, 1877-02-04
The Presidents Message on the Sub
ject' Of Specie Resumption.
He Suggests Legislation to Bring
About Such a Result.
Passage Of the Legislative Approximation
Bill in the House.
An Exhibition Of Human Weakness on
tho Salary Question.
Rumors Of Irregularities in the Chi
cago Custom-House.
RESUMPTION.

HES u NIL HUN
TIE PRESIDENTS SCHEME,
WASHINGTON, D. C. Feb. 3.-The following
is the Presidents message to Congress on the
subject Of the resumption of specle payment:
70 The Senate and House Of Represenfaiirss:
BY the act o. ." spsce
the 1st Of January, lo7o, Is n4eo as tne uaee ~
when such resumption is to begin. It may not 9s
desirable to fix N sarer & aa'e ee "Gsn @
to redeem its OUTSTANDING lc5al-tender notes IN
coin on presentation, but it is certainly most de-
pecana4 f.of an4 w f. hsen
when the paper circulation Of tae country auo o1o
HAVE EQUAL VALUES.
At later day II currency and coin shonld retain
equal values, 1t might become advisable to nuthor or
ice or direct resumption: believe the time has
when by tue simple t act o. 1ns re
suit Gun be attained. am strengthened IN tnls
view by the course trade has taken in the last TWO
years, and by lhe strength & Of the circuit o1 Tue
For the fiscal year ~ ending June so, 1876, the ex-
ports ot the umitcd States exceeded the imports
So 1o but p1 efp0fe p Of m
ports Of the same commodities. tor SIX months "
the present scal year, from july 1876, TO Jnn.
~ exesss s d h IT'S Of specc
bullion exceeded the exports OF precious @ me'als
by sU, l02, l47 IN same The time. Fhs actual e.
cess Of exports over imports Tor tue nx L.
sl3, 737. 04o, showing for the time being the &C.
cumulntion OF specie and bullion in the country
MoRE THAN sG,0oo,00o
in addition to the national product OF these metals
for the same period total increase of geld a and
silver for six months far short OF STU ooo, ooo
II Is very evident that unless this great increase OF
precious metals can be utilized at home IN snch
way as to make it in some manner rcmuneratlFe 10
holders it must seok u foreign marker as surely US
Il tT3nf rf
ture. Any legislation which will keep coin and
bullion at home will, in my Judgment soon
BRING ABOUT PRACTICAL RESUMPTION
md will add the con Of tue country i9 lhe na1o
OF sound currency to great advantage OF every
legitimate business interest -
The act to provide for resumption OF specie pay"
ments authorized the Secretary OF the Treasury to
Issue bonds of either Of tho descriptions named In
the act OF Congress, approved July j, 1870, en-
titled AN act to authorize the rcfnnding Of the
national debt, for not less than par u gold. With
the present value Of ~ per cent bonds IN the n1nr
kcs Of the world they could be exchanged at par for
resumption, and to keep the excess Of coin over
the demand pending its permanent use circu-
tating medium ut home. All that would further be
required would be to
REDUCE THE VOLUME OF LEGAL-TENDER NOTES
In circulation. TO accomplish this, would suE-
scst act authorizing the Secretary OF the Treas
ury to issue per cent bonds, with forty years to
run before maturity, to be exchanged for
lcgul-tender notes Whenever presented IN
sums Of $50, or any multiple thereof, the
whole amount of such bonds, however, not to cS-
coed $3.50, QUO, O[O. To increase the home demand
for such bonds would recommend that they be
ayatable for deposit in the United States Treasury
for banking purposes under the various provisions
Of law relai. NJ to the National Banks.
woulu suggest further that National Banks bc
required TO retain certain per cent OF coin inter
est received By them from bonds deposited with
the Treasury TO secure their circulation wonld
also recommend the repeal of the third section OF
the joint resolution for the issue OF silver con APP
proved July a2, 1885, limiting the subsidiary coin
and fractional currency to $50, 600, 900.
AM satisfied that If Congress will enact some
such law as will accomplish the end suggested,
they will give relief 10 the country, instant in its
effect and for which they will receive the gratitude
Of the whole people, {signed) e. S. GRANT.
EXECUTIVE MANSION. Feb. ), 1877.