The Cheyenne daily leader. [volume] (Cheyenne, Wyo.) 1870-1884, 1879-12-02
THE MESSAGE
OF PREsT. HAYES TO CONGRESS-

FelLoU Citizens of the Senate dnd
House Of Representatives.:
The members of the forty-sixth con
gress have assembled in their first reg
ular session under circumstances call
ing for mutual congratulations and
grateful acknowledgement to the giveI
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 pub
lie affairs since my last annual message
to congress are connected with the
FINANCIAL OPERATIONS OF THE GOV
ERNMENT,
directly affecting the business inter ests
of the country. congratulate con-
gress 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 re-
deemed in coin. Since the first of Jam
uary last they have been promptly re-
deemed on presentation, and in all
business transactions, public and pri-
vate in all parts of the country, they
are received and paid out as the equiv
alent of coin. The demand upon the
treasury for gold and silver in exchange
for United States notes has been COM
paratively small and the voluntary de-
posit of coin and bullion in exchange
for notes has been very large. The ex
cess of the precious metals deposited
on exchange for United States notes
over the amount of United States notes
redeemed is about $40, OOO,O0o The
resumption of specie payment has been
followed by very great revival of bus
mess. With currency equivalent in
volume to-the money of the commercial
world we are enabled to enter upon u
equal competition with other nations
in trade and production. The increas-
ing foreign demand for our manufac-
turers and agricultural products have
caused a large balance of trade in our
favor which has been paid in gold from
the first of July last to November 10Th,
to the amount of about S59, ,000, 900.
Since the resumption of specie pay
ments there has been 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 suf-
ficient in amount to pay off all of the
national debt which was redeemable
under the present laws. The amount
of interest saved annually by the pro-
cess of refunding the debt, since March
1st, 1877, is S14,297,177. 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 ma
tional debt which natures within less
than two years is 1892, 12l, 700 of which
100000, 900 bear interest at the rate of
35 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 thus be effected and about
S11, 100000 will be annually saved to
the treasury. To secure this impor-
tant reduction of interest to be paid by
the United States, further legislation is
required which it is hoped will be pro-
vided by congress daring its present
session. The coinage of gold by the
mints of the United States during the
last fiscal year was $40, 1856, ,912. The
coinage of silver dollars since the pas
sage of the act for that purpose, up to
November 1st, 1879 was S45, ,000, $50,
of which S12, 700, ,344 have been issued
from the treasury and are now in circu-
lation and S32, 800, 5O6 are still in the
possession of the government. The
pendency 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 to recommend that congress refrain
from new legislation on the general
subject.
The great ~
REVIVAL OF TRADE,
Internal and foreign, will supply dur
ing the coming year its own instructions
which well may be awaited before at
tempting further experimental meas
ures with the coinage. would, how
ever, strongly urge upon congress the
necessity 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 dol
lar, it is obviously impracticable to
maintain them at par with each other
if both are coined without. limit. If
the cheaper coin is forced into circula-
tion it viii, if coined without limit, soon
become 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 SUPPRESSION OF PoLYGAMY.
The continued deliberate violation by
large number Of the prominent and
influential citizens of the territory Of
Utah of the laws Of the United States
for the prosecution and punishment Of
polygamy, demands the attention oi