Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1879-12-05
TIE PRESIDENTS MESSAGE.
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''''D%'Iett'-'''S q u't N'''"'' d"' i1''>
, q A'P'tSt'ttat'''E
, The members Of the Forty-sixth Con
. gross have assembled in their first rcSu
lar session under circumstances cailm2
, for mutual congratulation and grateful
, acknowledgment to the Glyer OF all Sool
for the large and unusual measure of ma
tiopal prosperity which We now enjoy
The most interesting events which Eav,
occurred in our public affairs since my
last annual Message to Congress are con
, nectel with the financial operations OF thi
Government directly affecting the busi
ness interests of the country. / congrat
ulate Congress on the successful eXccu
tion of the Resumption Act. Al The tmi
fixed and in the manner contemplated by
Law. United StqJes notes began to bc re
deemed in coin. Since the lst of January
last they have been promptly redeemed
on presentation. and in all business
transactions, public and private, i'll al
parts Of the country. they are received
and paid out IS the equivalent Of coin.
The demand upon the Treasury for gold
and silver in exchange for United States
notes has been comparatively small. and
the voluntary deposit of coin and bullion
in exchange for notes has been vely lar-a.
The excess Of the precious metals depos-
itcd or exchanged for United States notes,
over the amount of United States notes
redeemed, Is about $4,000, ,OH0
The resumption ofspecie payments has
been followed by very great revival of
business. With 4 currCuc- 5Juivalent in
value to the money Of the commercial
! world Ws Crp ,arnhlel to plttpg Iil,an an
| equal competition with other NATIONS m
trade and production. Inc increasing
foreign demand Icr Our manufactures
and agricultural products has caused a
large balance oil trade III or favor, which
has been pald IN gold from the lst of July
last 10 Nov. 10, To the amount "l about
S09 eFtoe8. Since the resumption "f
specie payments thorS has also been
market and gratifying. improvement OF
the puplc credit The hondsot the Gov
erhment, bearing only per cent. interest,
nave peeh sold III OF above par, suincleht
IN amount to pay Oh AL OF the national
I deht when was redeclhable under present
laws; Inc amount of interest saved an
( ud'liE hy the process OF retundinS the
/ ,I 4["' 5I'-e, AafGn l. lo"; S Sl4'23hlG;;
iht ponds sD'd We're largely III sIa2 IL
I
AridlilS Tie puoii securities Is mulch
sfya'er 'h'h ever niof'.
Inc amount oi the nAtt'na! dent which
@ NATURES % WITHIN less man two Years ii
S''-, III, ioU, ot N1lch S7H' ',uTt,"od bear
interest al 'he rate "i . per cent, "nl the
balance Is IN bonds bearing per cent.
interest Ii is pelleV9d thtt tIis parl oil
! the pubhc uebt can be refunded ny the
! p
| duc:loA 81 interest Nihch VIII thus lie
Greeted apouI Sll,uo',Vo can De anhn-
| any saved 10 lhe treasury: 10 secure
ti'ls Important reduction ol interest 10 pe
Haid ny 'lie l llte" states, 1afihSr le5lS,
h''l"il Is required WHICH, IL Is hoped. VIII
De provided ny congress during lis pres
"a, session
iHe 'V!ii-51 Hi 81 E"it ~ lIe MINIS 81 'i''
Ihi'ed states during the last hscai year
was Sfo'9oh-SlZ- Inc coinage oi silver
COLLARS since the passage OF the act 1or
mat Purpose, up To Nov. l, lSi9, was
Sio, o,VOo,o ooo, Ci "hlch 81, ,'oo,"4 nave
Deeh lsSu'd from ne l feasufN ana are
now IN cifchiai'n' anu S7.,7"''V3 are
81, sun IN the possession "i tue t"Verhlheht.
Inc pehdency ol proposition lor UNITY
ol action between me thited states
and the Prlnclpli commercial nations
ol Europe, 10 thect permanent
system Tor the eInalItF "l S"Id hlid
silver IN the recognized money oi the
world, leads me to recominenu iAat Con-
gress refrain from new Legislation On the
general subject. Inc great revival ci
trade, internal ana lorclgh, VIII supply,
during the coming year IT'S own lnstrnc-
ilohS, "tileh ma wei ne awaited before
attempting tGrther experimental meas
ufes Wl'h the coinage. iWould. however,
strongly urge upon congress me llAPor-
Iltlce oI aa.horlzlhS tIe necreuf! OF me
treasury 10 suspend the coinage cl sll-
Yer dollars rpon the present legal ratio.
! ne market T;'iue 9l me SILVER dollar he-
,e it,i' Ia -Tss 'iiil 'ie
yiously impracticabie TO maintain them
at par with each other if both are coined
without limit If the cLearer COIN is
forced into circulation IT will if cninaJ
without limit soon become tn. sole
standard of yaIu4 ond fms aef,at tho
desired ohiact which 10 % ,.urrn,c,- of
both gold and silver which shall be Of
enuivolapt volue dollar rar dollar with
the universally recopnizad ,nnuev of tha
world Tho retirement from circulation
Of Tinted States notas with tho conooitv
Of local tendar in ,,riyeta contracts i n
step tn lac tol,en il, n11r nrn,,rass tnUarI
a slfe .,,iI stable currency winch s1ouId
be accented as the policy and Juty If the
Government and the interest and areu-
,it,- ,f flo ,,o,,,le II j. my. 6,,, co,,-
yic+inu tbst tha is.ue al local tender
no,,nr ,uonav bosnJ wholly puou Tho
aufhorifv ami credit of tbe i;.vty,lrant
y.,,,,s.,,, -, .-.y,,.,., ,,,,,.,..,- :; .;.l.,.