The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1877-02-08
SPECIE PAYMENTS.

President Grant Thinks We Can Resume
Observation-Disclosures to Congress.
The following is the Presidents message to
Congress on the subject of the resumption of
specie payments:
To the Senate and House of Representatives:
By an act Of Congress approved Jan. IA, 1875,
to provide for the resumption of specie pay
ments. the LIST of January, 1879, is fixed as the
date when such resumption is to begin. It
may not be desirable to fix an earlier date
when it shall actually become obligatory upon
the Governmental redeem its outstanding legal
tender notes In coin on presentation but it is
certainly most desirable and will prove most
beneficial to every pecuniary interest of the
country to hasten the day when the paper cir
culation of the country and gold coin shall have
equal values. At a later day, if currency and
coin should retain equal values, it might be-
| come advisable to authorize or direct resump-
tlon. I believe the time has come when by
simple act of the legislative branch of the Gov
eminent this most desirable result can be at
tanned. I am strengthened in this view by the
course trade has taken in the last two years,
and by the strNMgth 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
$780, 213, 102, but our exports include $40 500.
621 Of specie and bullion in excess of the ira-
ports of the same commodities. For the six
months of the present fiscal year from July
/, 1876, to Jan. /, 1877, the exports over inn
ports amounted to $17, 544, $685. and the i'm
ports of specie and bullion exceeded
the exports of the precious metals by
Sc, 1872 147 in the same time. The act
ual excess of exports over imports for the
six months, exclusive of specie and bullion,
amounted to $13 737, 040 showing for the
time being the accumulation of specie and
bullion in the country amounting to more than
So, 600, 600, which, in addition to the national
product OF these metals for the same period,
makes the total increase of gold and silver for
the six months not far short of 500, 600, 900.
1t is very evident that unless this great in
crease of precious metals can be utilized at
home in such way as to make it in
some manner remunerative to holders it
must seek foreign market, as surely as
would any other product of soil or manufact-
uring. 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 circulating me-
diua, thus securing healthy "infation" OF a
sound currency, to the great advantage of every
legitimate business interest. The act
to provide for the resumption
of specie payments authorized the Sec
Rotary Of the Treasury to issue bonds Of either
OF the descriptions named in the act Of Con
gress approved July 4, 1870. entitled can act
to authorize the refunding OF the national
debt" for not less than par in gold. With the
present value CT the AZ per cent. bonds in the
markets of the world they could be exchanged
at par for gold, thus strengthening the treas
ury to meet final resumption and keep an
excess Of coin over the demand pending it's
permanent use as a circulating medium at
home. All that would further be required
would be to reduce the volume of legal-tender
notes in circulation. To accomplish this
would suggest an act authorizing the Secre-
tary OF the Treasury to issue per cent. bonds |
with forty years to run before maturity, to be
exchanged for legal-tender notes whenever
presented In sums Of $780, or any multiple |
thereof, the whole amount of such bonds, how
ever, not to exceed $780, 100000 To increase
the home demand for such bonds l would |
recommend that they be available for deposit |
in the United States treasury for banking pur- |
poses, under the various provisions of the law |
relative to national banks. would suggest |
further that the national banks be required to |
retain certain per cent. of the coin interest |
received by them, from bonds deposited with |
the Treasury to secure their circulation. |
I would also recommend the repeal Of the third |
section of the joint resolution for the issue of |
silver coin, approved July %, 1876, limiting |
coin and fractional currency TO $50, |
300, 0O0. am satisfied that if Congress will |
enact some such law as will accomplish the |
ends suggested they will give relief to the |
country instant in its effect, and for which they
will receive the gratitude OF the whole people. |
q. 8. GRANT.
EXECUTIVE MANSION. Feb. 8. 1877.