Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1877-02-14
President Grants Specie.Resumption
Message.
WARRINGTON, Feb. 4.

WARRINGTON, req. h.
The following is the Presidents Mes.
sace to Congress on the subject of the re-
sumption Of specie payment:
m the Senate and House Of Representatives:
By the act of Congress, approved Jan. IA,
1s,5. to provide for the resumption of specie
,syments, the first OF January, 1879, is fixed
a. the date when such resumption is to
becin 1t may not be desirable to 6x an
earlier date when 1t shall actually become
obligatory upon the Government to redeem
;ts outstanding legal-tender notes in coin on
nresentation, butt is certainly most desirable,
and will prove most beneficial to every pecuni-
ary interest Of the country, to hasten the day
when the paper circulation of the country
and gold coin shall have equal values. At a
later dav il currency and coin should retain
equal values, it might become advisable to
authorize or direct resumption. l believe
the Legislative branch of the Government
this most desirable result can be attained. l
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 he fiscal year ending June 80, 1876,
the exports Of the United States exceeded
the imports by S120,213, l02, but our exports
include SAC, $685. Of specie and bullion
ties. For six months OF the present fiscal
wear, from July l., 1876, to Jan. l, 1877, the
excess of exports over imports amounted
to sl7 ,544 500, and the imports of specie
and bullion exceeded the exports of
precious metals by s6,l92.147 in the
same time, The actual excess of ex-
ports over imports for the six months,
exclusive of specie and bullion, amounted
to Sl3, 1877 ,04o, showing for the time being
,ba nj in
thc country amounting to more than S. ,000,-
OOt in addition to the national product of
these metals for the same period, total
incr ase of gold and silver for six months
not far short of $50, 900 900. tits very evident
that unless this great increase Of precious
metals can be utilized at home in such
way as to make it in some manner remuner-
alive to holders, it must seek foreign mar
ket 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 will add the coin
OF the country to the circulating medium,
thus securing a healthy imitation of sound
currency 10 great advantage Of every iegiti-
mate business interest.
The act to provide for resumption of spe-
Gle payments authorized the Secretary oil
the Treasury TO issue bonds of either of the
NtNtll ptIoIiS HdiHtu III inc ACT Oh congress,
approved July 4, 1870, entitled "An act to
authorize the refunding of the Ma
tlonal deot," for not less than par in gold.
With he present value of four and a half per
cent, bonds in the markets of the world, they
could be exchanged at par for gold, thus
strengthening the Treasury to meet final
resumption, and to keep the excess Of coin
over the demand pending its permanent use
as circulating medium at home. All that
would further be required would be to re-
duce the volume of legal tender notes in cir
culation. To accomplish this, would sug-
gest an act authorizing the Secretary of
the Treasury to issue four per cent.
bonds, with forty years to run be-
fore maturity, to be exchanged for
Iegal-tender notes whenever presented in
sums OF fifty dollars, or any multiple thereof,
the whole amount of such bonds, however,
not to exceed $3.50, 600 To increase the
home demand for such bonds, / would rec
ommcnd that they may be available for de-
post in the United States Treasury for bank
ing purposes under the various provisions of
Law relating to the National Banks
| would suggest further that National
Banks he 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 section of the Joint
resolution for the issue Of silver coin, APP
proved July22 1876, limiting the subsidiary
com and fractional currency to $4,000, 900.
am satisfied that If Congress will enact
some such law as will accomplish the end
suggested, they will give relief to the coun-
Try, instant in its effect and for which they
VIII receive the gratitude OF the whole peO-
pie tSignedl U. S. GRANT.
EXECUTIVE MANSION. Feb. 3. 1877