Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1877-02-15
THE HERALD.
Resumption of Specie.

The following is the Presidents
message TO Congress on the SUBJECT
of resumptlen of specie pay mepts:
TO the Senate and House of Represent
0tives
By an act of Congress, approved
January IA. 1875, to provide for rs-
sumption of specie payments, the lst
of January, 1879, is fixed as the date
when such resumption shall begin.
1t may be desirable to fix an earlier
date when it shall actually become
obligatory on the government to re"
deem it's outstanding legal tender
notes in coin On presentation; out II
is certainly desirable and will prove
most beneficial TO every pecuniary
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, II cur.
rency and coin should retain equal
values, it might become advisable to
authorize or direct resumption.
believe the time has come when, by
IA simple act of the legislative branch
of the government, the most desira-
bile results can DO attained. L am
strengthened 10 this view by the
course trade has taken in the last
two years, and by the strength OF
the United States at home aud
abroad. For. the fiscal year, ending
Juno 80, 1876, the exports OF the
United States exceeded imports by
Sl2O,213, 102, but our exports in
clude S41, $50, 621 of specie and bull
lion in excess of imports Of the same
commodities for six months from
July l, 1876, to January /, 1877.
The excess of exports amounted to
s17, 544, 869, and imports of specie
and bullion exceed the exports OF
precious metals by Sc, 1872, lat, in the
same time. The actual excess of ex-
ports over imports for six months,
exclusive of specie and bullion,
amounted to $1l3,737 ,O40, showing
for the time being tho accumulation
of specie and bullion in the country
amounting to more than s6,OOO,OO
In addition TO the national products
OF these metals tor the same period,
a total increase of gold aud silver for
ak months, is not tar short OF S6O,-
100000. IL is very evident that un'
less this great increase OF precious
metals can be utilized at home in such
way az to make in some manner
remuneration TO holdere, it must seek
u foreign market as surely as would
any other product of the soil or man
nfncture. Any legislation which
will keep coin and bullion 81 home
will. in my judgement, soon bring
about practical resumption, aud Will
add the coin of the country to the
circulating m ,dium, thus securing 3
healthy initiation of a sound currency
To the great cdgaLtsge of every le-
gitimate business interest.
The &C. to provide for resumption
of specie payment au horIzed the
Secretary Of the Treasury to issue
bonds of either of tue descriptions
named in the &C. of Congress- approx
ed July 3. entitled an act to author
ize the rsfunding of the national
debt, for not less than in par with the
present value of Al per cent. bonds
in the market Of the world. They
could be exchanged ct par for gold,
thus strengthening the treasury to
meet inal resumption, and 10 keep
pending its permanent use as a circu-
lating medium at home. All that
would further be required would be
20 reduce the volume of legal tender
notes in circulation. To accomplish
this 4 would suggest an act aGthorIz
ing the Secretary of the Treasury to
issue per cent. bonds with forty
years TO run before maturity, to be
exchanged for legal tender notes
whenever presented in sums OF $50 or
any multiple thereof the |hole
amount of sucn bonds, however not
TO exceed $3.50, 900 To incress
homo demand for such bonds | wonld
recommend they be available for de-
post in The United States treasury
tor. banking purposes, under the va:I-
Gus provisions Of law relating to ma
tional banks be required 10 retain d
certain percent. of coin interest re-
ceived by them from bonds deposit
ed with tho treasury, TO secure their
circulation. would also recommend
the repeal OF the third section OF the
Joint resolution for the issue of silver
coin, approved July %, 1876, limit.
ing subsidiary coin and fractional
currency to s5O,00O.00O | am salts
fed that if Congress will enact some
such law as will accomplish what is
suggested, they will give relief to the
country, instant TO its effect, and for
which they will receive the gratitude
sf the whole people.
Signed U. S, GRANT.
February 3. Executive Mansion.