New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1877-02-10
sPRCrF PAYMENT.
TIE Rresident Urges Immsdlate Rsswmp-
tIons


The President Urges Immediate ReswHB-
tIons
The Pr sident on Saturday last laid be-
fore Congress the following message:
To the Senate and House Of Representatives
By an act of Congress, approved Janu-
AIRY IA. 1875, to provide for the resumption
of specie payments, the first of January,
1879, is fixed &c the data when such resump-
ton 10 TO begin. IL may not be desirable 70
fix an earlier date when it shall become OBJ
ligatOry upon the government to redeem itg
outstanding legal tender notes In coin, on
presentation; but It is certainly most desir-
able, and viii prove most beneficial to
every pecuniary interest Of the country, TO
hasten the day when the paper circulation
of the country and gold coin shall have
equal value, It might become advisable TO
authorize, or direct the resumption.
/ believe the time has come when, by
simple act Of the legislative branch Of the
government, this most desirable result can
be attained. / am strengthened 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 homo and
abroad.
For the fiscal year ending June 30, 1876,
the exports of the United States exceeded
the imports by $3.50, 2l3, 1902, but our exports
q cess of imports Of the same commodities
for ak months of the present fiscal year.
From July j, 1876, to January 1, 1877, the
excess of exports over imports amounted
to $40, 544, S69, and the imports of specie and
bullion exceeded exports Of precious metals
by &c, 1872, l47 in the same time. The actual
excess Of exports over imports for six
months, exclusive of specie and bullion,
amounted to $ll3, 737 ,040, showing for the
time being the accumulation Of specie
and bullion in the country amounting to
moro than $4,000, 600, in addition to the
natural product of these metals for the
same period, total increase of gold and
silver for six months not far short Of
$50, 100000 1t is very evident that unlesS
this great increase Of precious metals can
/ be utilized st home in such way SIS tC
holders, it must seek foreign market a.
surely as would any other product Of the
| soil or mandatory. Any leg alton which
| will keep coin and bullion ct home will
in my judgment, soon bring about prac
| teal resumption, and will ado the coiI
of the country to the circulating me
dium, thus securing q healthy imitation
tsge of every legitimate business inter
est. The set to provide for the resumption
of specie payments authorized the SecretR
| nv of the Treasury to issue bonds of eithe
| Of the descriptions named in the act o
Congress approved July 4, 1870, entities
an act to authorize the refunding of tn
| national debt for not less than par In gold
With the present value of four and half pc
cent bonds in the markets of the world
they could be exchanged ct par for gold
thus strengthening the treasury to NEE
| the final resumption and keep the excess o.
coin over the demand pending its perma
nent use as q circulating medium ct home
All that would be required would be to re
duce the volume Of the legal tender note
in circulation. To accomplish this wOulI
suggest an act authorizing the Secretary o
the Treasury to issue four per cent bond
with forty years to run before maturi
ty, to be exchanged for legal ten
der notes whenever presented IN sum
the whole amount Of such bonds
however, not To exceed $l50,000,000. T
increase the home demand for such bonds
would recommend that they be availabl
for deposit in the United States teeasur
for banking purposes under the various pre-
visions of the law relating to national bank
/ would suggest further that the nations
banks be required to retain certain par
OF the coin interest received by them fr0I
bonds deposited with the treasury to secur
their circulation. / would also recOmmen
the repeal of the third section of the joir
resolution for the issue of silver coin. 81
proved July % 1876, limiting subsidiar
coin and fractional currency to $50, 000, 00
l am satisfied that if Congress will enat
some such law az will accomplish the en-
suggested they will give relief to the cOul
try instantaneous In its effect and for whic
they will receive the gratitude Of the who
people. U. s. GRANT.
Executive Mansion, February 8, 1877.