River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1879-12-04
PRESIDENTS MESSAGE.
Fsiiow citi-ens Of ne Senate and Hoase Of REP
YeseHtdtiges.

grateful Acknowledgement to the Oliver Of all good
for the large and unusual measure Of National
prosperity which we now enjoy.
The most interesting events which nave occuft-
ed in our public aftnirs since my last annual mes
rage to congress are connected WIN me nnanGlal
operations of the government directly anectlhs
the business interests of the country. congraIh-
late congress on the successful execution OF me
resumption act. At the time hXeu ana IN me
manner contemplated by law, United States notes
beam to be redeemed in coin. Since the nrst q
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 equiyalent
of coin The demand upon the treasury Tor gold
and silver in exchange for United States notes mas
been comparatively small and the voluntary de-
post of coin and bullion in exchange Tor notes
has been very large The excess Of the precious
metals deposited or exchange for United States
notes over the amount of Ur.ted States notes re-
deemed is about Sl0,0000G.
REsUMf ZION.
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 enabled 20 enter
upon an equal competition with other nations IN
trade and production. TIL increasing foreign de-
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 lst
Of July last to November 10, to the amount OF
about $4,000 600. Since the resumption OF specie
payments there has also been marked and graft
flying improvement of the public credit Inc
bonds of The government bearing only four per
cent. interest nave Decn sofa at OF UDONc pdl7 run
dcicnt in amount to pay of all OF the natlonat
debt which was rcdecmable under present laws.
The amount of interest saved annually by Tue
process of refundiug the debt, since March /. 1876
is Sl4 297.f17. The bonds sold were largely IN
small sums, and the number of our citizens now
holding the public securities Is much greater tha
ever before. The amount of the national Geet
which natures within less than two years Is , W.
121 700, OF which S5O0000,0O bear interest al the
rate of five per cent, and the balance IS in bonds
bearing six per cent interest. 1t is believed that
II ri of thp liz dpbt refunded
issue of four per cent bonds, and by the rednc-
ton OF interest which will thus be effected about
to the treasury. To secure this important rsduc-
tion of interest to be paid by the United States
fu rther legislation is required, which, II Is hoped
will be provided by congress during It's present
session.
COINAGE.
The coinage of gold by the minis of the United
States, during the last fiscal year was $40 9o6,9l2
The coinage of silver dollars, since the passage OF
the act for that purpose, up to November /, lSt9
was 45OO0S $50 of which S12 700,3 A have been is
sued from the treasury and are now in circulation
and $32, 300 SOC still in the possession OF the
government
The tendency of the proposition for unity OF &C
ton between the United S ates and the principal
commercial nations of Europe, to effect perRa-
nent system for the equality of gold and silver IL
the recognized money of the world, leaos me 10
recommend that congress refrain from new legis.
lation on the general subject. The great revival
of trade internal and foreign, will supply, during
the coming wear, Its own lnStfucllOnE, WHiCH may
well be awaited before attempting further expei /
mental measures With the coinage. L woud
however, strongly urge upon congress tne 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 he sli
yer dollar being uniformly and largely lees thar
the-market value of the gold dollar, II ls OBVIOUS
Iy impracticable to maintain them at par WIN
each other if both are coined without limit. II
the cheaper coin is forced into circulation IL VIII
II coined without limit, soon become tue sole
ID Of xFoIp and defeat desired
object, which is a currency OF both gold and sfl-
YER which snall be of equivalent value, dollar TO-
dollar, with the universally recognized money OF
the world
.RRTIRExENT CT GREENBACKs.
The retirement from circulation of United
States notes, with tue capacity of legatender IN
private contracts, is step to he taken in our pro
gress tow ards a safe and stable currency, Whlca
Shond 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 issuc oil
legal-tender paper money based wnony upon we
authority and credit of the government, except IN
extreme emergency, is without warrant In the
constitution, and a violation OF SOUND nnanciai
principles. The issue OF United States notes dur
ing the late civil war with the capacity OF Il gal
tender between private individuals was not su
thorized except means OF Tcscuing tns
country from imminent peril. The Circulation o.
these notes as paper money, for any protractec
period of time after the accomplishment OF this
purpose. was not contemplated Dg the trainers OF
the law under which they were issued. They i
fICipated the redemption AuQ Withdrawal ol tHeeo
notes at tks earliest practicable period consis-
tent with the attainment of the object for which
they were provided.
PAYING THE WAR DEBr.
The policy of the United States, steadily adj
hered 10 from the adoption OF constitution,
has been to avoid the creation of a nstonal debt,
and when, from necessity IN time OF war. deots
have been created. they have been paid off on the
return of peace rapidly as possible. with this
view, and for this purpose it lie recommended that
the existing laws for the accumulation OF SINK
ing fund sufficient to cxtingnish the puollo
debt within o limited period be maintained.
any change of the objects rates OF taxation !.
deemed necessary by congress, it is suggested
that experience has shown that duty can be
placed on tea and coffee, which viii not enhance
The price OF those articles to the consumer, and
which will add several millions OF dollars an
nually to the treasury.
PoLYeAMY.
The continued deliberate violation by q large
number of the prominent and influential citizens
OF the territory of Utah OF the laws of the United
States for the prosecution and punishment OF
poygamy demands the attention OF every depart
ment of the government. This territory has q
population sufficient TO enttle 1t TO admission ae
STATE, and the general interest of the nation as
well as the welfare OF the cltizens of the terri.
tory require its advance from the territorial form
Of government to the responsibilities and priv.
ilegee of state. This important change will
not, however, be approved BY the country while
the citizens OF Utah in very considerable number
uphold a practice which Is condemned az n crime
by the laws of ali civilized communities through
out the world.
The law for the suppression OF this offence was
enacted with great unanimity 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 it's
enforcement. The opinion widely prevailed
among the citizens of Utah that the law was in
contraventon OF the constitutional guarantee OF
religious freedom. This objection is now remov-
ed. The supreme court OF the Ulited States has
decided the law to be within the Legislative power
of congress, and binding a rule of action for
all who reside within the territories. There is
no longer any reason for delay or hesitation in
its enforcement y should be firmly ana effect
lively executed. II not sufficiently stringent in
It's provisions t should he amended, and, In aid
of the purpose in view, recommend that more
comprehensive and more searching methods for
preventing as well as Furnishing this crime be
provided. II necessary to secure obedience 70
the law, the enjoyme and exercise of the rights