The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1877-12-04
NEW ORLEANS TUESDAY, DECEMBER T. 1877

THE PRESIDENTS MESSAGE.
SPECIAL ATTENTION GIVEN TO RE-
SUMPTION OF SPECIE PAYMENTS.
Attention Called to the Mexican Question
Cuba-The Paris ExpOsitiOn-Ciyil
service Reform.
WASHINGTON. Dec. 3.-The Presidents mes
sage was read in both houses of Congress to-
day. He opens with congratulations to Con-
gress and to the country that God has blessed US
with health, peace and abundant harvests, with
an encouraging prospect OF an early return of
general prosperity.
PacifcatiOn Of the Country.
To complete and make permanent the pacifi-
all our national duties, and in this connection.
referring n to his Southern policy. in regard to
which his course was indicated by his inaugural
address. he says that it was to be expected that
a wide difference of opinion would arise.
Jhere has been general re-establishment Of
tice and by the resumption Of useful industry
the public credit in the Southern States has
been greatly strengthened.
1t may not be improper to say that it should
be our liked and unalterable determination to
protect by all available and proper means under
the constitution and the laws the lately emanci-
Dated race in the enjoyment of all their rights
and privileges, and urge upon those to whom
the cOlOred people have sustained the relation
OF united people, who love liberty, revere JUS
tics and abhor oppression, CO. operation with us
to thi end. These objects are very dear to my
heart and l shatl earnestly work for their at.
talnment, and ask the cordial cooperation Of
all classes of all sections and of both races in
this work,
Specie Resumption.
Regarding specie resumption he says that he is
Still as confident, as he expressed himself to be
in his inaugural, that the policy of resumption
w ituh hIn md
that no legislation would be wise that would
retard the attainment of such result He is
convinced that any unsteady methods. instead
OF removing the inconvenience inseparable
from the transition from an irredeemable to
redeemable paper currency, would only tend to
prolonged disturbances in values and unless
relieved must end in serious disorder, dishonor
and disaster to the government and the peoples
financial affairs.
Its Legislation would be purely governmental
under no restraints but those of constitutional
power and public good. but with our vast debt,
becomes an element of interest to our bond
holders, The obligation Of public faith trans
cends all questions of profit The public debt
OF tne United states amounts to S729 900 900
bearing interest at the rate of six per cent and
S708 0o0 900 at the rate of five per cent and the
fny rn way tb IN In wca u tne country can be relieved
est, IS by advantageously refundng the indebt-
edness.
Whether the debt is ultimately paid in gold or
silver coin is. of but little moment compared
with the possible reduction of the interest one
third by refunding it at Il reduced rate
III the United States had an unquestioned right
Pay Its Bonds
in silver coin, the little benefit from that pro-
cess would be greatly overbalanced bv the inlu-
rlous , effect OF such payments If made or pro
public creditors All bonds that have been issued
since February 49, 1873, when gold became the
legal tender metallic currency Of the country,
2ni pf,xSs,, -
value. During the time of these issues the only
dollar that could be received by the government
to require public creditors to take In payment
any dollar of less commercial value would be
regarded by them as reputation of the full
assumed. The bonds issued prior tn |
1873 were issued at time when the
Gold Dollar was the Only Coin
in circulation or contemplated by either the
or. the holders Of the bonds as the
coin II !, in = which they were, to be paid.
1t Is far better to pay these bonds in that coin
than to take advantage of the unfortunate to
pay them In new issue of silver coin. thus |
= made SO q much less valuable The power Of the
United States to coin money and regulate the |
value thereof ought never be exercised for the |
purpose OF enabling the government to pay it's |
contemplated by both parties when the bonds
were issued. Any such attempt would involve
violation OF public faith and inure the public |
He believes that adherence to the act ~
March, 1869, providing for the payment of the |
bonded debt In coin. will cause rapid reduc- |
amount exceeding twenty mill ions per annum. |
and effect saving to the United States of over |
$500 1000 before the bonds can be fully paid |
. recommend to Congress that in any legisla- |
tion providing for silver coin age and impart- |
ing to 1t the quality of a legal tender, there be |
included firm provision
Exempting the Public Debt
heretofore issued and now outstanding from
me payment OF either of principal or interest |
In any coinage of less commercial value than
The ,nl present gold coinage of the country.
much attention
Both Parties have Declared
Tor reform. and the measure advocated should
1e followed by earnest and prompt action on
he part OF the legislative and executive depart
nentS OF the government.
MY purpose is to return to the system estab-
ished by the fundamental law, with the heart
Representatives. and advocate the making ali
nominations as nearly as possible mpersonal.
md in those offices in which special training is
should obtain. I shall do ali in my power to
make thorough competency, efficiency and
haraoter the decisive test in these matters, and
is labor.
During the past year the United States has
Peaceful Relations
yith all foreign countries The effect of the
turkish and Russian war is almost entirely
European, and the treaties between the United
tates and the two countries have b; en- strictly
ompied with. He refers briefly to
The Paris Exposition
I 1878, and believes that the acceptapce bv the
United States of the invitation to participate
vii! stimulate international commerce and
migration, and promote friendship between
he two countries. |
Regarding the
ExtraditiOn Treaty
etween Great Britain and the United States
nd the questions at issue under it, he saws it is
robaple that all disagreements will in due
eclarations be made in new treaty.
The Mexican Question,
e says that the recognition of Daz has been
eferred on account of the Rio Grande border
roubles. W. N0-
This, however, has not interrupted. nor
oes he anticipate any interruption of friendly
eations with Mexico. He, however, feels it