The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1879-12-10
TIE PRESIDENTS MESSAGE.
Fsllow-citizrns OF the Senate and House
of Representatives:

lQe members Oh Lue EOTGy-SlAtl
Congress have assembled in their frs
regular session under circumstances call
ing for mutual congratulations an,
grateful acknowledgment to the Giver o
all good for the large and unusual mea
sure of national prosperity which W
now enjoy. The most interesting event
which have occurred in our public affair
since my last annual message to Con
gress are connected with the financia
operations of the government directl.
affecting the business interest of tn
country. I congratulate Congress OF
the successful, execution of the Resump
ton act. At the time fixed and in tn
manner contemplated by law, United
States notes began toberedeemed IN coin
Since the first of January last they hav'
been promptly redeemed on presentation
and in all business transactions, public
and private, in all parts of the country
they are received and paid out as tn
equivalent of coin. The demand upoI
tile treasury for gold and silver in ex
change for United States notes has beer
comparatively small, and the voluntar.
deposit of coin bullion in exchange fol
notes has been very large. The excess
of the precious metals deposited or ex
changed for United States notes, ovel
the amount OF United States notes re-
deemed is about $40, O0,Ou0
The resumption of specie payments
has been followed by q very great re-
viyal of business. With a currency
equivalent in value to the money Of tn
commercial world, we are enabled tt
enter upon an equal competition witt
other nations in trade and production
The increasing foreign demand for oul
manufactures and agricultural products
has caused large balance OF trade II
our favor, which has been paid in golo
from the first of July last tex Nov. Is, tt
the amount of about $59, ,O0O, 200. Since
the resumption of specie payments
there has also been q marked and graft
fying Improvement of the public credit
The bonds Of the government, bearing
only four per cent. interest, have beer
sold at CT above par, sufficient In
amount to pay off all OF the nationa
debt which was redeemable under pres:
ent laws. The amount of interest saved
annually by the process of refunding the
debt since March l, 1877, is $14,297, 1T
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 amount of the national debt which
natures within less than Two years is
S792, ,l2I, 100, of which $500, ,000, 600 bear
interest at the rate of five per cent,
and the balance is in bonds bearing six
per cent. interest. tits 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 thus be effected. about 81 .OOO,0oC
can he annually saved to the treasury,
To secure this important reduction OF
interest to be paid by the United States,
further legislation is required, which.
it is hoped, will be provided by Con-
gress during its present session.
The coinage Of gold by the mints ol
the United States during the last tiscal
wear was $40, 1886, ,9l2. The coinage Of
silver dollars since the passage of the
act for that purpose up to November l.
1879, was S45, 900, $50, of which Sl2, ,70O,-
3A have been issued from the treasury
and are now in circulation, and 1872 ,30O,.
5O6 are still in the possession Of the gov
ernment. The tendency of the PROPOSE
ton for unity of action between the
United States and the principal COM
'mercial nations Of Europe, to effect Q
permanent system for the equality OF
gold and silver in the recognized money
of the world, leads me to recommend
that Congress refrain from new legisla-
tion on the general subject. The great
revival of trade, internal and foreign,
will supply. during the coming year, its
own instructions, which may well be
awaited before attempting further ex-
detrimental 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 market 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: Ifthe
cheaper coin is forced into circulation it
viii, if coined without limit, soon be-
come the sole standard of value, and
thus 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 a step to
be taken in our progress toward a safe
and stable currency, which should be
accepted as the policy and duty of the
government.andth the interest and security
of the people. It is my firm conviction
that the issue of legal tender paper
money, based wholly upon the author.
ity of the 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 individuals, was not au-
thorized, except as means OF resculng
the country from imminent peril. The
circulation of these notes rs paper
money for any protracted period OF time
alter the accomplishment of this purpose
was not contemplated by the trainers
of the law under which they were
issued. They anticipated the redemp-
tion and withdrawal of these notes at
the earliest practicable period, consist
ent with the attainment Of the object
for which they were provided. The pol.
icy of the United States, steadily adhered
to from the adoption of the Constitution,
has 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 off on the return
of peace as rapidly as possible. With
this view, and for this purpose, it is re-
commended that the existing laws tor
the accumulation OF sinking fund
sufficient to extinguish the public debt
within a limited period be maintained.
If any change of the objects or rates OF
taxation is deemed necessary by 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 to the, con-
sumner, and which will add several mil
lions of dollars annually to the treasury.
THE SUPPRESSION OF PoLYGAMY.
The continued deliberate violation by
a large number of the prominent and in
tluential citizens of the Territory of
Utah of the laws of the United States for
the prosecution and punishment O..
polygamy, demands the attention
of every department of the gov
ernment. This, Territory has q
population sufficient to entitle it
TO admission as a State, and the gen
eral interests of the nation, as well as
the welfare of the citizens of the Terri
tory, require its advance from the ter
ritorial form of government to the re-
sponsibilities and privileges of a State.
This important change will not, how