New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-01
TEXT OF lHE MESSAGE.

mcnt reports.
TEXT OF 1HE MESSAGE.
Feou-oiizes Of the Senate aud House Of RtpTcsepta-
tires
The members of the Forty-sixth Congress have
assembled in their fast regular session under cir
cumstanccs calling for mutual congratulations and
grateful acknowledgment to the Giver Of all good
for the large aud unusual measure of National pros
perity which we now enjoy. The most interesting
events which have occurred III our public affairs
since my last annual Message TO Congress ale con-
nected with the financial operations of the Govern
men directly affecting the business interests of tho
country congratulate Congress Oh the successful
execution of the Resumption Act. Al the time fixed
and in the manner contemplated by law, United
States notes began to be redeemed in coin. Since
the first of January last they have been promptly
redeemed presentation and In all business trans
actions. public and private. in all parts Of the
country, they are received ard 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 me vo1n-
tary deposit of com and bullion IN exchange for
notes has been very large. The excess OF the prec-
ous metals deposited or exchanged for United
States notes, over the amount OF United States
notes redeemed, is about $l0,OOO,OOO.
THE PUBLIC CREDIT.
The resumption Of specie payments mas been fol-
lowed by very great revival Of business. With q
currency equivalent in value to the money Of the
commercial world, VIC are enabled 10 enter upon an
equal competition with other nations in trade and
production. The increasing foreign demand for our
manufactures ana agricultural products has caused
large balance of trade in favor, which Las been
paid in gold from the LIST Of July last TO November
Is, to the amount Of about T59,COO,OoO since the
resumption of specie payments there has also been
a marked and gratifying improvement OF the pubic
credit The bonds Of the Government bearing only
4 per cent interest have been sold at or above par
sufficient in amount to pay off all OF the National
debt which redeemabe under present laws. The
amount of interest saved annually by the process Of
reminding the debt since March l.. 1877, Is
1927. w The bonds sold were largely in small
sums and the number of our citizens now hold
ing the public securities Is much greater than ever
before.
The amount of the National debt which natures
within less than years is S792, III ,7CO OF which
$500O00Q0O bears interest ut the rate OF per cent,
and the balance Is IN bonds bearing percent inter-
est Ii Is believed that this part of the public debt
aud by the reduction of interest which will thus be
effected about I'll 100000 can be annually saved
to the Treasury. 10 secure this important reduc-
ton OF interest TO be paid by the United States fur
her legislation Is required, which, II Is hoped, VIII
be provided by Congress during It's present session.
The coinage of gold by tho minis of the United
States during the last fiscal year was S4O.9sG,9l2.
The coinage OF silver dollars since the passage OF
the act for that plrpoSe up 20 November l. 1879.
WAS a., 200, $50 of which 81, 7OO,3i4 has been
issued from the Treasury and Is now in circula-
ton, and 1872 800, 800 is 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 Europe, 10
effect permanent system for the equality oil gold
ana silver in the recognized money of tie world,
leads me TO recommend that congress refrain from
new legislation Oh the general SUI Ject. The great
revival of trade internal and foreign will supply.
during the coming year, its own instructions, which
may we'll be awaited before attempting further ex-
perimental measures with the coinage. ] would.
however, strongly urge upon Congress the import
ance OF authorizing the Secretary If te reasury
10 suspend the coinage Of silver dollars npon tho
present legal ratio. Inc market value IF the silver
dollar being uniformly AMI largely less than tho
market value OF the gold dollar IL Is Obviously I'M
practicable TO maintain them at par with each
other IL both are coined without limit. IL tho
cheaper coin is forced INTO circulation il viii. IL
coined without limit, soon become the sole standard
Of value ana Thus defeat the desired object, which
is currency Of both gold ana silver, which shall DO
of equivalent vaue, dollar for dollar, with the uni
vcrsally recognized money Of the world.
THE RETIREMENT OF LTGAL-TENDEE NOTES URGED.
The retirement from circulation of United States
notes, with the capacity OF oSal-tender in private
contracts, is a step 10 be taken in our progress
toward safe aud stable currency, which should be
accepted as the policy and duty of the Government.
and the interest and security of the people. IL is
nv firm conviction that the issue of ega-tender
paper money. based wholly upon the authority
and credit of the Government. except IN extreme
emergency, is without warrant IN the Constitution,
and a violation of sound financial principles. The
issue of United States notes during the late civil
with the capacity of legai-tender between pri-
waite individuals, was not authorized except as n
means of rescuing the country from imminent peril.
The circulation " these notes paper MONEY for
prOtractcd period oil time alter tie accomplish
ment of this purpose was not contemplated by the
trainers Of the law under which they were Issued.
They anticipated the redemption aud withdrawal OF
these notes at the earliest practicable period con-
ss.cnt with the attainment of the OBJECT for which
they were provided.
The policy of the United States, steadily adhered
to from the adoption of the Constitution has been
10 avoid the creation of a National debt. aud when,
from necessity, In the time of war; debts been
created they have been paid OFF the return of
peace as rapidly possible. With this view, and
for this purpose, it Is recommended that the exist
ing laws for the accumulation OF q sinking tnnd sui.
fcent to extlnguish the public debt within limited
period be maintained. Ii any char . OF the objects
gress II IL suggested that experience has shown that
a duty can be placed OH tea and coffee, which will
not enhance the price Of those articles 10 the
sumner. and which will add several millions Of dol
lars annually tn the Treasury.
TIE SUPPRESSION OF PoLyaAMy.
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 aud punishment Of poly
gamy, demands the attention of every department.
of the Government. This Territory has population
sufficient 10 entitle 10 10 admission as a
State, and the general interests OF the Ma
ton, as we'll as the welfare OF the citizens of the
Territory require It's advance from the territorial
form Of government 10 the RESPONSE blities and
privileges OF a state. Tins important change will
not. however. be approved by the country while the
citizens of Utah, M very considerable number, up
hold a practice which is condemned as a crime by
the laws Of all civilized communities throughout
the world. Tho law tor tho suppression nf this at