revive, and the beginning of prosperity
on 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 mint be-
comes . necessity. With the present facilities
for coinage, it would take q period beyond
that hxed by law for final specie resumption
70 coin silver necessary to transact the bust
mes Of the country. There are now smelling
furnaces for extracting silver and gold from
ores brought from the mountain territories
into Chicago, st. Louis and Omaha, three in
the former city, and as much Of the change
required Will be wanted in the Mississippi
valley states, and as metals to be coined
come from west of those states, and as 1
understood the charges for transportation
OF bullion from either of the cities named
TO the mint at Philadelphia or New York
city, amount to four dollars for each one
thousand dollars worth, with an equal ex-
pense for transportation back, il. would seem
fair argument in favor of adopting one or
more OF these cities . place or places for
the establishment Of new coinage facilities. 1
have ventured upon this subject with great
difhdencs. because it is unusual to approve a
measure, as do this, if no further legislation
IL attainable ut this time and to announce the
fact by message. But I do SO because feel
that Is q subject Of such vital importance to
the whole country, that it should receive 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 satisfac-
tory course may be reached, OF executing what
deem most beneficial legislation on q most
Vita question, to the interests and prosperity
OF the nation q. 8. GRANT.
Executive Mansion, Jan. IA. 1875