, 1877-12-04
clissc,l,-tt Il respectfully suhhltttI 10 t,nn-
Gr4,ss that III express exception he natlc rc1ur-


Ing that ....---
GOLD Cn,N ALONE
shat, be raf for j'rin,f;.al nr interest on bonds
E*s,,c,, To ,nlllsr creditors. slnrc Feb. r. I>s',
thu amount Df Whit, Is s:,:!,1hi I'M Thrsr
hon,,e haze entered lntn the markcts Of tho
wnrld II The market value q the silver IN thr
new coin Is less than tho geld A"Itar.. furtcta
payment II tic new ct,tr l* II rctistfstton nf
pnrt " thia debt, Thu saving that would TINS
be made ia u.tcrlr ibs,Rnrrnut compared with
the injury done ID the llltlc credit.
And even O. TO bonds fssnc'l lr1ur 70 FcI'- II,
fs1:., rublr pulley nnt enlightened felfin.cFest
require rs tu pay tctt In tho roD then III cir
cliation n,ni contemplated fy both |a,tics rs
The medium 0f payment. Silver dollars hare
nut been IN circulation IL tle unittl States
since 1877, ans1 slnrr 1879 fractional. s''yer to:l,*
t,aro been III circulation aA't tcgal-tcnlcr only
fOr limited sums, AMI lave nol hrGtI cUfleti-
ptatrll ha the medium ni payment since aiy cn1,-
siderable portion nf ,hr outstanding ban!ls wcrc
valuable than tl,e ..ol.l dollar II ,lqcs not bc.
come 4 nation Ike ouss ~ avail Itself Ut the
market depreciation Of silver '9 gain small
saving hy tllc payment Of silver dollars Instead
Of tue coin contemplated when 'ltc bonds were
issued.
A FAN GREATER sAvtSn
and higher public hnnor Cat, he secured bv tue
sale OF per cent bo1ni. Under tlr RsfnfnltnE
aei md the Paymcnt nl "ista,n ,ss,, ol. i''
such payment woull at nlirc scctire the COM
ptcte success Of The rcfuntlfnv process an1 great
" adranec the present high credit Of tho United
States.
Another practIcal impc,li1ncnt IN thu sale OF
bont's was, that, un!fcr the law, the Secretary
could rcrtyB coin alone In pAvnlcht for them,
and the only existing coin that could bu re-
yctve.l, under tic lay, was gold coit'. As thls
bic fur the people to pay !. Into tic Trcasnryfor
these bonds. therefore. II brr,,tnc necessary to
con,luet NIL sales through third parties, Win
could rcct!re ba'k.hils, United States !lo'e*.
Ia t1rntnH ItI fIt1 fntn II
nrrcal paper. nnI convert tllC1n into coiu.. Thu
Secretary, therefore. recommends that lie be
authorized to .cll such honds either fur coiu or
RESUMPTION or srECIEFAfMESr*. -
BY tho Resumption att approved Ians \,
1916 the Secretary uf the Treasury IL required
10 redeem lcgal-tenlcr iotcs to The amount nf
~ prr ccntunt nf tho sum Ut Suttobal Bank
Us circulating uotcs arc tssuc, until tl.cre s!,nl
Oe outstanding tho htn, Ut s.I0, ,tNp.t0 of such
levll-tcn.lcr United States hutes, and iIo more.
III obcd!clcc To this at, tly!s lavs hc.u
slt, ,l1k.y of cirfMlntlttE.1otcs, n,,,l there h4vu
been rctircned, retired, aud cacc!ed fl22,S!0. .l0j
Of United States NOTES, leaving outstanding OH
the ltt Inst. the sum Of s:6l,3t0,eSS.
by the saule art u Is provided that. on ard
after tic lst slay of January, 1879, the Secretary
of tic Treasury shall rcuceH,, In coin, tie
United States lcgAl'tcnler notes then outsta,,si
ng, OIL their presentation for rc,lrh,ntion ut tho
States, In the Ctr uf New Yotk, IN sums III not
less tl,am so. land, 10 enable the Secretary
Of tho Treasury to prepare mud provide for The
redemption IN thts act authorized Or required,
from time to time, III tho Treasury not othcr-
wise appropriated, and to ls.1e. sell, and tlis-
rose of ut not less tla par III cpiu either VI tho
descriptions of bonds IT tue Cnltel statcs tlr-
ii, ls7O, entitled 'An Mt to uitho1izo tlu re-
funding Of the natioual ded,' with Ike quail
ties, privileges, antl exemptions. to the extent
necessary to carry this net Into illl elect, a,tt
to n.c the uroecels thereof for tho purpo'es
IN oHEpIExCE TO THIS PROVISION.
The Secretary tls sold ut par. fur roin. Sl50C0
000 ~ Der rent bonls, ur s5,UU,un during
ani las soti s2 0o, 900 Ut pur, ii coin, ii pcr
cent hos, Or $500, ,N0 for cacll OF the months
| Of August, September, October, November, n,t,t
Dcce'nlscr. Ot TUG coin thus rceelycl. 5i,oN,
States notcs and tho rrsdue IL III lu Treasury.
Thu surplus rcyGnuo llas also, umaIr tho 4!lsl,p
authority, bccn applied to tic rctlemptfnn ut
the residue nf United States 1sotcs nut relecni.
imlailca Is he'll III the Treasury IN preparation
riesc operations, ai,letl greatly, no t1oubt, by
tho favorable cunlttion of our foreign voni.
mcrce, have advanced tho market yaluu of
corrIusysly ,lc.noltl rated tl,u pracivnb!Ii.y o
restoring Unitetl States nutts to Iar, ii, coin
by thu tin,o fixed by law, anil that wtllnut Ills.
ttlrblng either domestic us foreign trade
| Or cotltnrrcc. Every step ln.s been nr.
eompaulctl with gr0wtn: business, with
tie n.lyuncu Vt publi: credit, aud The
steady appreciation of United States
notes. The export Ut bullion has been asrrsted
uu ur dome sttc supply has accumulated itt tEt
| 'rrcasury, The pytu,rtatttl 0f other domestic
nrtalurts as Lcrit largely flIcrcascll, will vyral
advantage to nl industries Tho rourse pttopl,
cl u,,,Icr tho Resumption nct, ~ hrrgu at
forth, II pursued. will probably DO followed
| with
,,rR v.voutu,.p ur.rtrs
mil n xuff1ri"nt f,,nl tnr IN" ,naint"nsrcc NJ m
s,,,nnii"1, vii .iu,,tirss ar.s,m,niais, In ti,t
Tr"ns,,rv nj ur ,efnTo lii. dali, i,r,l hv Inv Tin
,,ttst., ~ frsn t,,nttn, has "i,n XII. r,,,,'
nw "ii,vinw i,,"vjn"rw 5",r. it,nt wn,fI "il,r
ut,a i,;"n hcr,, nrnI,s.i hv lin witi"tr.wa; -
ftM;,Mi sta,"s n"t,.S. - '"o "'"''~""' y
Wht' sScre, ,rr ,n,'r,t nv, stron,,v ,,r,, ,h
n-n, ~ ,,at.. ..s,osr nf n tS,it,s ~. viii ns, ~
mn., IL ,rn.,Ist ron, sf,Mn T. H., t1nTtml ssot"
W.. tnh ,. ~ NV r,su. .,,t "a ~,
~ ~ s.r,nSth, Ihn rml's,. .t'si,t i ampr.'v ~
VI H,r.i IL tsri "n.i m,sI .Ir,I,i,,, mi ',f,
| - IL se! utt' '.'e A~''''At1 ~s'o s"sNs