The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-12-04

REGULATING COIN NAIUEh.
Closely connie ted with this general subject Of
thc rpsutuution Of specie payments rs one "
euleor Innate. but still Of grave inuortlnrp |
p,,nn "a" randusfmrnt oi our coiumg,. syst"m
iv renrwnl of til" silver dollar Ns an element IN
on snacie currency. endowed 10y leg station
with the quality OF legal tender 70 greater or
less extent. As th'rc IL no doubt Ot the power
81 Congress. under the Const tuition. to CON
MONEY and regulate the valur thereof, and rs
THIS power covers the whole range Of
anthorty nlplirahle ~ the metal. the rItd
valu.. and tie lrgHl-t"ndcr quslitv VIII ."h ehnll
which should induce or discourage u particular
measure come ted with IN" co nnE' h"inng
CLEARLY to- the province Of legislative discretion
pnd of tuhlic cNprdt,nry. without intrudlng
upon this province t "i,slution ~ u" lrust.
have vet Thought the subject OF sun crt cal
importance in the actual condition NJ our nnl'rs
NJ Ia pros mt an orcusion for the rNrrrls" oi ~"
duty imposed Ivy the Constitution ON the Prrs'-
dent. Of recommending to the consideration
Of Congress "surh measure as he shall Judge
necessary and eNpcdi"nt' Holding IL" orin
ION M / do thpt neither the int rests vi the
Government nor of the people oi til" United
States would he promoted hy dspnraging s'l-
yer H. one Of the two precious metals which
furn eh tn" coinage Oi the world. nnd TINT leg r.
laton which looks to maintaining the n.uuc Of
intrnsic money to ~ iull a mcasur" oi
ci.il values will permit wound be neither
unjust nor 'Ap'di'nt must n.k
your Indulgence Ia hri"f nnl d'nnr"
~ l,rmcni of certain "ss"nt al icniur's in any
such lev isltiNr measure which Ip"l II my du-
" to recommend. do not PROPOSE To- ~ = a."
distutrnts IN Congress. before the people mud
I'm the pr ss. M 60 IN" "Ntcut t. winch IN" iisa-
ton oi any ON" ntifon gan control th- an sti"n.
even within rs own luuidnr-. against tur I'M
writ II laws ~ trad r. the positive laws oi oin-
or Governments. The wisdom OF Congress IN
Shaping amy particular law thut may boz pre-
HDntri Tor uN approval may Whnl Suppressed"
,rations. and wlin'ly AVOID either VtEu" or
intricate inpu rlce. II il only cert an. plnin,
nni practical trris oi such legislation that |
dos irf to r'cOmmN nd ~ your attention.
In amy lrsislut on proNldint Tor % SILVER coin
ng" rrgn niing, t- value aud imp"fi ns to u
rrc, imrnr,lnrri CONGRESS should NOT lose
sight Oi '- uHton Ms operating 10 twuinld
capacity uui ia two dustin I directions. l. thr
United states t"N"rnm ~ " r. ir"r rom
puhlirdrht IT, lclislutivrdeuling " IN the quos-
ton oi silver colnag" would b' purely sovereign
ttusr of constitutions POW r-ih' ruhiir good
NJ un' tod 10y In" proposed i"Ei~iutiOn; hut IN
tn atudl cir 'uni-tan .'- "i the mutton. wita a
vast prhiic drtt. distrihut y very Widely among
our own 90 Ems. nnd hold IN grrWt amounts.
also nhrond tho nuturs oi the silver coinal.
measure, a. uiI'. ting this relation of the Gov
eminent t. the holders OF the public Il it, be-
comes am element IN urnpns ii lea. slnt ON oi the
highest concern. Tn" obligation of the public
faiih trans ~nds an au .stipns of profit or public
advant'lse othrrw -. lts unQu 'stionahe main
pedicnry ~ of the most necessary duty. and
Will over be- carefully guarded 10y Congress- and
the people alike.
PAYING THE PUBLIC DEBT.
The public d"t of IN" United States to the
amount ot 1929 600 hnars interest at the
rntc oi six per cent ami Sos 600 ono at the rate
ut Ave per cent. ana the Only way in which the
country cun ho relieved from the payment OF
these igh rates of interest IL hv dvanta,cously
rounding the Indebtedness. Whether the debt
j. ultimHt"ly paid ia gold or in silver coin j. Of
hut little moment compared with the possible
reduction ot interest onr-thiri 10y rounding II
M su'h reduced rate. II thu United stat had
Tn. inquest onod right 20 pay IL bonds in silver
coin, the litti" hrn" from that pro 't-s would be
greatly oVrruuan ed hy the injurious effect of
such pawn ut. II made or proposed against
~ o.. uond- that luNo been issued since f"h
IL. 1873. when gold became the only unlimited
le.,M t'udrr metallic currency of the country.
ar" Justly paynhle IN gold com or IN coin al
equal value. nurin. the TIM of these ISSUES
t.c only dollar tlat could h" or wns received by
tin Government IN exchange for bonds wis the
gold dollar. r. requ re- the punlic rredtors t.
tax" in repayment any dollar Of loss CONNER
Tue bonds ISSUED prior to 1873 wcr issued
III Il tiuc When the gold dollar was tAe only coin
Government or III" holders of the bonds a. the
con Ia which they w'r" 1" h' paid. Il l. lar
sem To ihkr ndN Li't-e "i u" Unforeseen IAN
OF silver bullion I" pAy IN now Issue of silver
pow r 90 ia" United States 10 com money. and 10
regunt' the value thereof. ou-ht never To- be
eNrr 'isei for tn PURPOSE OF enabling the Gov
eminent To ,ay liz oul lat "ns m com oil .sS
vniu' than that cont"mraied hy tn parties
when tue bonds wrr" ISSUED. Any attempt tu
Jiv the national indebtedness In a coinage of
l'ns r0mmrr 'inl ynlue than the mon'y of the
world would involve violation Of Tie luhlir
futu and work .rreparuble injury to the puhli'
cr DIT II Wis tire gr'nl merit 90 the al oi
Mir't, 1853, ma strength ming the publ" credit,
that y r.mnN Il al do"'i ns io "a" purIo-' OF
tN' lutHd States o. pay their bonded d .lt 300
con. Ilai wi,- "a "''it'd ns a plellle at pub
j ritu. Tine Government has 81 rived great
r-lauA.u. luhil 'drlt't lnw rats of iutrr-
est Auuuu. r.u.' 70 thc wise and just poll y
,ulll tAc Gov rn'n"ni rapidly TO- r"lu.e the
huri N of Interest," ON To national debt To- AN
amount exceeding s2ooo0.0po per amman. and
IN" nn Hssr.e -1frs iv I'll" United suites
ot more thiu $500 uun 300 before the bonds can