The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1879-12-06
Hayes Third Annual Message.

have occurred since his last annual mes
sare are connected with the financial oper-
atoms Of the government, and cougratu-
lates Congress upon the successful exeeu-
sion Of tho resumption act. "At the time
Fixed and in the manner contemplated BY
law United States notes began to be TO
deemed in coin, says the message, but if
the financial operations Of tho past year
amount to practical resumption Of specie
payment payment in gold and silver
there is more IN the name than in the
reality. There is no gold in the rural
districts, and often not sufficient notes Of
the smaller denominations for the demands
Of trade; while silver has almost become a
drug, especially the trade dollar, which is
only exchanged at discount. In the
days prior to the time the country was
flooded with greenbaeks, gold was plenti-
ful, and paper could at all times be ex-
changed for gold. Now, a demand for
$1,000 in that coin in exchage for green
backs or national bank notes would swamp
most rural banks. Ifthe demand was made
at the United States Treasury, apart only
would be given in gold-the balance IN
silver; and if large amount was demand
ed gold certificate might be forced to do
duty IN the grand scheme Of resumption.
To this resumption, Mr.. Hayes says, is
due the great revival of busia x Part OF
it may; but more of it is due to the large
surplus crops Of grain and other products
Of the soil which has found demand, at
remuueraiives rates, in foreign markets.
This has brought back into the country
much Of the gold which was drnined from
us during the last eighteen years, aud this
surplus has putt motion our wheels OF
machinery, the products of which have
also found demand in foreign markets.
The balance Of trade with other parts of
the world is largely in our favor, and as
long as this state of affairs continues pros
perity must follow.
The refunding Of the public debt, at a
lower rate of interest, has not only shown
that the people have confidence in the
financial ability of the country, but it is
mainly held at home, and the large ship
meats Of gold TO pay interest on 1t abroad
has ceased.
Money has thus become plenty, and has
sought Investment 10 manufactures and
other industries, and We see general re-
yiyal Of business everywhere; in fact, the
tendency to speculation Is apt to oyerstep
the mark, aud we fear, unless some Of the
volume Of currency is retired, the green
backs, for instance, collapse, similnr to
that of six years ago, will oyertake us,
Mr. Hayes, then, ueed not take to his ad-
ADMINISTRATION so much credit for the general
renewed prosperity of the country Its
resumption policy, supported by Demo
cratic Congress, is not the sole eansc Of
the prosperity, for resumption exists more
in name than in reality.
The amount Of interest saved since the
refundiug of the public debt at four per
cent. begun ia March, 1877, is given at
sl4,297, III, aud the message recon-
mends the refunding of the ST92, l2l 200,
which falls due in about two years hence.
The suspension Of tic coinage Of silver
dollars is urged; also the withdrawal Of
the gresnbacks from circulation. To ac-
eompIish Glic latter, Congress is asked to
continue the laws creating sinking tnnd,
and if any additional taxes arc needed to
provide a saAicient ssm for the rcdemp-
ton Of the notes, tax on tea and coffee
is recommended. Congress will hardly
consent to tax these necessaries which are
consumed 50 largely by the poor, but rather
lop of many Of the useless expenditures
now made and curtail others That would
be better mode TO provide for the re-
demption Of the United States notes; and
if Mr.. Hayes will not interpose bis vetoes,
alnple funds win BIZ provided Eqr oil neces-
sasy expenses Of the general government,
including redemption sinking fund, with
ont any Increase ID the revenues.
Polygamy IS aext treated, but correct
synopsis Of this part vas given last week,
Mr.. Hayes rejoices that The elections Of
the past year have demonstrated that the
people are deeply Interested in the esiab-
lisllme1t Of universal security aud freedom
IN the exeFcise Of the elcetise franchise.
Now, to be consistent, be should give his
assent d laws repeating acts allowing the
presence Of troops At the polls. r. he does
not, this rejoicing Is a mockery. and only
a rejoicing that the negroes are left free
20 exercise the elective franchise, while
the military power is held in reserve to
oycraxe he whites when occasion requires
It to bolster up the totteriDg Radical party.
Civil service reform occupies larger
placs 10 the message than any other sub
jeet Mr. Hayes talks well upon Il, sad
says he has ssrlyen to correct abuses The
country. however, has but little knowledge
Of bis efforts in that disaciion, further thnn
professions; and if he has stsiven to cor
rest abuses be has had no power 70 do i,
for 10 good results are apparent His ad-
mioistration, sike former Radical admin
is.saiioas, has made Office The reward Of
party ssrsiee. He, himself, rewarded with
oiiise nearly all the members Of the South
Carolina, FIoxidz and Louisiana Returning
Boards for iheiF sillsipy in stealing the
olEee ehish he nov oeenpias Not only
thh. tat bis administration has bees lent
10 carrying elections for his party every
where. and ~ and bis cabinet have scarce.
a. oaaIen warm IN they snats sinca their