Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1879-12-04
PRESIDENTS MESSAGE.
Fslo,o Catiseas Of TIE Senate and House Of Repre-

sOod for the LANCE and unusual measure OF Ma
tional prosperity which we now enjoy,
The most interesting events which have occur,
red in our public affairs since my last annua
message to Congress are connected with the
financial uperatiOns of the Government directly
affecting the business interests OF the country. !
congratulate Congress on the successful execu;
ton of the resumption act. At the time nXed
and in the Eanner contemplated by law, United
States notes began to be redeemed IN com. since
the first of January last they have been promptly
yedeemed on presentation, and in all business
transactions, public and private, in all parts OF
the country. they are received and paid out as
the equivalent 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 and
bullion in exchange for notes has been very
large The excess of the precious metals depOs-
ited OF exchanged for United States notes over
the amount of United States notes redeemed Is
TIE RESUMPTION OF SPECIE PAYMENTS
has been followed by very great revival of busi-
mesa. With currency equivalent in value to
the money of the commercial world, we are ena-
bled to enter upon an equal competition with
other nations in trade and production. lhe IN
Creasing 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 lst OF July last TO Noyem-
Der IS, to the amount Of about S59,OOO,0QO. Since
the resumption of specie payments there has
also been a marked and gratifying improvement
Of the public credit. The bonds Of the Govern
ment bearing only four per cent. interest have
been sold at or above par, sufficient in amount
fo nav off ali the National debt which was re-
deemable under present laws. The amount of
interest saved annually by the process Of re-
fuading the debt, since march, 1877, Is $l4297,-
IT7. The bonds sold were largely in small sums,
and the number Of our citizens now holding the
public securities is much greater than ever be-
fore. The amount Of the National debt which
natures within less than two years IS $792, 2,i2l,-
7O0 of which $500000,00O bear interest at the rate
Of FIVE per cent, and the balance is in bonds
bearing six per cent. interest. IL is believed that
this part of the public debt can be refunded by
the issue Of four per cent. bonds and, by the re-
ductiOn of interest which will thus be effected,
about eleven million 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 IL required, which 1t
is hoped, will be provided by Congress- during its
The collage Of gold by the mints of the Uni
ted States, during the last fiscal year was S40,-
ge69l2 The coinage of silver dollars, since the
passage Of the act for that purpose, up to N0yem-
ber 1. 1879, was S46 000.850, Of which $12,700,3A
have been issued from the Treasury and are now
in circulation and S32 OO5O6 are still in the pos
session of the Government.
The tendency of the proposition for unity OF
action between the United States and the prin-
cipal commercial 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 legislation on the general subject. The
great revival Of trade, internal and foreign, will
supply during the coming year, its own nstruc-
tiOns, which may well be awaited before attempt
ing further experimental measures with the
coinage. would, however, strongly urge upon
Congress the Importance Of authorizing the Sec
retaFy of the Treasury to suspend the coinage of
silver dollars upon the present legal ratio. The
market value OF the silver dollar being uniform
ly and largely less than the market value Of the
gold dollar, it is obviously impracticable to
maintain them at Dar with each other III 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 value, |
and thus defeat tho 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 con-
tracts In q step to be taken in our progress to- |
ward a safe and stable currency, which should |
be accepted a. the policy and duty of the Gov |
eminent, aud the interest and security of the |
people. II is my firm conviction that the issue
of legal-tender paper money based wholly upon |
the authority and credit Of the Government, ex-
cept IN extreme emergency, is without warrant |
financial principles. The issue of United States
notes during the late civil war with the capacity
of lcgal-tender between private indivduRls was
not authorized except aB means of resCuinR the
country from imminent peril. The circulation
Of these notes as paper money, for any prOtracted
period of time after the accomplishment of this
purpose. was not contemplated by the trainers of
the law under which they were issued They an
ticipsted the redemption and withdrawal Of
these notes ut the earliest practicable period con-
aiatent with the attainment Of the object for
which they wore provided.
The policy of the United States, steadily
adhered TO- from the adoption Of the Com
has been to avoid the creation of
q National debt, and when, from necessity
in time Of war, debts have been created. II
they have Been paid off on, the return Of
~.
view, and for this purpose, IL is recommended
that the eXisting laws for the accumulation OF
sinking fund anficient to extinguish the public
debt within limited period be maintained If
any change OF the objects or rates of taxation is
deemed necessary By Congress, II ia suggested
that experience has shown that 0 duty can be
placed on ten and coffee, which will not enhance
the price of those articles 10 the consumer and
which will add several millions Of dollars an
nually 30 the Treasury.
The continued deliberate violation by a large
number Of the prominent and influential citi-
zens Of
THE uERRITORY or UTAH
d the laws Of ebnited States for the proaeeu-
lion and punishment Of pOlyRnmy demands the
lUsentl9n q ever department Of the Govern {
neut. This TerTitQrY has population sufficient
% entitle II TO admission % State, and the Ren-
Inl interests Of the Nation ~ we'll az the wei. \
.are Of the citizena OF tho Territory, require I
"a advance FROM the territorial form Of /
lnvernment 10 the responsibilities and Driyi- V
ogea Of State, This important change will Z
not, however,, be approved By the country a
sbile the citizens Of Utah In very cOnsderable 4
number uphold practice which Is condemned =
. . crime by the lass Of all civilized oOmmu- d
iitiea throughout the world. a
The law for the suppression Of this offonae was d
naeted with great unanimity by Congress- more h
han eeventeen years AGO, but has remained until 4
ccently dead lettet On the Territory Of Utah ii
ieqlnne Of the peguliar difficulties attending ~
The opinion widely prevailed
mnl,g the clti2enA Of u tab that the law wns In al
OF the Constitutional guarantee ii
4 rtliaiOun freedom, phis objection IL nov 4,
emeyel. The supreme Court of the United d
taiea has decided The law 10 be within the n
aIiaiatiae power Of Congress, and binding d
9 q na1e Of action f0E all who reside within | a
Be Territories, There Il 90 longer any reason for
clay " heailatlpn in Ia enforcement 10 ahOuld a
Q hrmlyG nd effectively eEeouted. III not sufF- h
ientlY atTingent IN itB pGnMsiOns IL should be Z,
mendads aud, IN aid Of the purpose ia view / n
that more o0ETdf henRive and more a,
larching methods for preventing o. well ~ pun a,
hing this @1me be prgViast. II necessary b q
,oure oheaifnoe 70 the lac. the enjoyment and q,
IqFgiae Oh the rights and privileges OF oitigen AZ
iip in the Territories OF ths United States may n,
q Withheld Qnzgithdrawn frem 4hose who violate IN
QnIoae theoltorcement u tho law on this sub RI
THE EfE TI0Ns OF THK Etes YEAR. to
inugh occupied only with STATE Offices have eV
4 failed 10 elicit IN the paitioEi diacussions n
iioh a.tended 9 hem all Over the country now IA
ID decisive evidence OF che deep interest which 10
q great 0dy otG tizena take u the irorrena of III
e country toWaraa q more gtRera and COM wi
ne olta Riahment 40 whatever eosf of upiVer- ~
security and tres iOm In the eHaldise Of Ire 10
.qit1e franshiaes hilo many t1F'inG IT polid- IA
oQuccfn demHun great attenfian from our oa
or.e, both N tho enioro Of Nateu1l End State esl