Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1879-12-05
HAYES MESSAGE.

E|lo~ Citizens Of The Senate and House of Rep
rCwnfdtirfs: the members of the forty ixth
congress have assembled in their first regular
session under circumstances calling for mIItlI-
al congrat uatiOnS and grateful ackHoWedg
meni to the Givcr of all good for the large and
unusual metsure OF national prosperity which
We now enjoy,
NNrIONAL'F FINANCES.
The most important events which have Oc-
CURED IN our public affairs since my last an
nual message to congress are connected with
the financial operations of the government, di-
rectly affecting the business interests of the
country. | congratulate congress on the sue
rcsSiu execution of the resumption act. At
the time fixed and the manner contemplated
hy law l. :. notes began to be redeemed ia
coin. since the first of January last tht have
been promptly redeemed on prcsentatio and
in all business transactions, pubic and private,
in all parts of the country they are received
and paid on. as the equivalent of coin. The
demand upon the treasury for gold and silver
in exchange for u. :. notes has been compa'a-
lively s,na,l 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 L. $. notes over
the amount Of L, 5, notes redeemed is about
SiO0nl0O.
The resumption of specie payments has
been followed 10y very great revival of bhs-
ness. With 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.
turcs and agricultural products has caused
a2arge balance of trade in our favor. which
ha, been paid In gold from the LIST of July last
TO November 18th, To the amount of about
S1aom0N. Since the resumption OF specie
payments there has been u marked and graft
lying Improvement of tho 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 OH that part OF
the national debt which was redcomabie under
present laws The amount or Interest saved
annually by the process Of retunding the debt
since March I, 1871 Sli,@',ll71; The bond.
were largely in small sums and the number of
our citizens now holding the public securities
much greater than ever before.
The amount OF the national debt which ma
tureS Wiain less than two years Is $'.9, i2i 40,
of which $NW,MO,oW bears interest at the rate
of five per cent. 1t Is believed that this part
sic M of ft FOUR ter Tv cent bonds and by the red reduS
tion of Interest which will thus effected, about
Sll@o.HO can he annually saved to the treas.
ury, +, secure this important reduction of
interest To be paid by the United States, fur
thcr legislation Is requii ed which 1t Is hoped
will be provided by congress during rs present
session.
The coinage of gold by the mn.s of tho
United States dur ng the last fiscal year was
$o19Si,9l2 The coinage OF silver dollars since
Nov. |, lSia, was Si5,0OsA), of which Sl2,9W,-
"a, have been issued from the treasury and are
now in circulation, and 81. 3W,056 are still In
the possession of tho government.
The pendency of the proposition for unity of
action between the Uni ted States and the
principal commercial nations of Europe to ei-
feet permanent system for the euut ity of
gold anl silver as the recognized money of
the world. leads me to recommend that con-
grcSS rcfcain from new legislation on he gem
cral subject. The great revival of trade, in
tcrnal and foreign. will supply during the COM
ing year its own instructions, which may we'll
be awaited before attempting further expert
mental NJ. assures with the coinage.
would, however, strongly urge upon cong
rCSS the Importance OF authorizing the secre-
tary of the treasury to suspend the coinage of
silver dollars upon the present legal ratio
The market value of the silver dollar being
uniformly and largely less than the market
value of the gold dollar, 1t is obviously i'm
practicable to maintain them at par with each
other If both are coined without limit. IL
the cheaper coin is forced into circulation, IL
will ii coined without limit soon become the
4 sole standard Of value, and thus defeat the de-
s,SsS fsS object, which Is the currency OF both
yMes dollar for dollar, with the universally
recognized money of the world. The retire
ment from circulation Of United States notes
with capacity of legal tender in private con-
tracts is a step to he taken in our progress to:
ward safe and stable currency which should
ernm"nt and this interest and security of the
people 1t is my firm conviction that the issue
ol legal tender paper money based wholly
upon the authority and credit of the govern
mrnt. except in extreme urgency. Is without
warranty of the constitution and Violation
Of sound financial principles. The issue OF
nitcd States notes during the late civil war,
with the capacity of legal tender between pri
vatc individuals, was unauthorized except as a
means Of rescuing the country from Imminent
peril. The circulation Of these notes as paper
money for any protracted period of time aitci
the accomplishment of this purpose was not
contemplated by the trainers of the law under
which they were issued. They anticipated the
redemption and withdrawal of these notes II,
the earliest practicable period consi i.tent viii
the attainment of the object for which the,
We're provided. The policy of the United states
steadily adhered to from the adoption of thu
constitution, has been to avoid the creation %
national debt, and when, from necessity in thu
time of war. debts have been created the!
have been paid of on the return of peace "a
'apidly IA possible. With this view and 70
purpose it Is recommended that the exist
laws for accumulation of "A sinking fun'
Ircieut IL eXtnguish the public debt withii
limited period he maintained If any chang
81 the hieCts or rate. of taxation Il decmc
Necessary 10y congress IL is suggested that cX
perience has shown thai Il duty can he place
un Tea and coffee, which will not enhance til
price of those articles to the consumer an
VII add several millions OF dollars annually 1
The treasury.
THE SUPPRESSION OF POLYGANY.
The continued aud deliberate violation by
Etf.e nliiber OF the prominent and lnfuentii
'ltiAcns OF the territory of Utah, of the Law
- tie United States. for the prosecution an
punishment of poygamy, demands the after
"i every department of the governtnen
| territory has IA population sufficient 10 81
go u IL admission AS u state, and the gcner
interest of the nation aud territory requii