Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1879-12-05
THE PRESIDENTS MESSAGE.

have assembled in their first regular session rn-
der circumstances calling for mutual congratu-
lation and grateful Acknowledgement to the
Giver of all good for the large and unusual
measure OF National prosperity which we now
enjoy.
CURED in our public affairs since my last annual
message to Congress are connected with the
financial operations Of the Government directly
affecting the business interests Of the country.
| congratulate Congress on the successful execu-
tion OF the Resumption Act. AT the time fixed
cd States notes began TO be redeemed in coin.
Since the first of January last they have been
promptly redeemed 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 up
on the Treasury for gold and silver in exchange
for United States notes has been comparatively
small, and the voluntary deposit of coin and
bullion in exchange for notes has been very
large. The excess Of the precious metals depos-
tied or exchanged for United States notes over
the amount of United States notes redeemed is
about 94O,0U0000.
THE REsUMFTIoN OF SPECIE PAYMENTS
has been followed by very great revival Of busi-
ness. With currency equivalent in value to
the money of the commercial world, we are ena-
bled to enter upon an equal competition with
% %Sss aasha aahs apq tor eap M
and agricultural products has caused a large
balance of trade in our favor, which has been
paid in gold, from the lst of July last to NOvem-
ber l5, to the amount of about T590O0,0OO. Since
the resumption of specie payments there has also
"a
the public credit. The bonds of the Government
bearing only four per cent, interest have been
sold at or aboye par, sufficient in amount TO pay
Oft all of the National debt which was redeema-
bic under present laws. The amount of interest
saved annually by the process of refundlng the
debt since March /, 1877, is Sl427,l77 The
bonds sold were largely in small sums, and tho
number OF our citizens now holding the public
securities If much greater than ever before. The
amount of the National debt which natures
within less than two years Is @l9l1N.7Ol, of
which 80 0,0pO0J bear interest at the rate of
five per cent, and the balance il in bonds bear
ing six per cent interest; 1t IS believed that
the issue of four per cent. bonds, and, by the re
ductiOn of interest which will thus be effected,
about sll,00,0OO can be annually saved to the
Treasury. To secure this important reduction
of interest to be paid by the United States, fur
ther legislation is required, which, IL IA 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 $40 9l2.
The coinage of silver dollars since the passage Of
the act for that purpose. up to November /, ls!g,
was S45O00,Sj0, of which Sl2 700,3i have been is
sued from the Treasury and are now in circula-
tion, and S32,S0050 are still in tue possession of
the Government.
The pendencv of the proposition for unity of
hat9q a fhf II 9af ar6ps Rd TIE t
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. during the coming year, its own instruc-
tions, which may well be awaited before attempt
ing further experimental measures with the
coinage. l would, however, strongly urge upon
Congress the Importance of authorizing the Sec
retary of the Treasury to suspend 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 impracticable to
maintain them at par with each other 1T both
are coined without limit. If the cheaper coin il
forced in circulation it will. 1T coined without
a.la aNn asur al NNFN Ina
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 con-
tracts, is a step, to be taken IN our progress
toward safe and stable currency, which should
be accepted as the policy and duty OF the Gov
crnment, 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, ex
cept in extreme emergency, n without warrant
in the Constitution, and violation 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 rs 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 contemplated 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 con-
sistent with the attainment of the object fol
which they were provided. -
The policy of the United States, steadily ad.
hered to from the adoption OF the Constitution
has been to avoid the creation of National debt
and when, from necessity i'll time of war, debts
have been created, they have been paid OIL on tht
return of peace rapidly as possible. With thit
view, and for this purpose II IL recommended
that the existing laws for the accumulation of
a sinking fund sufficient to eXtingulsh the pub
lie debt within n 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, ano
which will add several millions of dollars annu'
ally to the Treasury.
1he continued deliberate violation by a large
number of the prominent and influential cit
zens Of
THE TERRITORY OF UTAH
of the laws ot the United States for the pr9seen
tion and punishment of polygamy, demands tn
attention of every department of the Govern
ment This Territory has pOpu alton sufhcien
to entitle it to ADMISSION @ as State, ca ana t th'
welfare of the citizens of the Territory, require
its advance from the territorial form of Gov
ernment to the responsibilities and privileges
not however, be approved by the country
while the citizens of Utah in .very. considerable
number uphold a practice which is condemnec
as a crime by the laws Of all civilized communl
ties throughout the world.
The law for the suppression of this otfense wa
enacted with great unanimlty by Congress mor'
than seventeen years ago but has remained un
Utah, because of the peculiar difficulties attend
ing its enforcement. The opinion widely pre-
vailed among the citizens of Utah that the Law
was in cOntravention of the Constitutional guar
antee of religious freedom. This objection Il
now removed. The Supreme Court Of the Unlte6
States has decided the law 10 be within the legis
lative power of Congress. and binding as a rul
of action for all whO reside within the Terrific
ries. There is no longer any reason for delay o
ly and effectively executed: II not sufficient,
stringent in its provisions it should be amended
and in aid of the purpose in view, recommend
that more comprehensive ana more seatohlhl M
methods for preventing as well as Furnishing thu
| crime be provided. If necessary 70 secure Obe
dience 10 the law, the enjoyment and exercise o
| Territories of the United States may be withheld
| or withdrawn from those who violate or oppos
the enforcement of the law on this subject.
THE ELECTIONS OF THE PAST YEAR,
| thouph occupied only with State offices, have no
failed to elicit in the political discussions whic
| attended them all over the country new ana ue
| csive evidence of the deep interest which "a
| country EDWARDS a more general and complet
| establishment, at whatever cost OF universal sc
curity and freedom in the exercise OF the electiy
| franchise. While many topics OF political con
| Germ demand great attention from our pe0pl,
| both in the sphere OF National and state author
| ity | find no reason to qualify the opinion eA
| pressed in my last annual message, that no ten
i
ment however urgent or welghty. VIII ever dl,
place the zeal of our people IN defense OF the pr
| mary rights of citizenship, and that the power q
| public opinion will override all political prelu
| dices, and all sectional and State attachment
| in demanding that all over our wide teTrltor
| the name and character of citizen of the Unite
States shall mean one and the same thing, an
| carry with them unchallenged security and n
| spect [ Earnestly appeal to the intelligence an
| patriotism of all good citizens OF every part {
| the country however much they may be divide
in opinions on other political subjects TO unil
| in compelling obedience TO existing laws Anne
| az the protection of the right of suffrage. 2
spectfully urge upon Congress To supply any d.
feots in these laws which experience has show
and which il is within its power 70 remedy.
again invoke the cooperation OF the execuu'
and legislative authorities of the States IN th
great purpose. am fully convinced that II q
public mind can be set at rest on TINS par
mount question of popular rights, no. serio'
obstacle will thwart or delay the complete paol
cation of the country OF retard the general DIN
sion of prosperity.
In n former message invited the attention
Congress- to the subject of the
REFORMATION or TIE CIVIL SERVICE
, ! of the Government. and expressed the lntentlS
OF transmitting to Congress as early as practlc
bic a report upon this subject by the Chafma
of the Civil-Service Commission.
. 4 & ~. fa,ta that duriuQ n cOnslQerab