Year: 1877

WASHINGTON, Feb. 9, 1877,
SPECIE RESUMPTION - PRESIDENT CHANTS


VIEWS ON THE sUBJECr-wHAT HIS FORTH


COMING MESSAGE WILL EEcoMMEND-oP-


PoNENTs OF THE MEASURE READY FOR Ac-


rIoN-A PUBLIC EXPRESSION DESIRABLE.


Tho President said to-day, in conversation with
personal friends, that he had entirely mis-
understood and msrepresented by who reported
hat hc desired 10 have the resumption dato altered
from 1879 to earlier period He had no such desire
and was, on tho contrary, Of tho opinion that
me date should not be changed. He believed that
with law authorizing the issue of four per cent long
bonds and the funding OF legal tenders in them at tho
option fthc holders the premium OF GOLD would DO
naturally and safely reduced and the legal tender
notes would appreciate to par without strain on the
public.


The President has nearly completed his Message re-
commencing such measure, and intended to send IL
IN tomorrow, but he may delay It until Monday.
Tho Message will discuss In some detail tho present


situation Of the country industriay, the condition of
foreign trade and exchange the condition OF the cur
rcncy and OF the banks, and the President will 1t is
understood, show that the measure he proposes and
iavors, OF funding tho grecnbacks at the option
Of tho holders in four per long bond will cause
disturbance of the money market or OF industry:
that 1t will not contraction because II grcen-
backs should be funded to amount which might
money stringency additional issues of national
bank notes would takc their place under the present
law. which allows substantially free banking and that
the country has nothing to fear therefore, from tho
withdrawal Of greenbacks. The amount of gold re-
qured for circulation If the legal tenders arc at par
be very small and tho resumption OF specic
payments viii be attained by the banks and will be
reached by natural process and without regard the
precise time liked in the resumption act


There are already to-day observable some manifesto
fions OF opposition among republicans well demo-
Gratis to tho Presidents plan. 1t has been the subject
OF conversation among Representatives and Senator'S
aud an attempt will no do doubt be made when he
sends IN his message to give the cold shoulder and
send 1t TO place intended to be grave for this scs
sion But some Of the Presidents best friends in both
houses are, the other hand known to be zealousy
In accord With him. and is believed that thcy will
make an effort to have the message properly con-
sidered and to bring the measure he proposes to vote
before the session closes.


The opponents OF resumption, in both parties will
do their utmost to stave off vote. Both sides are
fully committed to the support any measure looking
to resumption, ana those are at heart opposed to
1t do not like to 60 on the record and before the
country In opposition; hence strong desire to pre-
vent any bill coming up for discussion. But tho
friends OF resumption are strong enough in both
uouseS 70 UrluS the question up, and II tho
Presidents Message should cali forth snch a hearty
and public response from the leading business mon of
New York, Boston Philadelphia, Chicago Cincinnati
st. Louis, New Orleans, Atlanta, Savannah, Richmond
and other cities, as to encourage his friends to or
ganize and push good bill to is believed here
that bill In accordance with the Presidents under
stood desires, could without dculty be passed this
session.


Whether this shall be accomplished will depend very
largely upon the reception which the forthcoming
message may meet with from the country IL tho
business communities North South West are silent
1t is quite possible that the friends of resumption may
be discouraged from attempting push the question
fthey should speak out promptly and decidedly in
public meetings and by addresses to Congress to
thor Representatives and Senators we may yet SEQ
great and effective debate the currency and the
passage of a sound before the 4th OF March,


Tho opponents of resumption bavo become great
friends Of the Resumption act OF 1875 and hold
that law is all sufficient and that 1t is of use to
touch the matter again. That act demands the hoard
ing of gold to the amount of at least $780, OOO and
here by the friends OF currency to be an
obstacle to resumption. Without additional legisla-
ton, such the President is understood favor aud
desire, resumption is still In very indefinite future