The New York herald., 1879-12-01
Prosperity at Home and
Peace Abroad.
NO FINANCIAL LEGISLATION WANTED.
Civil Service, Poygamy and the Indian
Policy Reviewed.


the national legislature At the very outset of his
Message the President congratuates Congress on the
successful execution Of the resumption act. and
states that the of the precious metals depos
tied exchanged for United States notes over the
amount of United States notes redeemed is about
$40,000,000. He then adverts to the revival OF
business and the marked Improvement in the public
credit. From July to November 10 tho balance
of trade in our favor was about S59,oooooo SPEAK
ing of the sale of four per cent United
States bonds he says they have been disposed OF at
above par. sufficient in amount to pay OIL all the
national debt which was redeemable under present
laws. The amount of interest saved annually by
the process Of refundng the debt since March l,
1877, is $l4 297, ,177. Tho amount of the national
debt which natures within less than two years is
s792 I2 7OO of which $780, 0.000 bear interest at
the rate of per cent, and the balance is in bonds
bearing per cent interest 1t is believed that this
part of the public debt be refunded by the issue
of per cent bonds and by the reduction of inter-
est which will thus be effected. about S11.000.O00
can be annually saved to the Treasury To secure
this important reduction OF interest to be paid by
the United States further legislation is required,
which, 1t is hoped will be provided by Congress
during its present session.
EQUALITY GOLD AND SILVER.
The coinage of gold by the mints Of the United
States during the last fiscal year was 9l2.
The coinage of silver dollars since the passage of
the act for that purpose up to November l. 1879.
$45 OOO,s50, OF which $12 ,344 have been is
sued from the Treasury and now in circulation.
and $32.300.506 still in the possession of the
government. After stating these figures and refer
ring to the efforts Of commercial nations of Europe
to effect permanent system for the equality of gold
ana silver in the recognized money Of the world,
the President recommends that Congress refrain
from new legislation on the subject He
says the great revival of trade. internal and
foreign. will supply, during the coming year.
Its own instructions, which may well be
awaited before attempting further experimental
measures with the coinage. I would. however,
strongly urge upon Congress the importance of
authorizing the Secretary of the Treasury to sus-
pend 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 of the gold dollar. it is obviously imprac-
ticable to maintain them at par with each other if
both coined without limit. II the cheaper coin
is forced into circulation it will. if coined without
limit. soon become the sole standard Of value and
thus defeat the desired object which is currency
OF both gold and silver, which shall be of equiv
aent value, dollar for dollar, with the universally
recognized money of the world.
RETIREMENT GREENBAcKs.
The retirement from circulation OF United States
notes, with the capacity of legal tender in private
contracts, is step to be taken in our progress
toward safe and stable currency, which should be
accepted as the policy and duty of the government
and the interest and security Of the people, 1t my
firm conviction that the issue of legal tender paper
money, based wholly upon the authority and credit
of the government, except in extreme emergency is
without warrant in the constitution and a violation
of sound financial principles. The issue of United
States notes during the late civil war; with the
pacty of legal tender between private individuals
not authorized except means rescuing
the country from imminent peril. The circulation
OF these notes as paper money for any pro-
OF this purpose not contemplated by the
trainers OF the law under which they issued.
They anticipated the redemption and withdrawal OF
these notes at the earliest practcabe period con-
sisent with the attainment of the object for which
steadily adhered to from the adoption of the const
tuition, has been to avoid the creation of q national
debt. and when from necessity in the time of war,
debts have been created, they have been paid of
the return of peace rapidly possible. With
this view and for this purpose it is recommended
that the existing laws for the accumulation OF q
sinking fund sufficient to extnguish the public debt
within q limited period be maintained. II any
change of the objects or rates of taxat is deemed
necessary by Congress, 1T IS suggested that expert
ence has shown that duty can be placed on tea and
coffee which will not enhance the price of those art
Giles to the consumer and which will add several
millions of dollars annually TO the Treasury.
UTAH AND PoLYGAMY
Union as a State is recommended but the President
says:-"This important change will not be approved
by the country while the citizens OF Utah. in very
considerable number uphold practice which
condemned as crime by the laws OF all civilized COM
munites throughout the world" stricter enforce
ment of the law prohibiting polygamy is commended
to every department of the government and if
necessary to secure obedience he says:-"The
joyinent and exercise of the rights and privileges OF
citizenship in the Territories of the United States
may be withheld withdrawn from those who
violate or oppose the enforcement of the law this
subject"
THE RIGHT OF SUFFRAGE
The elections OF the past year. though occupied
only with State offices, have not failed to elicit. in
the political discussions which attended them all
the country. and decisive evidence OF the
deep interest which the great body OF ctizons take
in the progress OF the country toward amore general
aud complete establishment, at whatever cost, of
universal security and freedom in the exercise OF tho
elective franchise. While many topics of political
concern demand great attention from our people.
both in the sphere of national and State authority,
find no reason to qualify the opinion / expressed
in my lest annual Message, that no temporary
administrative interests of government. how
ever urgent or wcghty will ever display tho zeal
of our people i'll defence of tho primary rights
OF citizenship. and that the power OF pubic opin
ion will override all political prcjudces and all
sectional and State attachments, in demanding
that all over our wide territory the name and
character of citizen of the United States shall
mean one and the same thing and carry with
them unchalcnged security and respect. / ear
nesty appeal to the intelligence and patriotism of
hl Boou CITIZENS or every part of the country, how
ever much they may be divided in opinions on
other political subjects, unite in compelling obc-
dience TO existing laws aimed at the protection of
the right OF sunrage. respectfully urge upon Con-
gress to supply any defects these laws which ex-
pcrienco has shown and which it is within its
power To remedy again invoke the opcration
of the executive aud legislative authorities of tho
States in this great purpose. am fuly convinced
that II the public mind can be set at rest on this
paramount question of popular rights no serious
oDject will thwart delay the complete pacication
OF the country or retard the general diffusion OF
REFORM IN THE CIVIL SERVICE
The President transmits to Congress the report of
A. xll 4nr rvic tp1 mi hps