To increase the home demand for such bonds I would
recommend that they be available for deposit in the United States
Treasury for banking purposes under the various provisions of law
relating to national banks.
I would suggest further that national banks be required to retain a
certain percentage of the coin interest received by them from the bonds
deposited with the Treasury to secure their circulation.
I would also recommend the repeal of the third section of the joint
resolution "for the issue of silver coin," approved July 22, 1876,
limiting the subsidiary coin and fractional currency to $50,000,000.
I am satisfied that if Congress will enact some such law as will
accomplish the end suggested they will give a relief to the country
instant in its effects, and for which they will receive the gratitude of
the whole people.
U.S. GRANT.
EXECUTIVE MANSION, _February 9, 1877_.
_To the Senate and House of Representatives_:
The accompanying memorial is transmitted to Congress at the request of a
committee, composed of many distinguished citizens of New York, recently
appointed to cooperate with a generous body of French citizens who
design to erect in the harbor of New York a colossal statue of "Liberty
Enlightening the World.
Pages:
847
848
849
850
851
852
853
854
855
856
857
858
859
860
861
862
863
864
865
866
867
868
869
870
871