The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1877-02-08
SPECIE RESUMPTION.
The President Sends a Message to
Congress Declaring His Views --
Suggestion Made How to Bring
Practical Resumption.

WASHINGTON, February 9.-Following
is the Presidents message to Congress Oh
the subject of the resumption of specie
payment:
10 the Senate and House of Representatives.
By an act of Congress, approved Janu.
ary IA, 1875, to provide for the resumption
OF specie payments, the 1st Of January,
1879 is fixed as the date when such re-
sumption is to begin. l may not be de-
sirable to fix an earlier date when it shall
become obligatory upon the Government
to redeem its outstanding legal tender
notes in coin, on presentation, but it is
certainly most desirable and will prove
most beneficial to every peCuniary inte-
rest of the country to hasten the day
when the paper circulation of the coun-
try and gold coin shall have equal values
At later day, if currency and coin
should retain equal values, it might be-
come advisable to authorize a direct re-
sumption. | believe the time has come,
when, by the simple act of the Legislative
branch Of the Government this most de-
sirable result can be obtained. 1 am
strengthened 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.
Great Increase of Exports.
For the fiscal year ending January 80,
1876, the exports of the United States ex-
ceeded imports by $l20,2l3,102 but our
exports include $40,569621 of specie and
bullion in excess of imports of the same
commodities, For the six months of the
present fiscal year from July / 1876, to
January !, 1877, the excess of exports
over imports amounted to $l07 544 ,S69,
and imports Of specie and bullion exceed
ed exports Of precious metals by S6,l92,-
147 in the same time. The actual excess
of exports over imports for six months,
exclusive Of specie and bullion, amount
ed to Sll3 040, showing for the time
being the accumulation ofspeCie and bull
lion in the country amounting to more
than So 100000 in addition to the nation.
al product Of these metals for the same
period, a total increase of gold and silver
for the six months not far short of $780,
100000. 1t is very evident that unless
the great increase of precious metals can
be utilized at home in such way as to !
make it in some manner remuneratiYe to |
holders, it must seek foreign market as
surely as would any other product of the |
soil or 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 circulating medium,
thus securing healthy Imitation" of |
sound currency to the great advantage |
Ofevery legitimate business interest.
The act to provide for the resumption
Of specie payments authorized the Secre-
,ary of the Treasury to issue bonds of
either ofthe descriptions named in the
,ct Of Congress, approved July 4, 1870,
entitled IAN act to authorize the refund
ng of the national debt" for not less
han par in gold. With the present value
)f AZ per cent. bonds in the markets of
he world, they could be exchange at
oar for gold, thus strengthening the
Treasury to meet final resumption, and
o keep the excess of coin over the de-
nand pending its permanent accruing
Medium at home! All that would further
,e required would be to reduce the vol
lme of legal tender notes in circulation.
Sundry Suggestions.
To accomplish this, | would suggest an
.ct authorizing the Secretary of the
Treasury to issue four per cent. bonds
With forty years to run before maturity,
o be exchanged for legal tender notes
whenever presented in sums of fifty dol
ars, or any multiple thereof, the whole
mount of such bonds. however, not to
xceed Sl50,000. To increase the home
Iemand for such bonds, would recon-
mend that that they be available for de-
,osit in the United States Treasury for
,anking purposes, under various proVis-
Ons of the law relating to National Banks.
would suggest further that National
banks be required to retain certain per
ent. of coin interest received by them
rom bonds deposited with the Treasury
o secure their circulation, would also
repeal of the third section
f the Joint resolution for the issue of sill
er coin, approved July %, 1876, limiting
coin and fractional currency
D $l5OO0O,0O0 1 am satisfied that if
Congress will enact some such law as will
the end suggested, they will
i've relief to the country instant in its
feet, and for which they will receive
ne gratitude of the whole people.
(Sipnedl u. S. GRANT.
ExEcgrivs MANSION February Sd, 1877.
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