The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1877-12-12
PREsLDKNT RAYKg MRssAGE

devoted much to moralizing and
philosophisiDg. but on the whole a
decided Improvement on the State
papers which have emiuated from
the executive during the last eight
years.
The Presidents reference TO his
Southern policy and the beneficial
effects which it has produced. is pro-
hably the most satisfactory part Of
his message. and affords a pleasing
guarantee that the era Of hate ard
the bloody shirt in politics is about
passed away,
In discussing the currency the
President leans to the side Of the
money power. He says:
In any legislation providing for sill
yer coinage, regulating its value and i'm
parting to it the quality of legal tender,
it seems to me of great Importance that
Congress should not lose sight of its
action, in operating in two-fold cspaci-
ty and in two distinct directions. If the
United States Government was free from
public debt, its legislative dealing with
the question of silver coinage would be
purely sovereign and governmental un
der no restraints but those of constitu-
tionaI power and the public good as
affected by the proposed legislation, but
in the actual circumstances Of the nation,
with a vast public debt distributed very
widely among our own citizens and held
of the silver coinage measures, as affect
ing the relation of this Government to
the hslders of the public debt, becomes
a matter, in any proposed legislation, of
the highest concern. The obligation of
the public faith transcends all questions
of profit or public advantage. Other
wise its unQusstionable maintenance is
the dictate, as we'll as of the highest ex
pediency, as of the most necessary duty,
and will be carefully guarded by Con-
gress and the people alike. The public
debt of the United States to the amount
of S729, 600, 900 bears interest at the rate
of six per cent. $7Os, 900, 900. at the rate
of five per cent, and the only way in
which the country can be relieved from
the payment of these high rates of inter
est, is by adyantageously refunding the
Indebtedness Whether the debt is ul-
timately paid in gold or in coin is of but
little moment compared with the posi-
BILE reduction of the interest one-rhird
by refunding it at such reduced rates.
If the United States had the unquestion
able right to pay its bonds in silver coin
the little benefit from that process would
be greatly overbalanced by the injuri-
Gus effect of such payment, if made or
proposed against the honest convictions
OF the public credit.
1t is a matter of congratulation, says
the President, that notwithstanding the
severe burdens caused by the war, the
public faith with all creditors has been
preserved, and that as result of this
policy, the public credit has continu-
ously advanced and our public securi-
ties are regarded with the highest favor
in the markets of the world. I trust no
act of the Government will cast a shadow
upon its credit. The progress of refund
ing the public debt has been rapid and
satisfactory. Under the contract exist
ing when 1 entered upon the discharge
of the duties of my Office, bonds bear
ing interest at the rate of At per cent.
three months the aggregate sales of
these bonds had reached the sum of
$500, 900, 900. With my sanction the
Secretary of the Treasury entered into a
new contract for the sale of four per
cent. bonds, and within thirty days after
the popular subscription for such bonds
was opened, subscriptions were had
amounting to $40, 400, 500, which were
paid for within ninety days after the
date of subscription. By this process,
within but little more than one year,
the annual interest of the public debt |
was reduced in the sum of So, 775, 600.
recommend that suitable provision be |
made to enable people to convert their
the best msde in which small savings |
may be well secured and yield interest. !
1t is the object of public policy to retain |
among cur own people the securities of |
the United States. In this way our |
country is guarded against their sudden |
return from foreign countries, caused |
by war or other disturbances beyond |
our limits.
The tone Of the message upon the
civil service question is not caIculat-
ed to give much comfort to Repub-
lican extremists of the Senate. The |
President gives no evidence Of his
to y ield to the implacahles.
He says:
My experience in the executive duties
has strongly confirmed my belief in the
great advantage the country would find
in observing strictly the plan of the Con-
which imposes upon the execu-
tive the sole duty and responsibility of
the selection of these Federal officers,
who, by law are appointed, not elected,
and which in like manner assigns to the
Senate the complete right to advise and
consent to or to reject the nomination so |
made, whilst the House of Representa-
tives as the public censor of the per-
formance of official duties with the pre-
rogative of investigating and Furnishing
all cases of dereliction. The blemishes
and imperfections in the civil service |
may, as think, be traced, in most cases,
to political confusion of the duties as
signed to the several departments of the |
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