Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1877-02-10

| functions of the electors were exercised.
These objections were referred to the
electoral commission, and the Senate re-
turned 10 its own chamber.
Prcsidenl's Message on Resumption
/ WASHINGTON, Feb. 3.-The following is
the Presidents message TO Congress on the
/ subject Of resumption of specie payments
/ TO the Senate and House of Representa-
iivcs: by act of Congress, approved Jan.
/ II, 1879, To provide for the resumption OF
specie payments the first of JANUARY, 1879,
! i fixed as the date when such resumption
is to begin. 1t may not he desirable to
! Tx an earlier date when it shall become
obligatory upon the government to redeem
! It's outstanding legal tender notes, in ccin,
on presentation; but it is certainly most
beneficial 10 every pccuniary interest OF
! the country 10 hasten the day when the
paper circulation of the country and gold
coin shall have equal values believe
the time has come when by Il simple act of
the legislative branch of the government
this mos, desirable result can be attained.
| am strengthened in this view by the
caursc'radc has taken in the last two
years. and by the strength of the credit OF
The United States ut home AMI abroad.
For the fiscal year ending June 30, 1876,
the exports of the United States exceeded
the imports by 1920 213, 102; but our eX-
ports include $40, 569,62l of specie and
bullion in excess of the imports of COM
modlics for the SIX months of the present
fiscal year. From July l, 1876 to January
|, 1871, the excess of exports over imports
amounted to 1916, AS CD, and imports of
spec.e and bullion exceeded the exports OF
the precious metals by 50, 1913, 147. In the
same time the actual excess OF exports
over imports for six months exclusive OF
specie and bnlion amounted to Sl13, 731,
OiO, showing for the time being accumula-
ton of specie and bullion in the country
amounting to more than $21 100000. In
addition to the national product of these
metals for the same period the increase OF
gold and silver for six months is not far
short of 500, 100000 1t is very evident
tina, unless this great increase of precious
metals can be utilized at home in such q
way as to make it in some manner remun-
nerative to holders it must seek foreign
markets AS surely as weuld any other pro
duct of the soil or mandatory, and legis-
lation, 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 initiation of
u sound currency to the great advantage
of every legitimate business interest. The
act Ia provide for the resumption of specie
payments authorized the Secretary of the
Treasury to issue bonds of either descrip-
tons named in the act, approved July 4,
1870. entitled an act to authorize the re-
funding of the national debt for not less
than par in gold. With the present value
of the Il per cent. bonds in the markets
Of the world they could he exchanged at
par for gold, thus Strengthening the treas
ury to meet final resumption and to keep
m excess OF coin over the demand pend
iuL lis permanent use rs Il circulating me-
lium Al hCmc ali that could be requir-
rl would he to reduce the volume of legal
tender notes in circulation, aud to accom-
pli>h this would suggest an act authOriz
ing the Secretary of the Treasury to issue
four per cent bonds, with forty years to
run before maturity, to be exchanged for
legal tender notes whenever presented in
sums of fifty dollars, or any multiple
thereof, the the whole amount of
such bonds, however, not to exceed
one hundred and fifty millions.
To increase home demand for such
bonds would recommend that they
be available for deposit in the U. 5. treas
ury for banking purposes under the various
provisions of law relating to national bank.
! would suggest further that national
banks be required TO retain certain per
cent of coin as interest received by them
from the bonds deposited with treasury as
required by their circulation. would also
recommend the repeal of the Sd section of
the Joint resolution for the value of silver
coin. approved January %, 1876, limiting
subsidiary coin and fractional currency to
fifty millions am satisfied tina: if
Congress will enact some such law us sug
gestcd they will give relief to the country
In its effect, and for which they will re-
ccive the gratitude of the whole people.
L. S. GRANT.
FEBRUARY 3, 1877.
Benncts In Europe.
A lawyer of this city received a letter
from friend who recently went to Europe
on the Inman steamship City of Richmond,
stating that James Gordon Bennett and
his party were amorg his companions on
the voyage.
Bank Failure.
On Saturday the old and respected firm
Of Buck Il Hunting, Sag Harbor, Long
Island, failed Liabilities, $500, 600; as
sets unknown. The sufferers by the fail
urc are to be found in almost every sta
ton OF life. II will occasion much want
and suffering.
In Trouble.
n T. Icnheim, cashier of the First
National Band of MontrUse, Pennsylvan-
In, was taken before the court to-day and
held In 10000 bail on n charge of forge
nv; also In 5000 bail to await II requisi-
ton from the Governor of Pennsylvania
ON charge Of the Misrepresentation of
tg0. 900 in that State.
The Cincinnati Chamber of Com
merce endorsed the congressional bill ap-
propriaiing $4,000 for an expedition to
tie North pole.
Bennett.May Duel.
New York, Feb. 5.-The World prints
the following statement, which seems to
be authoritative, and is current now in So
clety circles as to the true proceeding in
the May. Bennett duel. 1t is asserted when
the seconds asked the principals If they
were ready, May twice replied he was not,
that after the second asking the snap of a
pistol was heard; that Mays second there.
i,pon advanced in front of Bennett and
-sl.l 4 ,voa h;o .,;ctO1 which Ind