Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1877-02-08
Specie Resumption: s.,;-- :.
PRESIDENT GE,Nrs MESSAGE on THE SUB
lEl-I.

PRESIDENT GEtNrs MESSAGE on THE SUB
jet.
WASHINGTON, Feb 3-The following is the
Presidents message on the subject Of ssrre-
sumption Of specie payments
II RE Senate and House " <presentqtires ::
B.. an act Of congre. s-,a4rovei JsA 18th,
ls1j. To provide for resumption of specie
payments the 1t Of Jan, ls7sAa fixed as the
dste when 81 h res49x,.on l. 90 begin II may
:, ,nal, actually .beoaiue essrS,Supon the
government TO redeem its outs,sndNx legal
tender notes In coin On presentation. but il Is
most certainly desirable, and viii prove most
beneficial to every pecuniary interest " the
country, 10 sa,ten the day when the paper
circulation Of the country and gold coin shall
have equal values. At later day, il the cur
rrncy and coin should retain equal values il
might become advisable 10 authorize direct
resumption.
Ibelrye the Nne has rome when, bv a -
pie 49, Of the legs1rsife branch Of the govern
ment This most desirable result can be attained
] am strengthened ia th~ view by the course
trade ht- taken in the last two years and by
the strength Of the credit of the United states 81
home aud abroad. For the fiscal yeareniing
june %, $50 the exports Of the United States
exceeded the imports by sl29yls, l09. but our
exports included si0,J5g ,G3l. OF specie and
bullion IN excess Of imports OF the commodit-
L.. For the >iX months Of the present fiscal
year. from July |. 1876. 10 Jan ]. 1877, the ex-
re>. OF exports over imports amounted 70
>434. 1ti. ~ and the imports of specie and
| bullion exceeded the exports of precious met
al by SlF2.ll1. In the same time the actual
excess Of exports over imports for the six
| months, exclusive Of specie and bullion
amounted 10 sll3,.3II0i0, showing for the
| time being IN accumulation OF specie sRd bull
ion 10 the country accounting to more fhan
s6.UJO,OVO, IN addition 10 the national product
OF these metals. for the same period.;A total
increase OF gold and silver for the six months
not far short Of Sl60 10000.
IL is very evident that unless this great in
crease OF precious metals cA3 be utilized Al
home IN such way rs to make II in some man
ner remuneratiye TO holders, IL must seek for.
elgn markets as surely would any ether pro
| duct Of soll or manufaciory. AN legislation
which viii keep coin and bullA2 a home viii
in my judgement, sOon bring 6bout practica
resumption, and will add the coin of the coun-
Try TO the circulating medium, nus securing
healthy imitation of sound currency to the
great advantage Of every lesitiu1f business.
| interest The act TO provide fops4esumptior
OF specie payments authorized the Secretary
OF the Treasury to issue bonds OF either o.
the description named il thesSi of Congress,
| approved January 4th, Isle entitled An ac
10 authorize the funding OF the national debt,
for not less than par in gold. With the pre-
sent value Of ~ per cent. bonds in the mar ket
Of the world, they could be exchanged ut pal
for gold, thus strengthening the treasury &c
meet the final resumption, and to keep the. ex
cess of coin over the demands. pending its per.
manent use u circulating medium at home
| All that would further be required would be to
J reduce the volume of the legal tender notes il
| circulation. To accomplish this 1 would sug.
| gest an act authorizing the Secretary Of thu
| Treasury 10 issue four per cent. bonds, will
| forty years to run before maturity, to be ex
changed for legal tender notes whenever pre-
scented, in sums Of $50, or any multiple Thereof
| the whole amount Of such bonds, however
not TO exceed sl50, 100000. To increase the
home demand for such bonds. / would recon.
mend they would be available for deposit In
| the United States Treasury for banking pur-
poses. under the various provisions OF the law
relating to national banks.
i wonld suggest, further, that national banks
be required TO retain certain per cent. of coin
interest received by them from bonds dep0s.
tied with the treasury TO secure their circulat.
ion. | would also recommend the repeal OI
the third section Of the joint resolution for the
issue of silver coin, approved July %. 1876
limiting the subdiary coin and fractional cur.
reney TO sc, 100000.
! am satisfied that if Congress will enact
such law as will accomplish the end suggest
ed they will give relief to the country instant
in its effect. and for which they will receive the
gratitude of the whole people.
U. S. GRANT.
Executive Mansion, Feb 6, 1877.