Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1879-12-06
PRESIDENT HAYES ANNUAL MES
SAGE.
The Retirement of Greenbacks Ad
Vocated.
schurz' Indian Policy Commended.
Jetttes-Public Fl.
nanccS.

Feilo,u- Citi=e,.s of the Senate and House Of
Representatives:
The members of the FOrty<siXth congress nave
ass.ubIeu In their first regular session under CIR
cuInst.inces calling for mutual congratuiatioh
and grateful acknowledgment to the Giver OF all
good for the large and unusual measure oil ma
IlOpal prosperity which we now ENJOY
The most interesting events which nave oc-
Cured in our public affairs since my last annual
message to congress- are Wl'd iqee,Iy
affecting the business interests oil the country.
congratulate congress on the successiui eXecu
ton of the resumption act AT the time nMed @
and in the manner contemplated by law, United
States notes began to be redeemed In coin. since
the first OF January last they have Deen proiipt-
Iy redeemed on presentation, and III all business
transactions, public and private, IN ail parts Oh
the country. they are received anu paiu Out hs
the equivalent Of com @ Inc afman m apo far far
United States notes has been comparatively
small, and the voluntary deposit oi coin and
bullion in exchange TOR notes mas ncen very c
large The excess Of the precious Metals ac-
posted or exchanged for United States notes
over the n uount OF United states notes redeem
ed is about $40, 600 ,OU.
The resumption OF specie payments has been
followed by q very great revival ot business
With u currency equivalent in value to the mon
ey OF the commercial world, We are enabled u
enter upon AN equal competition with other ma
Tons in trade and production. The INCREASING
foreign demand for our manufactures ana agri-
cultural products has caused large balance Ol
trade in our iuvor, which has been paid IN goln
from the lst of July last to November TO th'
amount OF about $50, 600. .OOO. since the tesuihp
| ton OF specie payments there has also Deen Il
marked and gratifying Improvement OF the pup
lie credit The bonds of the government Deafih.
only four per cent. interes have been sold at O
| abH,e e par sufficient in amount to pay oil all o
| the national debt which was red ENABLE unde
| present laws The amount of interest saved an
| nu,lly by the process OF refundln. the debt
| since March /, is17, is Sl4. .297 III. The bond
| sold were largely in Small sums, and the nu IA
| b.r of our citizens now holding the public seCu
| rites is much gaeater than ever before. IN
.Inoun Mt of the n;,ti6 nal debt which natures with
* two years is 1892, l2i 200, Of which S5o6, ,ooO
OOU bear interest ut the rate OF per cent, am
| the balance is in bonds bearing g per cent. IN
terest. 1t Is believed that this part OF the pup J
| debt can be refunded by the issue OF per cent
bonds. and by the reduction OF intetss! o"a WnG a
| which Will thus be effected, about Sll OOe, W
| can be annually saved To the treasury 10 sscui
| this important r, duction "a interest TO oe pai
by the United State, fu ther Legislation Is re
qnired, which, 1t is hop d, will be provided b.
congress during the present session.
The coinage OF gpi" Jy tue mints OF the Unite
yr, ...~.v.nage of silver dollars. since the pas
sage o the act Tor that purpose. up to Novenhe
|, ls73. was SI5, 900, $50. oil which sl2, 100 IA
have been ISSUED from the treasury, anu are no,
In circulation, and S32 ,30j. 500 are still In III
possession OF the governmedt:
The pendeRcy OF the proposition Tor unity
! action between the United States and the prli
cipai commercial nations OF Europe, To elect
permanent system for the equality oil gold AN
! silver in the recognized money OF the world
leads me to recommend that congress refr;ii
| from new legislation on the general subject
The great revival of trade, internal and foreign
will supply, durilS the coming year, ITS ow
instructions, which may well be awaited befoi
attempting further experimental measures VIII
the coinage. would, h"wcver, stronsiS urS
upon congress the Importance OF authorizing II
secretary OF the treasury To suspend the coini.t
of silver dollars upon the present legal rate
The market value of the silver dollar being un
formly and largely less than the market value
the gold dollar, it is obviously iInpracticable
ma ntain them at par with each other II BON
8 coined withou; limit If the cheaper coin
forced into cir culatIon II viii, if coined wltho
! limit, soon become the sue standard of vaiu
aud thus defeat the desired object, which is
= currency of both gold and silver, wiich shall
I | of equivalent value, dollar for dollar. with
universally recognized money of the world.