The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1879-12-04
ANNUAL MESSAGE
PRESIDENT R. B. HAYES,
DELIVERED TO CONGRESS- DE.
ii. CEMBER 1st, 1879.

st. CEMBER 1st, 1879.
1u.t
"
Fxlaow CITIZENS Of tho Senste and House Ut
Representatives: The members of tue Forty.
si1th Congress have assembled ip tho first req.
ular seasion, under circumstances calling for
mutual copgratulation and grateful acknowl.
edgment to the giver of all good. for tho large
and universal measure of national prosperity
which We now enjoy. The most interesting
,vsnts which have occurred 10 our public af.
fairs since my last annual message to Congress
Are connected With tho financial operations of
the government directly affecting the business
interests ot tho country.
TnE RESUMPTION ACT.
congratulate Congress on the successful ex-
ecntion ut tho resumption act at the time
fixed and in the manner contemplated by Law.
The notea of the United States began to be 70
deemed in coin since the lat Of january last,
aud they have been promptly redeemed on pre-.
sentation and in business transactions, public
and private, in all parts of the country. They
are received and paid out az the equivalent of
gold aud silver in exchange for United States
n"tes has been comparatively smaller and
the voluntary deposits Of coin and bullion in
exchange for uotes have been very large. The
.xcess of precious metals deposited OK ex-
changed for United States notes over the
amount of United States notes redeemed, is
about $40.00O.0 900. The resumption of specie
payment has been followed by a very great re-
vival Of business. With = currency equivalent
in value to the money Of the commercial world,
We are enabled ~ enter upon equal COMPETE
sioa with other nations in trade and pzoduc-
tio,. The increasing foreign demand for our
Manufacturers and ayricult ural prIducts has
caused large baiapce Of trade in our favor,
which has been paid III gold from the lat Of
July last to November Is to the amount of
shout 69,O00,UOO.
NEFUNplNn OPERATIONS.
Since the resumption Of specie payments
there has also been u marked and gratifying
Improvement Of the public credit. bonds of
the government bearing only four per cent. in
terest have been sold at or above par sufficient
in amount to pay off all the national debt
which was redeemable under the present laws.
The amount of interest saved annually by the
process of rcfunding the debt since March l,
1877, il Sl4,297,1T. Tho bonds sold were
largely in small sums, and the number of our
citizens now holding public securities is much
greater than ever before.
The amount of tho national debt which ma
lures within less than two years is $792, ,12l,-
7U0, of which $500, ,0O0. 900 bear interest at
the rate OF five per cent, and the balance is in
bonds bearing per cent. interest. It is be-
lieved that this part of the public debt can be
refunded by the issne cf per ct. bonds, and by
the reduction of interest which will thus be
effected, about = lD.uUUOUU can be annually
saved to the treasury. To secure this import
mt reduction of interest TO be paid by the
United States further legislation is required,
which it is hoped will be provided by Congress
during the present session.
GOLD AND SILVER COINAGE.
The coinage of gold by The mints of theUnit
cd States dnriug the Last fiscal year wa~ 940O,-
9S6, ,9l1. The coinage Of silver dollars since
the passage of the act for that purpose report
Cd Nov. !, 1879, was s45,00O,s5o, Of which
Sl2, 700, 344 have been issued from the treasury
and are now in circulation and 1872 800, ,5D6 are
tendency Of tho proposition for unity Of ac-
ton before tho United States and the principal
commercial nations OF Europe to effect q
permanent system Of equality of
gold and silver in the recognized
money of the world, leads me to recommend
bUot NOUS1csS IclIAiiA lICiu nc" JeklSNtiOu on
the general subject. The great revival of trade.
internal md foreign, will supply during the
coming year its own instructions which may
we'll be n waited before att empting further ex.
pcrimental measures with the coinage. !
would, however, stropgly urge upon Congress
the treasury ~ suspend the coinage Of silver
dollars upon the present legal ratio. The mar
ket value Of the silver dollar being uniformly
and largely less than tho market value Vt the
gold dollar, it is obviously impracticable to
maiutain them at par with each other if both
are coined without limit. II the cheaper coin
is forccd into circulation, it will, if coined
without limit, aoon become the sole standard
IT value and thus defeat the desired object,
which is q currency OF both gold and silver
which shall bc Of equivalent value, dollar for
dollar, with the universally recognized money
Of the world.
RETIREMENT OF LEGAL TENDERe.
The retirement from circulation of United
States notes with the capacity of the legal ten.
der in private contracts il . step to be taken in
our progress toward q safe and stable currency,
which should be accepted as tho policy of the
government and tho interest and security Of
the people of it. 1t 10 my firm conviction
that the issue of legal tender money, money
based wholly on the authority and credit of the
government, except in extreme emergency, i.
without warrant in the conAtitution and vio-
>ation Of sound financial principles. The issue
of United States notes during the late civil
war with the capacity of legal tender between
private individuals was not authorized except
- means for rescuing tho country from immi.
nent peril. Tho circulation Of these notes for
paper money for any protrscted period of
time after the accomplishment of this urpose
was not contemplated by tho frameIa of the
law under which they were issued. They An.
ticipate the redemption and withdrawal Ut the
notes nt the earliest practicable periud consist
ent with the attainment Of the object for
which they were provided. The policy Of the
United States steadily adhered to from the
adoption of the constitution has been to avoid
. the creation Of national debt, and when from
necessity in time Of war, debts have been ere
ated, they have been paid off on return of
peace ns rapidly as possible. With this view,
and for this purpose it il recommended that
existing laws for tho accumulation If a sinking
fund sufficient to extinguikh the public debt
within limited period, he maintained. If
any change OF the objects or rates Of taxation
ia deemed necessary by Congress it is suggested,
experience las shown, q duty can be placed on
tea and coffee, which will not enhance the
price OF those articles to the consumer, and
which win add several millions of dolla,a an.
nually to the TREASURY.
MoRMoN1sM.
Tho continued deliberate violation by q large
number of prominent and idh ,ential citizens Of
the Territory of Utah, of the laws of the United
States for the prosecution and punIshment of
polygany, merits the attention "f every de-
partment of the government. This Territory
has population sufficient to enti,le it to ad-
mission ~ State. This important change
will not, however, be approved by the country
while the citizens of Utah, In very considers
nhnen ~h~tA ephS Snk &
demnsd a. . crime by tho laws of all civiiised
communities throughout the world. The law
for the suppression of this odense was enacted
with unanimityby Congress more than seventeen
years ag", but has remained until recently q
dead letter In the Territory of Utah because
Ut tho peculiar difficulties attending. its en-
foecement. The opinion widely prevailed
among nitixena of uiah that Aha Law -,as in