I now earnestly ask that such action be taken by Congress as to leave my duties perfectly clear in dealing with the affairs of Louisiana, giving assurance at the same time that whatever may be done by that body in the premises will be executed according to the spirit and letter of the law, without fear or favor.
I herewith transmit copies of documents containing more specific information as to the subject-matter of the resolution.
U.S. GRANT.
EXECUTIVE MANSION, January 14, 1875.
To the Senate of the United States:
Senate bill No. 1044, "to provide for the resumption of specie payments," is before me, and this day receives my signature of approval.
I venture upon this unusual method of conveying the notice of approval to the "House in which the measure originated" because of its great importance to the country at large and in order to suggest further legislation which seems to me essential to make this law effective.
It is a subject of congratulation that a measure has become law which fixes a date when specie resumption shall commence and implies an obligation on the part of Congress, if in its power, to give such legislation as may prove necessary to redeem this promise.
To this end I respectfully call your attention to a few suggestions:
First. The necessity of an increased revenue to carry out the obligation of adding to the sinking fund annually 1 per cent of the public debt, amounting now to about $34,000,000 per annum, and to carry out the promises of this measure to redeem, under certain contingencies, eighty millions of the present legal-tenders, and, without contingency, the fractional currency now in circulation.