The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1879-12-10

Presidents MESSAGE.
RADICAL GROUND TAKEN AGAINST
LEGAL TENDERS AND SILVER
DOLLARS.
BLAST FOR CIVIL SERVICE REFORM.
Tax on Tea and Coffee Recommend
ed-Declaration that the Rights
of Citizens Must be
Protected.
BLAST FOR CIVIL SERVICE REFORM

Fello,c- Citizens Of the SeEate and
House Of Representatives.
The members of the forty sixth
Congress have assembled ia their first
regular session under circumstances
calling for mutual congratulation and
grateful acknowledgment to the Giver
Of all good for the large and unusual
measure Of national prosperity which
we now enjoy.
The most interesting events which
have occurred in our public affairs
-ince my last annual message to Con-
gress are connected with the financial
,perstions OF The, Government, direct
|iy affecting the business interests OF
the country. / congratulate Congress
n the successful execution of the re-
sumption act At the time fixed and
u the manner contemplated by law.
United States notes began to be re-
deemed 10 coin. Since the frst OF
January last they have been prompt
iy redeemed on presentation, and in
all business transactions, public and
private, in all parts of the country,
hey arc 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 com
paratively small, and the voluntary
deposit of coin and bullion in ex-
change for notes has been very large.
The excess Of the precious metals de-
posted or exchanged for United
States notes over the amount Of Uni
Ted States notes redeemed is about
$40 600. 900
THE FINANCIAL SITUATION.
The resumption of specie payments
has been followed by n great revival
of business With currency equiv
slent in value to the money OF the
commercial world, we are enabled TO
enter upon an equal competition with
other nations in trade and production
The increasing foreign demand for
our manufactures aud agricultural
products has caused large balance
of trade in our favor, which has been
paid in gold, from the lst Of July
last TO November l5, 20 the amount
Of $4,000. GOO Since the resumption
of specie payments there has also
been a marked aud gratifying i'm
provement of the public credit. The
bonds of the Government bearing
only four per cent interest have been
sold at or above par, sufficient in
amount 10 pay of all of tie national
debt which was redeemable under
present laws. The amount of inter-
est saved annually by the process of
refunding the debt. since March lst,
1877. is Sl4,297,l77 The bonds
sold were largely in small sums, and
the number of our citizens now hold
ing the public securities is much
greater than ever before The amount
OF the national debt which natures
within less than two years is $780,
i2l, 100, of which $5O0,0O0, 600 bear
interest at the rate of five per cent,
and the balance is in bonds bearing
six per cent. interest 1t is believed
that this part of the public debt can
be refunded by the issue OF four per
cent bonds. and, by the reduction OF
interest which will thus be effected,
about eleven millions of dollars can
be saved annually to the Treasury
To secure this important reduction
of interest to be paid by the United
JtAtes, further Legislation is required,
which, it is hoped, will be provided
BY Congress daring its present ses-
sion.
The coinage Of gold By the mint:
of the United States, during the las,
fiscal year was $40, ,9s6,912. The
coinsge of silver dollars, since the
passage Of the act for that purpose
up to November l, 1875, was $45..
000. $50, ef which $l2 700.344 have
been issued from the Treasury and
are now 10 circulation, aud $32, $780,.
SOC are still in the possession Of the
Government.
The pendency of the proposition
for unity of action between the Unit.
ed States and the principal CONNER.
cial nations Of Europe, TO effect per.