Marshall County Republican., 1877-02-08
THE RESUMPTION PROBLEM.

The President Thinks IL Can be Solved
Forthwith-His Message to Congress sug-
gesting Legislation to Bring About Specie
Payments.
The President last week sent to Congress
message upon the subject OF the resumption
Of specie payments. The following is the full
text of the document:
To the Senate and House Of Representatives.
BY the act OF Congress approved Jan. IA, 1875,
to provide for the resumption of specie lay
ments, the let OF January, 1879. is fixed As the
date whom such resumption IL to begin. 1t may
not DO desirable to fix an earlier date when 1t
shall actually become obligatory upon the
Government to redeem it's outstanding legal
tender notes in coin on presentation. hut il
Is certainly most desirable, and will prove
most beneficial to every pecunisry interest
OF the country, to hasten tho day when
the paper circulation of the country and gold
coin shall have equal values. At later day
IL currency and coin should retain equal val
ues. 1T might became advisable to authorize
or direct resumption. believe the time has
come when by the simple act of the Iegisla-
tive branch of the Government this most de-
sirable result can be attained. / am strength
ened in this view by the course trade has
taken IN the last two wears, and by the strength
of the credit Of the United States at homo and
abrOaa-
For the fiscal year ending June So 1876, the
exports OF the United States exceeded the i'm
ports by sl20, 213, ,102, but our exports include
$40, 569 62l OF specie and bullion in excess of
imports OF the same commodities. For six
months OF the present fiscsl year. from July /,
1876 to Jan. i, 1877. the excess OF exports over
imports amounted to s17,5i4 500. and the i'm
ports OF specie and bullion exceeded the exports
of precious metals by &C. 1872, 147 in the same
time. Tue actual excess Of exports over inn
ports for the Fix monthr, exclusive
OF specie and bullion, amounted to
sl3 737, ,040, showing for the time being the
accumulation OF specie aud bullion in the
country amounting to more than &c 0OO 600,
In addition 10 the national product Of these
metals for the same period, total increase of
gold and silver for six months not far short Of
$50 600, coo. 1t is very evident that unless
this great increase Of precious metals can be
utilized at home in such way as 10 make it in
some manner remunerative TO holders il must
seek foreign market az surely as would any
other product Of the soil or manufacture.
Any legislation which will keep coin and
bullion ut home will, in my judgment soon
bring about practical resumption and will add
the coin OF the country to the circulating me-
dium, thus securing healthy initiation OF
sound currency, TO the great sdyan'sg age of every
leg. .timatc business interest.
The act to provide for resumption of specie
payments auth )rized the Secretary OF the
Treasury to ssue bonds Of either OF the de-
sciiptions named In the act Of Congress ap-
proved July 4, 1870, entitled IAN act TO
authorize the refunding Of the national
debt" for not less than par in gold. Wi h
the present value OF AZ per cent. bonds In the
maj kets of the world they could be exchanged
ut par for gold, thus strengthening the
treasury to meet final resumption. and to
keep the excess OF coin over the demand
pending It. permanent use circulating
mediam at home. All that would further be
required would be to reduce the
volume OF legal-tender notes in circuls-
istion. To accomplish this would suggest an
act auth rizing the Secretary OF the Treasury
to issue per cent. bonds, with forty years to
run before maturity, TO be exchanged for
legal tender notes whenever presented In sums
of $50, or aDy multiple thereof, the whole
amount of such bonds, however, not to ex-
coed $3.50, 900 600. To increase the homo de-
mand for such bonds / would recommend that
they be available for deposit In the United
States treasury for banking purposes under
the various provisions OF law relating 10 the
national banks.
would suggest further that national banks
be required to retain certain per cent. Of
coin interest received by them from bonds de-
posittd viththe Z easury to secure their c.r-
collation.. / would also recommend the repeal
for the issue OF siiyer coin, approved July %,
1876, limiting the subsidiary coIu and fraction
al currency to go. coo, 900.
/ am satisfied that il Congress will enact
some such law as will accomplish the end
suggested. they will give relief to tho country,
instant in It's effect, and for which they will
receive the gratitude OF the whole people.
(sisDed) u. s. GRANT.
EXECUTIVE MANSION. Feb. 3. 1877.