The Superior times. [volume] (Superior, Wis.) 1870-1912, 1877-02-17

The President Recommends Resump-
ton at a Period Earlier than that
Designated by the Resumption Act

The PRESIDENT Recommends Resump-
ton at a Period Earlier than that
Designated by the Resumption Act
WASHINGTON, February 3.-The fol-
lowing is the Presidents message to
Congress on the subject of the resump-
ton of specie payments:
To the Senate and House of Representatives:
By an act Of Congress approved January
IL, 1870 to provide for the resumption of spe-
Gle payments, the 1st Of January, 1879, is fixed
as the date when such resumption is to begin
1t may not be desirable to fix an earlier date
when it shall become obligatory upon the Gov
eminent to redeem it's outstanding 1ega-tender
notes in coin on presentation, but it is certain
ly most desirable, and will prove most benefi-
cial to every pecunisry interest of the country
to hasten the day when the paper circulation
of the country and gold coin shall have equal
values. At later day, If currency and coin
should retain equal values, it might be rome
advisable to authorize or direct resumption |
believe the time has come when by simple
act OF the Legislative branch of the govern
ment this most desirable result can be attained.
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,
For the fiscal year ending June 80, 1875. the
exports Of the United States exceeded the i'm
ports by $120 213, 102 but our experts include
$40, 500, 621 of specie and bnllion in excess of
the imports of the same commodities. For
the six months OF the present fiscal year from
July L, 1876. to January l, 1877, the exports
over imports am ounted to 81, 544 S69 and the
imports of specie and bullion exceeded the
exports OF the precious metals by S6. 1O2 lat
In the same time. The actual excess of exports
over imports for the six months, exclusive of
specie and bullion, amounted to S1l3 737, 040
showing for the time being an ac-
emulation of specie and bnllion in
the country amounting to more than $50. OO0.-
QUO, which, in addition to the national produc-
ton of these metals for the same period
makes the total increase of gold and sill YER for
the six months not for short OF $6 900 O0O II
is very evident that this great increase of pre-
cious metals can be utilized at home in sucn a.
way as to make it III some manner remunea.
tive to holders or 1t must seek foreign M ;
ket as surely as would any product of the SO
or mandatory. Any legislation which VIII
keep coin and bullion az home will IN nv
judgment, soon bring about practical resump
ton, and will add the coin OF the country to
the circulating medium thus securing
healthy imitation" of sound CURRENCY TO
the great advantage of every legitimate bust
ness interest The act to provide for the
resumption of specie pay nents authorized the
Secretary OF the Treasury to issue bonds of
either OF the descriptions named in the act of
Ooh6AoSS oPPASSOo ouiy lOfUy entitled. IAN
act to authorize the refunding of the national
debt for not less than par in gold. With the
present value OF the AZ per cent. bonds in the
markets OF the world, they could be exchanged
at par for gold, thus s.rengthing the treasury
to meet final resumption and to keep an excess
of coin over the demand pending it's permanent
use az 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 l would suggest an act
authorizing the Secretary of the treasury to
issue per cent. bonds with forty wears to
run before maturity, to be exchanged
for legal-tender notes, whenever pre-
Sented in sums OF $40 or
any multiple thereof, the whole amount of
such bonds, however. not to exceed S15O. 600
QUO. To increase the home demand for snch
bonds, would recommend that they would be
available for deposit in the United States
treasury for banking purposes under the vari
GUS provisions of the law relative to national
banks / would suggest further that the
national banks be required to retain car.
tain per cent. OF coin interest received nv
them from bonds deposited with the treasnry
II secure their circulation. [ would also rec.
ommend the repeal of the third section of the
joint resolution for the issue of silver coin
approved July ~, 1876. limiting subsidiary coin
and frachonal currency to $50, coo, 900. In
Satisfied that II Congress will enact come such
law AZ will accomplish the ends suggested
they will give relief TO the country instant ia
it's effect, and for which they will receive the
gratitude OF the whole people. e. s. GRANT
EXECUTIVE MANSION, February g. 1877.