Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1879-12-04

Congress assembled on Monday last. The
message of the President was read in both
houses In his message he congratulates
Congress on the successful execution of the
resumption act, and among the beneficial effects
resulting therefrom he cities the fact that
since the resumption of specie payments, there
has been marked and gratifying improve
ment of the public credit
On the question of currency, he says the
coinage of gold by the mints of the United
States, during the last fiscal year, was s4O,-
9S6,922 The coinage of silver dollars since
the passage of the act for that purpose, up to
November 1st, 1879, was s45,0OO,S50, of
which s12,7OO,344 have been issued from the
treasury and are in circulation, and 32,30O,-
SOC are still in the possession of the govern
ment. The pendency of the proposition for
unity of action between the United States
and the principal commercial nations of
Europe to effect 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, dur
ing the coming year, its own instructions,
which may we'll be awaited before attempting
further experimental measures with the coin.
age. I would, however, strongly urge upon
Congress the Importance of authorizing the
secretary of the treasury to suspend the coin
age of silver dollars. Upon the present legal
rates, the market value of the silver dollar
Icing uniformly and largely less than the
market value of the gold dollar, it is obvi
ously impracticable to maintain them at par
with each other if both be coined without limit.
If the cheaper coin is forced into circulation,
it will be coined without limit, soon become
the sole standard of value, and thus defeat
the desired object, which is currency Of
both gold and silver, which shall be of equiv
alent value, dollar for dollar, with the univer-
sally recognized money of the world.
The removal from circulation of United
States notes with the capacity of legal tender
in private contracts, is a step to be taken in
our progress toward safe and stable curren-
cy 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 legal tender paper
money, based wholly upon the authority and
credit Of the government, except in an ex-
treme emergency, is without warrant in the
Constitution and violation Of sound 6nan-
cial principles. The issue of United States
notes during the late civil war, with the ca
pacity of legal tender between private indi-
viduals, was not authorized except as means
of rescuing the country from imminent peril.
The circulation of those notes as paper
money, for any protracted period of time af-
ter the accomplishment Of this purpose, was
not contemplated by the trainers of the law
under which they were issued. They antici-
pated the redemption and withdrawal of these
notes at the earliest practicable period con-
sistent 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
avoid the creation of national debt, and
when from necessity, in the times of war, debts
have been created, they have been paid off on
the return of peace as rapidly as possible
With this view, and for this purpose, it is re-
commended that the existing laws for the &C.
emulation of sinking fund, sufficient to
extinguish the public debt within limited
period, be maintained.
On the subject of taxation, he suggests that
if any change is deemed necessary by Con-
gress, experience has shown that duty can
be placed on tea snd coffee which will not
enhance the price of those articles to the con-
sumer and which will add several millions
of dollars annually to the treasury.
In disposing Of the Mormon problem, the
President says, Utah has population suffi-