US Presidency
1879

To secure this important reduction of interest to be paid by the United States further legislation is required, which it is hoped will be provided by Congress during its present session. The coinage of gold by the mints of the United States during the last fiscal year was $ 40,986,912. The coinage of silver dollars since the passage of the act for that purpose up to November 1, 1879, was $ 45,000,850, of which $ 12,700,344 have been issued from the Treasury and are now in circulation, and $ 32,300,506 are still in the possession of the Government. The pendency of the proposition for unity of action between the United States and the principal commercial nations of Europe to effect a permanent system for the equality of gold and silver in the recognized money of the world leads me to recommend that Congress refrain from new legislation on the general subject.