The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1877-02-08

President Grants Message on that Subject
TO Congress.
WASHINGTON, February 3.-The fol-
lowing is the Pres dents message to
Congress on the subject of the resump-
ton of specie payments:
-Ds .r-sss,-
1875, to provide for the resumption OF specie
payments, the 1st Of January, 1879. is fixed as
the date when such resumption Id TO be-
gin. 1t may not be desirable to fix an earlier
date when it shall become obligatory upon the
Government to redeem its outstanding legal
tender notes in coin OH presentation, but 1t Is
certaiuly 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 aud goid
coin shall have equal values. AT lster day,
il currency and coin should retalh equal
values it mis- ht become advisable to authorize
or direct resumption. l believe the time has
come when by simple act OF tho Legislative
branch OF the overnment this most desirable
result can be attained. l am strengthened IN
this Wow by the course trade has taken IN the
last two years, aud 10y the strength OF me
credit of the United States It home and
abroad
For The fiscal year ending June 80, 1876 the
exports OF the United States exceeded the i'm
ports by $40 2.3, lU2 but our exports include
$40, 569, 62I of specie AND tulho" IN excess VI
the imports of the same commodities For
the six mouths Of the present fiscal year from
july 1, 1876, to January l, 1877. the exports
over imports amounted 70 eli, 544 1863, and the
imports of sp Gle and bullion exec. ded the
exports of the precious metals Dy
S6, lOl, lat In the eame time. The actual ex-
cess of exports over imports for the Fix
months, exclusive of sp,ci9 and bullion,
amounted to Sli3,757,O ,O4O showing 1or the
time being the accumu alton OF specie and
bullion in the country amour ing to more thai
$50 600. .UOO which, IN addition to the national
products of these metals for the same period
makes the total increase of gold aud silver foi
Tie six months not far suort or $6,0O0,OVO. IL
is very evident that this great Increase OF pre-
c,ous metals can be utll zed at home III SUCH II
way as to MAKE 1t In rome manner remunera-
tive 10 holders or 1t must seek foreign market
as surely as would any product OF the col OF
manufa turing Any legislation which will keep
! coin aud bullion at home WILL III my judge
ment, soon bring about pra teal Resumption
and will adj the com OF tue countr y
to the circulating medium, thus stcur
! ing healthy .'ibhation' Of q sound Gu rency
to the great advantage Of every legitimate
j 81 spsa ahs az 70 IoI n. M
Secretary of the Treasury TO issue bonds OF
either of the descriptions named In the act OF
| Congress approved July A, 1870, entitled, "Ar
act to su horizs the refundlng of the nstions
debt" for not less than par III gold, With ths
! present value Of the ~ per cent. bonds In the
| markets of the world they could be exchanged
at par for gold. thus rengthening the treas
| ury to meet fiual resumption and 90 keep 81
| excess Of cJin over the demand pending iii
permanent use as q circulating medium. q
home. All that would further be required
would be to reduc the volume OF legai-rende
notes in circulation. To accomplish THU
III would suggest an act author
lzing the Secretary of the Treasury to Issue
per cent bonds with forty years TO run before
maturity to be exchanged for legal-tende
notes, whenever presented in sums OF $50, q
any multiple thereof, the whole amount o
such bonds, however. not TO exceed tl5O, 900.
600. To increase the home demand Tor suci
bonds / would recommend that they be avail
able for deposit in the United States ireasur.
for banking purposes, under the various pro
visions of the law relative to national banks.
would sue geet further that the national bank
be required to retain q certain per cent. OF col
interest received by them from bond
deposited with the treasury to secur
their circulation. / would also recon-
mend the repeal of the thiTd =. ction OF tn
| INT resolution fer the issue of silver coin
approved July %, 1876 limiting So osid ar
coin and fractional currency to $50 0C0O,0OO.
am satisfied that if Congress will enact som
such law as will accomplish the ends suggested
they will give relief to the country instant 1
it's effect, and for which they will receive tn
gratitude of the whole people 8. GRANT.
EXECUTIVE MANsIoN, February 3, 1877.