Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1877-02-08
President Grant On the ResumP-
~ tiOR Of SPecie Pay nent.


lowing Is the Presidents message to
Congress, on the subject Of the resump-
tion of specie payment: -.
10 the Senate and House Of Represea-
tdtiUes: biH3 Aff -rr a=-t .
By an act of Congress, approved JAM
uary 14th, 1875, to provide for the re-
sumption of specie pay ment. The first
day of January, 1879, is fixed as the
date when such resumption is to begin.
Ii may not be desirable 10 fix an earli-
er date, when it shall come obligatory
upon fhe Government to redeem its
outstanding legal tender notes in coin
ON presentation, but its certainly most
and will prove most beDe.
ficialtO every pecuniary interest Of the
country, TO hasten the aay when the
paper circulation of the country and
gold coin shall have equal values. At
d later day, if the currency and coin
should retain equal values, ii might be-
come advisable to authorize or direct
resumption. believe the time has
come when, by the simple act Of the
Legislative branch of the Government,
this desirable result can be attained. i
am strengthened in this view by the
course trade has taken In the last tive
years, and by the strength ofthe credit
of the United States, at home and
abroad. For the fiscal year ending
June so, 1876, the exports of the United
States exceeding the imports by $120,
2l3, ,102, but our ports include $40, $50,
62l of specie and bullion in excess of the
imports of the same commodities. Fer
6 months of the present fiscal year from
July 1, 1876, to January /, 1877, the ex-
cess OF exports over imports amounted
to Sl07, ,544 1863, and the imports of
specie and bullion exceeds the exports
of the precious metals by Sc, 192, lF.
In the same time the actual excess of
exports over imports for six months,
exclusive OF specie and bullion, amount
ed to STA, ,73S. .040, showing for the
time being the accumulation of specie
and bullion in the country amounting
to more than SO, ,000, 900, in addition to
the national product OF these metals for
the same periods total increase o!
gold and silver for six months not far
short of $50, ,O0O, 900. 1t is very evident
that unless this great increase of pre-
ciOus metals can be utilized at home in
such way as to make it in some man.
Eer remuneratiye to the holders il
must seek q foreign market as sure a.
would any other product of the soil, or
Manufacture. Any legislation which
will keep coin and bullion at home will,
in my judgement, soon bring about
practical resumption and will add the
coin ofthe country to the circulating
medium, thus securing healthy in
fiation of sound currency to the great
advantage of every legitimate business
interest; The act to provide for a re-
OF specie payments authoriz-
bonds of either of the descriptions nam
ed in the act of Congress approved
July 4, 1870, entitled an act to authorize
The refunding of the national debt for
not less than par in gold. With the
present value of Al per cent. bonds in
the markets Of The world they )uld bel
at par for gold, thus streglh
ening the Treasury, to meet the final
and to keep an excess of
coin over tie demand pending its per-
manent aceruing medium at home.
All that should further, be required
would be to reduce the volume OF legal
tender notes in circulation. To ac-
cemplish this ! would suggest an act
the Secretary of the United
States Treasury to issue 4 per cent.
bonds with forty years to run before |
to be exchanged for legal
tender notes whenever presented in
sums of fifty dollars Oh any multiple |
whole amount of such
bonds, however, not to exceed $3.50 900,
900. To increase the home demand ior |
such bonds I would recommend that
they be made avsilable for deposits in
the. U. s. Treasury for banking pur-
poses under the various provisions OF
the law relating to national banks.
would suggest, further, that the nation
al banks be required to retain certain
per cent. of the coin interest received
by them from bonds deposited with
the Treasury to secure their circulation.
[ would also recommend the repeal OF
the third section of the jnint resolution
for the issue of silver coin, approved
July %, 1876, limiting Subsidiary coin
and fractional currency to $50, 1000, 900.
I am satisfied that if Congress will en-
act some such law as will accomplish
the end suggested, they will give re-
lief to the country instant In its affect,
and for which they will receive the
gratitude of the whole country.
lSigned] -lss .. S. GRANT.