The Osceola times., 1877-02-17
SPECIE PAYMENT.
Message from the President -Ir Currency
and Coin should Reach Egmst Val.
.. a. May B~~omc Advisable
10 Direct Resu uspSioo

The following is The presidents message to
| congress on the subject OF specie payments:
To the senate and house OF representative:
by m act of congress, approved January
| 1, 1875, To prove for the RESUMPTION of spe.
cie payments, the LIST of Janusry, is7p, il
hsed as the date when such resumption is
To begin. 1t may hot be desirable 10 hx sn
earlier date when it shall become obligatory
upon the government TO redeem its out
standing legal tender notes in coin, on pre-
sentation; but 1t is certainly most desirable,
and will provide most beneficial TO every pc.
cunivy interest OF the country, to hasten the
day when the paper circulation Of the com.
try and good coin shall have equal value, it
might become advisable to authorize, or di
rect the resumption.
believe the time has come when, by q
simple act OF the legislative branch Of the
government, this most desirable re,ul, can
he attained. ] am strchg,heHed in this View
by the eourse tfade has taken in the last two
sears, aud 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 ihe United States exceeded
the imports by sl2o,213 l02, but our exports
include $40 500 62l of specie and bullion in
excess Of imports Of the same commodities
for six months of the present fsc, year
From July |, 1876, to January I, 1877, the
excess of exports over imports amounted to
sl0,5ii 500, and the imports of specie and
bullion ex ,eeded exports of precious metals
by 81, 1872 l47 in the same time. The actual
excess Of exports over Imports for six
months, exclusive OF specie and bullion,
amounted to $ll3,757 ,0i0, showing for The
.ime being lhe accumulation Of specie and
bullion in the country amounting to more
than 81 o00,GUo, in addition to The natural
product OF THESE metals for the same period,
a total increase OF gold and silver for six
months not far short OF S60,OO00lO. IL is
very evident that unless this great increase
Of preciohs metals can be utilized at home
in such a way as to make il in some manner
remuneratiye TO holders, it must seek. a for
eign market as surely as would any other
product of the soil or mandatory. Any
legislation 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 tn the circulating ife.
dun. thus sccurins healthy inHitioh Of
sonnd currency, to the great advantage of
every !. Ultimate business interest The act
to provide Tor the resumption of specie
payments authorized the secretary Of the
treasury to issue bonds of either OF the de-
scriptions named in the act of congress APP
proved July 4. 1870, n'iled can act to au.
thorze the rfunding Of the national debt
for not less than par in gold. With the pre-
sent value OF IA per cent. bonds in the
markets OF the world, they coIli he ex
changed ut par ior gold, thus strengthening
the Treasury TO meet the final resumption,
and keep the excess o! eoin tver The demand
pending lts pefmaneht use as a circulating
mcdtm at home. All that would be re-
fnired would he to reduce the volume Of the
legal tender notes in eircul ton. To nc.
complish this would suggest an act author
izing The secretary of the treasury to issue
four per cent. bonds with forty years TO run
before maturity, to be exchanged for legal
tender notesl whenever presented in sums
Of $50 or any multiple thereof, the whole
amount Of such bonds, however, not to es-
coed S250000,00o. To increase the home dc.
mand for such bonds | would recommend
that they be available for deposit In the
United States treasury for bsnking purposes
under the various provisions of the law re.
lating to national banks. would suggest
further that the national banks be required
TO retain n certain part OF the cola inlere.t
received by them from bonds deposited with
the treasury to secure their circulation. |
would also recommend the repeal Of the
third section of the joint resolution for the
issue Of silver coin, approved July %, 1876,
limiting subsidiary coin and fractional cur
rency to $5O000C00. ! am satisfied that II
congress viii enact some such law rs will as-
complish the end sus yestcd they will give Re
lief TO the Country in,tsntaneou>in its feet
and for which they will receive the gratitude
of the Who'll, people. L. s GRANT.
Executive Mansion, Feb. 5, 1877.
The secretary If the treasury says he has
sufficient silver to meet legitimate demands
aud declines to re-eSch,nge United States
notes for silver brought TO the department
in sums varying from SIC TO s5J0.