The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-12-01
Ftl!o'r- Citizens Of The Scaate and Kowe Of
RepTeSe1lidtircS:

Felo'T- Citizens Of the ScaaIe and KOwe Of
Representatives.:
The members OF the Forty.sixth Con-
gress have assembled in their first regular
session under circumstances calling for mu.
tual congratulation and grateful acknowl.
edgment to the Giver OF all good for the
large and unusual measure OF National
prosperity which we now enjoy.
The most interesting events which have
occurred in our public affairs since my last
annual message TO Congress are connected
with the financial operations OF the Gov
ernment directly affecting the business in
teTests OF the country. congratulate
Congress on the successful execution Of
the resumption act, At the time fixed and
in the manner contemplated by law, Uni
ted States notes began to be redeemed in
coin. Since the first OF January last they
have been promptly redeemed on presen-
tation, 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 ex-
change 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 ex-
changed for United States notes over the
amount OF United States notes redeemed
is about S40,OO0,OOO.
The resumption OF specie payments has
been followed bya very great revival 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
trade and production. The increas-
ing demand Tor foreign manufac.
lures and agricultural products has
caused large balance OF trade in our
favor, which has been paid in gold, from
the first OF July last, to November 10, to
the amount Of about $590O0,0O0. Since
the resumption OF specie payments there
has also been a marked and gratifying i'm
provement 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
of all OF the national debt which was re.
deemable under present laws. The amount
OF interest saved annually by the process
OF retunding the debt, since March ], 1877,
is Sl4,297,l III. The bonds sold were
largely in small sums, and the number OF
our citizens now holding the public secu.
rites is much greater than ever before.
The amount OF the National debt which
natures within less than two years is
S792, ~, 100, OF which $500, 100000 bear
interest at the rate OF five per cent, and
the balance is in bonds bearing six per
cent interest. 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, about eleven millions OF dollars
can be annually saved to the Treasury.
To secure this important reduction OF in.
terest to be paid by the United States,
further legislation is required, which, it is
hoped, will be provided by Congress dur
ing It's present session.
The coinage otgold by the mints Of the
United States, during the last fiscal year
was S40,9S6,0l2. The coinage OF silver
dollars, since the passage Of the act for
that purpose, up to November !, 1879, was
$45, 900, $50, OF which ST., 100, ,344 have been
issued from the Treasury and are now in
circulation, and $50, 800 500 are still in pos
session Of the government.
The pendenCy OF the proposition for
unity OF action between the United States
and the principal commercial nations Of
Europe, TO effect permanent 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, internal and
foreign, will supply, during the coming
year, its own instructions, which may well
be awaited before attempting further ex-
perimental measures with the coinage. l
would, however, strongly urge upon Con.
gress the importance Of authorizing the
Secretary OF the Treasury TO suspend the
coinage oisilver dollars upon the present
legal ratio. The market value OF the sill.
yer dollar being uniformly and largel ly less
than the market value Of the gold dollar,
it is obviously impraCticable to maintain
them at par with each other II both are
coined without limit. II the cheaper coin
is forced into circulation it will, II coined
without limit, soon become the sole stand
ard Of value, aud thus defeat the desire d
object, which Is currency OF both gold
and silver, which shall be OF equivalent
value, dollar for dollar, with the uniyer.
sally recognized money Of the world.
EsrIREMESr OF dREENBACKs,
The retirement from circulation of Uni.
ted States notes, with the capacity OF legal
tender in private contracts, is a step 10 bC
taken in our progress towards sale ant
stable currency, which should be accepted
as the policy and duty Of the government
and the interest and security OF the peo
pie. Itis my firm conviction that the Is
sue Of legal tender paper money baset
wholly upon the authority aud credit o
the government, except in extreme emer
genCy, Is without warrant In the constitu
J ton, and q violation OF sound hnancia
Inrincinles ThA iRsna nj TTuitad State