The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1879-12-05
The MESSAGE.
Annual Communication of
President Hayes.
Read to Congress on Monday, Dec. 1.

FELLOW CITIZENS OF THE SENATE AND HoUsl
OF REPRESENTATIVES, The members of tn
Forty-s Congress have assembled in thei
first regular session under circumstances call
ing for mutual congratulations aud gratefu
acknowledgement to the Giver OF all good 10:
the large and unusual measure OF nationa
prosperity which We now enjoy The most in
teresting events which have occurred in ou
! public affairs since my last annual message I,
! Congress arc connected with the financia
operations of the Government directly ffectne
the business interests OF The country.
Resumption.
! l congratulate Congress On the successful
execution of the Resumption act A.
the time fixed, and ia the manner
contemplated by law, United States notes
began to be redeemed in com. Since
the 1st OF January last they have
been prompt 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 upon 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 deposited or exchanged for United States
redeemed is about s40,000OC0.
The resumption Of specie payments has been
followed by very great revival Of business
With currency equivalent III value to the
money or the commercial world, we arc ena-
bled to enter upon an equal competition with
other nations in trade and production The
increasing foreign demand for our manufact-
ures ard 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 10, to the amount of about s59,00O.O00.
Public Credit.
Since the resumption of specie payments
there has been o marked and gratifying i'm
provement OF the public credit The bonds OF
the Government bear.n ing only per cent. inter-
amount to pay off all Of the national debt
which was redeemabe under the preset
laws. The amount OF interest saved ANNUALLY
by the process OF refnnding the debt since
March l, 1877, is 81, 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 natures
III less than two years, is S792, ,7U0 OF
which S50O,COO,00O bear interest at the
rate rate OF 5 pei. cent 1t is believed that
funded by the issue Of 4-per-cent bonds.
and by the reduction of interest which will
thus be effected about Sl1 100000 can be an
nually saved to the treasury To secure this
important reduction of interest to be paid by
the United States, further Legislation is re-
CURED, which 1t Is hoped will be provided by
Congress during its present session. The
coinage Of gold by the minis of the United
States during the last fiscal year was SAC, $780,
9l2.
Silver Coinage.
The coinage of silver dollars since the pass
age OF the act for that purpose up to Nov. l,
1879, was $4,000, $50, Of which S12T0O. 34i
have been issued from the treasury and are
now In circulation, and So, 300 500 are still in
the possession of the Government The pen
dency of the proposition for unity OF action be-
tween the United States and the principal COM
mercial 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 revival of trade, iu-
te1nal and foreign, will supply during
the coming year its own instructions, which
may well be awaited before attempting further
experimental measures with the coinage |
would, however, strongly urge upon Congress
the importance Of authorizing the Secretary of
the treasury TO suspend the coinage of silver
dollars upon the presentlegal ratio. Themarket
value of the silver dollar being uniformly and
largely less than the market value OF the gold
dollar, 1T is obviously impracticable to main
tain them at par with each other il both are
coined without limit. If the cheaper coin is
forced into circulation it will, il coined without
limit, become the sole standard of value, and
thus defeat the desired object, which is cur
rency OF both gold and silver, which shall be of
equivalent value, dollar for dollar, with the
universally -recognized money of the world.
Legal Tenders.
The retirement from circulation of United
States notes. with the capacity OF legal tender
IN private contracts, is step to be taken in our
progress to fair 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 the legal-tender paper money, based
wholly upon the authority and credit OF the
government, except in extreme emerg-
ency, is without warrant in the con-
sttution, and violation of sound finan-
cial principles. The issue Of United States
notes during the late civil war, with the
capacity of legal tender between private indi-
vlduals, was not authorized except as means
OF rescuing the country from imminent peril. |
lhe circulation OF these notes as paper money |
Tor any protracted period Of time after the ac-
complshment of this purpose was not contem-
plated by the trainers of the laws under which |
hey were issued. They anticipated the re-
1emption and withdrawal of these notes at the |
earliest practicable period consistent with the |
of the object for which they were
provided
Sinking Fund.
The policy of the United States steadily ad-
iered TO from the adoption of the constitution
las been to avoid the creation Of a national
iebt, aud when, from necessity, in the time OF
var, debts have been created, they have been
'een paid of on the return of peace as rapidly
Is possible. With this view and for this pur-
rose, 1t is recommended that the existing laws
or the accumult ton of sinking fund sufli-
ient to extinguish the public debt within
United period be maintained. If any change
II the objects or rates OF taxation il deemed
necessary by Congress- il is suggested that ex-
'erence has shown that duty can be placed
N tea and coffee which Will not enhance the
rice OF those articles to the consumer, and
which will add several millions of dollars an
ually to the treasury.
The Suppression of PoIygamy.
The continued deliberate violation by a
arge number OF the prominent and influential
ilizens of the Territory OF Utah of the laws of
he United States for the prosecution and pun
'hment OF polygamy demands the attention OF
very department Of the Government This
'erritory has population sufficient to en-
tile II 10 admission as State The general
lterests OF the nation, as well as the welfare
the citizens Of the Territory, require
8 advance from the Territorial form
Government to the responsibilities
nd and privileges of State. This i'm
ortaut change will not however, be approved
y The country while the citizens of Utah, i'm
cry considerable number, upheld a practice
hch Is condemned as a crime by the laws of |
III civilized cOmmunifioq fhrou obout ha world |