The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-02-05
ferred to the Committee on Ways and
Means, and the House took recess until

ferred to the Committee on Ways aud
| Mems, and the House took q recess until
10 O'Clock Monday.
In the Senate, the post-ofice bill was re-
ported, approDriating q quarter Of ambition
to enable the Postmaster General to obtai n
proper facilities from the great trunk rail-
roads for postal railway service. There was
no important business. Recess to 10 O'Clock
Monday.
Mrs. Summer has been confirmed as post
master at Sherman, Texas.
The vote in the House increasing the
Presidents salary to $4,000 was--yeas, Al;
nays, 1876. The salaries OF senators and
representatives remain unchanged.
Public Printer Clapp has discharged six
hundred hands, and suspended congress
sional printing except the Record. His
funds are exhausted, and it Is INSIDE
meauor to contract debts.
The Presidents Financial Message.
WASHINGTON, February 3.-Tbe follow
ing Is the Presidents financial message:
8Toithe- Senate and House Of Representa-
tues BY the act Of Congress approved
January IA, 1875, to provide for the re-!
sumption OF specie payments, the LIST OF
January, 1879, is fixed as the date when
such resumption is to begin. It may be
|
shall actually become obligatory upon the
Government to redeem its outstanding
legal-tender notes in coin on presentation,
but it is certainly most desirable, and will
prove most beneficial to every peeuniary
interest OF the country, to hasten the day
when the paper circulation OF the country
and the gold coin shall have equal values.
at later dav, il currency and coin should
retain qualvalues, it might become advisa-
BILE to authorize or direct the re-
sumption. l believe the time has come
when by q simple act Of the legislative
branch OF the Government the most desira-
Bile result can be attained. am strength
ened 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 the fiscal year
ending June 80, 1876, the exports OF the
United States exceeded the imports by
S120, 213, 102, but our exports include $780,
569,G21 of specie and bullion in excess OF
imports OF the same commodities. For the
six months of the present fiscal year, from
July /, 1876, to January l, 1877, the excess
OF exports over imports amounted to $107,-
GA, 800, and the imports OF specie and bull
| lion exceeded the exports Of the precious
metals S6,192, LAT in the same time. The &C
tual excess OF exports over imports for the
six months, exclusive OF specie and bullion,
amounted to $113, 737, 040, showing, for the
time being, the accumulation of specie
and bullion in the country amounting
to more than six millions Of dollars. In
addition to the net product Of these metals
for the same period there was total in
crease Of gold and silver for the six months
not far short OF sixty millions Of dollars.
| It is very evident that unless this great in
crease OF the precious metals can be utilized
at home in such way as to make it in some
manner remuneratiye to the holders, it must
seek foreign market as surely as would
any other product Of the soil or the manu-
factory. Any legislation which will keep
coin and bullion ut home will, in my iudg
ment, soon bring about practical resump-
ton, and will add the coin Of the country
to the circulating medium, thus securing
healthy initiation of q sound currency, to the
great advantage Of every legitimate bust
ness interest. The act to provide for the
resumption Of specie payments authorized
the Secretary OF the Treasury to issue bonds
of either of the descriptions named in the act
Of Congress approved July 4, 1870, entitled
q" An act to authorize the refunding of the
national debt for not less than par, in gold,
with the 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 ex-
cess OF coin over the demand. Pending it's
permanent use as a circulating medium at
home all that would further be required
would be to reduce the volume of legal
tender notes in circulation. TO accomplish
this I would suggest an act authorizing the
Secretary OF the Treasury to issue four per
cent. bonds, with forty years to run before
maturity, to be exchanged for legal-tender
notes whenever presented in sums Of fifty
dollars or any multiple thereof, the whole
amount Of such bonds, however, not to eX-
coed S150,000,000. To increase the home
demand for such bonds, I would
recommend that they be available for
deposit in the United States Treasury
for banking purposes under the yari-
Gus provisions of law relating to ma
tional hanks. would suggest further that
national banks be required to retain GER
tain per cent. OF coin interest received by
them from the bonds deposited with the
Treasurer to secure their circulation.
would also recommend the repeal of the Sd
section OF Joint resolution for the issue OF
silver coin, approved July %, 1876, limiting
the subsidiary coin and fractional currency
to $50 900. am satisfied that il Con-
gress will enact some such law as will ac-
compish the end suggested, they will give
a relief to the country instant in its effect,
and for which they will receive the graft
tude Of the whole people. U. S. GRANT.
Executive Mansion, February 8, 1877.