The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-12-02
';pssESIDEN rs u 5
ss,,o,,. ii,isens q al ls.aad Hoass Of
81 REPRESENTATIVES. ;agsssSs s.s

~, : s,,,hers q, the Forsy-ssxth Congress-
hava nsssrntfeIi Siitheifs slrst 21llar session.
m ma, circf,usstances calling Tor nutusl con.
araIniafion aud sgFaselut aekno agment
e, fhe Giyerpf all good for the large ana
unusual Measure Of nationoi prosperity
Iyhich we now END ~ -: slfS
The uaoss interesting events which have
occurred In our public affatrs since my las:
annual aacssage TO Congress are coehecte0
with tie financial operations Of the Govern
nent directly affecting TIE business lnter-
| csts of the country. congratntate Son'
rress ON the successful execution OF the re.
Sumption act. As the tune fixed ana IN tue
manner contemplated by law United STATES
notes began to be redeemed in coin. since
the frat Oh January last they have Deen
promptly redeemed On presentation, ana IN
| an business transactions, public anu prl-
catn. in Mi parts OF the country, tney are
received and paid out as the equisaient OF
coin, The demand upon the treasury 10.
gold and silver In exchange lot Onitsu
States potes has been comparatively SMALL
and the voluntary deposit OF colt, ana Dur
1 lion In exchange for notes has. been very
large. The excess OF the precious metals
deposited or exchanged for ontted States
notes over the amount OF United STATES noees
redeemed is about $4,000, 600.
The resumption of specie-payments has
been followed by3a very great revival Cd
business. With curl ncy equivalent IN
value to the money OF the commercial
world, we are enabled to enter upon an
equal competition with other nations 10
! trade and production. The increasing Ior,
leisn demand for our manufactures ana
agricultural products has caused large
l ;f,pn
heen paid in gold, from the 1st OF July last
IN November 18th, to the amount OF about
S59 600. 600. Since the resumption OF sDe-
cie.naymepLs there has also been marked
and gratifying improvement OF the public
credit. The bonds of the Government
hearing ONLY per cent. interest have been
sold at or above par sufficient in amount TO
nav off all of the national debt which was
redeemable under present laws. The
amount OF interest saved annually by tbe
process of rounding the debt since March /,
| 1877. is Sl4297,177. 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 within
less than two years is S792, 121, 700, OF which
$500 900, 900 bear interest ut the rate OF 5
ner cent, and the balance is in bonds bear
| ing g Der cent. interest. 1t Is believed that
this part Of the public debt can be refunded
by the issue of 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 interest
Ito be paid by the United States further ie-
gislation is required, which, it is hoped, will
| be provided 10y Congress during its present
session.
The coinage OF gold by the minis Of the
| United States during the last fiscal year was
$40, 1856. 912. The coinage of silver dollars
since the passage OF the act for that purpose
up to November l, 1879, was S45,000,S $50. OF
which SI2,7OO,344 have been issued from
the Treasury and are now in circulation,
and S32, 3O0,5C are still in the possession Of
the Government.
The tendency of the proposition for
unity of action between the United States
and the principal commercial nations of
Europe to effect permanent system for the
eoualitvof 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 instruc-
tions, which may we'll be awaited before at
| tempting further experimental measures
with the coinage. would, however,
strongly urge upon Congress the import
ance of authorizing the Secretary OF the
| Treasury to suspend the coinage OF silver
dollars upon present legal ratio. The
market value ofathe silver dollar being uni
| formly and largely less than the market
value Of The gold dollar, it is obviously i'm
practicable to maintain them at par with
each other If both are coined without limit.
II the cheaper coin is forced into circula.
ton it will, il coined without limit, soon
become the sole standard of value, and thus
| defeat the desired object, which is cur
rencv OF both gold and silver, which shall
be OF equivalent value, dollar for dollar,
with the universally recognized money OF
the world. ..,.
The retirement from circulation OF United
States notes, with the capacity OF legal
tender in private contracts, is step to be
taken in our progress towards safc and
4 stable currency, which should be accepted
/ as the policy and duty of the Government,
ard the interest and security OF the people.
i It is my firm conviction that the issue OF
! Iegal-tender paper-money based wholly
upon the authority and credit Of the Gov
eminent, except in eXtreme emergency, is
without warrant in the Constitution, and q
violation Of sound financial principles. The
issue OF United States notes during the late
civil war with the capacity Of legal tender
between private individuals was not au-
thorized except as means OF resculng the
country from imminent peril. the clrcu-
lation OF these notes as paper-money, Tor
any protracted period Of time after the ac-
compishment OF this purpose, was not con-
terminated BIZ the trainers OF the law under
which they were issued. They anticipated
the redemption and withdrawal Of these
notes at the earliest practicable period con-
sistent with the attainment of the object
for which they were provided. ~ s.,.
The policy OF the United States, steadily
adhered to from the adoption OF the Cousti.
tuition, has been to avoid the creation of q
national debt, and when, from necessity in
time OF war, debts have been created, they
have been paid off on the return of peace
as rapidly as possible. With this view, and
for this purpose, it is recommended that the
existing laws for the accumulation Of a
sinking fund sufficient to eXtingush the
public debt within limited period be main.
, tanned. II any change Of the objects OF
rates Of taxation is deemed necessary by
Congress it is suggested that experience ha;
shown that duty can be placed on tea and
coffee, which will not enhance the price oil
those articles to the consumer, and whict
, will add several millions Of dollars annually
, to the Treasury.
The continued deliberate violation by
large number Of the prominent and 5infu
: entail citizens Of the Territory OF Utah O
; 1.-THE laws or the United States for the prose
!, cation and punishment OF polygamy de