The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-02-05
President Grant on the ReSumn.
lion OF Specie Payment,

WASHINGTON, tebruary 3.-The fol
lowing is the Presidents message 10 Can
gress, on the subject Of the resumption ol
specie payment,
20 Tie Senate and House Of Representative,
BY an act OF Congress, approved January
l4th, 1875, to provide for the resu,n6.
ton OF specie payments. The first day
ot January, 1879, 10 fixed as the dats
when such resumption is 10 begin. il
may not be desirable to fix an earlier
date when II shall become obligatory
upon the Government 10 redeem NJ
outstanding legal tender noteS
IN coin ON presentation, but h
certainly most desirable, and viii
prove most beneficial to every pccupiorv @
interest Of the country, TO hasten tho
day when the paper circulation Of the
country and gold coin shall have equal
values. Alta later day, II the currency
and coin should retain equal values, il
might become advisable 10 authorize or
direct resumption. | believe the time
has come when, by the simple act Of the
Legislative branch ofthe Government this
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 at home
and abroad. For the fiscal year ending
June 80, 1876, the exports Of the United
States exceeded the imports by Sl2O,2lS.
lO2, but our exports include SiO,5Gg. 1921
OF specie and bullion in excess of the i'm.
ports Of the same commodities. For o
months OF the present fiscal year from
July l, 1876, to January /, 1877, the ex.
cess Of exports over imports amounted
to $l0T ,644,S 500, and the imports Of specle
and bullion exceeds the exports of The
precious metals by $Gl02,l47. In
the same time the actual excess of
exports over imports for six months
exclusive Of specie and bullion, amounted
to $ll3,78S, ,0l0, showing for the time
being the accumulation OF specie and
bullion in the country amounting TO
more than $6,O0O,00O, in addition to the
national product Of these metals for the
same period-a total increase Of gold and
silver for six months not far short of
500, ,0O0,UOO. 1t is very evident that un.
less this great increase Of precious
metals can be utilized at home in such
n way us 10 make it in some
manner remuneratiVe to the holders il
must GEEK n foreign market M sure as |
would any other product of the soil, or |
ANY legislation which will |
keep coin and bullion ut home will, in my
judgment, soon bring about practical re-
and will add the coin OF the |
TO the circulating medium, thus
healthy imitation Of sound
currency to the great advantage oil every |
legitimate business interest. The nc,
to provide for resumption oil
specie payments authorized the Sec.
retary Of the Treasury 10 issue bonds
Of either Of the descriptions named in the
act Of Congress approved July 4, 1870, |
entitled an act to authorize the ref,lnding
Of the national debt for not less than mar |
in gold. With the present value of Al
per cent bonds in the markets of the
world they could he exchanged atpar for
gold, thus strengthening the Treasury to
meet the final resumption and to keep
m excess OF coin over the demand pending
its permanent accruing medium ~ home,
All that should further be re.
luired would be to reduce the volume
Of legal tender notes in circulation, To
accomplish this would suggest an act
the Secretary Of the United
states Treasury TO issue A pen cent
bondswitlr forty years to run before ma.
Iurity, to he exchanged for legal tender
notes whenever presented in sums Of fifty
dollars or any multiple thercot-thc
whole amount Of such bonds, however,
not to exceed $3.50, 100000. 10 increase
the home demand for such bonds would
that they be made available
for deposits in the u. s. Treasury for
banking purposes under the various mo-
visions'of the law relating to national
banks. | would suggest, further, that
the national banks be required toi
retain u certain per cent. OF the coin
interest received by them from bonds de-
posted with the Treasury 10 secure their
circulation. | would also Recommend
The repeal OF the third section Of the Joint
for the issue OF silver coin, ap.
proved July %, 1876, limiting subsidiary
coin and fractional currency 10 $50 OOO,-
)OO. 1 am satisfied that If Congress will |
enact some such law as will accomplish
The end suggested, they will give re.
Lief 10 the country instant in its affect,
and for which they will receive the graf.
ltnde Of the whole country.
(Signed) US. GRANT.