The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1877-12-27
THE SILVER QUESTION.

AWages are inevitable and remediless.
THE SILVER QUESTION.
connected with this general
Yne re-um pton of specie PAYNE
hbOTdinate but still of grave inf
mean the readjustm cut of
| q system by the renewal of the s.
rs an clement in our specie cure
Endowed By legislation with the qualit
the legaT tender 20 a greater or less ez -r
as there is no doubt of the power of { H-
gress under the Constitution to coin moley
and regulate the values thereof, and as
this power covers the whole range, author
ity applicable TO the metal, the rated vaue,
and the legal lender quality. which sial
be adopted tST the coinage. The consider
atjOns H HIch should inluce or diseeuragt d
particular measure connected with the coil-
aye, belong clearly to the province of legir-
l4tive discretion and of public eXpedieHcf
Without intruding urOn the province bfa
legislation in the least, [ have thought the
subject of such critical Importance in the
actual condition OF our affairs as to present
an occasion for the exercise of the duty i'm
posed by the Constitution on the President
OF recommending to the consideration of
Congress such measures SIS lie shall Judge ne
ce$Sary and eXpedient. Holding the opin-
ion, as do, that neither the United States
would be promoted by disparaging silver as
one of the two precious metals which fur
nish the coinage of the world. and that leg
islltion which looks to ~ maintaining the vol
of both metals their relative commercial
values will permit. would be neither uni ust
nor ineXpedient, L must ask your indul-
gence to brief and definite statement of
certain essential features in any such legis-
Iative measures which. fell it my duty to
recommend. do not propose to enter the
debate, represented on both Sices by such
able disputants in Congress and before the
people and i'll the press. as to the extent
which the legislation OF any one nation can
control this question, even within its own
borders, against the laws of trade or the
positive laws OF other governments. The
wisdom of Congress in shaping any parti-
cular law that may be presented fol my APP
proval may wholly supercede the necessity
of entering into the reconsiderations. and /
willingly avoid either vague intricate
inquiries. 1t is only the plain and practical
traits of such legislation that desire to re-
commend to your attention. In any legis-
lati1 providing for d-sTfver coinage. regu-
lating its value and fmparting to 1t the
quality of legal tender, it seems to me of
great i'm POI tance that Congress should not
lose sight of its action, and operating inv
two fold capacity and in two distinct direc%
Lions. If the United States Government
were free from public debt its legislative
dealing with the question of silver coinage
would be purely sovereign and government
tai. and uiE1er no restraints but those of the
power and public gOob, as
affected bV the proposed legislation. But i'll
the actual circumstances of the nation. with
a vast public debt distributed very widely
among our own citizens and held in great
amount also abroad. the nature OF the sill
yer coinage measures as affecting fta3 rela-
tion of the government to the holo -
the public debt becomes in any pg
legislation of the highest cOnt
CATION of the public faith
Questions of profit oI pubs
otherwise its unquestlonaole
is the dictate as we'll OF the hiS
ency as OF the mOSt necessary ~
be carefully guarded by Cong
people alike. The public debt q
STATES to the amount OF $l29,OS 4rs
inIeSSst at the rate of Dcf cent 0,-
900 atNAe rate of per cent, al nlY
~ iss@sss.idh tlssf foifTTry 5aE DC se.ia.so Cd
from the paymenN these high ratet ,
interest iSSy advaf Sksly refunding ~
indebtedness. Wheg e DEBT Is VII
mately paid in golGus M o
but little moment cIN posi-
Bile reduction of iaSO ID by
refunding il at suS e4@ IN.
United States had t6e unq
to pay its bonds " VI
tie benefit from til
ly overbalanced
such payment
the I, honest 1Sa tdnG q
February II. 1873, when
only unlimited legal ten; ic curTS
cY of the country are JUS ble in gold
coin, oEfh-eOin of equal During the
time~of these issues dollar that
could be, or was re. The Govern
ment in exchange waS-Jhe gold
dollar. To require { bscreditOrs to
take in repayment al fr of less com
mercial value would trdea by them as
population of the fu assumed.
The bonds issued pr9r to It l. issued
at a time when the gold dolla 1e only
coin in circul alton, or con- fafed by
either the Government or the holders CT the
bonds, as the coin which they were to Do poiI
=, hoe hon in
that coin than to seem to take advaEtase of
the unfortunate fall of silver bullion IN a
new issue of silver coin that made IL 50
much less valuable, The power of the
United States to coin money and Go regu-
late the value thereof ought never to be eX-
cised for the purpose of enabling the Gov
ernment to paw its obligations in coin of
less value than that contemplated hy the
parties when the bonds were issued ANY
attempt to paw the National indebtadnesS
in a coinage of less commercial Valq&. than
the money of the world would inve.Ve a
violation of the public faith and work IRE
parable injury to the public credit tt was
the great merit of the acs of March, 1863, IN
STRENGTHENING public credit, that it removed
| all doubt as the purpose of the United
States to pay their bonded debt in coin.
That act was accepted as pledge OF puo-
| lie faith. The Government has derived
great benefit from it in the progress thus
| far M ade in retunding the public debt at
| low rate of interest, an adherence TO the
wise and just policy of an exact observance
of the public faiths will enable the Govern
ment rapidly to reduce the burden of inter-
| est on the national debt to an amount eX-
! ceeding $4,000 900 per annum, and effect
| al aggregate saving to the United States OF
more than 100000 before the bonds can be
fully paid. In adapting the new silver
! coinage to the ordinary uses of currency,
in the everyday transactions OF iIft and
i preserving the quality O1the legal +2sa Ter
| to be assigned to it, a consideration of the
| first importance should be so to ADJUST the
ratio between the silver and gold coinage,
| which now constitutes our specie currency
as to accomplish the desired end of main
tanning the circulation of the two metallic
| currencies, and keeping up the volume OF
two precious metals as our Intrinsic money.
It. is mixed question for sclenthc reaso q
ing and historical experience to determlK|
how far and to what methods practlcatN
equilibrium can be maintained Which w
keep both metals in circulation in their u
propriate sphears of common use. AN absO'
Lutte equality of com mercial value, Tree IRON
disturbing Quotations, is hardly attalna-
BILE, and without it an unlimited legal ten
der for private transactions assigned tc
both metals would tend to drive out OF cir
cul lation the dearest coinage, and dissap
point the principle object proposed ty the
legislation in view. | apprehend therefore
that the two conditions of a near approach
to equality of commercial value between
the gold and silver coinage of the same de
nomination and OF llmltatl Dn OF amounts
for which the silver coinage is to be a lega
tender, are essential to maintaining both IL
circulation. If these conditions can be
successfully observed, the issusM from ths
mint of silver dollars would
assistance asst, ia, ice t to i, 4 Rnnls sr IL!
facilitate the
unIimi' Ss
ease tsseSs 5s Sss