The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-11-29
PRICE TWO CENTS.
HAYES ON THE CURRENCY.
AN ENTRiCT FROW THE FTNiNCTAL
tHfPIER ~ ms .NEsy.fGE
Taking Stnud for Specie Resumption ana
noi tnnsvorabie to Limited silver Cotnnge
The Evils Of ru Jrrcdccmubic Currency.

INV hNh- :" in trrcdccmnbIe currency.
WAsnINafoN. Nov. % The coming mes-
sage Of the dc fac,o President Is unusually long.
1t contains Il defence OF the Southern policy.
and suggestions of the Mexican policy. which
are. of course. subordinate to the lnan ial chap
ter of the message. lie discusses the financial
question very fully. and then takes a stand for
specie resumption. H. is not disposed TO look
unfavoraby upon limited silver coinage, as in
shown in the following extract from the mes
sage. which is from an extra proof slip now
being printed by nm extra confidential set Of
printers specially detailed for the work:
Among the subjects Of the greatest and
most general importance 10 the people Of this
connniry cannot he mistaken. think. in re-
lrl,hG as prcfminent the policy and measures
which ere designed To- secure the reatoratlon of
VIZ currency to that normal and heathfu con-
payments our internal trade and foreign COM
mrrcc may BE- brought into harmony with the
nrecious metal ns the Intrinsic money ~ tho
world. In the public judgment that this
uhu should b, sought and compasscd us speed
ny Pug r,y as ih9 resources of The people
ana Inc wisdom OF their Government can ne
"omllisi. there Is, much greater dceroe of
unhnlmity than Is found 10 concur in the spc-
ciilc measures which will bring the country TO
me desired end or the rapidly Of the steps by
which 1t can hc .snfcly reached. Upon a most
anxious and deliberate examination. which I
nave loli 1t my duty to give TO the subject nm
hut the more confirmed in the opinion which 1
expressed in accepting the nomination for tho
Presidency. ana again upon my innuguration
that ne policy Of resumption should b. pur-
sued Nv every suitable means and that no lpgis-
lhiion would be wise that should disparngr the
lmporiancc or rctard the attainment of that re-
SUIT. have no disposition md certainly no
right To question the sincerity or the intrlli-
srncc 81 opposing opinions. and would ncither
cultlcs and even occasional distrcsscs which
may attend the progress of the nation toward
1n1 unJ rnrancn nrImary r0mditen to its general
ever. adhere To my most earnest con-
yiction that any waving in purpose
or unsteadincss In methods. 80 far from avoid
ing or reducing the in convenience inseparablo
from Inc transition from an rrcd TO n
rcdecmahle paper currency. would only tend To
increased and prolonged Disturbance in values
AMI. unless retrieved. must end IN serious dis
orier. dishonor and disaster in the financial
AFFAIRS oi the Government and Of the people.
The mischicfs which / npprohcndrd aud ur-
gently deprecated are confined to no class Of
tAinly To- threaten the industrious masscs,
whether their occupations are Of skilled or COM
of prime importance that their labor should be-
compensated in money which Is itsclf fixed in
rNchang,abie value by being irrevocably mcas-
TINS permanent quality ot the money Of tho
people is sought for. and can only be gained by
the resumption Of specie payments. The rich
the speculative. the operating. the money deal.
Ing classes may not always feel tho mischinfs
of. or may flnd casual profits in n variable cur
rency. but the mi-foriunes of such cnrrcncv
To those who nrc paid salaries or wages are in
cvitahle and remrdcss
tne resumption oi specie payments Is one Of
subordinate. but still Of grave importance. I
by the removal OF the silver dollar as an elt,-
nent In our specie currency. endowed by legis-
er or less extent As there il no doubt of the
power OF Congress under the Constitution to
coin money and regulate the value thereof,
yRni yRSs and no, shs ls lsssl tender quality ySca
tons which should induce or discourage n par
t,lcuinr measure connect d with the coinage
bconH clearly 10 the province OF Legislative dis
cretion and u public expcdiency Without in
rndIs say up9n tn hroyi1ce 3t Legislation in tho
critical Importance in tho actual condition of
our afinirs. NJ 10 present nm occasion for the ex-
, DO, ot ihe iuty inposes hytIe Copstitutionon
GRAFTON OF Congress such measures ns no
shall Judge necessary and eNpcdirnt" Hold
rsts Of the Government nor ~ the people OF the
! n"rd states would b, promoted by dsparng-
ing Ing silver nS one Of the two precious metals
Which furnish the Intrinsic money IT the world.
ana that legislation which shall look to main
tanning the volume 9i that intrinsic money TO
a. iull measure of both metals as their rnla.
tive commercial values will permit would liza
nrithrr unjust nor inrxpcdi"nt, must ask your
OF certain essential features in any su-h legis-
omm"nd.
do not propose 10 enter the debate. repre-.
s"ntcd on both sides 10y such able dispuinnts in
congress and before the people and in thr press,
one nat on can control this az, ,stion, even with
~ is own bord"r-. against the unwrit,en laws
] lrad" nr IN" positive laws Of other Govern
n'h's. u" VISION ~ Congress in shaping
any part ul1r law that mny bc presented for
my approval. may wholly suprrscdc the nnc's-
: - ol my ntrrlng into these cons n-idrrntipns
nhd willingly avoid either vague or intrirats
inquiries. II Is only certain plain. AMI prarti-
oal traits OF such Legislation that desi ire H. roe
on mend to your attention.
In any leg Station providing for n silver
roihpgr. regulating lis value. aud impartiug Ia
II the quality of legal tender, il scen- to mo of
great importance that Congress should not lnss
-isht of lis nction aS operating in a twofolJ
,nla' 'iiy. amt IN two distinct directions. II the
| niiei states government were free from a
pubic debt. It's Legislative dealing with the
question ot silver coinage would be- purely
-pN"rrlgn ami governmental. under no rr-
,ifaint, but those of constitutional power
ana th" luhl. good NJ affected 10y the
proposed legislation. hut in tho artunl
,ircumspncrs Of tn" nation. with II vast public;
debt distributed very widely among our own
'itlN'nS. ana ~, ii IN great amounts also abroad
he nature of the silver coinage measure ms nj.
Ierting TINS rrlai on uf the Government 10 the
holders OF the public debt. bc coinrs nm "lrinnnt
IN any proposed legislation of the highest con-
'rrn. Tho obligation of tho public fiuth tran
>"hiS all questions OF profit or public aiiNau-
ngr otherwise, aud i> unquostionnLlc mnin-
'hAn'r Will ever hn AR lullS guarded by Com
gross and people alike. II cannot oynn add In
)ur peoples srnse of this obligation Ia kn w
u th"y do that such maintenance l., the dictate,
u Mril "l me highest cAptdirncy ~ o! the mos
lttt t~-nIy lutV