The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1877-02-08
TELEGRAPHIC NEWS.

Senate and House OF Representative
By the act of Congress approved
January Il. 1875, to provide Tor the
resumption of specie payment, the
first OF January, 1879, is fixed as the
date when such resumption is TO be-
gin. 1t may not be desirable to fix an
earlier date when it shall actually be-
come obligatory upon the govern
ment to redeem its outstanding legal
tender notes in com on presenta-
ton, but it is certainly most desirable,
and will prove most beneficial to every
pecuniary interest of the country, t.
hasten the day when the paper clrcu-
lation OF the country and the gold
coin shall have equal status. ~ q
later day, if currency and CON should
retain equal values, it might become
advisable to authorize or direct re-
sumption. believe the time has
come when by simple act Of tine
legislative branch of the government
this most desirable result can be at
tanned. 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, 1876, the exports of
The United States exceeded the i'm
ports by $3.50, 213. 102, but our exports
include $40, $50, 621 of specie ami bull
hon ID excess of the same commodities.
For the first six months of present tis-
cal year, from July l, 1876, TO January
l, 1877, the excess of exports over i'm
ports amounted to $107, 544, 500, and
the imports of specie and bullion ex-
ceeded the exports of the precious
metals by $40, 1872, 147 in the same time.
The actual excess of exports over i'm
ports for the six months. exclusive of
specie and bullion, amounted to S113,
73G, 040, showing for the time being
an accumulation of specie and bullion
in the country amounting to more than
$1,000, 900 in addition to the national
product of these m-;als for the same
period, and the total increase of gold
and silver for the six months will
not fall far short of $50, 100000.
1t is very exident that unless
this Igreat increase of the precious
metals can be utilized at home in such
a way as to make it in some manner re-
munerative to the holders, it must
seek foreign market as surely
as would any other product of
the soil or the manufactures. Any
legislation which will keep coin and
bullion at home will, IN my judgment,
soon bring about practical resump-
mill hn Of ba
country the circulating medium, thus
securing a healthy imitation of sound
currency for the great advantage
of an easy and legitimate business in
terest. The act to provide for the re-
sumption of specie payments author
lied the Secretary of the Treasury to
issue bonds of either of the desCrip-
tions named in the act of Congress,
approved July 4, 1870, entitled IAN
act to authorizess:he refunding of the
national debt for not less than par in
gold, with the present value of the
four and half per cent. bonds in the
markets of the world, they could
be exchanged at par for gold, thus
strengthening the treasury to meet fl
nal resumption and keep the excess of
coin over the demand, thus securing
to permanent use circulating medium
at home. All that would further be
required would be to reduce the vol
ume of legal tender notes in circula
ton. To accomplish that would sug
gest the passage of an act authorizing
tee Secretary of the Treasury to issue
four per cent. bonds with forty years
to run before maturity, and to be eX-
changed for legal tender notes when
ever presented in sums OF fifty dollars,
ETC., or any multiple thereof; the whole
amount of such bonds, however, not
to exceed $3.50, go, 900. To Increase
the home demand for such bonds
would recommend that they be availa-
BILE for deposi: in the United States
treasury for banking purposes under the
various provisions Ut the law relating
to national banks. l would suggast
further, that national banks pe required
to retain certain per cent. of the coin
interest received by them from the
bonds deposited with the treasury to
secure their circulation. | would also
recommend the repeal of the third sec
ton of the joint resolution for the
issue of silver coin, approved July
%, 1876. limiting the subsidiary coin
and fractional currency to fifty mil
hon dollars. I am satisfied that il
Congress will enact some such law as
will accomplish the end suggested they
will give relief to the country in
slant in it's effect, and for which they
will receive the gratitude of the whole
people.
(Signed) U. s. GRANT.
Executive Mansion, February 3, 1877.
WASHINGTON, February 3. Before
the Committee on Privileges and Pow
ers Daniel Downes, elector for Wis
consin. testified that he did not think
the position of examining surgeon of
the pension Office disqualified him. He
held that position when elected and
when he voted for Hayes; the official
fee was two dollars in each case.
Maddox produced alettcr addressed
to Hon. J. r. West, which was sealed,
and another addressed to himself.
They were in an envelope addressed to
Maddox by Judge A. Walker and had
been in the custody of Col. Jack Whar-
ton, adjutant general of Louisiana
under Kellogg.
The committee have sent FOR Sena-
tor West, who will open his letter in
the presence of the committee. The
following is the letter addressed to
Maddox:
New Orleans, November 90, 1876
]. II. Maddox; Dear Sir-Under-
standing the political condition of
matters here from association with
both political parties, and as friend
of the President and the government
officers, would it not be considered u
part of your duties to go at once to
Washington, with as little delay as
possible, and place before the Presi-
dent the condition and the pending
dangers of the situation2 Should you
conclude upon prompt action in the
premises, allow NE to commend you to
Senator West, who is my friend, and
with whom you will freely communi-
cate. Signed by ]. Madison Wells.
Senator West appeared, and at the
request of the committee opened the
letter addressed to him and immediate
ly withdrew; New Orleans, Novem-
Der 21.-Ny Dear Senator: l regret
much not seeing you when you were
here. l wanted tO say much to you
which it would be imprudent to put
on paper. ] trust, however, to meet
you in Washington as sooa as the can
vass is over. The returning board has
in its hands the destiny of two great
parties, may not say the nation.
fully comprehend the situation. as well