Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-12-04

!. ANNUAL | MESSAGE
OF .ss
PRESIDENT R. |. HAYES,
DELIVERED TO CONGRESS DE.
GENDER Let 1879. -
Felo,o, Citisens of the Senate and House Of
Representatives The members of the Forty
sixth Congress have assembled in the first reg
ular session, under circumstances calling Tor
mutual oongratulation and grateful acknowl-
edgment to the giver of all good. for the large
aud universal measure of national prosperity
which We now enjoy. The most interesting
events which have occurred in our public af-
faira aimee m, last annual message to Congress
are connected with tho financial operations of
the government directly affecting the business
interests OF the county 81 &#f
S,.e. TIE RESUMPTION ACT u =
I congratulate Congress on the successful ex-
ecution of the resumption act at the time
fixed and in the manner contemplated by Law.
The notes of the United States began to be re-
deemed in coin since the let of January last,
and they have been promptly redeemed on pre-
sentation ard in business transactions, public
and private, in all parts Of the country. They
are received and paid ont as. the equivalent Of
coin. The demand upon the treasury for
gold and silver in exchange for United States
| notes has been comparatively smaller and
the voluntary deposits of coin and bullion in
exchange for notes have been very large. The
excess of ,prccious metals deposited or ex-
changed for United States notes, over the
amount of United States notes redeemed, is
about $40, 000, 900. The resumption of specie
payment has been followed by q very great re-
vival of business. With q currency equivalent
in value to the money of the commercial world,
we are enabled t. enter upon equal COMPETE
ton with other nations in trade and produc-
tion.S The increasing foreign demand for our
caused large balance of trade in our favor,
which has been paid in gold from the lat of
July last to November Is to the amount of
about $69, O00. 600. -
I. RHruNDINa OPERATIONS.
Since the resumption of specie payments
there has also been a marked and gratifying
Improvement of the public credit. Bonds Of
the government bearing only four per cent. in
terest have been sold at or above par sufficient
in amount to pay. off all the national debt
which was redeemable under the present laws.
| The amount of interest saved annually by the
process of refunding the debt since March l.,
| 1877 is $l4, 297 1T. The bonds sold were
largely in small sums and the Number of our
citizens now holding public securities ia much
greater than ever before.
: The amount of the national debt which ma
lures within less than two years is S792, 12l, =
700, of which $500, 0O0, 900 bear interest at
the rate of five per cent, and the balance is in
| bonds bearing & per cent. interest. It is be-
lieved that this part of the public debt can be
| refunded by the issue G per ct. bonds, and by
the reduction Of interest which will thus be
effected, about $l0.0OO,0O0 can be annually
saved to the treasury. To secure this import
ant reduction of interest to be paid by the
which it is hoped will be provided by Congress
during the present session.
l. GOLD AND SILVER COINAGE.
The coinage Of gold by the mints of theUnit-
ed States during the last fiscal year was $780,
1856, 9l1. The coinage of silver dollars since
the passage of the act for that purpose, report
cd Nov. l, 1879, was $45,00O,S50 of which
$12, ZOO, 344 have been issued from the treasury
and are now in circulation and 2,300, sos are
still in the possession of the government. The
tendency of the proposition for unity of &C
ton before the United States and the principal
commercial nations of Europe to effect a
ppold and silver in tho 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 its own instructions which may
we'll 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 mar
ket value of the silver dollar being uniformly
| and largely less than the market value OF the
gold dollar, it is obviously impracticable to
maintain them at par with each other if both
are coined without limit. If the cheaper coin
! is forced into circulation, it will, if coined
without limit, soon become the sole standard
of value, and thus. defeat the desired object,
which ia a currency of both gold and silver
which shall be of equivalent value, dollar for
dollar, with the universally recognized money
Of the world.
| RETIREMENT OF LEGAL TENDERs.
The retirement from circulation of United
States notes with the capacity of the legal ten.
der In private contracts is step to be taken in
y our progress toward asafe and stable currency
i which should be accepted as the policy of the
government and the interest and security OF
the people of it. 1t ID my firm conviction
that the issue of legal tender money, money
based wholly on the authority and credit of the
4 government, except in extreme emergency, il
4 without warrant in the constitution and VIC
lation 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
| n means for rescuing the country from immi
nent peril The circulation OF these notes fol
. paper money for any protracted period o!
time after the accomplishment OF this rurpose
, was not contemplated by the trainers of the
Law under which they were issued. They an
ticipate the redemption and withdrawal of tho
notes ut the earliest practicable period consist
; ent with the attainment of the object fol
which they were provided. The policy of the
United States steadily adhered to from the
ADOPTION of the constitution has been to avOiC
the creation of q national debt, and when from
necessity in time of war, debts have been Gre
ated. they have been paid off on return Of
peace "a rapidly a. possible. With this view
and for this purpose, it is recommended thai
existing laws for the accumulation Of q sinking
] fund sufficient to extinguish the public debt
within q limited period, be maintained. Il
any change Of the objects or rates of taxation
is deemed necessary by Congress it is suggested
experience has shown, q duty can be placed or
tea and coffee, which will not enhance tn
price of those articles to the consumer, anc
which will add several millions of dollars an
nually to the treasury. g.
M0RM0NIsM.
The continued deliberate violation by O largl
number of prominent and idh1ential citizens o.
the Territory of Utah, of the laws of the United
States for tho prosecution and punishment Of
polygapy, merits the attention of every de
partrnent of the government. This Territor.
has population sufficient to entitle it to ad
mission Is State. This important change
while the citizens of Utah, in very. considers
BILE numbers, uphold practice which ID con
demned az crime by the laws of all civilized
communities throughout the world. The Law
for the suppression of this offense was enacted
with unanimityby Congress more than seventeen
II years ago, but has remained until recently
dead letter In the Territory of Utah because
Of the peculiar difficulties attending its en-
forcement. The opinion widely prevailed
among citizens of Utah that the law was IL
contradiction of the constitutional guaranteed
removed. The supreme court of thu
law to be- within tho legi.latiV,
power Of Congress, binding Is rule Of action
4 for all who reside within the Territories. There
Is NO longer any reason for delay or hesitation
i in it, enforcement. 1t should be firmly and eff
fectuslly executed. If not sufficiently strin
gent in the provisions, it should be amended
and in aid of the purposes in view, recon
/ aSr,na nd hi,ns