The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1879-12-04
9pltttra1.
HAFES'S MESSAGE,
\ S3ISs SHERMAN IN THE WAR
UPON SILVER.
He Dsh,aaB the Punishment Of POIygamJ and
Neabu Cl9n Service RefOrm-Urges ApPrO'
bfatl8bs for MsrshalS' Ftes-Rela'
tlonAWith Foreign Countries
Other Topics

,"V| UlhoF Topics
RNA Members of the Forty-siXth
, CCna ress have assembled IN their first
regular session under circumstances
calling for mutual cOngratulatlon and
grateful acknowledgement to the
3 Giver of all good for the large and un-
usual measure of National prosperity
which we now enjoy
T fhst interesting events which
haYe 0tcQrIed in our public affairs
Since nv last annual messaget to Con-
afess Ai'A connected with the financial
Operalions of the Government directly
affecting the business interests " the
COuntry9 l congratulate Congress- on
the successful execution OF tAet ne
sumption act AT the time fixed and in
the manner contemplated by law,
Uni5ed States notes began to be re-
deemed in coin. Since the 1st OF jan
uaI last they have been promptly
Tede9med on presentation, and III all
busiiless transactions,public OF private,
N all parts Of the country, they are
oceiyed and paid out as the equivalent
Of coin. The demand upon the Treas
ury for gold and silver in exchange for
United States notes has been compara-
lively 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 ex-
changed for United States notes over
the amount of United States notes re-
deemed is about $40,000,000.
Resumption and. Refundlng.
The resumption of specie payments
has been followed by very great re-
Yival of business. With currency
equivalent in value to the money
of the commercial world, we are
enabled to enter upon an equal cOmpe-
tition with other nations in trade and
production. The increasing foreign de-
mand for our manufactures and agri-
cultural products has caused a large
balance of trade in our favor, which
has been paid in gold, from the 1st OF
July last, to November 18th, to the
amount of about $59,000,000 Since the
resumption of specie payments there
has also been marked and gratifying
Improvement of the public credit. The
bonds of the Government bearing only
four per cent. interest have been sold
at or above par, sufficient i'll amount to
pay off all the National debt which was
redeemable under present laws. The
amount of interest saved annually by
the process of refunding the debt since
March 1st 1877, is $14,297,177. The
bonds sold were largely iii small
sums, and the number of our citi-
zens now holding the public securi-
ties is much greater than ever before.
The amount of the National debt which
natures within less than two years is
$792, ,13l, 200, of which $5O0,000,0O0 bear
interest at the rate Of five per cent,
and the balance is in bonds bearing six
per cent interest. 1t is believed that
this part of the public debt can be re-
funded by the issue Of four per cent.
bonds, and by the reduction Of interest
which will thus be effected, about
eleven million Of dollars can be annu-
ally 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
-sduring its present session.
~ The coinage by the mints Of the
\ United States, during the last fiscal
year was $40,9S6,9l2. The coinage Of
silver dollars, since the passage Of the
act for that purpose, up to November
1st, 1879, was Sl5,0OO,SjO, Of which Sl2,-
700,344 have been issued from the
Treasury and are now in circulation,
and $32,3OO,506 are still in the posses
sion Of the Government.
Coinage.
The pendency of the proposition for
unity of action between the United
States and the principal commercial
nations Of Europe, to effect perma-
nent 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 revi-
val of trade, internal and foreign, will
supply, during the coming year, Its own
instructions, which may well be await
ed before attempting further expert
mental measures with the coinage. l
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 uni
formly and largely less than the market
value of the gold dollar, it is obviously
impracticabe to maintain them at par
with each other if both are coined with
out limit If the cheaper coin is forced
into circulation it will, if coined with
out 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 uni
versally recognizedmOney 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
towards 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
is my firm conviction that the issue Of
legal-tender paper money based wholly
upon the authority and credit of the
Government, except in extreme emer-
gency, is without warrant in the Con-
stltutlon, and violation of found fnan-
clal principles. The issue of United
States notes during the late civil war
with the capacity Of legal-tender be-
tween private individuals was not
authorized except as a means Of rescu-
Ing 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 contemplated by the
trainers Of the law under which they
were issued. They anticipated the re-
demption and withdrawal of these notes
at the earliest practicable period con-
sistent with the attainment of the object
for which they were provided.
Sinking Fund.
The policy of the United States,