The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-02-05
SPECIE RESUMPTION.


WAsHINGroN, February 3.-The fol-
lowing is the Presidents message 10
Congress on the subject Of the resumption
of specie payment: a...
To the Senate and House Of Representa-
tIres:
By act Of Congress, approved January
IA, 1875, to provide for the resumption OF
specie payments, the LIST of January,
1879, is fixed IS the date when such re-
sumption is to begin. II may not he de-
sirable TO dx an earlier date when
it sh,ll become obligatory upon
the government TO redeem its out
standing legal-tende- notes IN com,
on presentation, but 1t Is certainly most
desirable and will prove most beneficial
Ia every pecunisry interest of the coun-
try 10 hasten the day when the paper
currency circulation Of the country and
gold coin shall have equal values. Ala
later day, if currency and coin should
retain equal values, it might become ad
vissble TO authorize or direct resumption.
l believe the time has come when, bya
simple act Of the legislative branch OF
the government this desirable result
can be attained. am siren gthensd in
this belief by the course trade has taken
10 the last two years, and by the strength
of the credit OF the United States 81
home and abroad For the tiscsl year
ending June 80, 1876, the exports OF the
United States exceeded the imports by
sl2O,2l3,l l02, but our exports include
Si0.5G9, ,62l Of specie bullion in excess Of
the exports OF the same commodities Tor
SIX months OF the present fiscal year, from
July !, 1876 10 January I, 1877, the eH.
cess OF exports over imports amounted to
Sl07, ,544.S69, and the imports oispecis
and bullion exceeded the exports Of
precious metals by s6,l92.li7 in the
same time. The actual excess ot exports
over imports for the six months, exclus
i've of specie and bullion. amounted -
Sll3, ,040, showing for the time being
the accumulation OF specie and bullion
in the country, amounting 10 more than
six million OF dollars In addition 10 the
national product OF these metals Tor tho
same period, u total increase Of gold and
silver for the SIX months not far short Of
sixty millions OF dollars. IL IL very evl
dent that usless this great increase Of the
precious metals can be utilized at home,'h
such way ~ 10 make II IN some
manner remunerstive 10 the holders, II
must seek foreign market, ~ turo -
would another product oI the soil or
manufacture Any Legislation which
will keep the coin and bullion st bom.
will, in my judgment, soon bring about
practical resumption and will add the
coin OF the country 10 the circulating
medium. thus securing healthy lnfis-
tion of sound currency 10 the grea,
advantage of every legitimate busin..
interest. The sc. 90 provide for the re-
sumption OF specie payments authorized
the Secretary oi the Treasury 10
issue bonds Of either description.
named in the act Of Congress approved
July 4tb, 1870, entitled an act ~
authorize the reiunding oi the national
debt FORGOT less thaR par in gold. With
the present vsluo Of ~ per cent. bonds
in the markets OF the world they could
be- exchanged 81 par Tor gsId, thus
strengthening the Treasury b. meet nnni
resumption and TO Keep sn excess Of co'n
over demand pending it, permanen,
accruing MEDIUM At home. All that
should further b. required would be 10
reduce the volume Of legai tender notes
in circulation. To accomplish this
would suggest sn act author
lzing the Secretary Of the Tr.a.
sury To issue per cent. bonds, with
forty ycsrs 10 run before maturity, tn be
exchanged for legal tender notes when
ever presented ~ suns Of so or any
multiple thereof, the whole amount ot
such bonds. however. not to exceed 100,
$4,000. To increase homa demand for
such bonds ! would recommend that they
ba available fOi depost va the United
States Treasury Tor banking purposes,
under the various prDyisiOns 81 ths lsw
relating 10 y s,Ional Banks | would
suggest further that National Banks bs
r qulred 10 retain n cet Ia per cent Oi
col interest receiyei BY thsm from bonds
depo,lLeI with the Treasury 10
secure their CIRCULATION. / would AIsD
recommend tho repeal vi the third ssc
ton oi the JOINT resolution for the issue
Of silver com, approved July ~, 1876.
limiting the subsidiary com aud frsc
iional currency 70 t5JOoV,O0o. aDi
sstvaed that II Ctngress viii enact
some such law ~ wall accomplish u.
und suggested. they will give relhf
u the country instant IN ns efecL, anu
tor which they ~,ii r1siYs the grat.-
I lje Oi the whole ps'ps
lS,gned u. >. GRAsT.
.EIocuiiye Mansion. February g.