The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1877-12-06
who are paid salaries or wages are inevitable and
ronlediless.
The Silver Dollar.

who are paid salaries wages are inevitable and
romediless.
The Silver Dollar.
Closely connected with this general subject of the
resumption of specie payments is one of subordi-
na.e put Still OF grave Importance mean the re-
aoJustment OF our coinage system by the renewal
OF tne silver dollar element in our specie our
rency endowed by legislation with the quality OF le-
ga tender to greater less extent. AS there Is no
doubt Of the power of Congress, under the consti-
tulon TO coin money and regulate the value thereof
ana as this power the whole range of author
lty applicable to the metal the rated value, and the
egaIlender quality which shall be adopted for the
coinage, the consideration which should induce or
with the coinage belongs clearly to the
province OF legislative discretion. and Of pub
nc nc. expectancy. Without intruding upon
this province OF legislation in the least have yet
thought the subject of such critical importance IN
the actual condition of our affairs to present an
occasion for the exercise of the duty imposed by
to the consideration of Congress such measures as
ne snail Judge necessary and expedient Holding
the opinion, do that neither the interest Of the
Government of the people of the United States,
would be promoted by disparaging silver as one OF
the two precious metals which furnish the coinage
of the world, and that legislation which looks to
maintaining the volume Of intrinsic money to as
full measure OF both metals their relative COM
mercial values will permit would be neither
unjust nor inexpedient,- I must ask your
indulgence to brief and definite
statement of certain essential features In any such
legislative measure which feel 1t my duty to re-
commend. do not propose to enter the debate
represented on both sides by such able disputants
In Congress, and before the people, and In the
press, as to the extent to which the legislation OF
any one nation control this question, even with
In Its own borders against the laws of trade the
positive laws Of other Governments. The wisdom
OF Congress In shaping any particular law that may
be presented for my approval may wholly superseds
the necessity of my entering into these considera-
tons, and willingly avoid either vague intricate
inquiries 1t Is only the certain plain and practical
traits Of such legislation that desire to recommend
TO your attention.
In any legislation providing for silver coinage,
regulating its value, and mparng to 1t the quality
of legal tender 1t to me of great Importance
that Congress should not lose sight Of its action
operating in two-fold capacity and two distinct
directions. If the United States Government were
free from public debt, its Legislative dealing with
the question OF silver coinage would be purely
ere1gn and governmental, under no restraints but
those of constitutional power and the public good
affected by the proposed legislation; but in the
actual circumstances of the nation with vast pub
lie debt distributed very widely among our own cit
liens, and held In great amounts also abroad, the
nature OF the s1lver-co1nage measure as affecting
the relation of the Government to the holders of
the public debt becomes in any proposed legislation
of the highest The obligation of the pub
lie faith transcends all questions of profit or public
advantage; otherwise, it's UNREASONABLE ,nainte-
nance is the dictate well the highest expediency
OF the most necessary duty, and will be carefully
guarded by Congress and the people alike
The public debt of the United States to the amount
OF $29 900 900, bears interest at the rate Of per
cent, and $708 1000 at the rate of per cent and
the only way in which the country can be relieved
from the payment of the high rates of interest by
advantageously refunding the indebtedness Wheth-
or the debt Is ultimately paid in gold or silver coin
is Of but little moment compared with the possible
reduction of interest one-third by refunding
it at such reduced rate. If the United
States had the unquestonable right to pay it's bonds
in silver coin, the little benefit from the process
would be greatly overbalanced by the INJURIOUS
effect of such payment. If made as proposed,
against the honest convictions of the public cred
tors all the bonds that have been issued since Feb
H. 1879 when gold became the only unlimited legal
tender metallic currency OF the country, are Justly
payable in gold coin, or in coin Of equal value.
During the time of these issues the only dollar that
could be or was received by the Government in ex-
change for bonds was the gold dollar. To require
the public creditors to take in repayment any dollar
OF less commercial value would be regarded by them
as reputation OF the full obligation assumed.
The bonds issued prior to 1873 were issued at a
time when the gold dollar was the only coin in cir
culation or contemplated by either the Government
the holders of the bonds asthe coin in which thew
were to be paid. better to pay these bonds In
that than to to take advantage of the unfore-
seen fall of silver bullion to pay in new Issue of
silver coin made SO much less valuable. the power
of the United States to coin money and to regulate
the value thereof ought never to be exercised for
the purpose of enabling the Government to pay it's
Obligations in coin Of less value than that con-
templated by the parties when the bonds were is
sued. Any attempt to pay the national indebted
in a coinage of less commercial value than the
money of the world would involve violation Of
the public faith and work irreparabe injury to the
public credit. 1t was the great merit of the act of
March, 1869, that, in strengthening the public
credit it removed all doubt as to the purpose of the
United States to pay their bonded debt in coin.
That act was accepted as a pledge of public
faith. The Government has derived great benefit
from it. In the progress thus far made in
refunding the public debt at low rates of
interest, an adherence to the wise and lust poliov
of an exact observance of the public faith will ena-
BILE the Government rapidly to reduce the burden of
interest on the national debt by an amount ex-
ceeding $40 600 900 per annu, and effect an aepre-
gate saving to the United States Of more than $780,
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
life, and preserving the quality of legal tender to
be assigned to 1t, consideration of the first i'm
portance should be so to adjust the ratio between
the silver and the gold coinage, which now consti
tutes specie currency, as to accomplish the de-
sired end of maintaining the circulation of the
two metallic currencies, and keeping up the
volume of the two precious metals as our
intrinsic money. 1t Is mixed question for scien-
tic reasoning and historical experience to determine
how far, and by what methods, . practicable equi-
hbrium can be maintained which will keep both
metals in circulation in their appropriate spheres
OF common use. An absolute equality of CONNER
cial value, free from disturbing fluctuations Ia
hardly attainable and without it an untried legal
Ce0Q6r private LrSL5aCLlOuS, assigned to both
metals would tend to drive out of circulation the
dearest coinage, and disappont the principal OBJ
ject proposed by the legislation in view. appre-
hend therefore, that the two conditions of near
approach to equality Of commercial value between
the gold and silver coinage of the same denomina-
ton, and of limitation of the amounts for which
the silver coinage is to be legal tender are essen
tial to maintaining both in circulation. If these
conditions can be successfully observed, the issue
from the mint of silver dollars would afford ma
terial assistance to the community in the transition
to redeemable paper money, and would facilitate
the resumption of specie payment and it's permanent
establishment. Without these conditions fear that
only mischief and misfortune would flow from
coinage Of silver dollars, with the quality of unli-
tied legal tender even in private transactions any
expectation Of temporary from issue of sill
coinage, to pass as legal-tender at rate ma
terially above its commercial value, is, am per-
suaded a delusion; nor can I think that there Is
any substantial distinction between an original is
sue of silver dollars at nominal value materially
above their commercial value and the restoration of
the silver dollar at a rate which once was but has
ceased to be Its commercial value. Certainly the
issue of our gold coinage reduced in weight
materially below it's legaltender value would not be
any the less present debasement of the coinage
by reason of its equaling or even exceeding in
weight good coinage, which at some past time had
been commercially equal to the 1egal-tender value
assigned to the new issue. In recommending that
the regulation of any silver coinage which may be