The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1879-12-04
Presidents MESSAGE.


The renters 81 the Forty-sixthrOongres
have assembled in ,thelr first ree1Ilaf session
under circumstances calling for mutual con-
grstulafions and grateful ACKNOWLEDGEMENT to
the Giver of all good for the large and un-
usual measure OF National PROSPERITY which
we now enjoy The. most interesting events
which have occurred in our public affairs
since my last annual message 10 Congress are
connected WITH the hnancfal operations of ts,e
Government directly affecting the bust
ness interest," Of lIthe' country - --con-
graduate Congress onAfhe Successful execu-
ton of the Resumption act. Attic time fixed.
and in the manner contemplated by law United
states notes began to be redeemed in coin.
Since the LIST of January last they have been
promptly redeemed on presentation. and in ali
cuisines traHactfoRs puiDh and private, IN All
parts Of the eotntry, they are receiYed and
mar1d upon the Treasury for gold ard silytr I'M
exchange for United States notes has been
comparatively small, and the voluntary de-
Poeit OF coin and bullion in exchange for notes
has been very large The excess of the pre-
ctous metals deposited or exchanged forUnfte
states notes over the amountof UIAted States
notes redeemed is about $40s00Q,Oe0. 4 a
The resumption of specie payments has been
followed 10y very great revival Of business.
With currency equivalent in value TO the
money Of the commercial world, we are enar
bled TO enter upon an equal competition with,
other nations in trade and production. Tho
increasing foreign demand for our manufac-
lures and agricultural products has caused a
large balance Of trade in our favor, which has
been paid in gold, from the LIST of July last to
November 10, to the amount of about $59,O00,-
vo0 since the resumption of specie payments
proYement of the public credit. The bonds of
the Government bearing only per cent. inter
est have sold at or g5oye par, sltic lent in
which was redeemable under the present
laws, The amount of interest saved annually
by the process of refunding the debt since
March j, 1871, lis $Ihs87, I77.F The bonds sold
were largely in small sums, and the number
OF cur citizens now holding the public securf-
ties is much greater than ever before. The
amount of the National debt, which natures
in less than two years, is SI92 III 200 of which
&SOv0OQN00 bear inteFesr at the rate yof ave
per cent., and the balance is in bonds heaffng
per cent. interest. 1t is believed that this part
of the public debt can be refunded
by the issue of four per cent, bonds and
by the reduction of interest which will thus
be effected about Sll, 600 can be annually
saved to the Treasury. To secure this impor-
tsnt reductfon of interest to be paid by the
SSeh Il IS hoped od vii be pf5Fed
during its present session. The coinage of
gold By ne mints Of the gnitea ed States during
Inc coinage OF SILVER dollars Since the passage
of the act for that purpose up to November 1,
1879, was $45,0O0,S50, of which 2,70O,344 have
circulation, and Sc, S0.596 are still in lepos-
session of the Government. The tendency OF
the proposition for unity of action between the
nations Of Europe TO effect permanent
system for the equality of gold and silver
in the recognized money of the world,
leads me 70 recommend That Congress
.ref raiufrom any new lcgislatioGI ont TIN geI-
aergtsubfect.4Ti gretft reViValAOf strsie, in
ternal and foreign, will supply during the
coming year its own instructions, which may
well be awaited before attempting further eX-
perimental measures with the coinage.
would, however strongly urge upon Congress
the importance Of authorizing the Secretary
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
tffH The market value of the gold dollar,ft
is ob%iously iInpracticable TO maintain
them al par with each other if both are coined
without limit. If the cheaper coin is forced
into circulation 1t viii, If coined without limit,
soon become the sole standard of value, and
thus defeat the desired object, which is a cur
rcncy of both gold and silver, which shall be Of
equivalent value, dollar for dollar, with the
universally cogf1ized money OF the world
s 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 safe and stable currency
which should be accepted rs the policy and
duty of the Government and the interest and
security of the people. II is my firm
conviction that the issue of the legal-tender
paper money, based wholly upon the autbOri-
~ and credit of the Government, except in
! extreme emergency, is without warrant in the
Constitution, and a violation of sound finan-
cial principles The issue of United States
notes during the late civil war, with the ca
pacity of legal tender between private iudi-
Niduals, was not authorized 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 after the ae-
complishment of this purpose was not cOntem-
plated by the trainers of the laws under which
they were issued. They anticipated the re-
demptiOn and withdrawal of these notes ut
the earliest practicable period consistent
with the attainment of the object for which
they were provided. The policy of the Unit
ed States steadily adhered to from the adOp-
ton of the Constitution has been to avoid the
creation Of a National debt, and when, from
necessity, in time of war, debts have
been created, they have been paid of on the
With this view, and for this pur-
pose, it - recommended that the existing
laws Tor cie Accumulation OF G sinking fund
sufficient to extinguish the public debt within
a limited period be maintained. If any change
of the objects or rates Of taxation isdeemed
necessary by Congress, it is suggested that ex-
. perience has shown thar a duty can be placed
on tea and coffee which win not enhance the
price Of those ARTICLES to the consumer, and
which vii! add several millions of dollars an
THE SUPPRESSION OF PoLYaAMr. .r,.T
The continued deliberate violation by large
number of the prominent and influential citi-
zens of the Territory Of Utah of the laws of
the United States for the prosecution and pun
ishment of polygamy merits the attention J
ol every department OF the government Inns
Territory has a population sufficient to entHle
il to admission as a State. The general \
interests Of The, Nation, as well = MS
ritory, require its advance from the
Territorial form of government to the respon-
sibilities and privileges of State. This inn
portant change will not, however, be approved
by the country while the citizens of Utah, in
very considerable numbers, uphold practice
which is condemned as a crime by the laws of
all civilized communities throughout thei
world. The law for the suppression of this
offense was enacted with great unaninitY by
Congress more than seventeen years ago. hut
has remained until recently dead letter in
the Territory of Utah because of the peculiar
, difficulties attending rs Enforcement. The
opinion widely prevailed among the citizens of
Utah tint the law was IN CONTAMINATION OF the
Constr ttfonal guarantee of religious freedom.
This objection is now removed The Stl-
preme Court OF the United States has decided4
the law to be within the legislative power of
Congress, and binding, as a rule of action, for
all who resided within the Territories. There
is no longer any reason for delay or hesitation
in its enforcement. 1t should be firmly and
effectively executed. If not sufficiently
stringent in its provisions, it should be
amended; and, in aid of the purpose
in view, | recommend that more COM
prehensiye and more searching methods for
provided. II necessary 10 secure Obedience 70
the law, the enjoyment and exercise of the
territories Of The United states may be with.
held or withdrawn from those who violate or
oppose the enforcement Of the llw onf sub
ject. Theelections of the past wear, though
occupied only with State offices. have not
failed TO elicit in the political discussions
which attended them all over the county 4
new ana decisive evidence OF the ocep interest
which the great body of citizens take in the /
progress of the country toward a more gem
eral and complete establishment, nj what
ever cost, Of universal security. and free \
dom in the exercise of the elective franchise.
While many topics Of political csncerB demand
great attention from our people, both in the !
sphere of National and State authority. find
no reason to qualify the opinion L expressed
In INV last annual message, that no temporary 1
or administrative interests of Government,
howeverurgent or weighty. Will ever destroy
i ~, IL lgfa.v 81
primary rights of citizenship, and that the
power of public opinion will override all ]