Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-12-01
Of the President of the United
States.
To Be Read in Congress To-Day.
Rejoicing Over The Alleged Success
of Resumption.
War Proclaimed on the Silver
Dollar.
Strong Grounds Taken Against
POlygamy.
Another Long Blast for Civil Ser
vice Reform.
Foreign Relations and Other
Topics.
FOreiqn Relations and Other
Topics.

Fggo,r Cai,rns Of tIs S'Isais. m1d LioUs, Of
Representatives:
The members Of the Forty-sixth Con-
gress have assembled in their fist reg
ular session under circumstances calling
formutual congratulation and and CRATE
ful acknowledgment to the the Ciiver
OF all good for the large and unusual
measure ot national prosperity which
We now enjoy.
National Finances.
The most interesting events which
have occurred in ourpublic affairs since
my annual message to Congress are con-
nectcd with the financial operations Of
the Government directly affecting the
business interest Of the country. con-
gri;ulate Congress on the successful
execution OF the resumption act. At the
time fixed and in the manner cOntem-
plated by law, United States notes began
to Ie redeemed in coin. Since the first
of January last they have been prompt
Ia redeemed on presentation, and in all
business transaction, public and private,
in a'I parts of the country, they are re-
cc.yci and paid ont rs equivlent of coin.
The demand upon the Treasury ior gold
anI silver iu exchange for United
States notes has been comparatively
small. and the voluntary deposit Of coin
AMI bullion in exchange for United
states notes has been very large. The
exr-Ss ofthe precious metals deposited
or exchanged for United States notes
over tur amount of United Stats notes
redeemed is about S+O,OOO,ODO.
The resumption Of specie payments
has been followed 10y a very great reyi-
val ol business. With currency equl-
valcnt in value to tine money Of the
commercial world, we are enabled 20
enter upon an equal competition with
other nations iu trade and production.
The increasing foreign demand for our
manufactures ami agricultural products
has caused Q large balance Of trade IN
our favor. which has been paid I'm gold.
irlm On. Ist ut Jg.y last, to November
u. Z, the amount Of about Sj9OOO.OOO.
Since the resumption of specie pay
m-nts there has also been a marked and
gratifying Improvement of the public
credit. The bou.j- Of the Government
bcar.u. only four per cent. interest have
been ~nJ gtur above par, sufficient IN
amount to Fsy uI all of the national
debt which w,s rclrrmable under pres
.cnt !aw-. The amount OF interest saved
annually hy the process of reiuudlng the
.i-Jt ,ur, March l,lS77, is Sl4,29I,lIr
The bonds sold were largely in small
Sums. and the number of our cltl-
zen, upw huIlju. the public securities
+, rgu.h greater than ever before. The
am.uE. 90 the national debt which ma
lures within less than two years Is S192,-
l2I. zoo. of which S2lO00o,oo) bear IN
terrst al the rate oi i've per cent. and
the balance is iU bonds bearing SIX per
cent. interest. 10 Is believed that tins
pIr. of the public debt can h' refunded
ivthr Issue of four per cent. bonds,
an. hv thr reduction oi interest which
will tLg, hr effected, about eleven nul-
lions of dollars can be annually saved
Z, tine Treasury. ru~ccucr TINS Impor-
tlut reduction of interest Q" be- pald by
the United states, further legislation Is
rrguIrrI which, 10 Is hoped, will be
provided bv Congre>,during It's present
session.
The coinage of -plj by the mints Of
the United States. during the las, fiscal
wear was SlDgS6HI2. The coinage OF
silver dollars, since the passage OF the
art for that purpose, MP tu November /,
I~-y. WAS So. .UUJ 81. OF which So, ,1OO,-
%il have been issued from the Treasury
AMI are now iu circulation, and So
800 lui are still IN the possession OF the
government.
The peuirucy ot the proposition Tor
unity ui action between the United
States lud the principal commercial ma
tinuS of Europe, To effect a permanent
system iur the equality OF gold and SUI
Yer iu the recognized money OF the
world. leads me To recommend that Con-
l,r,.,S refrain from new legislation on the
General subject. The great revival OF
tr,I. internal AMI foreign, will supply,
Jnriu. the comm. wear, its own in
structl,n.. which NAV well be awaited
before attempting further experimental
measures with the coinage / would,
hovpy,r. strongly urye upOn Congress
a.. i,,,r.,rr,ur,. oi authorizing the s.ecre-
t,ry If -hn T-,,sury tn suspend the
,.',;y,..,..f .sly,rd,ilors upon the pres
on, Ir'.,r rstio. The market value II the
silver I,.rrr b,in, uniformly ana large
10 I,ss imam the market value OF the