Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1879-12-04
The MESSAGE,
Annual Communication Of
President Hayes.
BEAD to Congress on Monday, Dec. !

ing for mutual congratulations and prats.r,
acknowledgement to the Giver of all good tor
the large and unusual measure OF nation.,
prosperity which we now enjoy. The most in
seresting events which have occurred in on,
public affairs since my las. annual message r.
Congress are connected with the financial
operations OF the Government directly affect;no
the business interests Of the country
Resumption.
l congratulate Congress On tho succesx.,,
execution of the Resumption act At
the time fixed, and in the manner
contemplated by law, United States no,es
began to be redeemed in CON- Since
the LIST OF January last they hsvs
been prompt y redeemed on presentation, and
IN all business transactions, public and pryste
In all parts of the country, they are receiysS
and paid out as the equivalent of coin. Tbs
demand upon the treasury for gold and silye,
in exchange for United States notes has been
comparatively small, and the voluntary denos;t
OF coin and bullion in exchange for notes hss
been very large. The excess of the precions
metals deposited or exchanged for United States
| notes over the amount of United States notes
redeemed is about s40O00OO0.
The resumption of specie payments has been
followed by = very great revival OF business
With currency equivalent in value 70 the
money OF the commercial world, we are ena-
VI
other nations in trade and production. The
increasing foreign demand for our mapufact-
ures and agricultural products has caused A
large balance of trade in our favor, which has
been paid IN gold, from the lst of July last 10
Nov. To- to the amount of about s59,000O0O
Public Credit.
Since the resumption of specie paymen,s
there has been marked and gratifying i'm,
provement of the public credit The bonds Of
the Government bear ng only per cent inter
est have sold at or aoove par, sufficient in
amount to pay off all OF the national debt
which was redeemable under the presen.
laws. The amount OF interest saved annually
by the process of refundng the debt since
March l, 1877, ia si4, 2E,l7. 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
in less than two years, is s7G2, l2l 200, OF
which s5oo,oOo,oO0 bear interest at the
rate OF per cent 1t is believed that
this part of the public debt can be re-
funded by the issue Of 4-per-cent bonds,
aud by the reduction of interest which will
thus be effected about $ll 100000 can be an
nually saved to the treasury. To secure this
important reduction of interest to be paid By
the United States further Legislation is re-
qnired, which it Is hoped will be provided by
Congress during its present session. The
coinage of gold by the mints of the United
States during the last fiscal year was $40 $50
9l2
Silver Coinage.
The coinage Of silver dollars since the pass
age Of the act for that purpose up to Nov. |,
1879, was 45,O00,S $50, of which sl2, 700,3 4i
have been issued from the treasury, and are
now in circulation, and So, 800, 500 are still in
the pos session of the Government The pen
dency of the proposition for unity OF action be
tween the United States and the principal COM
mercial nations of Europe to effect perma-
nent system for the equality of gold and
silver IN the recognized money Of the
world, leads me to recommend that Congress
refrain from new legisla Jion on the general
subject The great revival of trade, in
ternal and foreign, will supply during
the coming year its own instructions, which
may well be awaited before attempting further
experimental measures with the coinage.
would, however, strongly urge upon Congress
the Important Of authorizing 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 market value CT the gold
dollar, it is obviously mprachcabl5 to nam
tain them at par with each other If both are
coined without limit. If the cheaper coin lie
forced into circulation 1t WILL II coined without
limit, become the sole standard of value, and
thus defeat the desired object, which is eur.
rency of both gold and silver, which shall be OF
equivalent value, dollar for dollar, with the
universally recognized money of the world
Legal Tenders.
IT, retirement from circulation of United
State notes, with the capacity OF legal tender
in private contracts, il a step to be taken IN our
progress to a fair and stable currency, which
should be accepted as the policy and duty OF
the Government and the interest and aecurltyo or
the people. IL IL my firm conviction that the
issue of the legal-tender paper money, based
wholly upon the authority and credit OF the
HyaoFN
eucy, is without warrant in the con-
sttution, and violation of sound imam
cial principles. The Issue of United States
notes during the late civil war, with inc
capacity of legal tender between private maj
yiduals, was not authorized except as means
OF rescuing the country from imminent peril
The circulation of these notes as paper money
for any protracted period of time after the &C
complshmeut of thle purpose was not contein-
plated by the fir mers of the laws under wmch
they were issued. They anticipated tho re-
demption and withdrawal of these notes at the
earliest practicable period consistent with lhe
attainment OF tho object for which they were
provided.
The policy OF The United States stesdlly al
hered - from the adoption of the constitution
has been to avoid the creation OF NATIONS,
d, ii, and when, from necessary, IN the tilie VI
war de bis have been created, tley have peeh
beeI paid of on the return of peace az rspiuIy
as possible With this view. 9ud for TINS pur-
pose, il is recommended that the existing laws
FOR the accumulS ton of sinking tuna SUN
cient to extinguish the public debt within a
limited period be maintained II any change
OF the objects or rates of taxat!on Is deemed
necessary 10y Congress, it Is suggested That ex,
perience has shown that duty can be p.sceo
on tea and coffee which VIII not enhance the
price of those articles 70 the consumer, and
which will add several millions of dollars an
nually to the treasury.
The Suppression OF Polysamy.
The continued deliberate violation oy >
larrn 1,11rnnar of the nrnmnent and lnlnehUaI