The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-12-04
PRESIDENTS MESSAGE.
FELLOW citizens of the Senate and Hous
oa ,fr}.

FettOC cHlzenS OF the jSeR6te anu mouse Of
Representatives.
The members of the Forty-sixth Congress
have assembled in their first regular session
under circumstances calling for the mutual
congratulations and grateful acknowledge
ment to the Silver of all good for the large
and unusual measure of national prosperity
which we now enjoy. The most interesting
events which have occurred in our public
affairs since my last annual Message to Con-
gress are connected with the financial ope-
rations OF the Government directly affecting
the business interests of the country. | Icon
graduate Congress on the successful execu-
ton of the Resumption act. AT the time
fixed and in the manner contemplated by
law. United States notes began to be re-
deemed in coin. Since the lsJ of January
last they have been promptly redeemed on
presentation, and in all business transae-
lions, public and private, in all parts of the
county. 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 COMPARE
lively small land 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
notes, over the amount OF United States
notes redeemed, is about $4,000, 900.
The resumption of specie payments has
been followed by very great revival of
business. With a currency equivalent in
value to the money of the commercial
world, we are enabled to enter upon an
equal competition with other nations in
trade and production. The increasing
foreign demand for our manufactures and
agricultural products has caused large
balance of trade in our favor, which has
been paid in gold from the LIST of July last to
November Is, to the amount of about
$59,000,000. Since the resumption of specie
payments there has also been q marked and
gratifying improvement Of the public credit
The bonds of the Government, bearing only
per cent. interest, have been sold at or
above par, sufficient in amount 10 pay off all
of the national debt which was redeemable
under present laws. The amount of inter-
est saved annually by the process of refund
ing the debt since March l, 1877. is $l4,297,-
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.
] he amount of the national debt which
natures within less than two years is $792-
l2l, 700, of which $500, 100000 bear interest
at the rate of per cent, and the balance is
in bonds bearing 6 per cent. interest. Ii is
believed that this part of the public debt can
be refunded by the issue OF per cent. bonds,
and by the reduction of interest which will
thus be effected, about SIT, 100000 can an
nually be saved to the Treasury. u secure
this important reduction OF interest to be
paid by the United States, further legislation
is required, which, it is hoped, will be pro-
vided by Congress during its present session.
The coinage OF gold by the MINIS of the
U nited 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 l, 1879, was ST., 1000, $50, of
which $l2, 700.344 have been issued from the
Treasury and are now in circulation, and
1872, 300, 506 are still in the possession of the
Government. The tendency of the propo.
sition for unity of action between the United
States and the principal commercial nations
of Europe, to effect permanent system for
the equality Of gold aud silver in the recog-
nized money of the world, leads me to re-
commend 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
instructions, which may well be awaited be-
fore attempting further experimental meas.
ures with the coinage. | would, however,
of authorizing the Secretary 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 vnlue of the
gold dollar, it is obviously improbable to
maintain them at par with each other if
both are coined without limit. Ii the cheap
er coin is forced into circulation it will, if
coined without limit, soon become the sole
standard OF value, and thus defeat the de-
sired 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 re-
tiremenJ from circulation of United States
notes, with the capacity OF legal tender in
private contracts, is step to be taken in our
progress toward 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 author
iIy and credit Of the Government, except in
extreme emergency, is without warrant in
the Constitution, and a 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 as a
means of rescuing the country from immi
nent peril. The rculation of these notes
as paper money for any protracted period
of time for the accomplishment Of this pur-
pose was not contemplated by the trainers
of the law under which they were issued.
They anticipated the redemption and with
drawal OF these notes at the earliest practi
cable period. consistent with the attainment
of the object for which they were provided.
Nha oil oft no mi ID
hered to from the adoption of the Constitu-
ton, has been to avoid the creation of a ma
tional debt, and when, from necessity, in
the time of war, debts have been created,
they have been paid off on the return of
peace as rapidly as possible. With this view,
and for this purpose. it is recommended that
the existing laws for the accumulation of a
sinking fund sufficient to extinguish the
public debt within a limited period be main
tanned. If any change OF the objects OF
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, and which
will add several million dollars annually to
the Treasury.
1.-THE President here devotes paragraph
to the suppression of polygamy in Utahl
POLITICS AND SUFFRAGE.
The elections of the past year, though oc-
cupied only with State offices, have not
failed to elicit, in the political discussions
which attended them all over the country,
new and decisive evidence of the deep inter-
est which the great body of citizens take in
the progress OF the country towards more
general and complete establishment at what
ever cost, of universal security and freedom
in the exercise of the elective franchise.
While many topics Of political concern de-
mand great attention from our people, both
in the sphere of national and State authority,
find no reason to qualify the opinion 1 ex-
pressed in my last annual Message. that no
temporary or administrative interests of Gov
erment, however urgent or weighty will
ever display the zeal of our people in defence
of primary rights of citizenship, and that
the power of public opinion will override all
political prejudices aud all sectional and
State attachments, in demanding that all
over our wide territory the name and char.
acter of citizens of the United States mean
one and the same thing, and carry with them
unchallenged security and respect. ear
nestly appeal to the intelligence and patri-
otism of all good citizens, of every part of
the country, however much they may be
divided in opinions on other political SUBJ
incts tn nnita in comnellino obedience to