New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-01-29


return had been altered by changing votes to the
Republican side. There is rumor that the Demo-
Gratis have possession of other returns From
appearances, there is no hope of Congress doing
much this session besides passing the appropriation
bills.
THE TIME FOR SPECIE PAYMENTS.
AN INTERVIEW WITH GEN. GRANT-HE CONSIDERS
THE PRESENT AS MOST .OPPoRTUNE FOR RE-
SUMPTION-HIs SUGGESTIONS
GBY TELEGRAPH TRIBUaE.l
WASHINGTON, Jan. 2S.-The President spent
an hour to-day in conversation with gentleman who
called upon him In regard TO the financial condition OF
the country He announced his belief that the time has
now arrived when immediate resumption OF specie
payments Is possible He sand that he has Obst we'd for
sOre months past tendency in the financial affairs Of
the country toward this point and has watched closely
with view OF suggesting at the proper time measures
booking to the accomplishment Of the desired result. Re
erriD OF the important recent commercial
events, he said that the statistics of our foreign com
show balance OF trade in favor OF this country
amounting during the last year to $l20000O00. During
the present fiscal year ending the Both Of June next
he believes that the balance will be at least 800 100000
favor He thinks that after the -four years OF rest
since the panic OF 1878 the country has reached point
when he3thful industry and legitimate enterprise based
sound monetary principles may again be engaged in
with profit ave have" he said in addition to this
got over the idea that II is essential TO social life and
30 our happiness that should purchase the manu-
featured articles OF other countries when produce
similar Of equal merit at home; this is very i'm
portan lesson and Is OF Tia. principal elements max
ing the return specie payments easier people have
learned to limit their wants in great degree
to the productions offered by home
manufacturers; by pursuing this policy the
people during the last past four years have
actually been saving money, and this proved by their
o
looking about for safe Investments" The President be-
eves not only that the foreign demand for American
productions is likely to increase greatly hut IN addition
e capita lists OF the nations OF the old world will
look to the United States for opportunities to invest
their money it he secured from the chances of
war and that too during what might be considered
as times OF uncertainty III our own affairs. This. he
thinks very creditabe this country and it must
ever be source of pride the American citizen 10 know
that whatever may be the perpleXities surrounding
political questions home thu OF the people In
the Old World well as men of learning and financial
strength, have implicit faith in the perpetuity of bur
institutions, aud in the wisdom, Intelligence and jud8-
mcnt OF our people.
"To America" Gen. Grant repeated, "they now look
for opportunities OF safe for their surplus CAPT
tai II any evidence OF this were necessary 1t eau be
found in the official Information already received from
the European centers and also IN the hGteflis
manner In which 4l2 per cent bonds have been re-
have been sold and the indications are that the remain
ing $3.50 600 900 will be disposed OF rapidly as the
bonds can handled by the Treasury Department ana
the Syndicate" The President said that with acontnua-
ton OF trade in favor rapid demand for our secur
ties at low rates Of interest and the productive resources
OF the country in healthfu condition and prepared 10
embark In new prosperous enterprises no more timely
moment can selected for the realization OF the advan
tages attending return to specie payments and the
XLJVh Congress cannot better close its existence Than
by the enactment OF such legislation as Will accomplish
this result.
Gen Grant believes that provision can be mace Tor the
resumption Of specie payments by some slight modlhca-
ton OF the Resumption act Of 1872 changing he ua'e
when United States notes shall be redeemed in gold from
tho = Of January 1879 to the 1s Of March, 1877; be-
side this in order to supply defects in the provisions ot
the act OF 1875 Congress might pass an act granting a
thorty TO Secretary OF the Treasury 10 provide or
the redemption of legal tender notes on anu after the
date fixed for resumption by the accumulation ol u" awe
uate amount of gold TO redeem the outstanding eSai
tenders this can done by means of the sale OF united
States bonds Gen Grant also suggested thai authority
n, riycn the Secretary to issue from time to time
"a he may deem expedient and the State OF
the national finances may admit, SlOO,oOo,ooo OF
thirty-year four per cent bonds; these ponuS
could be used in funding legal tender notfs as
presented at the Treasury The President salu has We
could now better afford TO sell bonds AT TINS rate Oh III
erest for gold than TO lock up the soi ioI wv am ,
"A
first OF January. 1879. III reply TO the sugscstion tn
this plan might be regarded one ot CONTRACTION tne
President said that the other hand IL Is one Oh eN
p,nsion He believed that new banks wOuid DC esta
sbed to meet the necessities OF revvlne ehierpisc anu
n'asin ride lie added that must either PROVIDE
Tor keeping gold AT It will go abroad ana as lt
use il now limited home while the present slae Vi
,Iups coninurs II naturally seeks outlet in foreign
markets The increasing amount OF foreign investments
u American securities Is now bfinShe gov, ,. n nJ
tbs cnnntry should the proposed plan be adopted ana
r sumpon OF specie payments take place at once, goia
instead OF gong abroad, except III suc t ~ ,.
hJ
intn Il, hanks and be held reserve Ill when lho
rational bank notes would be redeemed On preSrht
r. 10 info. red from the conversation OF the PRESIDENT
ard IN. earnesness with which ne stated MS views upon
the feasibility OF immediate resumption that Nc con-
temnates admitting to Congress during tne pTCset
week uessage setting forth his views OIL inns shect
nj length and recommending the necessar! csisaon'