The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1877-12-12
MIR. HAYES MESSAGE.
w AsHINGFON.

in both houses OF congress TO- uay. lie
opens with congratulations to Con-
rress and to the country that God has
blessed US with health, peace and
abundant harvests, with an encoura-
ging prospect of an early return of
general prosperity.
PACIFICATION OF THE COUNTRY.
To complete and make permanent the
medication of the country is the most
important of all our national duties,
and in this connection, referring to his
Southern policy, in regard to which
his course was indicated by his inau-
gural address he says that it was to be
expected that a wide difference of
opinion would arise.
1t may not be improper TO say that
il should be one fixed and unalterable
determination to protect by all availa-
BILE and proper means under the con
stitution and the laws, the lately
emancipated race in tho enjoyment of
all their rights and privileges, and |
urce upon those to. whom the colored
people have sustained the relation of
united people, who love liberty, re-
we're Justice and abhor profession, CO.
opefation with Ms to this end. These
objects are very dear to my heart and
shall earnestly work for their attain
ment, and ask the cordial co-opera-
ton of all classes, of all sections and of
both races in this work.
sPECIE RESUMPTION.
Regarding specie resumption he says
that he is still as confident, as he ex-
pressed himself to be in his inaugural
that the policy of resumption should
be pursued by every suitable means,
and that no legislation would be wise
that would retard the attainment of
such result. He is convinced that
any unsteady methods instead Of re-
moving the Inconvenience inseparable
from the transition from an irredeema-
BILE. paper currency, would only tend to
prolonged disturbances in values, and
unless relieved must end in serious
disorder, dishonor and disaster to the
government and the peoples financial
affairs.
Ifthe government was free from pub
lie debt, its legislation wonld be pure
ly governmental, under no restraints
but those of constitutional power and
public good, but with our vast debt,
nature of silver coinage and measures
becomes an clement of interest to our
boudholders. The obligation of pub
lie faith transcends all questions of
profit. The public debt OF the United
States amounts by 1928. 0OO.0 900; bear
ing interest at the rate of i've per cent,
and the only way in which the coun-
try can be relieved from the payment
OF these high rates of interest, is by
advautageously refunding the indebt-
edness.
Whether the debt is ultimately paid
in gold or silver coin is of but little
moment compared with the possible
reduction of the interest one-tl,ird by
refnndng it at reduced rate.
If the United States had an unques.
toned right to pay its bonds in silver
coin the little benefit from that pro
cess would be greatly overbalanced 10y
the injurious effect Of such payne Il $
if made or proposed against the hon
est convictions of the public creditors
All bonds that have been issued siuc,
February IL, 1873, when gold became
the legal tender metallic currency q
the country; are justly payable in gol'
coin or coin of equal value. Dnrius
the time of these issues the only dulla
that could be received By the govern
ment in exchange for bonds was til
gold dollar, and to require public cred
itors to take in payment any dollar Q
less commercial value would be re
garded by them as reputation of tn
full obligation assumed. The bond
issued prior to 1875 were issued at
time when the
GOLD DOLLAR WAS THE ONLY COZ,
in circulation or contemplated B.
either the government or the holder
of the bonds as the coin in which the,
were to be paid.
1t is best to pay these bonds in tina
coin than take advantage of the unfort
innate to pay them in a new issue of sil
yer coin, thus made so much less valu
able. The power Of the United State
to coin money and regulate the valu
thereof ought never be exercised 70
the purpose of enabling the govern
ment to pay its obligations in a col
ofless value than that contemplated b
both parties when the bonds were is
sued. Any such attempt would in
volve violation of public faith an
imjure the public credit.
He believes that adherence to th
act of March, 1869; providing for IL,
payment of the bonded debt in coli
will cause rapid reduction of interes
on the national debt to an amount ez