Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-02-07
HOUSE.
The Presidents Finance Message.

ing is the Presidents message TO con-
grcss on the subject of resumption of
specie payment:
TO The Senate AID House Of Repre-
sentdtices: by act of congress, APP
proved January 18th, 1875, to pro-
vide for the RESUMPTION Of specie
payments, the first of January, 1879,
is fixed as the date when such re-
sumption is to begin. 1t may not be
desirable to fix an caller date when
it shall actually become obligatory
uCon the government 10 redeem its
outstanding legal tender notes in coin
on presentation, but il is certainly
most desirable and will prove most
beneficial to every pecuniary interest
of the country to hasten the day when
the paper circulation of the country
and gold coin have equal values. At
a later day, if currency and coin
should retain equal values, il might
become advisable to authorize or di-
rect resumption. / believe the time
has come, when, by simple action Of
the legislative branch of the govern
ment. this most desirable result can be
obtained. / am strengthened in this
view by the course trade has taken in
the last two years, and by strength of
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 Sl20, 2l3102,
but our exports included $4O,6G9,62l
of specie and bullion in excess of the
imports of the same commodities
For six months of the present fiscal
year, from July l, 1I76 to Jan. l,
1877, the excess of exports over i'm
ports, amounted to $l7,5H, $50, and
imports of specie and bullion exceeds
the imports of precious metals by
Sc, 1872, l47 in the same time. The act
ual excess of exports over imports for
six months, exclusive of specie and
bullion, amounted to $il3,773,7l0,
showing for the time being the accu-
mutation of specie and bullion in the
country amounting to more than S6,-
100000, in addition to the national
product of these metals for the same
period, a total increase of gold and
silver for six months not far short
of $G0,0O0,000. 1t is very evident that
unless this great increase of precious
metals can be utilized at home in such
q way as to make it in some manner
remuneratiyc to holders, it must seek
foreign market as surely rs would
any other product of the soil, or man
ufacturing. Any legislation which
will keep coin and bullion at home
will, in my judgment bring about a
practical resumption, and will add
the coin of the country to the circu-
lating medium, thus securing a
healthy imitation ola sound currency
to the great advantage of every legit-
innate 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 descriptions named in the act of
congress approved July A, 1870, en-
titled an act to authorize the refund
ing 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
exchanged at par for gold, thus
Strengthening the treasury to meet IL
nal resumption, and to keep an ex-
cess of coin over the demand, pend
ing its permanent use, n circulating
medium at home. All that would
further be required, would be to re-
duce the volume of legal tender notes
in circulation. TO accomplish this
| would 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 tender notes whenever pre-
scnted in sums of $50 or any multiple
thereof; the whole amount of such
bonds. however, not TO exceed $780,
100000. TO increase the home de-
mand for such bonds, l would recon-
mend that they be available for de-
post in the United States Treasury
for banking purposes under the vari-
Gus provisions Of law relating to Ma
,ional banks. ] would suggest fur
thcr that National banks be required
to retain a certain percent of coin in
terest received by them from bonds
deposited with the Treasury to secure
their circulation. | would also rec
ommend the repeal of the third Sec
ton of the joint resolution for the is
sue of silver coin, approved July %,
1876, limiting subsidiary coin and
fractional currency to SOC, 100000. lam
satisfied that if 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.
(Signed) L. S. GRANT.