The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1877-12-13

against the honest convictions of the
public creditor.
r All the bonds that have been issued
since February 18th. 1873, when gold
became the only national legal tender
| justly payable in gold coin or in CON
Of equal value During the time OF
these issues the only dollar that could
be or was received by the government
in exchange for lands was the gold
dollar. To require the public credi-
tors to take in repayment any dollar
OF less commercial value would be re-
garded by them as a Reputation OF the
full obligation assumed. The bonds
issued prior 10 1873 were issued at a
time when the gold dollar was the on
ly coin in circulation or contemplated
by either the government or the hold
ers of the bonds as the coin in which
they were to be p lid, it is far better to
pay these bonds in that coin than to
seem to take advantage of the unfore-
seen fall of silver bullion to pay IN q
new issue of silver coin that is made of
SO much less value. The power of the
United States to coin money and to-
regulate the value thereof, ought new
er to be exercised for the purpose OF
enabling the government to pay its OBJ
legations in coin of less value than
that contemplated by the ,rties when
the bonds were issued. Any attempt
to pay the national indeb, edness IN u
coinage OF less commercial value than
the money OF the world, would involve
violation of the public faith aud
work irrepal able injury to the public
credit. 1t was the great merit of the
act of March, 1869, in strengthening
the public credit, that it removed all
doubt as to the purpose of the United
States to pay their bonded debt in
coin. That act was accepted as
pledge of the public faith. The gov
ernment has derived great benefit
from it. In the progress thus far made
in refunding the public debt to the
low ratio of interest, aud all adherence
to the wise and great policy of an ex-
act observance of the public faith will
enable you rapidly to reduce the bur.
den of interest on the national debt to
an amount not exceeding twenty mil
lion dollars per annum, aud effect an
aggregate saving to the United States
OF mole than $3O1, 100000 before the
bonds can be fully paid. In adapting
the new silver coinage to the ordinary
uses OF currency in the every day
transactions of life and preserving the
quality of legal tender to be assigned
to it, q consideration of the first i'm
pOrtance should be SO to adjust the
ratio between the silver aud tue gold
cOinage-which now constitutes our
specie currency-as to accomplish the
desired end Of maintaining the circu-
lation of tie two metallic currencies
and keeping up the volume of the two
precious metals as our intrinsic money
1t is mixed question for scientific
reasoning and historical experience to
determine how far and exactly by
what methods q practicable eQuillibri
um can be maintained which will keep
both metals in circulation III their ap-
prOpriate sphere of common use. An
absolute equality of commercial value,
free from disturbing fluctuations, is
hardly attaiAable, and without it an
unlimited legal tender for private
transaction, assigned to both metals.
would tend to drive out Of circulation
the dearest coinage and disappointt the
principal object proposed by the leg
islation in view. / apprehend, there
fore, that the two conditions of y near
approach to equality OF q commercial
value between the gold and silver
coinage of the same denomination and
of a limitation of the amount for which
the silver coinage is to be 8 legal ten
der, are essential to maintaining both
in circulation. If these conditions can
be successfully observed, the issue
from the mint of silver dollars would
afford material assistance to the gov
ernment in transition TO redeemable
paper money and would facilitate the
resumption of specie payment and its
permanent establishment. Without
these conditions, l fear thst only mis-
chief and misfortune would follow
from q coinage of silver dollars with
the quality OF unlimited legal tender.
Even in private transactions, any ex-
pectation of temporary ease from an
issue of silver cOinage to pass Is q le-
gal tender at rate materially above
its commercial value is, 1 am persuad-
ed, q delusiOn nor can l think that
there is any substantial distinction be-
tween an original issue of silver dol
lars at q nominal value material above
their commercial value and the restor-
alton OF the silver dollar at 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 legal ten
der value would not be any the less q
present debasement OF the coinage by
reason of its equaling or even exceed
ing in weight good coinage, which at
some past time, had been commercial
ly equal to the legal tender value as
signed to the new issue. In recon
meudiDg that the regulation of any sil-
yer coinage which may be authorized
by Congress-, should observe the con
diiions of commercial value of limited
legal tender, am governed by the
feeling that every possible Increase
should be given to the volume OF me-
lallic money which can be kept in cir
culation and thereby every possible
aid Afforded the people in the process
OF resuming specie payments. 1t is
because of my conviction that disre-
gard OF the conditions would irustrate
The good results which are desired
from the proposed coinage and cru
sion and uncertainty the business OF
the country that urge upon your al
tcntiOn these considerations.
1 respectfully recommend to Con-
gress that IN any legislation proy iding
for a silver coinage and importing to
it the quality OF n legal tender there
bc impressed in the measure firm
provision cxeppting the public debt
hert tutorc issued aud now Outstand-
ing from payment, either of principal
or interest in any coinage of less value
than the present gold coinage of the
country.
t CIVIL SERVICE.
The organization of the civil service
of the country has for NUMBER OF
years attracted more and more OF pub
lie attention SO general has become the
opinion that the methods of admission
to it and the conditions of remaining
in it are unsOund; that both the great