Connecticut western news., 1879-12-10

YEAR-THE RESUMPTION OF sPEC1E
 PAYMENTS AND OTHER FINANCIAL
 OPERATIONS OF THE YEAR CIVIL
 SERVICE REFORM AND THE CIVIL SER
 VICE COMMISSIONERS SUPPRESSION
 OF PoLYaAMY-FoREIaN RELATIONS
 AND THE INDIAN POLICY, ETC.
 FelLo1D. citizens 0f the Senate and
 House of Representatives:
 The members of the Forty sixth Con- gress have assembled in their first reg ular session under circumstances calling for mutual congratulations and grateful acknowledgement to the Giver of all good for the large and unusual measure of national prosperity which we now enjoy. The most interesting events which have occurred in our public affairs since my last annual message to Congress are connected with the financial operations of the Government directly affecting the business interests of the country congratulate Congress on the successful
 xecution of the Resumption act. At the vlme fixed and in the manner contem- plated by law, United States notes be- gan to be redeemed in coin. Since the 1st of January last they have been promptly redeemed on presentation, and Ill all business transactions, public and private, in all parts of the country, they are received and paid out as the eQuiva- lent of coin. The demand upon the Treasury for gold and silver in exchange for United States notes has been com parutively small, and the voluntary de- posit of coin and bullion in exchange for notes has been very large. The ex- cess of the precious metals deposited or exchanged for United States notes, over the amount of United States notes re- deemed, is about $40, 900, ,OOO.
 The resumption of specie payments has been followed by very great re- vival of business. With a currency equivalent in value to the money of the commercial world, we are enabled to enter upon an equal competition with other nations in trade and production. The increasing foreign demand for our manufactures and agricultural products has caused large balance of trade in our favor, which has been paid ir gold from the 1st of July last to November 15, to the amount of about $59, 900, 900. Since the resumption of specie pay ments there has also been 8 marked and gratifying improvement of the public credit. The bonds of the Government, bearing only per cent. interest, have been sold at or above par, sufficient in amount to pay off all of the national debt which was redeemable under pres. ent laws. The amonnt of interest saved annually by the process of re- funding the debt since March l, 1877, is 14,297,177. The bonds sold were large ly in small sums, and the number of our citizens now holding the public securi- ties is much greater than before.
 The amount of the national debt which natures within less than two years is $792, 121, 700, of which $5OO,- COG, 900 bear interest at the rate of 5 per cent, and the balance is in bonds bearing per cent. interest. It is be- lieved that this part of the public debt can be refunded by the issue of per oeLt, bonds, and by the reduction of in- terest which will thus be effected, about $11, ,000,0 can be annually saved to the Treasury. To secure this important reduction of interest to be paid by the United States, further legielation is re- quired, which, it is hoped, will be pre- vided by Congress during its present session.
 The coinage of gold by the Mints of the United States during the last fiscal
 
 silver dollars since the passage of the act for that purpose, up to Nov. 1, 1879. was $45, ,OOO, $50, of which SIP, 700, ,344 have been issued from the Treasury and are now in circulation, and $32, 300, 5O6 are still in the possession of the Govern. ment. The pendency of the proposition for unity of action between the United States and the principal commercial nations of Europe, to effect 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. The great revival of trade, internal and foreign, will supply, during the coming year, its own instructions, which may we'll be awaited before attempting further Gx- perimental measures wi h the coinage. would, however, strongly urge upon Congress the importance of authorizing the Secretary of the Treasury to suspend the coinage of silver dollars upon the present legal ratio.
 The market value of the silver dollar being uniformly and largely less than the market value of the gold dollar, it is obviously impracticable to maintain them at par with each other if both are coined without limit. If the cheaper coin IS forced into circulation it will, if coined without limit, soon become the sole standard of value, and thus defeat the desired object, which is a currency of both. gold and silver, which shall be of equivalent value, dollar for dollar, with the universally recognized money of the world. The retirement from cir culation of United States notes, with the