Western sentinel. [volume] (Winston [i.e. Winston-Salem], N.C.) 1856-1886, 1879-12-11
THE PRESIDENTS MESSAGE.
A SUMMARY OF THE DOCUMENT

A SUMMARY OF THE DOCUMENT.
A Discussion of Finances, The Mate
rial Condition Of the Country, Civ-
IL Service Reform, Polyganay,
Rights Of Citizens, For
eigm Relations, &c.
Through the courtesy of the As
sociated Press we have the full text
of the message of the President,
read yesterday to the two honses of
Congress. Comparing the message
with the synopsis thereof printed in
the National Repu6ll1nn7 Of last
Thursday, and copied into the o.
serUer of Saturday, we find the
synopsis singularly lacid and ac-
curate, but we shall enlarge upon
the message, choosing to give our
readers summary fuller than that
already printed, and yet reduce the
document to smaller space than
it would occupy if printed in its
entirety:
The President begins by saying
that the circumstances under which
Congress assemblies = the large
measure of prosperity which the
country enjoys-call for mutual
congratulation and grateful ac-
acknowledgement to the Giver of all
good.
! Congress is congratulated on the
successful accomplishment Of re-
sumption. The demand upon the
treasury for gold and silver in ex-
change for notes has been small
and the voluntary deposit of gold
and bullion for these has been large.
The excess of metals deposited for
notes over the amount of these re-
deemed is about $4O,0O0,O0O. The
revival in business is ascribed to re-
sumption, and the amount of the
balance of trade in our favor July
1st to November 18th is placed at
$59,OOO,O0O. The public credit has
improved, the 4 per cent. bonds
have been sold at and above par,
raising fund sufficient to pay off
all the national debt redeetnable un-
der present laws. The amount OF
interest saved annually by the re-
funding process since March 1st.
1877, is S14,297,177. The amount
of the national debt which natures
within less than two years is S792,-
, 121,700, of which S50O,000,O0 bear
interest at the rate Of five per cent.
and the balance is in bonds bearin.
six per cent. interest. 1t is believed
that this part of the public debt car
be refunded by the issue Of four pei
cent. bonds, and, by the reduction
of interest which will thus be eff
fectcd, about eleven millions O
dollars can be annually saved te
the treasury. To secure this i'm
portant reduction of interest to be
paid by the United States, further
legislation is required, which, it ii
hoped, will be provided by Con-
gress during its present session.
The coinage OF gold by the mint
of the United States, during the
I last fiscal year was $4O,9S6,912.-
The coinage of silver dollars, since
the passage Of the act for that par
pose, mp to November 1st, 1879
was $45,C 5,C0O,95O, of which S12,-
7OO,344 have been issued from Tn,
treasury and are now in circulation
and $32,3O0O,506 are still in th'
! possession of the government.
Further experiments with th'
coinage, it is advised, had best b.
postponed until after the meeting
of the Monetary Congress, but til,
} suspension of the coinage of tn,
silver dollar upon the present lega
ratio is advised. Coined withou
limit, side by side, silver, it i
maintained will soon become til,
only standard of value, ON th
principle that the market value o
\ silver is uniformly below that 0
gold. What is wanted is curren
cy of gold and silver, each OF equa
value. The President takes tb
ground that as it is only in time o
+ war or other pressing emergenc.
: that the issue of notes, the wortl
= of which is fixed wholly by th
j, government, is authorized, and tina
n as no euch emergency now exists
e the circulating notes, i. e., tn
e greenbacks, should now be retire,
! in some manner wisely calculate
to forefend any disturbance of tn
present financial equilibrium. FL
! also argues that, as it has been th
policy of the government ever sine
the adoption of the constitution t
pay off all debts as soon after the
are incurred as possible, sinking
: fund should now be provided o
n the existing laws relating to tina
'e fund amended so as to fix a limi
= specified and distinct within whic
q the present public debt shall b
l. Al.