Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1879-12-05
Presidents Message.

FELLOW CITIZENS OF THE SENATE AND
HOUSE OF REPRESENTATIVES ES:-The MEM
bers of the Forty-sixty Congress have as
sembled in their first regular session I'M
der circumstances calling for mutual con-
graduation and grateful acknowledgement
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 10 Congress are connected
with the financial operations Of the Gov
eminent directly affecting the business in
tereSts of the country. l congratulate
Congress on The successful execution Of the
resumption act. At the time fixed and in
the manner contemplated by law, United
States notes began TO be redeemed in coin.
Since the first of January last they have
been promptly redeemed on presentation,
and in all business traqsactions, 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 United
States notes has been comparatively small,
and the voluntary deposit Of coin and bull
lion IN exchange for notes has been very
large. The excess of the precious metals
deposited or exchanged for United States
notes over the amount of United States
notes redeemed is about $40, 900, OO0
RESUMPTION AND THE BUSINESS EEvIyAL.
The resumption Of specie payments has
been followed by very great revival of
business. With a currency equivalent in
value TO the money Of the commercial
world, we are enabled 10 enter upon an
equal competition with other nations in
trade and production. The increasing for
eign demand for our manufactures and
agricultural products has caused q large
balance of trade in our favor, which has
been paid in gold, from the 1st Of july last
to November 15th, 10 the amount of about
$59, 900, 900. Since the resumption of spe-
Gle payments there has also been a marked
and gratifying improvement of the public
credit. The bonds of the Government
bearing only four per cent interest have
been sold at or above par, sufficient in
amount 10 pay of all of the national debt
which was redeemable under present laws.
The amount of interest saved annually hy
the process Of Tefunding the debt since
March 1st, 4S7T, is $14, ,29L,177. The bonds
sold were largely in small sums, and the
number Of our citizens now holding the
before. The amount Of the National debt
which natures within less than two years
is $792, 121. 700, of which $500. 900, 900 bear
interest at the rate of five per cent, and
the balance is in bonds bearing six 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 be thus
affected, about S11, 900, 900 can be annually
say ed to the Treasury. To secure this i'm
portant reduction of interest 70 be paid by
the United States, further legislation is re-
quired, which, it is hoped, will be provided
by Congress during its present session.
The coinage of gold by the mints 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 November 1st, 1879,
was $45, ,000, $50, of which $12, 200, 344 have
been issued from the Treasury and are now
in circulation, and S32. 800, 500 are still in
possession Of the Government.