Knoxville daily chronicle. [volume] (Knoxville, Tenn.) 1870-1882, 1879-12-02
PRESIDENTS MESSAGE.

Following lie q synopsis of Presi-
dent Hayes message, read in both
houses at the assembling Of the Forty
Sixth Congress yesterday:
He congratuates Congress on the sue
cessful execution OF the Resumption act;
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 depos-
| tied or exchanged for U United States notes
! over the amount of United States notes re-
| deemed is about forty million dollars. He
| refers to the consequent revival of trade.
| and says the increasing foreign demand for
our manufacturers and agricultural pro-
ducts has caused a large balance of trade
| in our favor, which has been paid in gold,
| from the first of July last to November
| 18th, to the amount of $59,0O0,000 Since
the resumption of specie payments there
has also been marked and gratifying i'm
provement of the public. credit The
| bonds Of the Government, bearing only
| four per cent interest, have been sold at or
above par sufficient in amount to pay off
all of the National debt, which was re-
u66uhUl6 pTtscub laws.
amount of interest saved annually by this
process Of refunding the debt since March
lst, 1877, is $l4,297,l77 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 within less than two years
is 1892, l2l, 100, of which $500, 900, 600 bears
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 refunded by the
issue of four per cent. bonds, and by the
reduction of Interest which will thus be
effected, about eleven million dollars can
| be annually saved to the Treasury.
! To secure this important reduction of
interest paid by the United States, fur
! ther legislation is required which, 1t is
hoped will be provided by Congress dur
| ing its present session. The coinsge of
gold by the mnts of the United States dur.
| ing the last fiscal year, was $40. 1856. 9l2
| The coinage of silver dollars since the pas
sage of the act for that purpose to Novem.
ber lst, 1879, was 5,C00S50, of which
H2 700, 344 have been issued from the
| Treasury and are now in circulation and
| $32, 800, SOC are still In the possession Of the
Government. The pending of the propo-
sition for union of action between the
United States and the principal CONNER
cal nations of Europe, to the effect that a
permanent system for the equality Of gold
! and silver in the recognized money of the
world, leads me to recommend that Coh-
gress refrain from new legislation on the
general subject. The great revival of trade,
internal and foreign, will supply, during
| the coming year, its own instructions,
| which may we'll be awaited before attempt
| ing further experimental measures with
the coinage. l would, however, strongly
urge upon Congress the Importance of au-
thorizing the Secretary of the Treasury to
suspend the coinage of silver dollars upon
of the silver dollar being uniformly and
largely Jess than the market value of the
gold dollar, it is obviously impracticable to
maintain them vt par with each other, if
both are coined without limit. If the
caeaper coin is forced into circulation it
| will, if coined without limit, soon bocoma
the sole standard .o+-vr+ae, and thus defeat
the desired otjett which na currency of
| both gold ana silver, which shall be Of
| equivalent vfue, dollar for dollar, with the
universally kcognized money of the ~orld.
he retiremept from circulation of Uhited
States notes With the capacity OF legal ten
der in private cSatracts14s q step to be laks ..
| in our progress toward safe and5stable le
currency, which SHOULD be accepted asIhe
policy and duty of tbe Government Andt o
interest and security of the people. Ite my
firm conviction that thepissue of legal
tender paper meney, based wholly
upon the authority apd credit pftheGovern-
ment, except in extreme emergency, is
w.thou. warrant in differentiation, and y
vi ,lation of sound financial principles.
The issue of United States notes during
The late civil war, with the capacity of le-
gal tender between Sprivate individuals
was not apkhfEed, Except as a means Of
rescuing TIE cdihtrffro imminent peril.
The crcutaticfsef these notes as paper
money forN 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 tbtse notes at the earliest, practicable
period. Consistent with the attainment of
the object for which they were provided, the
policy of the United States, steadily ad-
Ehered to from the adoption of the Consti-
tuition, has been to avoid the creation of
National debt, and when from necessity
in the time of war debts have been crea-
ted, they have been paid of on the return of
peace as rapidly as possible. With this
view and for this purpose, 1t is recon-
mended that the existing laws for the ac-
emulation Of n sinking fund sufficient
to extinguish the public debt within
limited peroid 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 these
articles to the consumer, and which will
add several millions of dollars annually to
the Treasury.
On the subject Of polygamy the Presi.
dent says: Utah has population
sufficient to eDtitle IL to admission as a
State, and the general interests of the Ma
ton, MS well as the welfare of the citizens of
the Territory, require its advance from the
territorial form of government to the re-
.sponsibiities and privileges of State.
This important change, however will not
be approved by the country, while the
citizens of Utah, in very considerable
number, uphold a practice which Is con-
DENIED as a crime by the laws of all civil
lied communities throughout the world.
He mentions that the law for the suppress
sion of polygamy has now been decided by
the Supreme Court as to be within the leg
islative power of Congress, and binding as
rule Of action for all who reside within
the Territories. There is no longer
any reason for delay or hesi-
tation in its enforcement. 1t
should be firmly and effectually exc
cuted. II not sufficiently strong in pro-
visions it should be amended, and in aid
of the purpose in view | recommend