The daily intelligencer. [volume] (Seattle, Wash. Territory [i.e. Wash.]) 1876-1881, 1879-12-03
THE PRESIDENT,s MESSAGE.

uc AoAioW Wing aic tue cpcnibS tat0'
graphs of the Message Of President
Hayes, delivered to Congress on Mon
day, the Let instant:
Fellon citizens of the Senate and House
Of Representatives.: The members Of the
Forty sixth Congress have assembled
in their first regular session under cir
cumstances calling for mutual coagrat-
ulations aud grateful acknowledgment
to the Giver Of all good for the large
aud unusual measure OF national pros.
perity which We enjoy.
NATIONAL FINANCES.
The most important events which
have occurred in cur public affairs
since my last annual message to Con-
Rress are connected with the financial
operations of the Government, directly
affecting tho business interests OF the
country. congratulate Congress on
the successful execution Of the resump-
ton act. At the time fixed and in the
manner contemplated by law U. S notes
Since the frs. Of January last they have
been promptly redeemed on pressnta-
ton, and in all business transactions.
public or private, ia all parts Of the
country they are received and paid out
o. the equivalent Of coin. The demand
upon the Treasury for gold and silver
in exchange for U. 3. notes has been
comparatively small. and the voluntary
deposit of COIN and bullion in exchange
for notes has been very large. The sx-
cess of the precious metals deposited or
exchanged for U. S. notes over the
amount Of U. s. notes redeemed is
about $40. 100000.
The resumption of specie payment
has been followed by very great re-
vival of business. With q currency
equivalent in value to the money Of the
commercial world, We are enabled to
enter upon an equal competition with
other nations in trade aud production.
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 first of July last to November
18th, to the amount of about 500. O0O,-
00O Since the resumption of specie
payments there has been . marked and
gratifying improvement Of tho public
credit. The bonds of the Government
bearing only four per cent. interest,
have been sold at or above par, sufficient
to pay of that part of the national debt
which was redeemable under present
laws. The amount of interest saved
annually by the process of refunding
the debt since March let, 1877, is $l4,-
297. i'll. The bonds sold were largely
in small sums aud the number Of our
citizens row holding the public securl-
ties is much greater than ever before.
Tho amount of national debt which
natures within less than two years is
S729, 12l 200, Of which 100000, eco
bears interest at the rate OF five per
cent. 1t 10 believed that this part of the
public debt can he refunded by the is
sue Of four per cent. bonds; aud By the
reduction Of interest which will thus
be effected. about S1l 100000 can be
annually saved to the Treasury. TO So
cure this important reduction OF interest
to be paid by the United States, farther
legislation is required which it is hoped
will be provided by Congress during its
present session.
The coinage of gold by the min,s OF
tho United States during the last fiscal
year was S90.9S6.9l2. The coinage of
silver dollars since tho passage of the
act for that purpose up to November l 1,
1879. was $45. 300.S5O. Of which $12.~
SOC, 344 have been issued from the
Treasury and are Tow in circulation,
and $50, 800. $50 are still in the posses
sion of the Government.
The tendency Of the proposition for
unity Of action between the United
States and the principal commercial ma.
.sions Of Europe to effect . permanent
system fer the squslity Of gold aud sill
yer - the recognized money of the
world. leads me to recommend that
Congress refrain from new legislation
on the general subject. The great re-
vival II trade, internal aud foreign, will
supply during the coming year its own
instructions. which may we'll be awaited
before attempting further experimental
measures with the coinage.
1would. however. strongly urge upon
Congress the importance of authoriz-
ing 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
msrket value Of the gold dollar. it Is
Obviously impracticable to maiutsin
them at par with each other if both
are coined without limit. II the cheap
er coin is forced into circulation, it
will. If coined without limit, soon be-
come the sole standard Of value. and
thus d.se>< thu d~s;.vd Utjs.s, ~I..i.
10 that the currency Of both gold and
silver shall be Of equivalent value,
dollar for dollar. with the universally
recognized money of the world. Ths
| retirement from circulation of United
States notes With capacity of !, gal ten
der in private contracts 10 . step to be
taken in our progress toward . safe
aud staple currency which should be
accepted as the policy and duty Of the
Government and the interest and secu-
rity Of the people. 1t 10 my firm con
yiction that the issue of legal tender
paper money, based wholly upon the
authority and credit Of the Government,
except in extreme urgency, is without
warranty Of the constitution and . VIC.
lation of souod financial principles.
The issue Of United States notes during
the late civil war. with the capacity Of
legal tender between private irdivid
uals, WAS unauthorized except rs a
means OF reScuing the country from
imminent peril. The circulation OF
these potes n paper money fer apy