Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1877-02-05
The President OH Specie Resumption.


The President sect the following special mes
sage to Congress on Saturday.
10 the Senate and House of Representatives:
By the sct of Congress, approved January IA,
1915, "to provide for the resumption of specie
payments the irss OF January, 1879, is fixed
as 10 the date upon which resumption is to be-
glo.
1t may not be desirable to fix az earlier date
when it shall actually become obligatory upon
the government to redeem its outstanding legal
tender notes 10 coin on presentation, but 1t is
certainly most desirable, and will prove most
beneficial 10 every pecuniary interest OF the
country to hasten the day when the paper cir
cuatiou Of the country and gold coin shall have
equal values. At later day, if currency and
coin should retain equal values it might become
advisable to authorize or direct resumption.
believe the time has come when by simple
act Of the legislative branch Of the government
this most desirable result can be obtained. l
am strengthened in this view by the course
trade has taken in the las. two years, and by
the strength OF the credit of the United States
at homo aud abroad.
For The fiscal year ending June 50, 1876, the
exports Of the United States exceeded the i'm
ports by Scoops, l02 But our exports TO-
clude $40, $50, Cpl Of specie and bullion 10 cx-
cess OF imports Of the same commodities for six
months Of present fiscal year. From July l.,
1876. to January l, 1877, the excess Of exports
over imports amounted to Sl07, 544 ,SG9. and the
imports OF specie and bullion exceeded the
ports of the precious metals by Sc, 1872, las.
In the same time the actual excess OF exports
over imports for the six months, exclusive OF
specie and bullion, amounted to $ll3, I,04O,
showing for the time being the accumulation OF
specie and bullion in the country amounting to
more than Sc, 100000, in addition to the natu'
raj production Of these metals for same period.
The total increase of gold and silver for the SIX
months arc not far short OF sixty million dollars.
1t is very evident that unless the great in
crease Of the precious metals can be utilized at
home, 10 such way as to make in some man
ncr remunerative to the holders i. must seek a
foreign market, as surely as would any other
product Of the soil or mandatory.
Amy legislation that will keep coin and bull
lion at home will, in my judgment, soon bring
about practical resumption, and will add the
coin OF the country TO the circulating medium
thus securing healthy imitation of o sound cur.
| rency, TO tho great advantage Of every leglti.
mate business interest,"
Tho act TO provide for tho resumption Of spo.
clio payments authorized the Secretary of the
Treasury TO issue bonds of other of tho descrip.
tions named in tho act of Congress- approved
July 4, 1870 entitled IAN act to suthorZs the
relunding Of the national debt" for not less than
par in gold. With the present value Of the a!
per CT. bonds in the markets Of The world they
could be exchanged at par for gold, thu:
strengthening the treasury to meet final resump-
ton, and to keep the excess of coin over tho de-
mand pending its permanency 80 q circulating
medium at home. All that would further bt
required would DO ID reduce the volume Of 10.
gal tender notes in circulation.
10 accomplish this would suggest an act au.
thorizing tho Secretary Of the Treasury to issue
four per cent bonds, with forty years to run be.
fcie maturity, to be exchanged for legal tender
notes whenever presented in SUMS of fifty dol.
lars or any multiple thereof, the whole amount
of such bonds, however, not to exceed $50, 00O,'
0OO To increase the home demand for such
bonds would recommend that they be avail
able for deposit in the United States treasury
for banking purposes under tho various provis.
ions of law relating to national banks.
l would suggest further that national bank:
be required to retain certain per cent Of the
coin interest received and thus deposited to ST.
cure their circulation. l would also recommend
tho repeal Of the third section Of tho joint reso
luton for the issue Of silver coin. approved Ju
u -, 1876, limiting the subsidiary and fraction
J al currency 10 50,0UO,00o.
am satisfied that if Congress will enact some
such law rs will accomplish the end suggested
they will give q relief to the country instant il
its effects, and for which they will receive tht
gratitude Of tho whole people. U. 5. GRANT.
Executive Msnsion, Feb 3, 1877.