The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1879-12-05
THE PRESIDENTS MESSAGE.


We have not space for the message
in full, bat give such extracts as We
think viii he interesting to our read
ers:
The message starts out with refer
ence to our
NATIONAL FINANCES,
gohgratulating congress ON The success
full execution of the resumption acts,
and the consequent revival of business
At the time fixed and in the manner
contemplated by law U. S. notes began
10 he redeemed in coin. Since the first
of january last they have becnpromptly
redeemed on presentation, and in all
business transactions, public and pri-
vate, in all parts of the country they
are received and paid out us the equi-
valent of coin. The demand upon the
treasury for gold and silver in exchange
for U. 5. notes has been comparatively
small, and the voluntary deposit of
coin and bullion in exchange for notes
has been very large. The excess of the
precious metals deposited or exchanged
for U. S. notes over the amount of U.
5, notes redeemed is about St,00O,00o.
With 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 for
eign demand for our manufactures and
agricultural products, has caused'a large
balance of trade in our favor,which has
been paid in gold from the lst of July
last to November 18th, 10 the amount
of about S59,000,OO0 Since the re-
sumption of specie payment there has
been a marked and gratifying improve
ment of the public credit The bonds
of the government bearing only four
per cent. interest, have been sold ut or
above par, sufficient in amount to pay
off that amount of the national debt re
deemable under present laws. The
amount of interest saved annually by
the process of rcfunding the debt since
March /, 1877, is Sli,29T, III. The
bonds sold were largely in small sums
and the number of our citizens now
holding public securities is much great
cr than ever before.
The amount of the national debt
which natures within the next two
years is S129, ,l2I, ,7OO,of which 50, 600
600 bears interest at the rate of five
per cent. 1t Is believed that this part
of the public debt can be refunded by
the issue of four per cent bonds and
by the reduction of interest which will
thus be effected ,Sll 100000 can annu-
ally be saved to the treasury. To Sc
cure this important reduction of inter
est to be paid by the United States,
further legislation is required which it
IS hoped will be provided by congress
during It's present session
The coinage of gold by the mints of
the United States during the last fiscal
year was $50, ,9l2 The coinage Of
silver dollars since the passage Of the act
for that purpose up to Nov. l, 1879,
was S45, 200, $50, of which Sl2, 800, ,344
have been issued from the treasury and
are now in circulation, and S32, 300
056 are still in the possession of the
government
The pendeney OF the proposition for
unity OF action between the United
States and the principal commercial
nations of Europe to effect perma-
i,eist system for the equality Of goid
and silveras the recognized money of the
world, leads me to recommend that con
eress refrain from new legislation on
the general subject. The great revival
of trade, internal and foreign, viii sup
| ply during the coming year, its own in
structions, which may well bc awaited
before attempting further experimental
measures with the coinage.
Iwould, however, strongly urge upon
congress the Importance Of authoriz-
ing the secretary of the treasury to sus-
pend the coinage Of silver dollars upon
the present legal ratio The market
value of the silver dollar being uniform
ly and largely less than the market
value Of the gold dollar, it is obviously
impraeticable to maintain them at par
with each other if both arc coined with
out limit. If the cheaper coin is forced
into circulation, it will, if coined with
out limit, soon become the sole stand
ard Of value, and thus defeat the de
sired object, which Is the currency of
both gold and silver which shall be of
equivalent value, dollar for dollar, with
the universally y recognized money Of the
world The retirement from circula-
ton of United States notes with capac-
ity of legal tender in private contracts,
is step to be taken in our progress
toward a safe and stable currency, which
should be accepted as the policy and
duty Of the government and the inter
est and security Of the people 1t is
my firm conviction that the issue of Ie-
gal tender paper money based wholly
upon the authority and credit of the
government, except III extreme urgen-
cy, Is without warranty of the consti-
tuition and violation Of sound finan-
cial principles. The issue of United
States notes during the late civil war,
With the capacity OF legal tender be-
tween private individuals, was unau-
thorized except as means of rescuing
the country from imminent peril, The
circulation of these notes for paper
money for any protracted period Of
time after the accomplishment of this
purpose was not contemplated by the
trainers Of the law under which they
We're issued. They anticipated the re
demption and withdrawal of these notes
at the earliest practicable period con-
sistent with the attainment of the OBJ
ieet for which thew wore nrnuidnd