Stevens County tribune. (Morris, Minn.) 1877-1880, 1879-12-04
ANNUAL MESSAGE
PRESIDENT R. B. HAYES,
ELIVERED TO CONGRESS DE.
GENDER 1st 1879.

Representatives: The members of the Forty
sixth Congress have assembled in the first reg
ular session, under circumstances calling for
mutual oopgratulation and grateful acknOwl-
edgment to the giver of all good, for the large
and universal measure of national prosperity
which we now enjoy. The most interesting
events which have occurred in our public af-
fairs since my last annual message to Congress
are connected with tho financial operations of
tho government directly affecting the business
interests of the country.
THE RESUMPTION ACT.
congratulate Congress on the successful ex-
ecutlOn of the resumption act at tho time
6xed and in the manner contemplated by law.
The notes of the United States began to be re-
deemed in coin since the LIST of January last,
and they have been promptly redeemed on pre-
sensation and in business transactions, pUbllo
and private, in all parts of the country. They
are received and paid out as the equivalent of
coiu. The demand upon the treasury for
gold and silver in exchange for United States
notes has been comparatively smaller and
the voluntary deposits of coin and bullion in
exchange for notes have been very large. The
excess of precious metals deposited or ex-
N-S
amount of United States notes redeemed, is
about $4,000, 600. The resumption of specie
payment has been followed by q very great re-
vival of business. With currency equivalent
in value to the money of the commercial world,
we arc enabled ~ enter upon equal COMPETE
zion with utber nations in trade and produc-
tio". Tue increasing foreign demand for our
manufacturers 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 November Is to the amount of
about 500, 0oOO oo.
REFuNDING OPERATIONS.
Since the resumption of specie payments
there has also been q marked and gratifying
Improvement of the public credit, bonds of
the government bearing only four per cent. in
terest have been sold at above par sufficient
in amount to pay off all the national debt
which was redeemable under the present laws.
The amount of interest saved annually by the
process of refunding the debt since March l,
1871, is Sl4 297, Ut. The bonds sold were
largely in small sums, and the number of our
citizens now holding public securities Is much
greater than ever before.
The amount of the national debt which ma
lures within less than two years 1892, 1884,
700. of which $5U0 000.OC0 bear interest at
the rate of five per cent, and the balance is in
bonds bearing y per cent. interest. 1t Is be-
lieVed that this part of the public debt can be
refunded by the issuec per CT. bouds, and by
the reduction of interest which will thus be
effected, about 8 III, U0O, QUO can be annually
saved to the treasury. To secure this import
ant reduction of interest to be paid by the
United States further legislation is required,
which it is hoped will beNprovided by Congress
during the present session
GOLD AND SILVER COINAGE
The coinage Of gold by the minis of theUnit-
ed States during the last fiscal year was $40O,
$3.50 9lG. The coinage Of silver dollars since
the passage of the act for that purpose. report
ed Nov. !, 1879, was $4,000, $50, of which
$12, 700, 344 have been issued from the treasury
and are now il circulation and s32. 800, SOC are
still in the possession of the government. The
tendency of the proposition for unity of &C.
ton before the United States and the principal
commercial nations of Europe to effect q
permanent system OF equality OF
money of the world, leads me to recommend
that Congress refrain flom new legislation on
the general subj ct. The great revival of trade
internal and foreign, will supply during the
coming year its own instructions which may
well be awaited before attempting further ex
perimental measures with the coinage.
would, however, strongly urge, upon Congress
the importance of authorizing the secretary OF
the treasury to suspend the coinage of silve
dollars upon the present legal ratio. The mar
ket value of the silver dollar being uniformly
and largely less than the market value of thu
gold dollar it is obviously impracticable t.
maintain them at par with each other if bott
are coined without limit. If the cheaper COLI
is forced into circulation, it will, if coineC
without limit, soon oe3nme the sole standard
of value, and thus defeat the desired object,
which is a currency of both gold and silver
which shall be of equivaln Mt value, dollar for
dollar NTH ha uOivaraalIu rzao1ni1ad
of the world.
RETIREMENT OF LEGAL TENDERS.
The retirement from circulation of United
States notes with the capacity of the legal ten
der in private contracts is a step to be taken il
cur progress toward asafe and stable currency
which should be accepted as the policy of tn
government and the interest and security o.
the people Of it. 1t Is my firm conviction
that the issue of legal tender money, money
based wholly on the authority and credit of thu
government, except in extreme emergency, il
without warrant in the constitution and q VIC
laton of sound financial principles. The issu,
of United States notes during the late civi
war with the capacity of legal tender between
private individuals was not authorized except
as q means for rescuing the country from immi-
nent peril. The circulation of these notes for
time after the accomplishment of this urpose
was not contemplated by the trainers of the
law under which they were issued. They an
ticipate the redemption and withdrawal Of thu
notes at the earliest practicable period consist.
ent 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 to avoiC
the creation of national debt, and when from
necessity In time of war, debts have been ere
81 49,, H. ~.
peace as rapidly as possible With this view,
and for this purpose, it is recommended thai
existing laws for the accumulation Cf sinking
fund Sufficient to extinguish the public deb,
within limited period, be maintained. II
any change of the objects or rates of taxation
Is deemed necessary by Congress it is suggested
experience has shown, duty can be placed or
tea and coffee which will not enhance thu
price of those articles to the consumer, anC
which will add several millions of dollars an
nually to the treasury.
MoRMoNIsM.
The continued deliberate violation by q larg'
numberof prOLdiaent and idh rental citizens o.
the Territory of Utah, of the laws of the Unitee
States for tho prosecution and punishment Of
polygany, merits the attention of every de
partment of the government. This Territor,
has population sufficient to entitle it to ad
mission as State. This important change
will not. however, be approved by the countr,
while the citizens of Utah, in very considers
BILE numbers, uphold practice which Is con
demnsd as q crime by the laws of all civilized
communities throughout the world. The Law
for the suppression of this offense was enacted
with unanimity by Congress more than seventeen
years ago, but has remained until recently
dead letter in the Territory of Utah pecaus,
of the peculiar difficulties attending its en-
forcement. The opinion widely prevailed
among citizens of Utah that the law was il
contradiction of the constitutional guarante,
of religious freedom. This objection ia nov