Bradford opinion. [volume] (Bradford, Vt.) 1874-1881, 1877-12-08

CURRENCY 10 VnuHt WHO hI0 pnlu hhlAIlsH
wages are inevitable and remediless.
TnE coINAdE.
Closely connected with this general subje
OF the resumption Of specie payment Is ono
subordinate, but still OF grave importance.
by tho renewal Of the silver dollar ~ All el
ment In our specie currency, endowed by lcgi
lation with the Quality Of legal tender 10
greater or less extent. As there 10 no doubt
the power OF Congress under the constitntit
TO coin money aud. regulate the value thereo
aud ~ this power covers the whole range
authority applicable 70 the metal, the rate
be adopted for the coinage, the consideration
which should induce or discourage particuli
measure connected with the coinage he!on
clearly to the province Of Legislative discfetio
and Of public expediency. without intridin
npon this province OF legislation In the least,
have yet thought the subject OF such critics
importance In the actual condition Of our al
fairs, ~ 10 present an occasion for the -xerci'
Of the duty imposed by the constitution on tn
President, Of recommending 10 the considers
ton Of Congress "such measures M ho shal
judge necessary and expedient." Holding Tn
opinion. ~ do, that neither the interests O
the government nor OF the people Of the Unite
States would be promoted by disparaging silve
AZ one Of the two precious metals which fur
|
ton which looks to maintaining the volume o
intrinsic money to ~ full measure Of botl
| metals AZ their re,stiv" commercial values will
permit, would be neither unjust nor iueApe
dient. l must ask yOur indulgence to a brie
and definite statement OF certain essential fea
lures In any such legislative measure which
feel 1t my duty to recommend. i do not pro
pose to enter the debate, represented on boil
sides by such able disputants In Congress anC
before the people and In the press, as to the
extent to which the legislation Of any one na
ton osn control this question evon within it,
own borders against the unwritten laws OF
trade and the positive laws OF other govern.
ments. The wisdom Of Congress In shaping
any particular law that may be presented fol
my approval may wholly supersede the neces.
sity Of my entering into these consi ierat0ns,
and willingly avoid either vague or intricate
inquiries. II il only certain plain and practical
traits Of such legislation that desire to recon.
mend to your attention.
In any legislation providing for silver coin.
age, regulating its value and imparting to II the
quality Of legal tender, 1t seems to me Of great
Importance that Congress should not lose sight
OF its action as operating In twofold capacity
and In two distinct directions. II the United
States government were free from public debt
its Legislative dealings with the question Of sill
Yer coinage would be purely sovereign and gov
ernmental, under no restraints but those OF the
constitutional power over the public good rs
Affected by the proposed legislation. But in the
actual circumstances Of the nation, with vast
public debt distributed very widely among our
own citizens, and held in great amounts also
abroad, the nature of the silver coinage mea-
sure az affecting this relation OF the go yernment
to the holders of the public debt becomes al
element, in any proposed legislation, OF the
highest concern. The obligation OF the pnblic
faith transcends all questions of profit or pub
he HHvnutapa ptlarNyisa lfa nnunaat h Ia
maintenance is the dictate ss well OF the high
est expediency AZ OF the most necessary duty,
and will ever be carefully guarded by Congress
and people alike.
The public debt Of the United States, to the
amount Of $729 900 bears interest at the
rate OF six per cent; and 4708 1000, 900 at the
rate Of five per cent; and the only way in which
the country can be relieved from the payment
Of these high rates of interest Is by advantage.
ously refunding the indebtedness. Whether
the debt Is ultimately paid in gold or in silver
coin Is Of but little moment compared with the
possible reduction Of the interest, one-third by
1t at such reduced rate. II the
United States had the unquestioned right to
pay its bonds in silver coin, the little benefit
from that process would be greatly overbalanc-
I'd by the injurious effect OF such payment, il
made or proposed against the honest convic-
tions Of the public creditors All the bonds
that have been issued since February IL, 1879,
when gold became the only ultimate legal tend
~, 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
hat could be or was received by the govern
nent in exchange for bonds was the gold dol
lar. 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 is
sued prior to 1873 were issued at time when
ha do1lur a t1a IN, Ctr
,r contemplated by either the government or
he holders Of the bonds, as the coin in which
hey were to be paid. II is far better to pay
;hese bonds in that coin than to seem to take
of the unforeseen fall Of silver bullion
% pay in new issue of silver coin, thus made
10 much less valuable. The power of the
United States to coin money and to regulate
he value thereof ought never to be exercised
or the purpose Of enabling the government to
,ay its obligations in a coin of less value than
hat contemplated by the parties when the
,onds were issued. Any attempt to pay the
rational Indebtedness In . coinage Of less COM
nercial value than the money Of the world,
vould involve violation Of the public faith
md work irreparable injury to the public credit
n strengthening the public credit, that it re-
moved all doubt as to the purpose Of the United
,tates TO pay their bonded debt in coin. That
ct was accepted as q pledge Of public faith.
The government has derived great benefit from
In the progress thus far made in refunding
he public debt at low rates Of interest An
adherence to the wise and jnst policy Of an ex-
ct observance Of the public faith will enable
he government rapidly to reduce the burden Of
interest on the national debt to an amount ex
eedlng go, 600, 900 per annum and effect an
ggregate saving to the United States Of more
han $500, ,000, 900 before the bonds can be full |
y paid.
In adapting the new silver coinage to the Or
nary uses Of currency in the every day trans |
ctiois :of life, and prescribing the quality Of |
egal tender to be assigned to it, . considera-
ion ofthe FIRST Importance should be go to sd- !
nst the ratio between the silver and the gold |
oinage which now constitutes our specie cur
ency as to accomplish the desired end Of |
the circulation Of the two metallic |
urrencies and keeping mp the volume OF the |
wo precious metals - our intrinsic money.
is a mixed question for scientific reasoning |
nd historical experience to determine how far |
nd by what method practicable equilibrium |
an be maintained which will keep both metals |
a circulation in their appropriate spheres Of /
ommon use. An absolute equality of COM
,ercial value, free from disturbing fluctuations
hardly attainable and without II an unlimit-
i legal tender for private transactions assign
d to both metals would irresistibly tend to |
rive out Of circulation the dearer coinage, and /
isappoint the principal object proposed BY the |
,gislation in view. I-apprehend, therefore,
hat the two conditions OF near approach to
quality of commercial value between the gold
nd silver coinage Of the same denomination,
nd OF limitation Of the amounts for which