Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-12-01

And the Usual Screel Relative to the
district Of Columbia,

'iStIlNt Va
President Hayes will deliver his snnual
message to Congress this afternoon. While
We do not attach such exceedingly great i'm
portaEce to the document, the GLOBE con-
Guided to antici pate the publication in
Washington, and henca secured its trans
mission as special telegram last evening.
It is longer than usual for Mr.. Hayes to
produce, and is presented III full below:
Special Telegram to the Globc'
WA$HISGroN, Nov. 30.-The following is the
full text of the message of President Hayes,
which will be delivered to Congress to- morrow
Monday afternoons
Feline Citizens # tie Senate ant House of
Representatives The members of tue Forty
sixth CnuGrtsa have assembled in the tirst reg
ular session, under circumstances calling for
mutual congratulatjOu and grateful acknow!-
edgment to the giver of all good. for the large
and unlVer. al measure of national prosperity
which we now enjoy. The most interesting
events which have occurred in our public az
fairs since my last annual message to Congress
are connected with the financial operations of
the government directly affecting the business
interests of the country.
THE RESUMPTION ACT.
| congratulate Congress the successful e3-
ecut,on of the resumption act at the time
fixed and III the manner contemplated by law.
The notes OF the United States began to be re-
deemed in colu since the lst OF January last,
and they have been promptly redeemed on pre-
scntation and in business transactinns, pub bic
aud private, in all parts of the country. They
acc received and paid out Us the equivalent OF
coin. The demand upon the treasury for
gold and silver in exchange for United States
notes has been paratlvety smaller and
the voluntary deposita of coin and bullion in
exchange for notes have been very large. The
excess of precious metals deposited or cx-
changed for United States notes over the
amount Of United States notes redeemed, is
about 80, 900 600. The resumption of specie
payment has been followed by very great re-
vlval of business. With currency equivalent
in value to the money of the commercial world,
we ars enabled 10 enter upon equal COMPETE
1iur with other nations in trade and produc-
tior. The increasing foreign demand for our
manufactures and agricultural products has
caused y large balance Of trade in our favor,
which has been paid in gold from the lst of
July last to November Is to the amount OF
about 900 U00.uuO.
RETuNDING OPERATIONS.
Fluce the resumption of specc payment It's
there has also been u marked and gratifying
iml rovement of the public credit. Bonds of
the government bearing only four Per cent. in
tere3t have been sold at or above par sufficient
in IN nff all tho r..inpol flait
which was rcdcemable under the present laws
The amount of interest saved annually by the
process Of iefunding the debt since March |,
1877. is @li ,I97, III. The bonds sold were
largely in small sums, and the number of our
citizens now holding unblc securities is much
greater than ever before.
Tue amount of the national debt which ma
lures within less than two years is 1872, l2l, :
100. Of which $4,000. 0G0 bear interest at
the rate of five per cent and tho balance is in
bonds bearing per cent. interest. 1t is be-
heved that this part Of the public debt can be
refunded by the issue + Per Ct bonds and by
the reduction of interest which will thus be
effected, about :io,0C0000 can be annually
saved to the treasury. To secure this import
ant reduction Of interest to be paid by the
United States further legislation is required,
'shich it Ia hoped will DO provided by Congress
during the present session.
GOLD AND SILVER COINAGE.
The couage of gold by the minis of theUnit-
cd States during the last Gsca! year was $780,
J969l1. The coinage of silver dollars since
tho passage of the act for that purpose. report
ed Nov. /, 1879. was $4,000, $50, of which
E.l2, 700, 3tl have been issued from the treasury
and in circulation and 1872, 500, 506 are
etiIl in the possession Of the government. The
pendency Of tho proposition FOR unity of &C
!, ~ 4 O. 4 Al
Commercial nations of Europe to effect u
permanent system OF 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 it's own instructions which may
well be awaited before attempting further ex
pCriruCutal meaSurcs with the coinage.
would. however, strongly urge upon Congress
the Importance of authorizing the secretary oil
The treasury to suspend the coinage of silve
dollars upon the present legal ratio. The mar
ket value of the silver dollar being unifOrml,
and largely less than the market value of tn
gold dollar, it III obviously impracticahle t,
maintain them at par with each other if botl
are ruinsd without limit. If the cheaper COLI
forced into circulation, it will, if coiuet
without limit, soon become the sole STANDARD
of value and thus defeat the desired object
which shall be Of equivalent value, dollar TO,
dollar, with the universally recognized money
of the world.
RETIREMENT OF LEGAL. TENDERS.
Tho retirement from circulation Of Unite
Statcs notes with the capacity Of the legal ten
den in private contracts is a step to be taken i
chr progress toward asafc and stable currency
which should be accented as the policy of tn
government and the interest and security c
the people of it. 1t Is my firm convictio
that the issue IF legal tender money, none
based wholly on the authority and credit of tn
government, except in extreme emergency,
without warrant in the constitution and vic
latou OF sound financial principles Tho issu
of United States notes during the late civ
war with the capacity of legal tender betwee
private individuals was not authorized excep
as a means for rescuing the country from immi
nent peril. The circulation of these notes TO
paper money for any protracted period O
time after the accomplishment Of this urpos
was not contemplated by the Trainers of th
law under which they were issued. They ar
ticipato the redemption and withdrawal of tn
notes at the earliest practicable period consist
ent with the attainment of the object TO
which they were provided. The policy of th
United States steadily adhered to from tn
adoDtirn of the constitution has been to avoi
the creation OF a nat iunal debt, and when fror
necessity in time Of war. debts have been or.
atcd they have been paid off return G
Deace s. rapidly 80 possible. With this view
and for this purpose, it is recommended thu
existing laws for the accumulation of sinkin