Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1879-12-09
TIE PRESIDENTS MESSAGE.


regular session under circumstances call
Ing for mutual congratulations and
grateful acknowledgment TO the Giver of
ali good Tor the large and unusual mea-
sure Of national prosperity which we
now enjoy. The most interesting events
which have occurred IN our public affairs
since my last annual message 10 Con-
greSs are connected with the financial
operations Of the government directly
affecting the business interest of the
country. | congratulate Congress on
the successful execution OF the ReSump-
ton act. At the time fixed and in the
manner contemplated by law, United
States notes began tobe redeemed in coin.
Since The first of January asst they have
been promptly redeemed on presentation
and IN al business transactions, pubic
and private. in all parts of the country,
they are received and paid out rs the
equivalent Of coin. The demand upon
the treasury for gold and silver in eN-
change for United States notes has been
comparatively small. and the voluntary
deposit OF coin bullion IN exchange Tor
notes has been very large. The excess
of the precious metals deposited or eN-
changed for United States notes, over
the amount OF United States notes re-
deemed IS about $4,000 O,O
The resumption Of specie payments
has been followed BY very great re-
vival Of business. With currency
equivalent ia 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 foreign demand for our
manufactures and agricultural products
has caused - large balance OF trade IN
our favor. which has been paid IN gold
from the fr,t'of july last to.Noy. ID to
the amount OF about $50 100000. Since
The resumption OF specie payments
there has q. 50 been marked and graft
fins Improvement OF the public cre0lt.
The bonds OF the government, bearing
only four p,r cent. interest. have been
sold ~ or above par. Suihclcnt IN
amount 90 pay of ali OF the national
debt which WAS rydeemabie under pres
ent laws. The amount of interest saved
annually BY the process of rounding the
debt since March l. 1877. is Sl4,2g7, III
The bonds sold were largelyiin small
sums, and the number Of our citizens
now holding the public securities Is
much greater than ever before.
Theamount Of the natiOnal debt which
natures within less than TWO years Is
S792. l2l. 100. of which $500, oO0. 600 bear
interest at the rate OF hye per cent,
and the balance is in bonds bearing siI
per cent. interest. tits believed that tins
part Of the public debt car be refunded
by the issue Of four per cent bonds.
and by the reduction OF interest which
will thus De effected. about : ll,OOO,OOe
can be annually saved 20 the treasury
To secure this important reduction OF
interest to be paid by the United States
further legislation is required. which
il Is hoped, viii be provided by Con
cress during its present session
The coinage Of gold by the minis o.
the United States during the last hsca.
wear was $40, .9l2. The coinage OF
silver dollars since the passage OF the
act for thst purpose up 70 November l,
1873. was S45. 900. $50. of which $l2. 100
344 have been issued from the treasury
and are now in circulation. and So 800,
zoe are still in the possession Of the gov
eminent. The tendency OF the PROPOSE
ton for unity OF action between the
United States and the principal COM
mercial nations OF Europe, 70 erect
permanent system for the equahty OF
gold and silver IN the recognized money
az the world. leads me TO recommend
tbat Congress refrain from new legisla-
tion on the genera. subject. Tie great
revival of trade, Internal and torelsn,
will supply. during the coming year, It's
own instructions. which may well be
awaited before attempting further eN-
detrimental measures with the coinage i
would. however, strongly, urge upon
Congress the importance Of authorizing
the secretary OF the treasury 70 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
cold dollar. il Is obviously impraCtlcab.e
10 mai tain them az par with each other
ifboth are coined without limit. IL the
chra0er coin j. forced into circulation It
vii. ifcoined without limit. soon be
come the sole standard of value, and
Tins defeat the desired object, which Is
a currency of both gold and silver,
which shall be Of 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 step 10
be taken in our progress toward safe
and stable currency, which should be
accented as the policy and duty Of the
rovernment.aud the interest and security
Of the people. Il is my firm conviction
that the issue Of legal tender paper
money, based wholly upon the author
itv ofthe government. except in extreme
emergency. is without warrant IN the
Constitution and violation OF sound
financial principles. The issue of United
States notes during the late civil war,
with the capacity OF legal tender be-
tween private individVals, was not au-
thOrized, except IS means OF reSculng
thee. untry from imminent peril. Inc
circulation Of these notes rs paper
money for any protracted period OF time
after the ACKNOWLEDGEMENT of this purpose
WAS not contemplated by the trainers
Of the law under which they were
issued. They anticipated the redemp-
ton and withdrawal Of these notes at
the earliest practicable period, consist
ont with the attainment OF the object
for which they were provided. The pol
cyOf the United States, steadily adhered
tofrom the adoption Of the Constitution,
mas been TO avoid the creation of ma
tional debt. and when, from necessity,
in time Of war. debts have been created,
they have been paid of on the return
of peace as rapidly as possible. With
this view, and for this purpose, II is re
commended that the existing laws for
the accumulation of sinking iund
sufficient 10 extinguish the pubic debt
within a limited period be maintained;
II anv change of the objects or. rates OF
taxation is deemed necessary oy Con
gress. it is suggested that experience
has shown that duty can be placed on
tea and coffee, which will not enhance
the price of those articles 70 the con
sumner. and which will add several mil