The Indianapolis leader. (Indianapolis, Ind.) 1879-1890, 1879-12-06
The Resumption of Specie Payment
Commented On at Length.
A Few Words About the Marked Revival
in the Business of the Country.
Legal Tender Notes Not According Co
Law, and should BE Abolished.
The Mormons, Civil Service and Many Other
Matters Discussed.

Forty sixth Congress have assembled In their
first regular session under circumstances call.
ing for mutual congratulation and grateful
acknowledgement TO the giver OF all good for the
large and unusual measure of national pros
perity which we now enjoy.
The most interesting events which have oc-
Cured In our public affairs since my last an
nuai message TO Congress are connected with
the financial operations OF the Government
country' iconeratulste Congress on the sue.
cessful execution OF the resumption act. At
the time fixed and In the manner contem.
plated by law, United States notes began TO be
redeemed In coin. Since the LIST of January
last they have been promptly redeemed on
ppnhIic and n.ivate. in All Darts OF TIE conntry
they are received and paid out Az the equiva-
lent 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 aud bullion In ex-
change for notes has been very large. The ex-
cess OF the precious metals deposited or ex-
changed for United States notes over the
amount Of United States notes redeemed In
about Si0,0O0,lOO
The resum ption of specie payments has been
followed by very great revival of business.
With "A currency eqivalent I'm value TO the
money OF the commercial world, we are en-
abled TO enter upon an equal competition
with other nations In trade and production.
The increasing foreign demand for our manu-
features and agricultural products has caused
n large balance OF trade In our favor, which
has been paid Ia gold, from the Let OF July
s59,OOO,O00. since the resumption of specie
payments there has also been "A marked and
crafty Ing improvement OF the public credit.
The bonds OF the Government bearing only
per cent. interest have been sold at or above
par, sufficient In amount TO pay OF all OF the
national debt which WAS redeemable under
present laws. The amount OF interest saved
annually by the process OF refunding the
The bonds sold were largely In
small sums. and the number OF our citi-
sens now holding the public securities Is much
han. laf ..r nf
national debt which natures In less than two
years Is 500, l2l 200. of which S5OOOJ0S00 bear
Interest at the rate or per cent, and the bal
ance is In bonds bearing per cent. interest.
II is believed that this part of the public debt
can be REFUNDED by the issue of 4-per cent.
bonds and, by the reduction OF interest which
will thus be effected, about xll,0u0,0O0 can be
annually saved To the treasury. To secure this
important reduction OF interest TO be paid by
the United States, further legislation is re-
| Quired, which, IL Is hoped. will be provided by
Congress during It's present session.
The coinage OF gold by the minis OF the
| United States during the last fiscal year was
$40, 9S6. gl2 The coinage of silver dollars since
the passage Of ,he act for that purpose, up to
Sl2 700,34i have been issued from the treasury
and now In circulation, aud ~. BOO, 506 are
still In the possession OF the Government
The tendency of the proposition for unity OF
action between the United States and the
principal commercial nations OF Eu-
for foP' The equality Of gold and silver IN the
recognized money OF the world, leads me 20
recommend tnat Congress refrain from new
legislation on the general subject. The great
revival OF trade, internal and foreign. will
| supply, during the coming year, It's own In
| structions, which may well be awaited before
| attempting further experimental measures
| with the coinage. i would, however, strongly
urge 9pon, Congress Sne i I'M OF na-
pend 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 va ne OF the gold dollar, IL II
obviously iIlpracticaole 10 maintain them at
par with each other II both are coined without
| limit. IL the cheaper coin n forced into CIR
culation IL will, II coined without limit, soon
become the soc andard OF value, and thus
defeat the desired object, which is currency
| 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 I'm
cy. which Should be accepted as the policy
and duty of the Government, and the interest
and security OF the people. IL Is my firm con-
money based wholly upon the authority and
credit II the Government, except in extreme
emergency, Is without warrant In the constitu-
ton, and a violation of sound financial prin-
ciples. The issue OF United States notes dur
Ing the late civil war with the capacity OF
legal tender between private individuals was
not authorized except as a means of resculng
the country from imminent peril. The circu-
lation OF these notes as paper money, for any
protracted period OF time after the accom-
plishment OF this purpose, was not contempla
ted by the trainers of the law under which
they were issued. They anticipated the re-
demption and withdrawal of these notes at
the earliest practicable period consistent with
the attainment OF the object for which they
were provided.
The policy of the United States, steadfastly
adhered to from the adoption of the constitu-
ton, has been TO avoid the creation OF ma
tionaI debt and when, from necessity i'm 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 pur-
pose, IL is recommended that the existing laws
for the accum ulation of - sinking fund suffi-
Client 10 extinguish the public debt within a
limited period DE maintained. IL any change
OF the objects or rates of taxation is deemed
necessary by Congress, 1t is suggested that ex
perience has shown that duty can be placed
on tea and coffee, which will not enhance the
price OF those articles to the consumer, and
which viii add several millions OF dollars an
nually to the Ire asury.
The continued deliberate violation by large
number OF the prominent and Influential citi-
zens of the Territory of Utah of the laws of the
United states for the prosecution and punish.
ment of polygamy demands the ttention OF
every department. of the Government This
Territory has a population sufficient to ehtitIe
Ii to admission as a State, and the general in
terests of the nation, as well as the welfare of
vance from the territorial form of government
to the responsibilities and privileges of
State. This important change, will not, bow
citizens Of Utah, In very considerable num-
Der uphold practice which Is condemned as
s 6y the aws OF ali civilized communi
The law for the suppression of this offense
was enacted with great unanimity by Con-
ed until recently a dead letter in the Territory
of Utah, because of the peculiar difficulties at
tending its enforcement. The opinion widely
prevailed among the citizens of Utah that the
law was In contravention OF the constitution.
al guarantee OF religious freedom. This obec
ton is now removed. The Supreme Court OF
law be whin and the n,b legislative
rule Of 6 stion for all who reside within the
delay or hesitation in Its enforcement. IL
should be firmly and effectively exec uted III
not sufficiently stringent In its provisions Ii
in view, recommend that more comprehen-
sive and more searching methods for prevent
Ing as well as Furnishing this crime be pro-
vided. If necessary to secure obedience to the
law, the enjoyment and exercise of the rights
and privileg es OF citizenship In the Territories
OF the United STATES may De wltnhelo or with
of the law on this subject.
The elections OF the past year, though occu-
elicit in the political discussions which at
tended them all over the country, new and
evidence of the deep interest which
the great body of citizens take In the progress
Of the country toward more general and
complete establishment, at whatever cost, of
universal security and freedom In the exercise
Of the elective franchise. While many topics
from our people, both in the sphere of ma
tional aud State authority, / find no reason to
lnay ne opln tSa IN or my last
strative interests of government, however
urgent or welghty, Will ever displace the zeal
of our people In defense Of the primary rights
opinion viii override all political prejudices,
and all sectional and State attachments. In
he name and character of citizen Of the
United States shall mean one and the same
hing, and carry with them unohanenged