The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1877-02-04

this most desirable result can be
attained. am strengthened In this
view by the course trade has taken IN
the last two years, and by the strength
OF the credit of the United States Mt
home and abroad. For the fiscal year
ending June 30, 1876 the exports
OF the Uuited States exceeded the
imports by Sl40,2l3,lO2, hut our
exports include $40, 5B0,62l of specie
ana bullion IN excess OF imports OF the
came commodities. For the six
months OF the present fiscal year,
rom tho lat of Jlly, 1876 TO
January /, 1877, the excess of exports
over Imports amounted to $l37,6ii 500,
ana the imports OF specie and bullion
exceeded the exports of the precious
metals by SlS2, ll7 in the same time
the actual excess Of exports over inn
ports for the six months, exclusive OF
specie and bullion, amounted To $ll3,.
7S70l0, showing, for the time being,
An accumulation Of specie and bullion
III the country amounting 10 more
than SB,OO0,OO0. In addition, the ua.
tional product Of these metals for the
same period show u total increase Of
gold and silver for the six months not
far short Of S6O,0O0,0O0. 1t Is very evi.
dent that unless this great increase OF
the precious metals can be utilized ut
home In such u way IN 10 make IL in
some manner remunerative to the
holders, II must seek foreign market
as surely as would any other product
OF the soil or the mandatory. ANY
legislation which will keep coin and
bullion mt home will, in my Judgment,
soon bring about practical resumption,
and will cause the coin of the country
To become Il circulating medium, thus !
securing II healthy initiation OF
sound currency, TO the great
advantage of every legitimate |
business interest. The act to
provide for the resumption of specie
payments, authorized the Secretary of
the Treasury 10 issue bonds of either of
the descriptions named in the act of
Congress, approved July 1, 1870, en-
titled IAN act 10 authorize the refund
ing of the national debt for not less
than par Ia gold.n With the present
value of the tour-and.a.half per cent.
bbhNN III NIlt MUS vi lllt MOIlu
they could be exchanged at par for
gold, thus strengthening the treasury
to meet iinOl resumption and TO keep
the excess OF coin over the demand,
pending its permanent use as u circu-
lating medium, At home. All that !
would further DO required would be to
reduce the volume OF legal tender
notes IN circulation. 10 accomplish |
this | would suggest an act authorizing |
the Secretary OF the Treasury to issue
four per cent. bonds, with forty years
to run before maturity, and to be ex-
changed for legal tender notes when |
ever presented In sums OF iifty dollars,
etc, any multiplier Of the whole
amount Of such bonds, however, not to !
exceed one hundred and fifty million
dollars. TO Increase the home de-
mand for such tonds, ! would |
recommend that they be available for
deposit In the United States treasury
for banking purposes, under the VA
rious provisions OF law relating to ma
tional banks. would suggest further
that national banks be required to re-
tain II certain per cent. of the coin in
terest received 10y them from tho bonds
deposited with the treasury to secure
their circulation. would also recon-
mend the repeal of the third section of
the joint resolution for the issue of ell
yer coin, approved July ~, 1875, limit
ting the subsidiary coin and fractional
currency TO fifty million dollars. am
satisfied that IL Congress will enact
some such law rs will accomplish the
end suggested. they will give relief
to the country instant in its effect and
for which they will receive the graft
tude of the whole people.
Signed u, 4. GRANT.
Executive Mansion, Feb. $, 1877
The message of the President was re-
ferred to the committee on ways and
means.
Recess until 10 a. m. Monday
A number OF bills Of u private char
acter were reported from various com.
mittees, and placed on the calender.
Senate: The postolllce bill was re-
ported and went over without action.
1t appropriates quarter Of million
dollars to enable the postmaster gen
eral to obtain proper facilities from the
great trunk railroads for postal railway
service.
No important business was trans
acted during the evening hours. Recess
until 10 a. m. Monday.