Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1877-02-09
The President Recommends Early Re-
sumption.

WASHINGTON, Feb. 3.
The following is the Presidents mes
sage to Congress on the subject of the
resumption of specie payments:
To the Senate and House OF Representatives:
By act OF Congress approved Jan. IL,
1875, to provide for the resumption Of specie
payments, the 1st of January, 1879, is fixed
as the date when such resumption is to be-
gin. 1t may not be desirable to fix an earlier
date when 1t shall actually become obliga-
tory upon the Government to redeem out
standing legal-tender notes on presentation,
but 1t is certainly most desirable, and will
prove most beneficial to every pecuniary in
terest of the country, to hasten the day when
the paper circulation Of the country and gold
shall have equal values. At later day, IL
currency and coin should retain equal values,
1t might become advisable to authorize or
direct resumption. l believe the time has
come when by q simple act OF the legislative
branch of the Government this most desira-
BILE result can be attained. l 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 800, ,2i3 ,102, but our exports
include $40, ,569, ,621 Of specie and bullion in
excess Of imports of commodities. For six
months of the present fiscal year, from July
/, 1876, to Jan. 1, 1877, the excess of exports
over imports amounted to $l07, ,544, ,S69 and
imports of specie and bullion exceeded the
exports of precious metal by SO, 1872, 147. In the
same time the actual excess of exports over
imports for six months, exclusive of specie
and bullion, amounted to $113, ,737 ,040, show
ing for the time being the accumulation of
specie and bullion in the country amounting
to more than $6,0O0,OO0 in addition to the
product of these metals for the same period,
a total increase of gold and silver for six
months not far short of 100000, 600. 1t Is
very evident that unless this great increase OF
precious metals, can be utilized at home in
such a way as to make itin some manner re-
muneratiye to holders 1t must seek foreign
market as surely as would any other product
of the soil or of manufacture.
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 to the circulat-
ing medium, thus securing healthy imitation
of sound currency, to the great advantage
of every Legitimate business interest. The
act to provide for 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 ap-
proved July 4, 1870, entitled IAN act to
authorize the refunding of the national
debt" for not less than par in gold With
the present value of AZ per cent. bonds in
the markets Of the world they could be ex-
changed at par for gold, thus strengthening
the Treasury to meet final resumption and
to keep the excess OF coin over the demand,
pending its permanent use, circulating mo-
dunn at home. ALI that would further be
required would be to reduce the volume of
legal tender now in circulation.
To accomplish this Iwonld suggest an act
authorizing the Secretary of the Treasury to
issue per cent. bonds with forty years to
run before maturity, to be exchanged for
legal tenders whenever presented in sums of
$50, or any multiple thereof; the whole
amount of such bonds, however, not to ex-
coed $l50,000,000. To increase the home
demand for such bonds would recommend
that they be available for deposit in the
United States Treasury for banking pur
poses, under the provisions Of the law re-
lating to National Banks. l would suggest
further that the National Banks be required
to retain a certain per cent. of the coin in
terest received by them from bonds deposit
ed with the Treasury to secure their circula-
tion. | 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
currency TO Sc, ,0O0, 900. l am satisfied that
il Congress will enact some such law as will
accomplish the end suggested they will give
relief to the country instant in Its effect, and
for which they will receive the gratitude OF
the whole people. u. s. GRANT.
EXECUTIVE MANSION, Feb. 3, 1877.