Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1879-12-05
PRESIDENTS MESSAGE.


| der circumstances callingfor mutual congratu-
| latons and grateful Acknowledgement 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 since my
last annual Message to Congress are connect
| ed with the financial operations of the Gov
ernment directly affecting the business inter
ests of the country. congratulate Congress
| on the successful execution of the Resump-
| ton act At the time fixed and in the man
der contemplated by law, United States notes
| began to be redeemed in coin. Since the 1st
of January last they have been promptly re-
deemed on presentation, and in all business
transactions, public and private, in all parts
of the country, they are received and paid
| out as the equivalent of coin. The demand
upon the Treasury for gold and silver in ex-
change for United States notes has been COM
| paratiyey small, and the voluntary deposit
| of coin and bullion in exchange for notes
| has been very large. The excess of the
precious metals deposited or exchanged for
| United States notes over the amount of Unit
ed States notes redeemed, is about $40, 0O0-
600.
The resumption of specie payments has
been followed by a very great revival of
business. With a currency equivalent in val
| ue to the money of the commercial world, we
are enabled to enter upon an equal compei-
| ton with other nations in trade and produc-
| ton The increasing foreign demand for our
| manufactures and agricultural products has
caused a large balance of trade in our favor
which has been paid in gold from the LIST of
July last to Nov. H. to the amount Of about
Sj9, 900, 600. Since the resumption of specie
payments there has also been a marked and
gratifying improvement of the public credit
The bonds of the Government, bearing only
| per cent. interest have been sold at or
| above par, sufficient in amount to pay of all
| of the national debt which was redeemablo
under present laws. The amount of interest
saved annually by the process of refunding
the debt since March !, 1877, is Sl4, 297, III.
The bonds sold were largely in small sums,
and the number of our citizens now holding
the public securities is much greater than
ever before.
The amount of the national debt which ma
lures within less than two years is S7g2, l21,-
| 700, of which $500 900, 900 bear interest at
the rate of per cent, and the balance is in
bonds bearing t per cent interest 1t is be-
lieved that this part Of the public debt can be
refunded by the use of 1 per cent. bonds, and
by the reduction of interest which will thus
be effected, about Sl1 900, 600 can be annual
ly saved to the Treasury. To secure this i'm
portant reduction Of interest to be paid by
the United States, further legislation is re-
qured, which, it is hoped, will be provided
| by Congress during its present session.
The coinage of gold by the Mints of the
| United States during the last fiscal year was
S4O9SG,g ,gl2. The coinage of silver dollars
since the passage of the act for that purpose,
up to Nov, l, 1879 was $4,000, $50, of
which SIP, 7OO,344 have been issued from the
Treasury and are now in circulation and S32,
300, jO6 are still in the possession of the Gov
ernment. The pendency of the proposition
for unity of action between the United States
and the principal commercial nations of
| Europe, TO effect permanent system for the
equality of gold and silver in the recognized
money of the world, leads me to recommend
that Congress refrain from new legislation on
the general subject. The great revival of
trade, internal and foreign, will supply, dur
| ing the coming year, It's own Instructions,
| which may well be awaited BEFORE attempting
further experimental measures with the coin
age. would, however, strongly urge upon
Congress the importance of authorizing the
Secretary of the Treasury to suspend the coin
age 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 obvious
ly impracticabe to maintain them at par with
each other if both are coined without limit.
If 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 a currency of both
gold and silver, which shall be of equivalent
value, dollar for dollar, with the universally
recognized money of the world.
The retirement from circulation of United
States notes, with the capacity of legal tender
| in private contracts, is a step to be taken in
our progress toward safe and stable curren-
| cy, which should be accepted as the policy
and duty of the Government, and the inter
est and security of the people. 1t is my firm
conviction that the issue of legal tender pa
per money, based wholly upon the authority
and credit of the Government, except in ex-
treme emergency, is without warrant in the
Constitution, and a violation of sound finan-
cal principles. The issue of United States
notes during the late civil war, with the ca
pacity of legal tender between private indi-
viduals, was not authorized except as means
of rescuing the country from imminent peril.
| The circulation of these notes as paper money
for any protracted period of time after the
accomplishment of this purpose was not con-
templated by the trainers of the law under
which they were issued. They anticipated
the redemption and withdrawal of these notes
at the earliest practicable period, consistent
with the attainment of the object for which
they were provided. The policy of the Unit
| ed States steadily adhered to from the adop-
ton of the Constitution, has been to avoid the
creation of national debt and when, from
necessity, in the time Of war, debts have been
created they have been paid off on the re-
turn of peace as rapidly as possible. With
| this view, and for this purpose, it is recon-
mended that the existing laws for the accum-
ulation of a sinking fund sufficient to extin-
guish the public debt within a limited period
| be maintained. If any change of the objects
or rates of taxation is deemed necessary by
| Congress, it is suggested that experience has
shown that duty can be placed on tea and
coffee, which will not enhance the price of
those articles to the consumer, and which will
add several millions of dollars annually to the
Treasury.
THE SUPPRESSION OF PoLYGAMY.
The continued deliberate violation by slarge
number of the prominent and influential citi-
| zens of the Territory of Utah of the laws of
the United States for the prosecution and
punishment of polygamy. demands the at
tention of every department of the Govern
| ment This territory has population suth-
| cient to entitle it to admission as a state, and
| the general interests of the nation, as well as
the welfare of the citizens of the territory,
require its advance from the territorial form
| of government to the responsibilities and
| privileges of state. This important change,
| however, will not be approved by the coun-
| try while the citizens of Utah, in very con-
| siderable number, uphold n practice which is
| condemned a crime by the laws of all CIV
| ilized communities throughout the world.
The law for the suppression of this o6ense
was enacted with great unanimity by Con-
gress more than II years ago, but has re-
mained until recently dead letter in the
territory of Utah, because of the peculiar
difficulties attending its enforcement. The
opinion widely prevailed among the citizens
| of Utah that the law was in contravention of
the constitutional guaranty of religious free
dom. This objection is now removed. The
| Supreme Court of the United States has de-
oided the law to be within the Legislative
power of Congress, and binding, as a rule of
action, for all who reside within the Terrific
ries There is no longer any reason for de-
lay or hesitation in its enforcement. 1t
should be firmly and effectively executed. If
not sufficiently stringent in its provisions, it
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