Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1879-12-03
THE MESSAGE.
Annual Communication of
President Hayes.
Read to Congress on Monday, Dec. 1.

FELLow-CTTIZENso OF THE SENATE AND HOUSE,
OF REPRESENTATIVES, The members of the
Forty sixth Congress have assembled in their
first regular session under circumstances call
ing for mutual congratulations aud grateful
acknowledgement to the Giver of all good for
the large and unusual measure OF national
prosperity which we now enjoy. The most in
teresting events which have occurred in our
public affairs since nay last annual message TO
Congress are connected with the financial
operations of the Government directly affecting
the business interests of the country.
Resumption.
l congratulate Congress on the successful
execution of the Resumption act At
the time fixed, and in the manner
contemplated by law, United States notes
began to be redeemed in coin. Since
the LIST of January last they have
been prompt y redeemed on presentation, and
in all business transactions, public and private,
in all parts of the country, they are received
and paid out as the equivalent of coin. The
demand upon the treasury for gold and silver
in exchange for United States 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 United States
notes over the amount of United States notes
redeemed is about SAC, 100000
The resumption OF specie payments has been
followed by very great revival of business
With currency equivalent in value to the
money Of the commercial world, we are ena-
bled to enter upon an equal competition with
other nations in trade and production The
increasing foreign demand for our manufact-
ures and agricultural products has caused q
large balance of trade in our favor, which has
been paid in gold, from the LIST of July last to
Nov. l5. to the amount of ah0ut xSQ 0O0 0ON
Public Credit.
Since the resumption of specie payments
there has been a marked and gratifying i'm
Provement OF the public credit. The bonds of
the Government bearing only per cent inter-
est have sold at or above par, sufficient in
amount to pay off all of the national debt
which was redeemable under the present
laws. The amount Of interest saved ANNUALLY
by the process Of refunding the debt since
March l, 1877, is 81, 297, III. The bonds sold
were largely in small sums, and the number of
our citizens 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 $792, l2l 200, of
which $500, 100000 bear interest at the
this part Of the public debt can be re-
funded by the issue Of 4-per-cent bonds,
and by the reduction of interest which will
thus be effected about 81, 100000 can be an
nually saved to the treasury. To secure this
important reduction Of interest to be paid by
the United States, further legislation is re-
CURED, which it is hoped will be provided by
Congress during its present session. The
coinage Of gold by the minis of the United
States during the last fiscal year was SAC, $780,
912
Silver Coinage.
The coinage Of silver dollars since the pass
age Of the act for that purpose up to Nov. l,
1879, was s45, COX, $50, of which s12, 700, 344
have been issued from the treasury, and are
the possession Of the Government The pen
dency of the proposition for unity Of action be-
tween the United States and the principal COM
mercial nations Of Europe to effect perma-
nent 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, in
tslnal and foreign, will supply during
the coming year its own instructions, which
may well be awaited before attempting further
experimental measures with the coinage.
would, however, strongly urge upon Congress
the importance Ct authorizing the Secretary OF
the Treasury to suspend the coinage of silver
dollars upon the presentlegal ratio. The market
value of the silver dollar being uniformly and
largely less than the market value OF the gold
dollar, it is obviously impracticabl9 to main
tain them at par with each other If both are
coined without limit. II the cheaper coin is
forced into circulation it will, il coined without
limit, become the sole standard of value and
thus defeat the desired object which is cur
rency of both gold and silver, which shall be of
equivalent value, dollar for dollar, with the
universally recognized money of the world
Legal Tenders.
The retirement from circulation Of United
States notes, with the capacity OF legal tender
contracts a ri IN
progress TO q fair and stable currency, which
should be accepted as the policy and duty of
the Government and the interest and security Of
the people. 1t is my firm conviction that the
issue Of the legal-tender paper money, based
wholly upon the authority and credit OF the
Government, except in extreme emery
ency, is without warrant in the con-
stitution, and violation of sound finan-
cial principles. The Issue of United States
notes during the late civil war, with the
capacity of legal tender between private indi-
viduals, was not authorized except as means
of rescuing the country from imminent peril.
The circulation of these notes as paper money
for any protracted period of time after the &C
complement Of this purpose was not contem-
plated by the trainers of the laws under which
they were issued They anticipated the re-
denption and withdrawal of these notes at the
earliest practicable period consistent with the
attainment OF tho object for which they were
provided.
Sinking Fund.
The policy Of the United States steadily ad-
hered to from the adoption of the constitution
has been to avoid the creation Of national
debt, and when, from necessity, in the time Of
war, debts have been created, they have been
been paid off on the return of peace as rapidly
as possible With this view. and for this pur-
pose, it is recommended that the existing laws
for the accumuls ton of sinking fund suffi-
cient to extinguish the public debt within a
limited period be maintained. If any change
of the objects or rates of taxation is deemed
necessary by Congress, it is suggested that.ex-
perience has shown that duty can be placed
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
nually to the treasury.
The Suppression OF Polygamy.
The continued deliberate violation by q
large number of the prominent and influential
citizens of the Territory of Utah of the laws of
the United States for the prosecution and pun
ishment OF polygamy demands the attention of
every department of the Government. This
Territory has a population sufficient to en-
title it to admission as State The general
interests of the nation, as well as the welfare
of tho citizens Of the Territory, require
it's advance from the Territorial form
of Government to the responsibilities
TIL.