The Weston Democrat. [volume] (Weston, W. Va.) 1875-current, 1877-02-17
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SPECIE RESUMPTION.


.g. y.sitib ID Liz i Jtf' "s wy
9rss-agic Of President of:rHnt--A Four Per
q Cent SBond Recommended Interchangeable
h for Legal Tender Notes. ?. s.-.l.
% Pie following is the Presidents mes
=nge on the subiectof tho resumption Of
specie, payments ;Eb sd' .a ..IyI
Il 10. hie Senate and House Of PcprC-
sc,ltaiiscs tByi the. act Of Congress
approved january II dS75, ITO provide
for the resumption, of specie payments" !"
| Tic first OF january, 1879, is fixed as the
date when such resumption is to begin.
1t may not be- desirable to fix M earlier
date when it shall actually become obi
gatory upon the, government to redeem
It's outstanding legal tender notes in coin
on presentation, bit 1t Is certainly most
desirable and will prove most beneficial
to every pecuniary interest OF the coun-
try to hastcni the day when the paper
circulation of thei country aud the gold
coin shall hayeiequal values. At Inter
day, II currency aud, coin should retain
equal values 'iE might become advisable
to authorize direct resumption. I be-
lieye tho time llas come when by SIM
pie net of the Legislative branch OF the
government this fmoSt desirable result
can be attained 81 am strengthened III
this view, by the course trade has taken
in the last two years and by the strength
Of the credit OF the United States ut home
and abrpad.7Sl a9i7g s..H
For the fiscal year ending June 80,
1875, tllaJ exports Of the United States
exceeded the Imports by 1920, ,2l9, l02,
but. our exports ihclhdG $40, ,56s, ,621 Fof
oSpeSie and bullion in excess of the im-
1Sorts of1 the same commodities. For the
six months Of tile present fiscal year
from JulJI1, 1876, to January ], 1877,
the 7excesS of exports over imports
amounted, to Sl07, ,5+i, 500, and the im-
ports OF specie and bullion exceeded the
Imports Of the precious metals by Sc, 1872, :
47inthesame time. The actual excess
of exports over imports for the six
months, exclusive Of specie and bullion,
amounted: to- Sl13, 737, ,040, showing for
the timer heing the accumulation Of
specie and bullion inthe country alnOunt-
iug,to moro than 5000, 600, in addition
10 the national protluct Of these metals
for tho same pcriod-a total increase of
gold and silver for the six months not fur
Short or 500, 900, 600. It is evident that
unless this great increase Of the precious
metals can be utilized at home in such a
way as To make it in some manner re-
,mrneratiyei to holders, it must seek n
foreign market us sur. ly as would any
,bthcr product Of tho soil or mantlfactOry.
Any legislation which will keep coin mud
bulIibn ut home will, in my Judgment,
SD hhing about practical resumption,
and dSwiIlatlss the coin oftlle country to
the circulating medium, thus securing n
healthy Imitation > Of sound currency
10 the great advantage of every legh-
,mate business interest. n - "a ltg
xThe net to provide for the resumption
of specie payments authorized the secre-
tary Of the treasury to issue bonds Of
either Of the descriptions named iii the
aet'of' Congress approved July 4th, 1870,
lentitled /" Au net to authorize the refuna-
ribgIof the national debt" for not less
than gold. With the present value Of
the four and oiIe.half per cent. bonds in
the markets Of the world they could be,
exchanged at pnr for gold, thus strength.
ening the treasury to meet the final re-
sumption and to keep the excess Of coin
over the demand, pending its permanent
use, circulating medium atFhomc. AL
that would further be required would llc
10 r0lue the volume. Of legal tender
lnotes in circulation. To accomplish this,
Lwould suggest M act authorizing the
secretary Of the treasury to issue four per
cent. bonds, with forty years to rrn
before maturity, to be exchanged for le-
gal tender notes whenever presented in
sums Of $50 or my multiple thereof, the
whole amount of such bonds, however,
not to exceed Sl50, 900, 900. To increase
the home demand for such bonds I wonld
recommend that they be available for de-
post III the United States treasury for
banking purposes under the various pro-
visions Of law relating to national banks.
I I would suggest further that national
7banks bG required to retain certain
pr cent Of the coin interest received
from the bonds deposited by them with
The treasury to secure their circulation.
Iswould also recommend tho repeal Of
the third section Of the joint resolution
for the issue OF silver coin. approved July
%, 1876, limiting the subsidiary coin and
fractional currency to $50, O,OO0,60O. ! nm
satisfied TINT il Congress will enact some
srth INV rs will accomplish the end sug-
gssted they will give n relief to the country
instant III its effect and for Which they will
receive the gratitude Of the whole people.
~ b .a'Fts sarl 7-sS" u. s. GRANT.
: Executive Mansion, Feb. 3, 1877. ~ e.
sl-gii NJ ug!sl.. aagaiy ni. 1901 1881