The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1877-02-10
Resumption OF specie Payments -Presl-
dents Message.

WARRINGTON, Feb. 3.-The following is
the Presidents message to Congress on the
subject Of the resumption of specie pay
ments:
To the Senateand House Of Representatives.:
By act Of Congress approved January II, 1873,
to provide for the resumption of of specie pay
ments. the LIST of January, 1879. is fixed when
such resumption is 70 begin. Il may not be de-
ally become obligatory upon the Government to
re!eem its outstanding legal-tender notes IN
coin, on presentation, but it is certainly most
desirable. and viii prove most beneficial 70
every pecuniary interest of the country, TO
hasten the day when the paper circulation Of
the country and gold coin shall have equal val
ucs. At later day. if currency and coin
should retain equal values; It might become econ
I believe the time has come VIII n. by q
simple act Of the Legislative branch of the Gov
eminent. this most desirable result can be at
tanned. / am strengthened in this view by the
course trade has taken In the last two years, and
BY the strength Oft e credit Of the United states
al home aud abroad. For the fiscal year ending
exc eeded the Imports by ! iso, En-. ioa. but our
exports include 10 $50 g.: Of specie and bullion
in excess Of IMPORTS Of the same commodities.
For six months Of the present fiscal year. from
July l, ls76, to January I, 1877, the excess Of
exports over imports amounted to SIC. IA 80.
and the imports Of specie and bullion excecded
the exports OF precious metals by &i.l92. ltt in
over c imports Of six months. exclusive Of specie
and bullion, amounted to . ll3, 81 $40; show
ing for the time being the accumulation Of spe-
Gle and bullion in the country amounting
the natural product of these metals for the same
period-a total increase of gold and silver for six
months not far short of $50 600. 90. 1t is very
metals can be utilized at home in such way as
to make it liz some manner remunerative to
holders il must seek a fol eign market, as surely
as would any other product Of the soil Or manu- .
and bullion at home will, in my judgment soon
bring about practical resumption, and will add
the coin of the country to the circulating medi.
um, thus securing healthy imitation OF sound
currency to the great advantage of every legiti-
mate business interest. The act to provide for
the resumption Of specie payments au-
hOrzeS ,I the Of The to
named in the act Of Congress approved
Juy4, 1870, entitled ian act to authorize the re-
funding of the national debt" for not less than
cent bonds, in the markets of the world III ey
could be exchanged at par for gold,. thus
strengthening the Treasury to meet final re-
sumption and keep excess Of coin over the de-
mand, pending its p, rmanent use as circulat-
ing medium, at home. All that would be further
required would be to reduce the volume of legal
| tender notes in circulation. To accomplish this
would suggest an act authorizing the Secretary
of the Treasury to issue four per cent bonds with
| forty years before maturity, to be exchanged
| for legal tender notes whenever presented in
the whole amount Of sush DIS. however, moi
to exceed I $50 00e leo. To increase the home
demand for such bonds would recommend thai
they be available for deposits in the United
various provisions of the law .Selatng to Ma
tional Banks. would suggest, further, tina
National. Banks be required, 70 retain a certain
from bonds deposited with he treasury to sc
4 cure their circulation. would also ree0mment
tine repeal Of the third section of the join
resolution for the issue of silver coin, approvet
tional currency to $50. 600 900. I am satisfied
| that II Congress will enact some such law q
will accomplish the end suggested. they vii
give RELIEF, TO the country instantaneous in it
effect, and far which they will receive the graft
| tnde Of the whole people. = -
Executive Mansion. February s, 1877.