The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1877-02-08
The PRESIDENTS MESSAGE.

The following is the Presidents mes
sage to Congress on the subject of the
resumption OF specie payment:
10 tie Senate and House Of Rcpresen-
tGtipes.
by the act OF Congress approved Jan
uary II, 1875, to provide for the resump-
ton Of sDecie payments, the 1st of Jan
| uary, 1879, Is fixed as the date when
such resumption is to begin. 1t may
not be desirable to fix an earlier date
when it shall actually become obligatory
upon the government to redeem its out
standing legal tender notes in coin on
presentation, but it is certainly most
desirable, and will prove most beneficial
to every interest of the country, to
hasten tie day when the paper circula-
ton of the country and gold coin shall
have equal values. At later day, if
currency and coin should retain equal
values, it might become advisable to
authorize or direct resumption. L be
lieve the time has come when by the
simple act of the legislative branch OF
the government this most desirable re-
suit can be attained. I 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 at home
and abroad.
For the fiscal year ending June, 80,
1876, the exports of the United States
exceeded the imports by $120, 213, loo,
but our exports include SAC ,569. 6i2 OF
specie and bullion in excess OF imports
of the same commodities. For six months
of the present fiscal year, from July l,
1876, to Jan. !, 1877, the excess of ex-
ports over imports amounts to s17, OIL,
500, and the imports Of specie and bull
lion exceeded the exports OF precious
metals by IS, 1872, 14S in the same time.
The actual excess Of exports over i'm
ports for the six months, exclusive of
specie and bullion in the country amount
ing to more than sc, 900, 900 in addition
to the national product of these metals
for the same period, q total increase of
gold and silver for six months not far
short of $50, 600, 000 It is very. evident
that unless this great increase of preci-
oUs metals can be utilized at home in
such way as TO make it i'll some manner
remunerative to holders it must seek
foreign market as surely as would any
other product OF the soil or manufacture.
Any legislation which will keep coin and
bullion at home will, in my Judgment,
soon bring about practical resumption
and viii add the coin of the country TO
the circulating medium, thus securing a
healthy imitation Of sound currency to
the great advantage Of every legitimate
business interest.
TIE act to provide for resumption of
specie payments, authorized the Secre-
tary of the Treasury to issue bonds of
either of the descriptions named in the
act Of Congress, approved July 4, 1870,
entitled ''An act to authorize the refund
ing of the national debt, - for not less
than par in gold. With the present value
Of 1 per cent. bonds in the markets of
the world they could be changed at par
for gold, thus strengthening the Treas
glry to meet final resumption, and TO
keep the excess Of coin over the demand
pending It's permanent use a circulating
medium at home. All that would fur
ther be required would be to reduce the
volume Of legal tender notes in circula-
ton. To accomplish this, L would sug-
gest an act authorizing the Secretary Of
the Treasury to Issue per cent. bonds
with forty years tc run before maturity,
to be exchanged for legal tender notes
whenever presented in sums of $50, orany
multiple thereof, the whole amount Of
Of such bonds, however, not to exceed
$3.50, 600, 600. 10 increase the home
demand for such bonds, ] would recon-
mend that they be available for deposit
in tile United States Treasuryfor bank
ing purposes under the various provis-
ions Of law relating to the National
Banks.
] would suggest further that National
Banks be required TO retain a certain
per cent of coin interest received by them
from bonds deposited with the Treasury
to secure their circulation. L would also
recommend the repeal of the Third sec
ton Of the joint resolution for the issue
of silver coin. approved July %, 1876,
limiting the subsidiary coin and fraction
al currency to $50, 100000.
I an stisfed that il Congress will en-,
act some such law as will accomplish
the end suggested, they will give relief
to the country, instant in its effect, and
for which they will receive the gratitude
of the whole people.
(Signed) U. S. GRANT.
Executive Mansion, Feb. 3, 1877.