The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1877-02-13
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The following is the Pre- 'idents mes
ssge to Congress on the subject Of the
resumption Of specie payments;

The following is the Pre- ,idents mes
Q .ge to Congress on the sLbi biect of the
resumption Of specie payments;
To he Senate and House Of Representatives.
BY an act OF Congress, approved
January IA, 1876, TO provide for the re-
sumption OF specie payments, the 1si
OF January, 1879, il fixed as the date
| when such resumption 10 to begin. IL
may not be desirable TO fix an earlier
date when il shall actually become OBJ
ligatory upon the Government TO re-
deem outstanding legal tender notes on
presentation, but IL is certainly most
desirable and will prove most bene-
ficial to every pecuniary interest OF the
country TO hasten the day when the pa
per circulation of the country and gold
coin shall have equal values. At a
later day, il currency and coin should
retain their equal values, il might be-
come advisable to authorize or direct
the resumption. / believe that the
time has como when by simple act Of
the Legislative branch OF the Govern
ment this most desirable result can be
attained. / am strengthened in this
view by tho course trade has taken in
the last two years, and by the strength
OF the credit OF the United States ut
homo and abroad. For the fiscal year
ending June 80, 1876, the exports of
the United States exceeded the imports
sI2o, 2ia. IUe. But our exports include
$40, ,569, ,62l OF specie and bullion in ex-
cess of the imports of the same COM
modities for six months Of the present
fiscal year. From July i, 1876, TO jan
uary l, 1877, the excess Of exports over
imports amounted TO si07, ,5i4, $50, and
the imports Of specie and bullion ex-
eeeded the exports OF precious metal
by 90, l92, l47. In the samo time the
actual excess of exports over imports
for six months, exclusive OF specie and
bullion, amounts to Sll3, 737, ,0i0,
showing for the time being an accumu-
lation Of specie and bullion in the
country Amounting TO more than S.
900, 900. The additional prodnct OF
these metals for the same period was
not far short OF S60, 900, 900. II is very
evident that unless this great increase
OF precious metals can be utilized at
home in such way as 10 make il in
some manner remunerative to the hold
ers II must seek foreign market as
surely a. would any other product OF
sale or manufacturing. Any legisla-
ton 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, to
the great advantage of every legitimate
business interest The act TO provide
for the resumption OF specie payments
authorized the Secretary Of the Treas
ury to issue bonds Of either Of the de
scriptions named in the act OF Congress
July 1, 1870. entitled an act
to authorize the refunding OF the na-
tional debt for not less than par in
gold. With the present value OF 4s
per cent. bonds IN the markets OF the
world they could be exchanged at par
for gold, thus strengthening the Treas
ury TO meet the final resumption and
to keep the excess OF coin over the de-
mand pending it's permanent use as n
medium at home. All that
would further be required would be TO
reduce the volume Of legal tender
notes in circulation. To accomplish
this / would suggest an act authoriz-
ing the Secretary OF the Treasury TO
issue per cent. bonds, with forty
years to run before maturity, 10 ba ex-
changed for legal tender notes when
ever presented in sums OF $50 or any
multiple thereof, the whole amount of
such bonds, however. not 10 exceed
$50, 900, 900. To increase home de-
mand for such bonds. / would recon-
mend that they he available Tor depos-
II in the United States Treasury for
banking purposes under the various
provisions of the Low relating TO nation-
al banks. / would suggest. further,
that the national banks be required to
retain a certain ameunt OF coiU interest
received by them from bonds deposit
ed with the treasury TO secure their cir.
culation. would also u commend
the repeal of the third section Of the
joint resolution = the j. ue OF silver
coiu, approved Jnl, 2r lsIG, limiting
the subsidiary coir aud factional cur
rency to SJ0, ,0OO. 100. i am satisfied
that If Congress will accomplish the
end suggested they will give relief 10
the country, instant in it's effect. and
for which they will receive the graft
tude OF the Whole people.
(Signed) y. 8. GRASr.
Executive Mansion, February 8, 1877.