Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1877-12-05

I . 'N''''4iN
regal tender metallic currency OF tht.GOuntryl are
justly payable in gold coin or in coin OF edual value
l1nil9g the time Of these issues the only dollar that
could DE or was received by the Government in eX-
change Tor bonds was the gold dollar To require
| the public creditors to take in repayment any dol
lar OF less commercial value would be regarded by
them as reputation of the full obligation assum-
ed, the bonds issued prior to 1873 were issued at
time when the gold dollar was the only coin in cir
culatOn, orcontemplated by either the Government
or the holders of the bOnls as the coin in which
they were to be paid. 1t is far better TO pay these
bonds in that coin than TO seem to take advantage
| of the unforeseen fall of silver bullion to nav In a
new issue OF silver coin thus made 80 much less
Valuable me power OF the UNltCd States to coin
money and TO regulate the value thereof ought not
| TO be exercised for the purpose of enabling the
| Government to pay the obligations in coin of less
| yalne IMAM that contemplated by the parties when
| the ponds were issued. ANY attempt to pay the
national indebtedness in coin Of less commercial
VaIue IMAM lhe money of the world would involve Il
violation of the public faith and work inrcuarnblc
injury to the public credit. 1t was the great merit
ol the act of March, lS60 in strengthening the pub
lie credit that 1t removed all dOtibt as To- the purs
| Posco the Unlled States to pay their bonded debt
ID COM mat act was accepted ms pledge OF pub
| lie lalth. The Government has derived great bene
ht from II IN the progress thus far made in refund
| ing inc public debt at low rates OF interest. An
alherance to the wise and just policy OF an exact
observance of the public faith will enable the Gov
eminent rapidly to reduce the burden ofinterest on
| the national DEBT to an amount exceeding twenty
mlllOn dollars per annum, and effect an nggrPgate
SAVING 10 the Uhtgd states OF more than three hun.
dre1 million dollars before the bonds can be fully
Pali' III adapting the new silver coinage to the
ordinary uses OF currency. In the ry.day tran
sactonS OF me- and prescribing the quality of legal
| tender to be assigned TO it, a consideration of the
lrst Importance should be so to adjust the ratio be-
tween inc silver and the gold coinage which now
constitutes our specie currency, as to accomplish
we desired END OF maintaining the circulation Of
lhe Two metallic turrences and keeping NJ the
Volume OF lUe Two precious metals as our intrinsic
money ~ Is mixed question for scientific rcu-
! IN, ,Iot,
! lar ana by what methods. practical equilibrium
can ne maintained which will keep both metals in
circulation IN theirapproprlae spheres of common
use' an absolute equality of CONNIE rCia value
llec from disturbing fluctuations, Is hardly attain.
anIe, ana without 1t an ultimate legal tender for
| prNate transactions, assigned to both metals
me uearcr coinage and dIsappont the PRINCIPAL OBJ
Ject proposed by he legislation in view appre.
hend, therefore,, that the two conditions of near
uPpI"aCh 10 equality OF commercial value between
| lnc Solu ana silver coinage OF the same lcnOmina
| toh, anu oil limitation of the amounts for which
lhe silver coinage are to be legal TENDER are essen
la TO- maintaining both in circulation. If these
CONDITIONS can be successfully observed, the issue
rom Inc mint, of silver dollars, would AFFORD ma
leIla assistance TO the community in the transition
10 IeueemaDle paper money, ana would facilitate
ulu resumption oil specie payment and its perma
ncuI establishment. Without these conditions
| ieal tlal only mischief and misfortune would flow
lIolh coinage of silver dollars with The quality of
| unlimited legal tender even in private transactions
any expectation of temporary ease from an issue
OF silver coinage to pass as legal lender nj n ron
materially above its commercial value is am ppr
suauedi Il deluslOn. Nor can think that there il
i'iy eve tr nltial distinction between an original
issue OF silver dollars at a nominal value materially
above lher commercial value, and the restoration
VI lhe sllVer dollar at rate which once was but
nas ceased to be It's commercial value. Certainly
,o5"1 oi our Eol1 coinage reduced in weight
Hdleia'l below It's legal tender value would not
be any the less present debasemcnt of the coinage
" iGasoh OF It's equaIlnE or even exceeding IN
been commercaIiv GG"I to t a.. 'I n Past e.ne uu
49, i,i ~, 'i'J oi"'I W ile IcEal tchucr YaIue
"9ai-ucu w the new issue, In recommending that
inc regulation OF any silver coinage, which may he
authorized by Congress- shonjI ,aryn u'
dItlons Of commercial value and imitn1 i"%al ton.
der am governed hv tn Io"I,, ,I ,os'.' VII
Tia @ ny Tue leeIllE llat every posi-
DIG increase should he gwen to the volume of met
, tlohey when can be kent in ClrculatOn and
In the process OF resuminr specIe nnvmnnIs II is
bcCruse of NV CON iciion Tbot ~9y i ,i -
cou,Itions w9nI o1t -" nlsIepNId Oh tnese
oUn'I.,i?ms Moluu Illustrate the good results which
",0 uu?icu from lhe proposed coinage and embal.
tanty tie business of the county that urye mnnn
your attention these consi,lrrii6ns ""' '" ~ "Po"
respcctveIv roo ,n,n,cn,i r., w., ,,,o, a., -, =. -
e1ison n,S; IT, lenu 10 Congress that in any
es sl"toh providing Tor silver coinage and I'M
I"lHHs 10 IL inc qudIlty OF legal lender, there be
imp esscd on the measure a firm nrovision oy-
empting the rublic drhf heret,raro '9roT "a
out ,tanding from nnvmpnt oiihN. a9 i t " ~"
1ntrrrst in an, V" p"S lIhe etll1r Oh prlnclpal or
n,t ,,Iii w. 'n1 oonSc vi Iess value tlan The pres
''' gnu oolh"PG vi 'hc country,
THE Ctv11 sppvtcv
mas Tor hnber OF years attracted more and more OF
mat the methods OF admission to it, and the conditions
OF remaining in it, are unsqund, that both the great
Ppltal lrttS nave agreed IN the most explicit dec
emphatic demands for it, have fully believed these
declarations and demands to be the expression of a
sincere ION OF the Intelligent masses Of the peo
PIE upon theSuOect, ana that they should be recog
nHed aud followed by earnest and prompt action on
ne af OF the legislative and executive departments
OF NE government IN pursuance Of the purpose ndi
al tfpuN Grad fol
nave my own views distinctly understood and upon
my inauguration my accord with the public opinion
was stated III terms believed to be plain and uIianbi-
My experience in the Executive duties have strongly
confirmed the belief in the great advantage the c"iln
wy would ma ~ observing strictly the plan of the
CONSTIPATION which IMPOSES upon the Executive the
sole duty and responsibility of the selection OF those
othrers VINO by law are appointed, not elected and
which in like manner assigns to the Senate tile com.
pee right to advise and consent to or to reject tile
nominations 50 made while the House of Representa-
official duties with the prerogative Of inyestiEa ~
and prosecution i'll all case of derGiction The brm-
think be traced in most cases to practical confusion
Of the duties assigned to the several departments OF
been 70 return to the system established by he fuda
mental awaad h. DO this with the hearest 60 opera
I!o ana lhosl 'lrdlal UNDERSTANDING with the Senate
and Honse OF {epresentatlyes
The practical difficulties in the selection of numer-
Gus officers Tor posts OF widely varying responsibilities
ana duties are acknowledged to be very great No sys
mistakes, and the beginning of any attempted change
OF custom is quite likely to be more embarrassed in
this respect than any subsequent period 1t is here
se 3ostion SeeIm9 70 ne 10 prove rs claims to
i've the ssistuce Of The knowedya nS5 1--WE
OF the Senate which, when acting upnu nSlninaio,,s
as to which they may be disnterested aud impartial
errors of importance as is perhaps possible In human
In addition to this recognize the mbIic ADVANTAGE
of making all nominations, as nearly US possible i'm
or favor in the sGiecton aid in those or~s in Y
special training is of greatly increased value b"eya
may iulurp mon of nrOner nnohfcatn,ts tN ni,,'i,