Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1879-12-08
THE PRESIDENTS MESSAGE.

Fetloo Citizens of the Senate and House
of Representatives.:
The members of the 46th Congress
lave assembled in their first regular
session under circumstances calling for
mutual congratulation and grateful ac-
to the Giver of all good
for the large and unusual measure OF
national prosperity which we now enjoy. |
RESUMPTION OF SPECIE PAYMENTS.
The most interesting events which
have occurred in our public affairs since
my last annual message to Congress are
with the financial operations
of the government directly affecting the
business interests of the country. l
Congress on the successful
execution of the resumption act. At
the time fixed, and in the manner con-
templated by law, United States notes
began to be redeemed in coin. Since
the lst of January last they have been
promptly 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 equiva-
lent of coin. The demand upon the
treasury for gold and silver in exchange
for United States notes has been COM
paratively small, and the voluntary de-
post of coin and bullion in exchange
for notes has been very large. The -ex-
cess of the precious metals deposited or
-------las.~- -
amount of United States notes redeemed
is about S4O,OOO,OO0.
BUSINESS REVIVAL AND ROUNDING.
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 in gold,
from the lst of July last, to November
* 10 A. o,,o,o4 &c bo,t Q6O OO0 0OO
Since the resumption of specie payments
there has also been marked and graft
flying improvement of the public credit.
The bonds of the government bearing
only four per cent. interest have been
sold at or above par, sufficient in amount
to pay off all the national debt which
was redeemable under present laws.
The amount of interest saved annually
by the process of refunding the debt,
since March l, 1877, is $14, 297,17
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 ma
lures within less than two years is
S795, l21, 700, of which $5OO,OO0,0OC
bear interest at the rate of per cent,
and the balance is in bonds bearing G
per cent. interest. 1t is believed that
this part of the public debt can be re-
funded by the issue of 4 per cent
bonds and hv the reduction of interest
which will thus be effected, about SILL
100000 can be annually saved to the
treasury. To secure this important re-
duction of interest to be paid by the
United States, further legislation is re-
quired, which, it is hoped, will be pro
vided by Congress during its present
session.
POLYGAMY.
The continued deliberate violation by
large number of the prominent and
influential citizens of the territory OF
Utah Of the laws of the United States
for the prosecution and punishment Of
polygamy demands the attention Of
every department of the government
This territory has a population sufficient
to entitle it to admission as state, and
the general interests of the nation, as
we'll as the welfare of the citizens of the
territory, require It's advance from the
territorial form of government to the
responsibilities and privilege of a state
This important change will not. howev.
er. be approved by the country while
the citizens of Utah In very considera.
BILE number uphold practice which is
condemned as crime by the laws of all
civilized communities throughout the
world. The law for the suppression Of
this offense was enacted with great
unanimity by Congress more than IL
years ago, but has renamed until re-
Gently dead letter in the territory o.
Utah, because of the peculiar difficulties
attending its enforcement. The opinion
widely prevailed among the citizens Of
Utah that the law was in contraventior
of the constitutional guarantee of -relig
ious freedom. The supreme court Of
the United States has decided the Law
to be within the legislative power of Con
gress, and binding as rule of actor
for all who reside within the territories
There is no longer any reason for delay
or hesitation in its enforcement. L
should be firmly and effectively execut