The star of Pascagoula. [volume] (Pascagoula, Miss.) 1873-1878, 1877-02-16
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Inc i%oiioFlns y me president messsss n
e4HFfefg nn NE subject n spseie payments
W. We senate ghd hause ~ ftpfssesff4gss
w fN Hft ~ euHefefs. afpfavfd tfnasfI
~ 1919, e. Prove f6f me resumption N abs
fe payments the ~ N ifauafy. fsl1, u
htfd 70 fhe dats when sneh resumption b
~ tegih ~ nay net Ne deslffhls ~ ft M
earlier date when u shall become obligatory
np0a ne F6vefnment W. redeem ~ aai
standing legal tender notes IN eain, on pre-.
aeHt4tiehs hut ~ i4 eeftainig most desikahle.
aHd viii provide most beneficial N svefy ps.
eunisry Interest Of the country, 10 hasten the
deg when NE papef circulation of NE rom
nv nod good c1in shall hsVe equal Vaiae. Dc
mieht become advisable ~ aathofige. o. a.
rect the resumption.
I believe the time hss come when. bg r.
simple oct of The legislative branch " the
government, this most desirable result can
be attained. 7 nm strengthened In this view
Ny NE course trade has taken IN me last two
years, and by the strength 81 the credit 81
the United States Ut home and abroad.
For the fiscal year ending June ~. 1870,
the exports Of ihe United States exceeded
the imports by 5000 f3, t02, but our exports
include $4,000, G2i Of specie sud bullion in
excess u imports Of the same commodities
for six months Of the present fiscal year
From Jnly I, 1876, to January I, 1877, the
excess Of exports over imports amounted to
1854, 500, and the imports Of specie and
bullion ex 'eeded exports Of precious metals
by IS, 1914 In the same time. The actual
eKccs Of exports over imports for six
months, exclusive Of specie aud bullion,
to $il3,737, 040, showing for the
time being the accumulation OF specie and
bullion Ia the country amounting to more
than So, 100000, in addition to the natural
product OF these metals for the same period,
n total increase Of gold and silver for six
months not far short OF s6O,OOO,OO0. It is
very evident that unless this great increase
Of precious metals can be utilized at home
in such a way as TO make il in some name
remunerative to holders, it must seek a for
aign market as surely as would any other
of the soil or mandatory. Any
legislation which will keep coin and bullion
It home will, in my judgment, soon bring
bout practical resumption, and will add the
of the country to the circulating me.
Iium. thus securing a healthy imitation of
Ound currency, to the great advantage of
very legitimate business interest. The act
D provide for the resumption Of specie
ayments authorized the secretary of the
,easury to issue bonds of either OF the de-
named in the act of congress APP
Toved July 4, 1870, entitled Gan act to au-
lorize the r%efunding OF the national debt"
= IN ANNH Nhh' l"A IL Solus VIVA llit pre-
mt value of AZ per cent. bonds in the
of the world, they could be ex-
ranged at par for gold, thus strengthening
e treasury to meet the final resumption,
id keep the excess OF coin over the demand
hiding Its permanent use as a circulating
edium at home. All that would be re-
tired would be to reduce the volume of the
gal tender notes in eirculi ton. To &C. ,
mplish this | would suggest an act author
ing the secretary OF the treasury to issue
ur per cent. bonds with forty years to run
fore maturity, to be exchanged for legal
nder notes. whenever presented in sums
$50 or any multiple thereof, the whole
aount OF such bonds, however, not to ex-
ed $250,000,000. To increase the home de-
and for such bonds | would recompend
at they he available for deposit in the
nited States treasury for banking purposes
lder the various provisions of the law re-
ting to national banks. | would suggest
Irther that the national banks be required
retain a certain part of the coin interest
ceived by them from bonds deposited with
e treasury to secure their circulation.
ould also recommend the repeal of the
Iird section of the joint resolution for the
sue of silver coin, approved July %, 1876,
subsidiary coin and fractional cur
'ncy to $4,000, COO. | an satisfied that if
will enact some such law as will ac-
,mplish the end suggested they will give re.
eff to the country instantaneousin its effect
nd for which they will receive the gratitude
the whole people. U. S. GRANT.
Executive Mansion, Feb. 3, 1877.
The secretary of the treasury says he has
Efficient silver to meet legitimate demands,
I'D declines to re-exchange United States
otes for silver brought to the department s
sums varying from $40 to $500.