Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1879-12-04
The Presidents Message to
the Forty. sixth Con-
gress.
The Affairs of the Nation and Re-
latlons abroad, Disposition
ately Considered.
Extreme Financial Views.
coEGRATuLAToRY.

Fsllow Citizfas Of the Senate aud House Of Rep
TesentdtiUes
The members OF the Forty-Sixth Congress
have assembled in their first regular session
under circumstances calling for mutual con-
graduation AMI grateful acknowledgment to
the Giver Of all good for the large and unu-
sual measure OF national prosperity which
we now enjoy.
The most interesting events which have
occurred in our piiblic affairs since my last
anDual message TO Congress are connected
with the financial operations Of the Govern
ment directly affecting the business interests
of the country. congratulate Congress on
the successful execution of the resumption
act. At the time fixed and in the manner con-
iemplared by law, United States notes began
10 be redeemed in com. Since the FIRST of
January last they have been promptly re-
deemed on preset tation, and in all business
transactions, public and private, in all parts
Of the country, they are received and paid
out as equivalent Of coin. The demand upon
the treasury for gold and silver in exchange
for United States note has been compare
lively small, and the voluntary deposit Of coin
and bullion in exchange for notes has been
very large. The excess Of the precious met.
ais deposited or exchanged for United States
notes over the amount Of Uni'ed states notes
redeemed is about Sl0,000,000.
GENERAL REVIVAL OF BUSINESS.
The resumption Of specie payments has
been followed by very great revival OF bu-
siness. With currency equivalent in value
10 the money of the commercial world, we
are enabled 10 enter upon an equal competi
ton with other nations ia trade and produc
ton. 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 Let of
July last 10 November 18th, 10 the amount Of
about $50 100000. Since the resumption Of
specie payments there has also been marked
and gratifying improvement OF the
public credit. The bonds Of the Government
bearing only four per cent. interest have
been sold al 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 by the process OF
refundng tie debt since March /, 1877, is
Sl1,297 III. 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 deb, which natures within less than
two years is $780,, i2l 700, Of which $500,
000,G00 bear interest at the rate OF five per
cent, and the balance is in honda bearing six
ger cent. interest. II is believed that this
part of ths public debt can be refunded by
the issue Of four per cent. bonds, and by the
reduction of interest which will thus be ef-
fect'd, about eleven millions OF dollars can be
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 pro-
vlded by Congress during its present session.
THE COINAGE
OF gold by tie minis Of The u tied States,
during the last fiscal year was so, 9Sb,9l2.
The coinage Of silver dollars, since the pas
sage OF the act for that purpose, up TO Nov.
!, 1879, was Si4 200, $50, OF which Sl2, 700,-
3il have been issued from the Treasury and
are now in circulation, and S32, 300 800 are
still IN possession Of the Government.
The tendency OF the proposition for unity
OF action between the United States and the
principal commercial nations of Europe, TO
effect a permanent system for the equality OF
gold and silver in the recognized money OF
the world, leads me 10 recommend that Con-
gTess refrain from new legislation en- the gen
eral subject. The great revival OF trade, in
ternal and foreign, will supply, during the
coming year, its own Instructions, which
may well he awaited before attempting fur
Their experimental measures with the coinage.
would, however, strongly urge upon Con-
gress The Importance OF authorizing the Sec
rotary OF the Treasury TO suspend the com.
aee OF silver dollars upon the present lega
ratio. The market value Of the silver dollar
berg uniformly and largely less than the
market value ofIhe gold dollar, it is obviously
impracticable 10 maintain them at par with
each other II both are coined without limit
II the cheaper coin is forced into circulation
It will. if coined without limit, soon become
the sole standard OF va ne, aud thus detea
the desired object, which is a currency o.
both gold and silver, which shall be eQuiva
lent value, dollar Tor dollar, with the uniyer-
sally recognized money of the world.
THE uETIREMENT FROM cTpcuT ALTON
OF United States notes, with the capacity o
legal tender in private contracts, is a step L
be taken In progress towards cafe ard sta
Bile currency, which should be accepted a
the policy aud duty OF the Government, ant
the interest and security OF the People II il
my hrm conviction that the issue OF legal ten
der pepper money based wholly upon the an
thoriy and redit OF the Government, excep
~ extreme emergency, is without warrant IL
the constitution, and violation of sound Fl
nancirl principles. The issue OF United State
notes du.Ing the late civil war with the ca
raciiy OF legal tender between private indi
Nlduals was not authorized except as a mean
ct rescUng the country from iminent peril
The circulation 0tthese notes as paper money
for any proiTacted period Of time after ID
accomplishment of thus purpose, was no
contemplated by the trainers of the law unde
which they were issued. They anticipate
the redemption and withdrawal Of thes
notes at the earliest practicable peri
cd consistent with The attainment OF tie OBJ
lect for which they were provided.
sINkfNG FUND FOR tbs NATIONAL DEBT.
The policy OF the United States, steadi
adhered from the adoption Of the constitution
has been 70 avoid the creation Of nationa
debt, and when, from necessity in time q
war, debts have been created, they hav
been paid of on the return Of peace as rap
4 &. a.
purpose, II ~ recommended that the existn
laws tor the accumulation of sinking fun
sufficient 10 extinguish the public debt With
limited period be maintained. II an
charge Of the objects or rates of taxation
deemed necessary by Congress il is snggeste
that experience has shown that a duty ca
be placed on tea and coffee, which will no
enhance the price Of those articles to tn
consu mer, aGd which will add several mil
hons of dollars annually 10 the Treasury.
PoLYGAMY.
The continued deliberate violation by
large number OF the prominent and infiuen
ual citizens of the territory of Utah of In
laws OF The United States for the prosecution
ard punishment of polygamy demands tn,
attention Of every department OF the Govern
ment. This territory has population sutH
Gent to eniitle II 10 admission as a State, am
the general interests Of the nation as well a
The welfare OF the cirizens Of the territory
require IFS advance from the territorial form
81 government 10 the responsibilities an,
privileges of State. This important chang,
will not, however, be appro, ed By the coun
try while the citizens Of Utah IN very con
siderable number uphold practice which i
condemned as a crime by TIE avs Of all civ
illzed communities throughout the world
The law for the suppression Of this ofIenst
was enacted with great unanimity by Con
gress more than seventeen years ago, but hai
renamed until recently dead letter in tn,
Territory of Utah, because of the peculiar
difficulties attending its enforcement The
opinion widely prevailed among the citizen.
OF Utah that The law was in coriravention o
the constitutional guarantee OF religious free
dom. This objection is how removed. The
The Supreme Court Of the United States has
decided the law to be within the Legislative,
power OF Congress, and binding as a rule o.
action for all who reside within the terrific
Ties. There Is 40 longer any reason for de,
lay or hesitation in lis enforcement It should
he firmly ana effectively executed. II no, SUI.
feieDtly stringent in its provisions it should
he amended, and, in aid Of the purpose in view
recommend that more comprehensive aad
more searching methods for preventing as
well as Furnishing this crime be provided. II
necessary to secure obedience 20 the law, the
enjoyment and exercise Of the rights aud
privileges of citizenship IN the territories OF