The Indiana State sentinel., 1879-12-03
A Few Words About the Marked Revival
in the Business of the Country.
He joins in With Sherman in His War on
the Dollar of Our Dads.
Legal Tender Notes Not According 10
Law, and Should Be Abolished.
The Mormons, Civil Service and Many other
Matters Discussed.

CITIZENS OF THE SENATE AND HOUSE
OF REPREsENTArIvEs-The members OF the
Forty sixth Congress have assembled in their
first regular session under circumstances call
ing for mutual congratulation and grateful ac-
knowledgement to the gtver of all good for the
large and uausual measure of naIIonal pros
perity which we now enjoy.
The most interesting events which have oc-
CURED in our public affairs since my last
nuaI message to Congress are connected with
directly affecting the business interests of the
country. congratulate Congress on the sue
cessful execution OF the resumption act. AT
the time fixed and in the manner contem-
plated by law, United States notes began TO be
redeemed in coin. Since the lst of January
presentation and in ali 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 nited States
notes has been comparatively small. and the
voluntary deposit of coin and bullion in ex-
change Tor notes has been very large. The ex-
cess OF the precious metals deposited or ex-
changed for United states notes over the
amount of United States notes redeemed Is
about Sf000O,uOO.
The resumption of specie payments has been
follow. d by very great revival of business
With a currency eqivaient In value to the
money of the commercial world, we are en-
abled to enter upon equal competition
with other nations in trade and production.
The increasing foreign demand for our manu-
factures and agricultural products has caused
a large balance of trade in our favor, which
has been paid in gold, from the 1st of July
Inst to November 10, 10 the amount of about
S59.OOOOuO Since the resumption of specie
payments there has also been a 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 of all OF the
present laws. The amount of interest saved
annually by the process of refundiDg the
The The bonds bonds sold were largely in
small sums. aud the number OF our citi-
zens now holding the public securities is much
greater than ever before. The amount of the
national debt which natures IN less than two
years is S1s2, III, ,1co, OF which s5O00J0U00 bear
interest at the rate of per cent, and the bal
ance is in bonds bea1Dg6 per cent. interest
It is believed that this part of the public debt
can be refunded by the issue of 4-per cent
bonds, and, by the reduction of interest which
will thus be effected, about Sll ,0U0,uuU can be
annually saved 10 the treasury. To secure this
important reduction of interest to be paid by
the United States, further legislation is re-
quired, which, il 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. gl2. The coinage of silver dollars, since
the passage of the act for that purpose, up to
November l. 1879, was s45.0Uo,S,O. of which
Sl2 7OO, ,94i have been issued from the treasury
and are now in circulation, and $50 ;a0, 500 are
still in the possession OF the Government
actionp haweeg ot the @ n,ted states and fe
principal commercial nations OF Eu-
rope, TO effect a permanent system
recognized money of the world, leads me 10
recommend tnat Congress refrain from new
legislation on the general subject. The great
revival of trade, internal and foreign, viii
supply, during the coming year, It's own in
struciions, which may well be awaited before
attempting further experimental measures
with the coinage. / would. however. strongly
urge upon Congress the Importance of au-
thOrizing the secretary of the treasury to sus-
pend the coinage of silver dollars upon the
present legal ratio. The market Yalne of the
than the market va ue OF the gold dollar, IL is
obviously iLlpracticable 10 maintain them at
par with each other II both are coined without
limit. If the cheaper coin is forced into cir
culation it will, If coined without limit, soon
become the soe $ andard 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
The retirement from circulation of United
States notes, with the capacity of legal tender
in private contracts, Is a step TO be taken in
cy, which should be accepted as the policy
and duty OF the Government, and the interest
. and security of the people. 1t is my firm con-
vicEion that the issue of legal tender paper
money based wholly upon the authority aud
credit # the Government, except in extreme
emergency, is without warrant In the constitu-
tiol. and a violation Of sound financial Prin-
ciples. The issue of United States, notes DUR
ing the late civil war with the capacity of
legal tender between private individuals was
not authorized except as a means Of resculng
the country from iHmfnent peril The circu-
lation of these notes as paper money, for any
protracted period of time after the accom-
ted by the trainers of the law under which
they were issued. They anticipated the re-
demption and withdrawal of these notes at
the earliest practicable period consistent with
the attainment of the object for which they
were provided
The policy OF the United States, steadfastIy
adhered to from the adoption of the constitu-
ton, has been to avoid the creation OF a ma
Of war. debts have been created, they have
been paid of on the return of peace as rapidly
pose, il is recommended that the existing "a Tvs
for the accumulation OF = sinking fund suffi-
cient TO extinguish the public debt within a
of the objects or rates of taxation is deemed
necessary by Congress, it is suggested that ex-
on tea and coffee, which will not enhance the
price OF those articles to the consumer, and
which will add several millions OF dollars an.
The continued deliberate vio' alton by a large
number OF the prominent and influential cifi-
zens Of the Territory of Utah OF the laws of the
United states for the prosecution and punish
Enent of polygamy demands the ttentfon OF
every depar ment of the Government This
Territory has population sufficfent to entitie
1t to admission as q State, and the general in
p the nsti4n "a t sS Es as ne s d
vance from the territorial form of government
to the responsibilities and PRIVILEGES of q
State This i'm portant change, will not, how
citizens Of Utah, IN very considerable mum
acrfme by the laws OF all civilized communl
ties throughout the world.
The law Tor the suppression Of this ofense
was enacted with great unanimity by Con-
gress more than IL years ago. but has remain
ed unit recently dead letter in the Territory
lending its enforcement. The opinion widely
prevailed among the citizens of Utahttbat the
q guarantee Of religious freedom. This objec
ton ts now removed. The supreme Court O
rule NJ action for ali who reside within the
Territories. There = no longer any reason fol