Year: 1877

The first annual message OF President
HAYES. read before Congress yesterday, and
given in our columns this morning, Is q
strong and ably written state paper, and one
in which every good citizen will find much
to approve.


After very few formal words Of congrat-
uIation to Congress upon the general condI-
ton OF the country, bountifGl haryests,
good prospects, &c, the President takes up
the Southern policy-thus far the distinct
i've feature Of his administration-and de-
cIares that this CONTINUES to be, and until
it is fully accomplished, must remain, the
most important OF our national Interests"
He calls attention TO the fact that the policy
Of national pacifcation received the ap-
proval OF both the great political
parties OF the country in 1876, and
was endorsed by resolutions in their
respective platforms OF that year, and
shows that by his efforts in this direction he
has merely been endeayoring to carry out
the publicly expressed wishes Of the people
of the country. In vindication OF the wis
dom OF this policy, he points to the benefi-
cent results that have already accrued
iherefrom in the re-establi.hment of peace
and the orderly administration of law and
Justice throughout the Southern states, and
expresses an abiding faith that time will
furnish its ample vindication in the minds
of the great majority OF his fellow-citizens.
The expressions of the message upon this
subject will he generally approved, for the
people Of the country at large, with com
paratiyely few exceptions, are heartily in
sympathy with the policy OF the President
in remanding the local governments OF the
Southern states to the people Of those sec
tions. His unequivocal declaration in IA
yor OF protecting the colored people in the
full enjoyment Of all their rights as American
citizens, will also receive the cordial en-
dorsement of all good citizens. He urges
upon the white people Of the south the
wisdom and Justice OF humane and liberal
local legislation with respect to the oduca-
tional and general welfare of their color
ed citizens, and declares that the
immediate repression and sure pun
ishment Of every instance of law
lessness and violence towards the
blacks, is required for the security alike OF
both races, and is justly demanded by the
public opinion OF the country and of the
age, and declares that in this way only can
the restoration Of harmony and good will,
and the complete protection of every citizen
in the full enjoyment of his constitutional
rights be attained. These objects-the COM
plete restoration Of peace in the Southern
States and the full protection of the colored
people in their constitutional rights-the
President declares are very near to his
heart, and he says he shall most earnestly
strive for their attainment.


large portion of the message is given
TO the review of Mexican affairs. The
President details at length the measures
that have been taken for the protection of our
frontier from the incursions of lawIess ma
rauders, and SAYS he has informed the Mexi-
can authorities that he has given General
Ord directions 10 prevent these raids. and
bring the offenders to justice, even though
1t may he necessary to cross the boundary
line with our troops IN order to arrest them.
This, also, will be endorsed by everybody.
III the Mexican authorities cannot prevent
their banditti from making raids upon the
people OF the United States, our own forces
must take the matter in hand, and public
sentiment will sustain them in bringing the
offenders to justice, even though ii may he
necessary, as the President says to cross
the border 10 do it,


The usual attention is given to foreign
affairs, and the message refers at length to
the relations of the United States with all
various prominent powers of the earth


Bot the feature of the message that will
attract the most attention, and receive the
most adverse criticism, is that in which the
President refers to the subject of the remon-
etization OF silver. In his treatment OF this
subject Mr.. Hayes disappoints the hopes of
the country. In the contest between the
people and the money power, he places
himself squarely upon the side of the bond
holders, and after attempting TO
fortify an untenable position by
arguments which are palpably fallacious,
he makes the extraordinary declaration that
the obligation of the public faith. as inter
preted by those xho own the bonds, trans
cends all questions Of profit or public ad-
vantage" We have no Opposition to con-
ceal the feelings of disappointment and re-
gret with which We read this portion of the
message-feelings which, We are convinced.
will be shared by the great masses of the
common people, in all sections OF the coun-
try. His proposition TO make silver legal
tender Tor all purposes except the payment
OF the public debt, makes a bad mat
ter worse, by assuming that a coin which
is not good enough for the bond holder
may be good enough for the laborer. the
mechanic or the merchant. Honesty to-
ward our 'creditors-the maintenance of
the public faith-does not require that the
bonds should be paid in gold, and to stipu-
late now that they shall be so paid. and at
the same time make silver a legal-tender
for other debts, would be to make silver
perpetually debased coin, and to make
that coin the currency of the people. The
declaratory law of 1869, to which the Pres
ident refers. passed Ito sustain the public
credit declared that the public
debt of the nation was PAYABLE
In CON- and by language as plain as could
be used without making positive assertion,
intimated that the coin referred to meant
both gold and silver, for both stood at that
time upon perfect equality. The subse-
quent law, Of 1870, provided that the bends
should be paid in the coin then current
the silver dollar being such coin. 1t is i'm
possible to understand how the President
can arrive at the conclusion that these
laws, either by express declaration or bv
implication, gave the bond holder a right 10
believe or expect that his bonds would be
paid in gold.