Mexico weekly ledger., 1877-02-15
Resumption Of Specie Payments-Presi-
dents Message.

WASHINGTON, D. c., Feb. 3.-The fol-
lowing is the Presidents message to Con-
gress on the subject Of the resumption of
specie payments:
10 the Senate and House Of Representatives:
BY act of Congress approved January IA, 1875,
to provide for the resumptiOnOf specie payments,
the lst of January, 1873, is fixed as the date when
such sumption is to btgin 1t may not be de-
sirabIe to fix an earlier date when it shall aclu-
ally become obligatory upon the Government to
redeem its outstanding iega!-tender notes in
com, on presentation, but it is certainly most
desirable, and Will prove most beneficial toeyery
pecuniary interest Of the country, to hasten the
day when the paper circulation of the country
and gold coin shall have equal values:
retain equaI values, II might become
advisable TO authorize g. direct resumption l
believe the time has come when, lay a simple act
of the Legislative branch of the Government,
this most desirable resultcan be attained. | am
strengthened in this view by the course trade has
taken in the last two yeas, and by the strength
of the credit of the United States at home and
abroad. For the fiscal year ending June 81, l>76,
the exports of the United States exceeded the i'm
ports by size, lib, l. ,, bat our exports include
> 40 ,56J ,62l OF specie and bullion in excess OF i'm
ports OF the same commodities. For SIX months
of the present fiscal year, from July /, 1876, to
January 1877, the excess Of exports over i'm
ports amounted to : iU,a44,S 8, ana the imports
of specie and bullion exceeded the exports of
precious metals by sc, la2 l4I N the same time.
The actual excess Of exports over i'm
ports of six months. exclusive of specie
and bullion, amounted Il Sll3. 537. 40; showing
for the time being the acCumuiation of specie ami
bullion IN the country amounting TO more than
50, 600, uUo IN addition t. the natural Product of
these metals for the same period-at total increase
OF gold and silver for six months not far short of
$50 900 d 0. IL is very evident that unless this
Increase OF precious metals can be utilized at
home IN such a way as to make it in some
manner remuneraIiye to holders it must seek a
foreign market, as surely as would any other
product OF the soil or mandatory. Any legis-
latlon which would keep coin and bullion at
home Will, In nay judgment, soon bring about
practical resumption, and add the coin of the
country to the circulating medium, thus secur-
ing a healthy imitation II sound currency to
the great advantage OF every Legitimate bust
ness interest. The act to proviie for
the resumption Of specie Iayments authorizedthe
secretary of the Treasury to issue bonds of either
OF the descriptions named in the act of Congress
approved july 4, 1871, entitled : an act to au-
thorize the rounding OF the national debt 4" for
not less than par III gold. With the present value
OF the A. per cent. bonds in the markets of the
world, they could be exchanged az par for gold.
thus strengthening the Treasury to meet final
resumption and keep exec SIS of coin over the de-
mand, pending its use as a circulating medium.
al home. .AA that would be further required
would be to reduce the volume of legai-tender
notes IN circulation. ToacComplIsh this would
suggest an act authorizing the Secretary of the
Treasury to issue four per cent bonds with 'ortY
years To run before maturity, TO be exchanged
Tor legal tender notes whenever presented in
sums of fifty dollars, or any multiple thereof,
to exceed ; l3U 900 COZ. To increase the home
demand for such bonds [ would that
they be available for deposits in the United
states Treasury for banking purposes under the
various provisions of The law relating to Nation
al Banks. l would suggest, further, that Ma
tlonaI Banks be required to retain a certain per
cent of the coin interest received by them from
bonds deposited with the Treasury to secure
their circulation. l would also recommend the
repeal of the third section of the joint resolution
for the issue of silver coin, approved July -,
le75, limiting su sidiary coin and fractions
currency to $50, 90 coo. / am satisfied that if
Congress will enact some such law as will &C
complish the end suggested, they will give relief
to the country instantaneous in its effect, and for
which they will receive the gratitude of the
people.
LSignedI L. 5. GRANT.
Executive Mansion, February 3, 1877.