The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-02-04
TILE PRESIDENTS SPECIE MESSAGE
Recommending n Plan to Congress for the Re-
sumption OF Hard Money Payments.

WASHINGTON, Feb. 3.-The following is the
Presidents message on the subject OF the re-
| sumption Of specie payments:
| To The Senate and House Of Representatives:
BY the act OF Congress. approved Jan. Il. 1875.
| Ito provide for the resumption OF specie pay
ments." the LIST of January. 1879 is fixed us the
| date when the resumption is to begin. 1t may
not be desirable to fix an earlier date when it
shall actually become obligatory upon the Gov
eminent to redeem its outstanding legal tender
notes in coin on presentation but it ia certainly
most desirable, and will prove most beneficial
to every pecuniary interest OF the country to
hasten the day when the paper circulation of tho
country. and the gold coin shall have equal
values: At a later day. IL currency and coin
should retain equal Values it might become nd.
ysable to authorize or direct resumption |
believe the timo has come when by simple act
OF the legislative branch OF the Goyernmcnt this
1 am strengthened in. this view by the
course trade has taken in the Inst two years and
ey the ), strength Of the credit Of the United
ending June 80. 1876, the exports Of the United
States exceeded the Imports by si2o,2i3.lO2. but
bullion in excess of the imports of the samecom-
moditles. For the six months Of the present
fiscal year from July 1. 1876 to Jan. 1. 1877. the
excess .io, OF exports over imports amounted to
SlO7 54is 500. and the imports of specie and bull
bS Sa eH Ss the exports Of the Tecogs metals
cess OF exports over. imports for the six
mII naths exclusive of specie and bull.
for tho time being. tho accumulation of specie
ana bullion n the country amounting to moro
than SIX millions OF dollars. in addition 10 the
national product OF these metals for the same
period. total increase of gold and silver for
dollars it is evident that unless His gre al
increase OF the precious metals can be utilized
at home in such way as TO- make it
IN some manner rcmancrativc to holders it
must sock Il foreign market as surely as would
any othrr proiHct OF the soil or ,manuiac-
tory. Any legislation which will keep coin
and bullion at home will in my judgment
soon so4 ,,.i 31irlngg, about practical RESUMPTION.
tue circulating medium, thus securing
healthy Imitation OF sound currency to
the great advantage of every Legitimate busi-
ness interest Inc act TO provide for the re-
sumption Of specie payments authorized the
Secretary OF the Treasury to issue bonds Of
either of the descriptions named In the act Of
Congress approved July 4. 1870. entitled An at
for not less than par in cold. Will the present
value OF the "a per cent. bonds In the markets
OF the world. they could be exchanged at par for
gold thus strengthening the. Treasury to meet
coin over the demand pending its per-
m9nent use as circulating medium at home.
reduce the volume of legal-tender notes in cir
culation. To accomplish this. would suggest
a., an act authorizing the Secretary Of the Treasury
years to run before ' rnatUrty 70 'b be rory exy
changed for legal-tendcr notes whenever pre-
s"ntcd IN sums OF $50 or any multiple
thereof. the whole amount Of such bonds
however. not To exceed $50 100000. To increase
the home demand for such bonds / would rec
ommend that they be available for deposit in
the United States Treasury for banking pur-
poses. under the various provisions OF The INV
relating Ia national banks. | would sugge IT.
further. that national banks De- required 10
retain certain per cent. of the co n interest r.
ceived 10y 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 oi sill
vercon. approved July ~, 1870 limiting tho sub
slIldrN hnnd FRACTIONAL currcnryto s5o,o0o.ooO
am satisfied that IL Congress will enact some
such law as will accomplish the end suggested
they viii give relief t. the country instant i'm
lts "il"' l. and for which they will receive the
gratitude Of the whole people.
,lSigncdl :, u. S. GRANT.
EXECUTIVE MANSION Fob O. 1871