The Northern Pacific farmer. [volume] (Wadena, Minn.) 1878-1885, 1879-12-11
PRESIDENTS MESSAGE.
7.eSeNtQtiUeS:

F<llo,u Citizens Of the Senate and House Of Rep
9esent0tiVes:
coNGaArULAroHY.
The members Of the Forty-sixth Congress have
assembled in their first regular session under cir
grateful acknowledgment to the Oliver of all good
for the large and unusual measure of national
prosperity which we now enjoy,
cd in our public affairs since my last annual mes.
sage to congress are connected with the financial
operations OF the government directly affecting
the business interests of the country. congratu-
late congress 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 redeemed in coin. Since the first OF
January last they have been promptly redeemed
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 de-
post of coin and bullion in exchange for notes
metals deposited or exchanged for United States
notes over the amount of United States notes re-
deemed is about $4O,0O0,O0O.
RESUMPTION.
The resumption of specie payments has been
followed by very great revival of business
With currency equivalent in value to the money
Of the commercial world, we are enabled to enter
upon an equal competition with other nations in
tfduc anu pIOOuCI1Ou. Inc lOFclSu uC.
mand for our manufactures and agricultural pro-
ducts has caused large balance Of trade in our
favor, which has been paid in gold, from the LIST
about $5eoo5 Co., Since the resumption Of specie
payments there has also been marked and graft
flying improvement OF the public credit The
bonds Of the government bearing only four per
cent. interest have been sold at or above par, su
hcient In amount to pay off all of the national
debt which was rcdeemablc under present laws
The amount OF interest saved annually by the
~ rof1r 1irrot ho1 o1t Mo-
is 81, 297, III. 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 the national debt
which natures within less than two years is $685.
121 200, of which $780, 900 bear interest at the
rate of five per cent, and the balance is in bonds
this part Of the public debt be refunded by the
issue of four per cent. bonds, and, by the reduc-
ton of interest which will thus be effected about
to the treasury. To secure this important rcduc-
ton Of interest to be paid by the United States,
furtherlegislaton is required, which, it is hoped,
will be provided by congress during its present
session.
The coinage of gold by the minis of the United
States, during the last fiscal year was ,s12
The coinage Of silver dollars, since the passage Of
was 90 s Of Which 81 have been is:
sued from the treasury and are now in circulation
and $780, 300 sos still in the possession of the
SOVeIulIeuL
The tendency of the proposition for unity OF &C
ton between the United States and the principal
commercial nations OF Europe, to effect perE1a'
nent ey stem for the equality of gold and silver IL
the recognized money Of the world, leads me to
recommend that congress refrain from new lesis.
lation on the general subj ect. 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 expert
mental measures with the coinage. l would
however, strongly urge upon congress the import
ance Of authorizing the secretary of the treasury
to Suspend the coinage OF silver dollars upon the
present legal ratio. The market value Of the sill
yer dollar being uniformly and largely less thar
the market value of the gold dollar. it is obvious
ly impracticable to maintain them at par with
each other if both are coined without limit. II
the cheaper coin is forced into circulation 1t will
If coined without limit. soon become the sole
standard Of value, and thus defeat the desired
objecr, which is a currency OF both gold and eil-
yer, which shall be of equivalent value, dollar for
dollar, with the universally recognized money Of
the world.
RETIREMENT CT enEENBAcKs.
The retirement from circulation of United
States notes, with the capacity of legaltender In
private contracts, is step to be taken in our pro-
gress towards safe and stable currency, which
should be accepted as the policy and duty OF the
government, and the interest and security OF the
people. 1t is my firm conviction that the issue OF
1egal-tender paper money based wholly upon the:
authority and crsdit of the government, except in
extreme emergency, is without warrant in the
constitution, and violation of sound financial
principles. The issue of United States notes dur:
ing the late civil war with the capacity Of legal
thor1zed except as q means Of rcscqing tn.
country from imminent peril. The circulation Of
these notes as paper money, for any protractet
period of time after the accomplishment OF this
purpose, was not contemplated by the trainers Of
the law under which they were issued. They al
tic1latcd the redemption and withdrawal OF these
tent with the attainment of tbs object for which
they were provided.
PAYING THE WAR DEBr.
The policy Of the United States, steadily sd-
hered 10 from the adoption Of the constitution,
has been to avoid the creation OF nxtional debt,
and when, from necessity in time of war. debts
have been created, they have been paid off on the
return of peace as rapidly ia possible. With this
view, and for this purpose. it is recommended that
the existing laws for the accumulation OF sink
ing fund sufficient to extinguish the public
debt within limited period be maintained. If
any change Of the objects or rates OF taxation is
that experience has shown that a duty can be
placed on tea and coffee, which will not enhance
the price Of those articles to the consumer, and
which will add several millions of dollars an
nually to the treasury.
The continued deliberate violation by large
number oil the prominent and influential citizens
OF the territory of Utah of the laws of the United
states for the prosecution and punishment OF
po'ygan1y demands the attention Of every depart
nent OF the government This territory has q
population sufficient to entit!e it to admission as
State, and the general interest Of the nation az
well as the welfare Of the citizens Of the terri
tory require it's advance from the territorial form
OF government to the responsibilities and priv.
lleges OF state. This important change will
not, however. be approved 3y the country while
the citizens of Utah in very considerable number
uphold practice which Is condemned as a crime
by the laws of all civilized communities through.
out the world
The law for the suppression Of this offence was
enacted with great uuanimity by congress more
than seventeen years ago. but has remained until
recently dead letter in the territory of Utah,
because of the peculiar difficulties attending its
enforcement: The opinion widely prevailed
among the citizens Of Utah that the law was in
contravention Of the constitutional guarantee OF
religious freedom. This objection is now remov-
ed. The supreme court Of tho United States has
decided the law to be within the legislative power