Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1879-12-05
PRESIDENTS MESSAGE.


The most Interesting events which have OCCUR
| ed In our public affairs since my lntl annual mes
gage 10 congress are connected vita the llnnnClnl
i operations Of the government directly affecting
4 the business interests Of the country. ] cOngraiu.
/ laic congress ON the successful execution 81 inc
! resumption net. AT tho time fixed nnl IN tho
manner contemplated by law, United STA, ~ notes
| begnn 10 DO redeemed In coin. Since the first ol
Jnnunry last they have been promptly redeemed
on presentation, and In all business transactions,
| public and private In nll pnfta OF the country,
| they afe received and paid out Ms the equivalent
/ of coin. The demand upon the treasury for gold
mud silver In exchange for United States notes has
| been comparatively small and the voluntary de-
| post OF coin and bullion In exchange for notes
| has been very large. The excess Of the precious
/ metals deposited or exchanged for United states
notes over The amount Of United States notes re-
deemed Is about SiOOOlOOo.
RESUMPTION.
/ The resumption OF specie payments hne been
| followed by very great revival OF business.
| With n currency equivalent IN valuG 10 the money
of the commercial world, We are enabled 10 enter
/ upon an equal competition with other nations IN
iradG and production, The increasing foreign de-
mnnd for our manufactures mud agricultural pro,
! ducts has caused large balance Of trade In our
! favor, which has been paid In gold, from the Isl
Of July Inst, 10 November II, TO tho amount of
| about 500 O0,WO Since the resumption Of specie
! payments there Inns also been marked and grail
j flying improvement Of the public credit. Inc
i bonds 81 the government bearing only four per
cent. ntcrcHt have been sold NJ Of above par sui,
j ieirnt In nmonnt 10 pny of all Of the national
/ debt which was redccmnbln under present lhWh.
Tho amount Of interest anvcd annually ny INC
process Of rcfundiug the debt, eince March lSu,
/ IL Sti,2W III. The bonds sold were largely IN
small Gums, md the number OF our citizens now
holding the public securities Il much greater lhln
ever before Tho nmonnt Of the national Iob'
which natures within Ices thnn two years ~ Sl't@,-
| 12i, 100 oi which S5OO0U,UW bear interest ut thc
rate Of five per cent, and the uanee r. IN bonds
bearing six por cent interest. u IL believed NM
this pnr Of the public debt cun be refunded by tho
/ Issue Of four per cent bonds, and by INC rthilc'
tion o interest which VIII thus be effected, about
eleven millions Of dollars can be- annually shycu
/ 10 tho treasury To secure this important rrduc-
/ tlDn Of interest 10 be pnd by the United states,
further Legislation IL required, which, y IL hoped,
VIII be provided BY congress during ~ present
! session
COINAGE.
Tho coinage Of gold by the minis Of the United
States, during tho last fiscal yoar was SiOS6,Ol".
The COnngG Of silver dollars since The passage ni
| the net Tor that purpose, up to November j. lni'
wna SiJ,OOO,S5D, of which Sle,IW,3Il huyo been Is
sued from the TREASURY aud nrc now IN circulation
and 49,, 300 300 still Ia the possession OF mo
government
The pendcncv Of the proposition for unity OF nc.
tion hrtween the United ntrH and tho piinclphl
Commerclnl nations OF Europe, to II 81 u IerHm-
nrnt system for tho equality 81 gold unh SILVER ~
| the recognized money 81 the world, lcndr mo 70
recommend mat congress refrain from htw lcliH,
lalion on tho general subject. Tue Ptcht revival
of trade, internal and Foreign Will supply dlf hS
tho coming year, itB own ms ruGttonH, wnlth may
well ho awaited before attempting further cNpc J.
mental measures with thu coinage. ] woulh,
h ,weyrr, strongly urRa upon couRre tEe import
Rnce OF authorizing tho tecretarY OF the treasury
10 Suspend the coinage OF silver dollars upon lhu
present legal ratio. The market value OF hu sil-
Yer dollar being uniformly aud largely lees IMAM
tho market value OF thn gold doll ~ ~ obvious
ly lmpractlcabc 10 maintain them ~ par WI y
each her VI both arc coined withOnt limit. u
the cheaper coin Ia forced into circulation IL VIII
II cOlnea without limit, soon become tne 500
standard Of value, aud thus defeat lho dcslfch
UhIuc which IL "a currency Of both gold aud ~
yer. which snnl be Of equivalent ynuc, dollar FOR
dollar with tho universally recognized money ~
the world.
RETIREMENT or aREEsnAcHs
Tho retirement from circulation OF United
BintcH notes, with the capacity of tegal-tendcr IN
pr,vae contracts, II ntep ~ ho taken IN our pro
Ercss towards II tnfI aud stable currency whlch
should his accepted as the policy and duly nl Tue
government, and tho interest aud security or tho
people. IL IN my nrm conviction that tho issue OF
leRnl.t0nder paper money based whotly upon lhu
authority and CT dit of tho government except 10
extreme emergency y without warrant IN w
constitution, mud violation nf eonnh lnnnclnl
principles. The issue Of United SlnttA hrtta dnr'
Inn the lato oivil wnr with Tho eapaelly 81 gn-
tender between private inltviduhls was not nu'
th0riZGd except as means OF frscuing tho
country from imminent perll, Tho circulation OF
thrso notes us paper money FOR amy prolrnclcd
period OF time after tho accomplishment ~ TINS
purpose, wna not contemplated Nv the trainers oi
The law under which they were issued They a
tlepalcd the redemption aud withdrawal OF ihcss
notes at the enrliest practicable period conris-
they were provided.
PAYING TnE WAN Drnr.
The policy OF tho United stntes, steadily nd.
hcred TO from tho adopton Of inc constitution,
has been 10 avoid tho creation oi national deDt,
aud when, from necessity In tune of war, debts
have been crested. they have been paid on on Tho
return Of peace rs rapidly M possible. With thia
view, aud 4 this purpose, " IL recommended that
tho existing law, for the accumulation OF sips-
inv fund sufficient to oxttnuuish tho phi lie
debt within = limited period be maintained II
any change of tho objects or rates OF taxation Ia
deemed necessary by congress, IL Ia suggested
that experience has shown thht duty can he
placed ON tea and coflre which will not enhance
The price cf those ARTICLES to tho consumer, and
which vii add several millions of dollars an
nuAlly to the treasury.
FuLYossr,
TIM continued deliberate violation by largo
number ui tho prominent aud Influential cillgrns
o thc territory nf Utnh uf the LAWS of the untui
states Tor ths prosecution ANA punishment uf
pn ygamy demands tho attention III avery depart >
mrht ol tho government. TINS tetrilory has a
population sufficient 10 onthe II IN admission ~
hstato, aud the general interest Of the nation ns
VIII NJ tho welfare OF the cltiaehs of the terti-
tory, require Its advance FROM the territorial form
OF government TO the RESPONSIBILITIES and priv.
ilegrs of a state. rnit important change VIII
npt, however, hr approved ~ the Cnunty whilu
the eltzun- Of Utah III very cons dcrahc number
uphold practice which l. condemned NJ n CrlmO
NY tho laws of all siyll 1nd communities though.
out the world
ths law Tor tho suppression oil ths offence was
enacted with great unanimliN Nv coAvrrss moe
thAn seventeen years ago but has teMainet unhl
recently = dead latter in the territory Of Utah,
because OF the peculiar fcultteS attending ".
| enforcement Tue opinion widely prevailed
among the rltigrnS0 az ltth that the law WAS IN
| ennitayentiuu VI the Cons OutteAa guarantee ol
teli .ous freedom. THIS nhiretisu Ia now teniov-
| I'D. Tho supreme court Of the uaitcd Statet hNi
decided the Jaw to he within tAs lestslAtive power
| " eonRtess, aud bind NJ - u rule uf action tir
| NIL who reside within the territories, There u
| no longer any reason toi delay al hcslta,ion ~
| Its enforcement. II shOuii ne iitmY ana effect
| ,yely exccntca II not sufficiently STRINGENT NJ
i liza PROVISIONS u should be amendrd, snd, IN ALL
| OF the purpose In view, recommend that moe
comprehensive and more WstehinE methods lol
| preventing a. well ~ punlshng this crime y,
/ provided, lf necessary 10 secure aheutrnce tC
tho law, the cn mont and exercise Of the rigtt
mud privileges of cltlxrnshp III the territories al
the Unltcc states may he withheld or Withdrawn
from those who violate VT oppose tue enforcement
oil the law Oh this subject
| kLtCnvE rRlNcuisN.
The elections cf the past wear. though occupied
Only WITH state Offices. have not failed 10 clcii IN
the political discussions which attended them al
over the country, new Nnd decisive cy,denps o.
ths deep interest witch the treat body OF citizen,
take IN the progress " the country towards
more general aud complete establishment, a
| whatever cost, Of universal security and freedom
| IN tho exercise ~ the elective franchise. Mh'lt
many topics OF political concern demand grcst
attention from our people, both in the pphcrc q