The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-12-11
HAYES MESSAGE

: LA L. LID A1JOOAQh
The following extracts from Haye
Message sent to Congress on the 1s
inst. contain all the essential points o
the document:
The most interesting events which
have occurred in our public affair
since my last annual message to Con
gress are connected with the financia
operations of the Government directly
affecting the business interests of the
country. The resumption of specie
payments has been followed by very
great revival of business. With a cur
rency equivalent in value to the mon.
ey of the commercial world, we are
enabled to enter upon an equal compe.
tltlon with other nations in trade and
production.
DOWN WITH SILVER.
The tendency of the proposition for
unity of action between tho United
States and the principal commercial
nations of Europe, to effect q perma-
nent system for the equality of gold
and eilver in the recognized money OF
the world, leads me to recommend
that Congress refrain from new legis-
lation on the general subject. would,
however, strongly urge upon Con-
gress the importance of authorizing
the Secretary of the Treasury to sus-
pend the coinage of silver dollars up
on the present legal ratio. The mar
ket value of the silver dollar being un-
iformly and largely less than the mar
ket value of the gold dollar, 1t is
obviously impracticable to maintain
them at par with each other if both
are coined without limit. If the cheap
er coin is forced into circulation it
will, if coined without limit, soon be-
come the sole standard of value, and
thus defeat the desired object, which
is currency of both gold and silver,
which shall be of equivalent value,
dollar for dollar, with the universally
recognized money of the world.
DOWN WITH THE GREENBACKs AND TAX
TEA AND COFFEE.
The retiremant from circulation of
United States notes with the capacity
of legal tender in private contracts, is
a step to be taken in our progress to-
wards safe and stable currency. which
should be accepted as the policy and
duty of the Government, and the in
terest and security of the people. 1t
is my firm conviction that the issue of
legal tender paper money, based who'll
ly upon the authority and credit 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 during the late
civil war, with the capacity of legal
tender between private individuals,
was not authorized except as a means
of rescuing the country from immi-
nent peril. The circulation of these
as paper money for any protracted
period of time after the accomplish
ment of this purpose was not con-
templated by the trainers of the law
under which they were issued. They
anticipated the redemption and with
drawal of these notes at the earliest
practicable period consistent 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 Constitu-
ton. has been to avoid the creation of
a national debt, and when from neces-
sity, in time of war, debts have been
created, they have been paid off on
the return of peace as rapidly as pos
sible. With this view, and for this
purpose, it is recommended that the
existing laws for the accumulation of
a sinking fund sufficient to extinguish
the public debt within limited peri
cd be maintained. If any change of
the objects or rates of taxation is
deemed necessary by Congress, it is
suggested that experience has shown
that 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 annually to the Treasury.
FINANCIAL.
The attention of Congress is called
to the annual report of the Secretary
of the Treasury on the condition of
the public finances.
The ordinary revenues from all
sources for the fiscal year ended June
80, 1879, were $273,S27.1S4.46 the or
dinary expenditures for the same peri
cd $265, ,947, ,8S35 SO; leaving surplus
revenue for the year of $6,S79, ,300.93.
The receipts for the present fiscal year
ending June 80, 1880, actual and esti-
mated, are as follows: Actual re.
ceipts for the first quarter, commenc-
ing July l, 1879, $79, ,843, ,663 Ga esti-
mated receipts for the remaining three
quarters of the year, $20S, l57 1856 36
tOt1l lOCClPto Iva th0 SoAASaio hSSot
year, actual and estimated, $2SS,OOO,-
600. The expenditures for the same
period will be, actual and estimated,
as follows: For the quarter commenc-
ing July l, 1879, actual expenditures,
S9I. .6S3 1856 10; and for the remaining
ree-quarters of the year the exoend-
;tnras are estimated at S172 316 s,14 90
making the total expenditures $264.-
C0O,OOO and leaving an estimated sur.
plus revenue for the year ending
June 80, 1880, of $24,OO0,OOO. The to-
tai receipts during the next fiscal yesr
ending June 30, 1881, estimated ac-
cording to existing laws, will be $685.
OOO, 600; and the estimated ordinary
for the same period will