To the Congress of the United States:
You are confronted at the threshold of your legislative duties with a condition of the national finances which imperatively demands immediate and careful consideration.
The amount of money annually exacted, through the operation of present laws, from the industries and necessities of the people largely exceeds the sum necessary to meet the expenses of the Government.
When we consider that the theory of our institutions guarantees to every citizen the full enjoyment of all the fruits of his industry and enterprise, with only such deduction as may be his share toward the careful and economical maintenance of the Government which protects him, it is plain that the exaction of more than this is indefensible extortion and a culpable betrayal of American fairness and justice. This wrong inflicted upon those who bear the burden of national taxation, like other wrongs, multiplies a brood of evil consequences. The public Treasury, which should only exist as a conduit conveying the people’s tribute to its legitimate objects of expenditure, becomes a hoarding place for money needlessly withdrawn from trade and the people’s use, thus crippling our national energies, suspending our country’s development, preventing investment in productive enterprise, threatening financial disturbance, and inviting schemes of public plunder.
In obedience of the mandate of my countrymen I am about to dedicate myself to their service under the sanction of a solemn oath. Deeply moved by the expression of confidence and personal attachment which has called me to this service, I am sure my gratitude can make no better return than the pledge I now give before God and these witnesses of unreserved and complete devotion to the interests and welfare of those who have honored me.
I deem it fitting on this occasion, while indicating the opinion I hold concerning public questions of present importance, to also briefly refer to the existence of certain conditions and tendencies among our people which seem to menace the integrity and usefulness of their Government.
While every American citizen must contemplate with the utmost pride and enthusiasm the growth and expansion of our country, the sufficiency of our institutions to stand against the rudest shocks of violence, the wonderful thrift and enterprise of our people, and the demonstrated superiority of our free government, it behooves us to constantly watch for every symptom of insidious infirmity that threatens our national vigor.
To the House of Representatives:
After a very careful consideration of the House bill No. 1093, entitled “An act to authorize the coinage of the standard silver dollar and to restore its legal-tender character,” I feel compelled to return it to the House of Representatives, in which it originated, with my objections to its passage. Read more
“An act to provide for the resumption of specie payments.”
This act provided for the redemption of paper currency in gold or silver and a reduction in the amount of outstanding paper bills, the socalled “Greenbacks”, beginning in 1879. Restoring convertibility was an necessary step in the re-establishment of the gold standard. Read more