Year: 1879

Fstloty Citizens of tie Sea1t> and House Of Rep
TfSsntGtiCes!'


CoNGRATULAToRY.


The members of the Forty-sixth Congress have
assembled in their first regular session under cir
cumstances calling for mutual Congratuaton and
grateful acknowledgment TO the Giycr of all good
for the large and unusual measure of national
prosperity which we now enjoy.


The most interesting events which have occurr-
cd in our public affairs since my last annual mes
sage to congress are connected with the financial
operations of the government directly affecting
the business interests Of the country / congratu-
late congress on the successful execution Of the
resumption act. At the time fixed and in the
manner contemplated by law, United States notes
began to be redeemed in coin Since the first OF
January last they have been promptly 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
ol com. The demand upon the treasury for gold
and silver in exchange for United States notes has
been comparatively small, and the voluntary de-
post 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 re-
deemed is about Si0O00,000.


RESUMPTION.


The resumption of specie payments has been
followed by a 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 de-
mand for our manufactures and agricultural pro-
ducts has caused a large balance of trade in our
favor, which has been paid in gold, from the 1st
or July last, to November -, to the amount of
about S59OOO,OOO Since the resumption of specie
payments there has also been q marked and graft
flying improvement of the public credit. The
bonds OF the government bearing only four per
cent. interest have been sold at or above par, su
fcIcnt IN amount to pay off all of the national
debt which was rcdeemable under present laws.
The amount Of interest saved annually by the
process of rCfundiug the debt since March l, 1917
is Sf1297,177 The bonds sold were largely in
small sums, and the number of our citizens now
holding the public securities is much greater than
IL So mo ,,Ff fba NAL I.1f
which natures within less than two years is $780,
l2l,7OO, OF which S5O0OO0000 bear interest at the
rate OF five per cent and the balance is in bonds
nearing SIX per cent interest. 1t is believed that
his part of the public debt be refunded by the
issue OF four per cent. bonds, and, by the reduc-
lon OF interest which will thus be effected, about
eleven millions OF dollars can be annually saved
10 the treasury 70 secure this important reduc-
ton Of interest to be paid by the United States
further legislation is required, which, it is hoped
VIII be provided BY congress during its present
session.


coiIIAGE.


The coinage of gold by the mins of the United
Statcs during the last fiscal year $40 9SG, ,912
The coinage Of silver dollars, since the passage of
the act for that purpose, up TO November !, 1879,
was Sl5OOO,S50, of which S12 zoe, ,3A have been is
sued from the treasury and are now in circulation
and So, 500 are still in the possession of the
government.


The pendency Of the proposition for runity OF ac-
tion between the United States and the principal
commercial nations of Europe, to effect a perEla-
nent system for the equality of gold and silver in



recommend that congress refrain from new legis.
lation on the general subject. The great revival
OF trade, internal and foreign. will supply during
tae coming year, its own Instructions, which may
we'll be awaited before attempting further expert
mental measures with the coinage. [ would
however, strongly urge upon congress the Import
ance of authorizing the secretary of the treasury
TO suspend the coinage of silver dollars upon the
present legal ratio. The market value of the sill
Yer dollar being uniformly and largely less than
the market value of the geld dollar it is obvious
ly impracteable to maintan them at par with
each other II both are coined without limit. II


wRd % S so6n eBee9P eeos be m W sd
standard of value, and thus defeat the desired
object, which is q currency OF both gold and sil-
yer, which shall be of equivalent value dollar for
dollar with the universally recognized money Of
the world.


RETIREaENT OF GREENBACKs.


The retirement from circulation Of United
States notes, with tue capacity of legatender in
private contracts, Is step to be taken in our pro-
gress towards safe and stable currency, which
should be accepted rs the policy and duty of the
government, and the interest and security or the
people. lt is my firm conviction that the issue OF
legal-tender paper money based wholly upon the
authority and credit of the government except in
extreme emergency, is without warrant in the
constitution, and violation OF sound financial
principles. The issue OF United States notes dur
ing the late civil war with the capacity of e GAL
tender between private individuals was not au-
thoriZed except a OF rcScuing the
country from imminent peril. The circulation OF
these notes as paper money, for 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 an
ticipated the redemption snd withdrawal of these
notes at the earliest practicable period consis-
tent with the attainment Of the chjeCt for which
they were provided.


PAYING THE WAR DEBT.


The policy of the United States, steadily ad-
hered 10 from the adoption OF the constitution,
has been to avoid the creation or 3 national debt,
and when, from necessity in time OF war, debts
have been created, they have been paid off on the
return of peace as rapidly "a possible With this
H "A m N n q
the existing laws for the accumulation of a sink
ing fund sufficient to oxtinguish the public
debt within q limited period be maintained If
any change OF the objects or rates OF taxation is
deemed necessary by congress, it is suggested
placed on tea snd coffee, which will not enhance
the price OF those articles to the consumer, and
which viii add several millions of dollars an
nually to the treasury.


PoLTaAST.


The continued deliberate violation by large
number Of the prominent and influential citizens
OF the territory of Utah of the laws of the United
States for the prosecution and punishment or
polygamy demands the attention sf every depart
ment of the government. This territory has q
population sufficient TO entitle it 10 admission as
state, and the general interest of the nation,
well AS the welfare 4 the cltiZsns of the terri
tory require ils advance from the territorial form
of government to the Responsibilities and priv
lleges OF state. This important change will
not, however. be approved sy tss country while
tue clt,zens of Utah in very considerable number
uphold practice which Is condemned as a crime
oy the laws CT all civilized couA5lunltics through
oat the world


The law for the suppression of this offence was
enacted with great I'm sni'nity by congress more
than seventeen years ago, BUT has remained until
recently dead letter in the territory of Utah,
because Of the peculiar difficulties attending its
enforcement. The opinion widely prevailed
among the citizens or Utah that the law in
contrayentiou OF the constitutional guarantee of
religions freedom. This objection is now remov-
ed. The supreme court of the Usited States has
decided the law TO be within the Legislative power
OF congress, and binding a rule CT action for
al VINO reside within the territories. There il
no longer any reason for delay or hesitation in
its enforcement. 1t should be firmly and effect
lively executed. II not sufficiently stringent in
lis provisions 1t should be amended, and, il aid
OF The purpose in view, recommend that more
comprehensive and more searching methods for
preventing as well Furnishing this crime be
ptoSloeu., II necessary to secure obedience to
the law, the enjoyment and exercise of the rights
and privileges of citizenship in the territories Of
the Unlteo States may be withheld or with drawn
OF the law on this subject.


ELECTIVE FRANCHISE,


The elections of the past year. thoueh ocnunied
oniy with state Offices have not failed to elicit in
the political discussions which attended them all
over the country, new and decisive evidencs of
the deep interest which the great body of citizens
take In the progress of the country towards
more general and complete establishment, at
whatever cost, of universal security and freedom
in the exercise of the elective franchise. While
many topics of political concern demand great
attention from our people, both in the sphere of
national and state authority, lind no reason to
qualliy the opinion expressed in my last annual
message. that no temporary or administrative iR-
terests OF government. however urgent or weighty,
VIII ever dlsplace tho zeal OF our people IN de-
fence of the primary rights of citizenship, and
that the power of public opinion will override sll
political prejudces, and all sectional and state
attachments, in demanding that all over our
wide territory the name and character Of citizen
OF the United States shall mean one and the same
thing, and carry with them unchallenged security
and respect. l earnestly appeal to the lntelli-