The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-02-08
The Presidents Financial Message

10 The Se1,ate and HOUSE, Of REPRESENTATIVES
By the act Of Congress approved January H.
1876. to provide for the resumption OF specie pay
ment the 1st OF May, 1879, is fixed the date when
such resumption is to begin. 1t may be desira Bile
to fix an earlier date when it shall actually be
come obligatory upon the Government to redeem
sentation. but it is certainly most desirable and
will prove most beneficial to every pecuniary in
terest OF the country to hasten the day when the
paper circulation CT the country and the gold
coin shall have equal values at a later day. II
currency and coin should retain equal values, it
might become advisable to authorize or direct re-
sumption. believe the time has come when by
a simple act of the legislative branch of the
Government this most desirable result can be at
tanned. I am strengthened i'll this view by the
course trade has taken in the last two years, and
by the strength OF the credit OF the United States
It home and abroad. For the fiscal years ending
June 30, 1876 the exports Of the United States
exceeded the imports by Sl2o,2lS,lo2, but our
lion in excess OF imports OF thesame com
modities For the six months OF the present
fiscal year 1from July l. 1875, to July !, 1911,
to $l07 1853, and the imports OF specie and bull
lion exceeded the exports Of precious metals
&c. 1872, l47 in the time. The actual excess OF
exports over imports for the six months exclu-
sive OF bullion and specie, amounted to S1l3,
90 showing for the time being the accumulation
OF specie and bullion in the country amounting
to more than $6,00O,000. In addition to the net
product OF these metals for the same period TO-
not far short of sixty millions OF dollars. 1t is
very evident that unless this great increase OF
thl precious metals can De utilized at nome i'll
such way as to make it in some manner reIau-
nerative to the holders, it must seek foreign
| market surely as would any other product OF
the soil. the mandatory. Any Legislation
which will keep coin and bullion at home will in
my judgment, soon bring about practical resump-
ton, and will add the coin OF the country to the
circulating medium, thus securing healthy in
tiation CT sound currency to the great advantage
OF every legitimate business interest. The act to
provide for the resumption OF specie payment au
| thorized the Secretary OF the Treasury to issue
bonds Of either OF the descriptions named in the
act OF Congress approved July4, 1879, entitled an
de BIT for not less than par in gold, with present
| value of AZ per cent. bonds in marke is of the
world They could be exchanged at par for gold
| thus strengthening the Treasury to meet the fl
| nal resumption and to keep the excess of coin
| over the demand pending its permanent use as a
| currency medium at home. All that would further
gal tender notes in circulation To accomplish this
I would suggest an act authorizing the Secretary
OF the Treasury to issue four per cent bonds with
forty years TO run before maturing, to be eXchang
| ed for legal tender notes whenever presented in
| sums OF fifty dollars or any MULTIPLE thereof.
| The whole amount OF such bonds howev-
| er, not to exceed sl5O.00O,O00 To increase the
| home demand for such bonds, I would recon-
| the United States Treasury for banking purposes
| under the various provisions of law relating to
national banks. would suggest further that ma
| tional banks be required to return certain per
! cent. OF coin interest received by them from
| the bonds deposited with the Treasury to secure
| their circulation. would also recommend the
repeal of the third section Of the joint resolution
| for the issue of silver coin, approved July %,
1876, limiting the subsidiary coin and nal
currency to $50, 900. am satisfied that ii on
gress will enact some such law as will accomplish
| the end suggested tn y will give relief to the
country instant in its effect. and for which they
| will receive the gratitude OF the whole people.
Us. GRANT.
/ Executive Mansion. February $. 1871.