Connecticut western news., 1879-12-03
The Message es

The Message.
 The Presidents message was submitted to Congress at the opening of the session, last Monday. It is of about the ordinary length and interest of such documents It commenc- ca with the financial question, and as this IS the most interesting topic and the only portion of the message perhaps that will be generally read, we give most of what the President says about it in his own language:
 The members of the Forty-sixth Congress have assembled in their first regular session under circumstances calling for mutual con- gratulations and grateful acknowledge cement to the Giver of all good for the large and unusual measure of national prosperity which we now enjoy. The most interesting events which have occurred in our public affairs since my last annual Message to Congress are connect ed with the financial operations of the Gov ernment directly affecting the business inter- ests of the country. l congratulate congress on the successful execution of the Resumption act At the time fixed and in the manner con- templated by law, United States notes began to be redeemed in coin. Since the 1st of Jan- nary last they have been promptly redeemed on presentation, and in all business transac- tions, public and private, in all parts of the country, they are received and paid out as the equivalent of coin. The demand upon the Treasury for gold and silver in exchange for
 
 small, and the voluntary deposit of coin and bullion in exchange for notes has been very large. The excess of the precious metals de- posited or exchanged for United States notes, over the amount of United States notes re. deemed, is about $40 100000.
 The resumption of specie payments has been followed by very great revival of business. With currency equivalent in value to the money of the commercial world, we are en- abled to enter upon an equal competition with oAb int @ md nrO6nntjOn increasing foreign demand for our manufac- lures and agricultural products has caused 6 large balance of trade in our favor, which has been paid in gold from the 1st of July last to Nov. l5, to the amount of about $59, 900 ,000 Since the resumption of specie payments there has also been marked and gratifying improve ment of the public credit. The bonds of the Government, bearing only per cent. interest, amount to pay of all of the national debt which was redeemable under present laws. The amount of interest saved annually by the process of refunding the debt since March 1, 1877, ist$14, ,297, TIT. The bonds sold were largely in small sums, and the number of our citizens now holding the public securities is much greater than ever before. The coinage of gold by the hints of the United States during the last fiscal year was $40, ,986,- 912. The coinage of silver dollars since the passage of the act for that purpose, up to Nov. 1, 1878, was $45, 900, ,850 of which $12, 700, ,344 have been issued from the Treasury and are now in circulation, and $32 300, 5O6 are still in the possession of the Government. The pen dency of the proposition for unity of action be- tween the United States and the principal com mercial nations of Europe, to effect & perma- 1nent system for the equality of gold and silver in the recognized 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, it's own instructions, which may well be awaited before attempting further experimental measures with the coinage. would, however, strongly urge upon Congress the importance ofauthor. izing 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 than the market value of the gold dollar, it is ob- viously impracticable to maintain them at pal E with each other if both are coined without limit. If the cheaper coin is forced into cir culation it will, if coined without limit, soon become the sole standard of value, and thus defeat the desired object, which is currency of both gold and silver, which shall be o1 equivalent value, dollar for dollar, with the universally recognized money of the world The retirement from circulation Of United -- States notes with the capacity of legal tender in private contracts, is a step to be taken ir cur progress toward safe and stable cur. rency, which should be accepted as the policy and duty of the Government, and the interest and security of the people. It is my firm con vietion that the issue of legal tender paper money, based wholly upon the authority and credit of the Government, except in extreme emergency, is without warrant in the Constl tution and violation of sound financial prin ciples. The issue of United States notes dur ing the late civil war, with the capacity oi legal tender between private individuals, waf not authorized except as 8 means of rescuine the country from imminent peril. The circu' 1ation of these notes as paper money for any protracted period of time after the accomplish ment of this purpose was not contemplated by the framers of the law under which they were issued. They anticipated the redemption and withdrawal of these notes at the earliest prac, ticabls period, consistent with the attainment of the object for which they were provided The policy of the United States, steadily ad. hered to from the adoption of the Constitution has been to avoid the creation of national debt, and when from necessity, in the time O war, debts have been created, they have been paid of on the return of peace as rapidly af E. possible. With this view, and for this pur pose it is recommended that the existing laws for the accumulation of 8 sinking fund sufficient to extinguish the public debt within . limited period be maintained. If any change 2 of the objects or rates of taxation is deemed necessary by Congress, it is suggested that ex perience has shown that duty can be placed ; on tea and coffee which will not enhance tht s1 price of those articles to the consumer, ant which will add several millions of dollars an nuslly to the Treasury.
 The President then refers to the violation O the laws against polygamy and says that thu Supreme Court has decided them to be con stitutional and they should be enforced. Hi remarks about the late election are somewha Of an enigma, but the substance of them ii supposed to be that they resulted in favor o the President and against Congress. Th' topic that occupies the most space IS Civil ser vice Reform. Here is perhaps where the jok' comes in. Our foreign relations continue peaceful It is qualification that the raids o1 the Rio Grande have almost ceased. Alasks needs court to try assaults, robberies, mur ders, etc., and bill will be submitted. Th' receipts over expenditures for the year ending 30th of last June were about $7, ,000, 900. Tht army should be recruited to the maximum O 25,OOO men. The marshals have done theil duty nobly, notwithstanding Congress refused to make an appropriation for their pay; tht appropriation should now be made. The bus mess of the Supreme Court is largely in arreal and ha approves of plan of the Attorny Gen eral to provide for ten additional circuit judg es and an intermediate court of errors anG appeals. He thinks the Indian policy is work ing we'll, and all questions will be satisfactorily ! settled He recommends that Indians be given title in fee to lands. The deportmen of agriculture and bureau of education need appropriations the national literature should be encouraged and perpetuated by the cree tion of . new library building; Washington m monument should be speedily completed, and . generous policy should be adopted toward She District of Columbia.