Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1879-12-11
Misfellansous. g
PRESIDENTS MESSAGE.

tual congraiuiation and grateful scknowl-
edgrmrnt to the Giver OF all good for the
large aud unusual measure OF National
prosperity which We now enjoy.
The most interesting eveuts which have
occurred tn our public sfairs since my last
annual message to Congress. are connected
with The financial operations OF the Gov
/ ernment directly affecting the business in
/ tere>t- OF the country. congratulate
Congress on the successful execution of
the resumption act.
/ At the time fixed and 10 the manner con-
I templated by law. United States notes be-
/ gan To be redeemed In coin. Since the
{ irst oi January last they have been prompt
/ ly redeemed on presentation. and in all
+ bus,ne., Transactions, public aud private.
~ ail parts OF the country, they are re-
crved and paid out a, the equivalent OF
cuin. The demand upon the treasury for
gold aud silver In exchange for United
States notes has been comparatively small,
and the voluntary deposit OF coin and bull
Hon 10 exchange for notes has been very
large lhc excess Of the precious metals
deposited or exchanged for United States
notes over The amount Of United States
note, redeemed Is about $50. 10000. The
resumption of specie payments has been
followed 10y very great revival OF busi-
ness. With currency equivalent in val
ue to the money OF the commercial world.
we are enabled TO enter upon so equal
competition With other nAtions in trade
aud production. The increasing foreign
demand tor our manufactures aud agticul-
tural products has caused a large balance
of trade In our favor, which mas been paid
In gold. from the first OF july last to No
vember l5 TO the amount of about $50 .0uJ.-
900. Since the resumption of specie pay
mcnts there has also been a marked and
gratifying improvement of The public cred
II. The bonds OF the government bearing
only per cent. interest have been sold at
or above par. sufficient In amount TO pay
of all the national debt which was redeem
able under present laws. The smount OF
Interest saved annually bs the process OF
reiundipg the debt since March ]. 1917. is
sli 29..l7.
The bonds sold were largely in small
sums and the number OF our citizens now
holding the public securities is much great
er thau ever before. The amount Of the
national debt which natures within less
than two years is s1s2, 2,l2l,1o0. OF which
$500 0On. .opO bears interest az the rate OF 3
per cent. aud the balance Is 10 bonds bear
lug TX per cent. Interest. II j. believed
that this part OF the public deb; can be re-
funded by the issue OF four per cent bonds.
aud by the reduction OF in,eres, which
NAs AhI- Uc tAttkt'tl. Attut t4cNtu ullllOL-
of dollars can b~ annually saved 10 the
treasury. To secure this Important re-
duciion Of interes, 10 be paid by the United
States, further Legislation Is required, which
1t Is hoped will be provided by Congress
during - present session.
The coinage OF gold by the muts OF the
United States, during the last fiscal year.
wa, SO $50 sla The coiusge OF silver
dollar, since the passage OF the act for that
purpose. up TO November /. 1879. was 49,
900. $50 oi which Sl2 100 3ii have been is
sued from the treasury, aud are now tn
circulation, aud s32 500. 500 are still to the
possession OF ths government
The pendency Of the proposition for
uu.,y OF sclion between the United States
aud the principal commercial nations Of
Europe TO effect permanent system for
equality OF gold and silver In the recog-
med 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 Il, own Instructions, which may well
De awaited before attempting further ex-
peiImeutal measures with the coinage |
would however strongly urge upon Con-
gress the Importance Of authorizing the
secretary OF the treasury 10 suspend the
collage OF silver dollars upon the present
legal ratio. The market value OF the silver
dollar being uniformly aud largely less
than the market value of the gold dollar IL
j. obviously impracticable 10 maintain
them al par with each other, If both are
coined without limit. Ii the cheaper coin
is forced into circulation II will II coined
without limit, soon become the sole stan
dard of value, aud thus defeat the desired
object, which i currency of both gold
and silver. which shall be Of equivalent
value, dollar for dollar. with the universal
ly recognized money Of the world. The
retirement from circulation Of United
state, notes, with the capacity OF legal
tender IN private contracts, is a step TO be
| taken in cur progress towards a safe and
stable currency, which should be accepted
8. the policy and duty OF the government,
and the interest and security Of the people.
IL Is III, firm conviction that the issue Of
legal tender paper money, based wholly
upon the authority and credit Of the gov
ernment, except In extreme emergency. Is
without 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 individuals, was
not authorized except as q means OF rescu-
ing the country from imminent peril.
4
money for any protrscted period OF time
sfter the accomplishment. Of this purpose,
was no, conte mplated by the iramer OF the
law under which they were issued. They
anticipated the redemption and withdrawal
OF these notes at the earliest practicable
period consistent with the attainment OF
the object for which they were provided.
The policy of the United States, steadily
adhered to from the adoption Of the con-
stitution, 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 of on the return of
peace As rapidly as possible. With this
view and for this purpose IT is recon-
nended that the existing laws for the sc-
cumuation OF q sinking fund sufficient 70
eXtinguish the public debt within limited
period be maintained. Ii any change Of
the objects or rates Of taxation is deemed
necessary by Congress, il Is suggested that
experience has shown that a daty can be
placed on tea and coffee, which will not
enhance the price OF those articles TO the
consumer. and which will add several mil
lions OF dollars annually 10 the treasury.
The continued deliberate violation by q
large number of the prominent and infu-
ential citizens of the Territory Of Utah OF
the laws of the United States for the pros
ecution and punishment Of polygamy de-
mands the attention OF every department
Of the Government. This Territory has 4
population sufficient 10 entitle it TO sdmis-
sion a. a state, aud the general Interests
Of The nation as well IS the welfare Of the
citizens OF the Territory, requires its ad-
vance IRON the territorial form Of govern
nient to the responsibilities and privileges
| OF State This important change will not
| however be approved by the country while
the citizens Of Utah in very considerable
number uphold . practice which is con-
demned as = crime BY the laws Of oil civil
ized communities throughout the world.
The law for the suppression Of this ofense
was enacted with great unanimity by Con-
gress more than seventeen years ago. but
has remained until recently . dead letter
in the Territory of Utah, because OF the pc.
cuiiar difficulties attending its enforce
ment The opinion widely prevailed among
the citizens of Utah that the law was In
contrayention OF the constitutional guar
antee of religious freedom. This objection
| is now removed The Supreme Court Of