The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1877-12-15
The Presidents Message.


God has blessed US with health,
peace and abundant harvests, with
an encouraging prospects OF an
early return of general prosperity.
To complete and make perma-
nent the pacifcation of the country |
is the most important of all our
national duties, and in this connec-
ton, referring to his Southern pol
icy, in regard to which his course
was indicated by his inaugural ad-
dress, he says that it was to be ex-
pected that wide difference OF
opinion would arise.
There has been a general re-es-
tablishment of order, and OF the
orderly administration of justice,
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 fixed and I'M
alterable determination to protect
by all available and proper means
under the constitution and the
laws, the lately emancipated race
in the enjoyment of all their rights
and privileges, and he urges upon
those to whom the colored people
have sustained the relation of a
united people, who love liberty, re-
we're justice and abhor oppression,
cooperation with him. These OBJ
jects are very dear to his heart and
ne shall earnestly work for their
attainment, and he asks the cordial
cooperation of all classes, of all
sections and of both races In this
work.
| Regarding specie resumption he
says that he is still as confident, as
he expressed himself to be in his
inaugural, that the policy OF re-
sumption should be pursued by ev-
cry suitable means, aud that nc
! legislation would be wise that would
retard the attainment of such a re-
suit. He is convinced that any up.
steady methods, instead of remov-
ing the Inconvenience inseparable
from the transition from an ire
, deemable to redeemable paper
currency, would only tend to pro
+, louged disturbances in values, an1
unless relieved must end in serious
disorder, dishonor and disaster t.
! the government and the peoples
financial affairs.
If the government was free from
public debt, its legislation woult
be purely governmental, under nj
J restrainsts but those of constitu
tional power and public good, blu
with our vast debt. the nature @
/, silver coinage and measures be
, comes an element of interest to on
!. bondholders. The obligation @
/ public faith transcends all question
e of profit. The public debt OF To
e United States amounts to $729
n 100000, bearing interest at the rat
: of six per cent, and $70S, 900, 900 9
: the rate of five per cent, and tn
!. only way in which the country ca
~ ;. be relieved from the payment
! these high rates of interest, is b
advantageously refunding the il
debtedness.
Whether the debt is ultimatel
- paid in gold or silver coin is OF bl
S, little moment compared with tt
possible reduction of the intere
+, one third by rsfunding it at r
s, duced rate.
If the United States had an VI
questioned right to. pay its bone
in silver coin, the little benefit fro
that process would be greatly o
+ erbalanced by the injurious etfe
f" of such payments, if made or pr
posed against the honest convi
w tons of the public creditors. A
l! bonds that have been issued sin
=. 'r February IL, 1873, when gold b
i came the legal tender metallic Gu
a rency of the country. are just
IT. payable in gold coin or coin
is, equal value. During the time
is these issues the only dollar tt
could be received by the govel
:, ment in exchange for bonds v
of the gold dollar,and to require pr
,ly lie creditors to take in payment
it'll dollar of less commercial va
gs, would be regarded by them q
reputation of the full obligati
1t assumed. The bonds issued pr
oid to 1878 were issued at time wi
ID the gold dollar was the only coin
~ !, circulation or contemplated by
ce Their the government or the hold
u.