The Canton advocate. [volume] (Canton, D.T. [S.D.]) 1877-1897, 1877-12-12
regarding as pre-eminent the policy and
which are designed to secure the
of the currency to that normal
and healthful condition in which BY the

measures which are designed to secure the
restoration Of the currency to that normal
and healthful condition in which by the
RESUMPTION OF SPECIE PAYMENTS,
our internal trade and foreign commerce
may be brought into harmony with the sys-
tenn of exchanges which is devolved upon
the precious metal as the intrinsic money of
the world. In the public Judgment that
this end should be sought and comprised
as speedily as possible, and as securely as
the resources Of the people and wisdom of
the government can accomplish, there is
9 much greater degree of unanimity than is
found to concur in the specific measures
which will bring the couatry to this desired
end, or the rapidity of the steps by which
it can be safely reached. Upon a most anx-
ious and deliberate examination, which i
have felt 1t my duty to give to the subject,
am bat the more confirmed in the opinion.
which EXPRESSED il accepting the nou,;aa,
ton for the presidency, and again upon my
inauguration, that the policy of resumption
should be pursued by every suitable means,
and that no legislation would be wise that
should disparage the importance or retard
the attainment of that result. I have no
disposition, and certainly no right to
question the sincerity or integrity
of opposing opinions, and would
neither conceal nor undervalue the con-
siderable difficulties and ever occasional
distresses which may attend the progress of
the nation toward this primary condition
to its general and permanent prosperity. I
must, however, adhere to my most earnest
conviction that any wavering in purpose
or unsteadiness in methods, so far from
avoiding or reducing the Inconvenience
- So 4xor on
irredeemable to redeemable paper cur.
rency, would only tend to increased and
prolonged disturbance in values, and, unless
relieved, must end in serious disorder, dis
honor and disaster in the financial affairs of
the government and of the people. The
mischiefs which I apprehend and urgently
deprecate are confined to no class OF the
people, indeed, but seem to me most GER
tainly to threaten the industrial masses,
whether their occupations are of skilled or
common labor To them, it seems to me, it
is of prime importance that their labor should
be compensated in money which is in itself,
fixed as an exchangeable value by being ire
vocably measured by the labor necessary to
it's productions. This permanent quality OF
the money of the people is sought for and
can only be gained by the resumption Of
specie payment. The rich, the speculative,
the operating, the money-dealing classes,
NAV not always feel the mischiefs OF, or may
find casual profits in a variable currency, but
the misfortunes of such currency to those
who are paid salaries or wages are inevlta-
bic and remediless. ~ D. ~
Closely connected with this general sub
iect of the resumption of specie payments,
is one of subordinate, but still of grave i'm.
portance. Imean the readjustment OF .@t
va.e OUR COINAGE SYSTEM +"
BY the renewal of the silver dollar as an
e 81 III our specie currency, endowed by
legislation with the quality of legal tender
to i greater or less extent. As there is no
doubt of the power of congress under the
constitution, to coin money and regulate the
value thereof, and as this power covers the
whole range Of authority applicable, to the
metal, the rated value and the legal tender
quality which shall be adopted for the coin
age, the consid which should induce
or discourage particular measure connect.
ed with the coinage belong clearly to the
province Of legislative discretion and Of
public expediency. Without intruding
upon this province Of legislation in the least,
have yet thought the subject Of such crit.
,cal importance in the actual condition Of
our affairs as to present an occasion for the
exercise Of the duty imposed by,
the constitution on the president,
of recommending to the consideration
of Congress such measures as he shall judge
necessary and expedient. Holding the
opinion, as do, that neither the interest Of
the government, nor of the people, Of the
United States, would be promoted by dispan
apias 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 fall q measure Of both metals as their
relative commercial values will permit,
would be neither unjust nor mex
pedient,z I must ask your indul-
xenee to d brief and definite
statement of certain essential features IN
any such legislative measure which feel it
nv duty to recommend. l do not propose
to enter the debate represented on both
sides by such able dispuants in congress
and before the people, and in the press, as
to the extent to which the legislation Of any
one nation can control this question even
within its own border against the laws Of
trade or the positive laws of other govern.
ments. The wisdom of congress in shaping
any particular law that may be presented
for nly approval, may wholly supersede the
necessity Of my entering into these consid-
erations, and I willingly avoid either
vague Of Intricate inquiries. It is only Ger
tain plain and practical traits of such legis-
lation that desire to recommend to your
attention. In any Legislation providing for
silver coinage, regulating its value and i'm
parting to it the quality Of legal tender, it
seems to me of great importance that con.
gress should not lose sight Of its action as
operating in two-fold capacity and in two
distinct directions.3tIf the United States
government were free from public debt,
It's legislative dealing with the question OF
silver coinage would be purely sovereign
and governmental, under NO restraint but
those of constitutional power and the pub
lie good as effected by the proposed legisla..
ton; but in the actual circumstances OF
the nation, with vast public debt distribu.
ted very widely among our own citizens and
held in great amounts also abroad, the ma
ture of the silver coinage measure - affect
ing this relation Of the government 70 the
holders of the public debt becomes, in any
proposed legislation, Of the highest concern.
The obligation Of the public faith transeends
all questions Of profit Or public adj
vantage otherwise. Its unquestionable
maintenance is 1, the dictate, as well
Of the h highest expediency as OF the
most necessary duty, and will be carefully
guarded BY congress and people alike. The
public debt Of the United States to the
= n,,rt ~ 371Q ON OD) hears interest At the