Centre Democrat. [volume] (Bellefonte, Pa.) 1848-1989, 1879-12-04
HAYES TO CONGRESS.
AB-rRACr or THE MESSAGE.

ABSTRACT OF THE MESSAGE.
The President congratulates Congress
on the successful execution Of the re.
sumption act. Since the fret of January
| United States notes have been redeem.
ed in coin, but the demand has been
comparatively small, aud the voluntary
/ deposit of coin aud bullion in exchange
for notes has been very large. The ex.
cess OF the precious metals deposited or
/ exchanged for United States notes over
! the amount OF United States notes re.
deemed is about $i0.OOOOOO. The Te.
sumption Of specie payments has been
! followed 10y very great revival OF busi'
ness. 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 in
| trade and production. The increasing
| foreign demand for our manufactures
I and agricultural products has caused a
/ large balance OF trade in our favor,
which has been paid in gold from the
! lst of July last to November -, to the
amount of about $59.OO0,OOD Since the
| resumption of specie payments there
/ has also been a marked aud gratifying
/ improvement Of the public credit. The
( bonds OF the government, bearing only
I per cent. interest, have been sold at
/ or above par, sufficient in amount TO
/ pay of all the national debt which was
T rcdecmable under present laws. The
amount of interest saved Annually 10y
the process of rctundtng the debt since
March !. 1877, il Sli2g7.l77. The
amount Of the national debt which ma.
. lures within lees than two years u S7g2..
/ 2l.7uO. Of which $500 OOO 900 bear IN.
/ tcrcst at the rate OF per cent, and the
balance is IN bonds. bearing per cent.
interest. rs 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 IS w.ll thu. be
/ effected about $ll 10000 can be annu.
/ ally saved To the Treasury. To secure
this important reduction Of intcrc-, to
hc paid hy the United States further
T legislation is required. which. IL e. hoped
viii be provided by Congress during IT.
. present session.
SILVER COINAGE.
The coinage OF gold BY the Mnis Of
/ the United States during the last fiscal
l yea: WAS $iOHs6.gI2. The coinage Of
.
act for that purpose. up to November
/ !. 1879, was $4,000, $50. Of which $I2,.
| zoo 3H have been issued from the
I Treasury and are now in circulation,
and $4,000, JOG are still in the poses.
sion OF the government. The pendency
/ OF the proposition for unity Of action
I between the United States and the
/ principal commercial nations OF Europe.
/ To effect n permanent system for the
equality of gold and silver IN the rec.
ognizcd money of the world, leads me
| to recommend that Congress refrain
from new legislation on the general sub.
( lcct. The great revival Of trade. inter.
/ nal and foreign, will supply, during the
coming year. its own instructions, which
may well be awaited before attempting
[ further experimental measures with the
I coinage. ! would, however, strongly
urge upon Congress the importance OF
authorizing the Secretary of the Treas.
I ury TO suspend the coinage Of silver
dollars upon the present legal ratio.
I The market value of the silver dollar
being uniformly and largely less than
| the market value Of the gold dollar, IL
[ u obviously impractNable. to maintain
( them at par with each other if both are
coined without limit. II the cheaper
coin is forced into circulation il will, IL
I coined without limit, soon become the
/ sole standard Of value, and thus defeat
I the desired object, which is a currency
OF both gold and silver, which shall be
OF equivalent value, dollar for dollar.
with the universally recognized money
OF the world.
RETIRING UNITED STATS MOTIFS.
The retirement from circulation Of
/ United States notes. with the capacity
Of legal tender in private contracts. is a
step to be taken in our progress toward
a safe and stable currency, which should
be accepted as the policy and duty Of
the government and the interest and
security of the people. II Is my firm
conviction that the issue Of legal tender
paper money, based wholly upon the
authority and credit of the government.
except in extreme emergency, is with.
out warrant in the Constitution and a
violation of sound financial principles.
The issue Of United States notes during
the late civil war, with the capacity Of
legal tender between private individ.
uals, was not authorized except as n
means OF rescuinR the country from
imminent peril. The circulation Of
these notes as paper money for any
protracted period Of time after the &C.
complishment OF this purpose was not
contemplated by the trainers of the law
under which they were issued. They
anticipated the redemption and with.
drswal of these notes at the earliest
practicable period consistent with the
attainment Of the object for which they
we're provided. The policy Of tik
United States, steadily adhered to fssm
the adoption of the Constitution, has
been TO avoid the creation of national
debt, and when from necessity, in the
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 IL IL rec.
commended that the existing laws for
| tha accumulation of n air tus, n,nd