ing papers.[121]

U.S. GRANT.

[Footnote 121: Preliminary and final reports of J. Hubley Ashton, agent
of the United States before the United States and Mexican Claims
Commission.]

EXECUTIVE MANSION, _February 3, 1877_.

_To the Senate and House of Representatives_:

By the act of Congress approved January 14, 1875, "to provide for the
resumption of specie payments," the 1st of January, 1879, is fixed as
the date when such resumption is to begin. It may not be desirable to
fix an earlier date when it shall actually become obligatory upon the
Government to redeem its outstanding legal-tender notes in coin on
presentation, but it is certainly most 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 the gold coin shall have
equal values.

At a later day, if currency and coin should retain equal values, it
might become advisable to authorize or direct resumption. I believe the
time has come when by a simple act of the legislative branch of the
Government this most desirable result can be attained. I 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 30, 1876, the exports of the United
States exceeded the imports by $120,213,102; but our exports include
$40,569,621 of specie and bullion in excess of imports of the same
commodities. For the six months of the present fiscal year from July 1,
1876, to January 1, 1877, the excess of exports over imports amounted
to $107,544,869, and the import of specie and bullion exceeded the
export of the precious metals by $6,192,147 in the same time. The actual
excess of exports over imports for the six months, exclusive of specie
and bullion, amounted to $113,737,040, showing for the time being the
accumulation of specie and bullion in the country amounting to more than
$6,000,000, in addition to the national product of these metals for the
same period--a total increase of gold and silver for the six months not
far short of $60,000,000. It is very evident that unless this great
increase of the precious metals can be utilized at home in such a way
as to make it in some manner remunerative to the holders it must seek a
foreign market as surely as would any other product of the soil or the
manufactory. Any legislation which will keep coin and bulli