The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1877-12-15

tue iHtfiHstC money OF tue WOrlU. In the
public judgment that this end should be
sought and compassed as speedily and Sc
curely as the resources of the people and
the wisdom of their Government can ac-
comPlish, there is much greater degree of
unanimity than is found to concur in the
specific measures which will bring the
country to the desired end or the rapidity
of the steps by which it can be safely
reached. Upon most anxious and DELHI
crate examination, which / have felt it my
duty to give to the subject am but the
more confirmed in the opinion which ex-
pressed in accepting the nomination for the
Presidency, and again upon my Inaugural
ton, that the policy of resumption should
be pursued by every suitable means, and
that no legislation would be wise that should
disparage the importance or retard the at
tainment of that result. | have no dispo-
sition and certainly no right to question the
sincerity or the Intelligence of opposing
opinions, and would neither conceal nor
undervalue the considerable difficulties and
even occasional distresses which may attend
the progress OF the nation toward this
primary condition to it's general and perma-
nent prosperity. | must, however, adhere
to my most earnest conviction that any
waving in purpose or unsteadiness in
methods, so far from avoiding or reducing
the inconvenience inseparable from the
deemable paper currency, would only tend
to increased and prolonged disturbance in
values and, unless retrieved, must end in
serious disorder, dishonor and disaster in
the financial affairs of the Government and
of the people. The mischiefs which l APP
pretended and urgently deprecated are
confined to no class of the people, indeed,
but seem to me most certainly to threaten
the industrious masses, whether their occu-
/ eli LODI lob To
them, it seems to me, it is of prime import.
ance that their labor should be compensated
in money which is itself fixed in exchange
able value by being irrevocably measured
by the labor necessary to its production.
This permanent quality of the money of the
people is sought for, and can only be
gained by the resumption of specie pay
lnents. The rich, the speculative, the OPP
Grating, the money-dealing classes may not
always feel the mischiefs of, or may find
casual profits in, variable currency, but
the misfortunes Of such a currency to those
who are paid salaries or wages are newt
able and remediess.
Closely connected with this general sub
jeet of the resumption of specie payments is
one of subordinate, but still of grave inn
portance. | mean the REIMBURSEMENT of our
coinage system by the removal of the silver
dollar as an element in our specie currency
legal tender to a greater or less extent. AS
there is no doubt of the power of Congress.
under the Constitution to coin money and
regulate the value thereof, and as this power
covers the whole range of authority APP
plicable to the metal, the rated value and
the legal tender quality which shall be
adopted for the coinage, the considerations
which should induce or discourage par
ticular measure connected with the coinage
belong clearly to the province of legislative
discretion and Of public expediency. With
out intruding upon the province of legisla-
ton in the least, have yet thought the SUBJ
ject of such critical importance in the actual
condition of our affairs, as to present an
occasion for the exercise of the duty imposed
by the Constitution on the President, of
recommending to the consideration of Con-
gress "such measures as he shall judge nee
essary and expedient." Holding the opinion
as / do, that neither the interests of the
Government nor of the people of the United
States would be promoted by disparaging
silver as one of the two precious metals
which furnish the intrinsic money of the
world, and that legislation which shall look
to maintaining the volume of that intrinsic
money to as full measure of both metals
as their relative commercial values will per-
nit would be neither unjust nor expedient,
! must ask your indulgence to q brief and
indefinite statement of certain essential
features in any such legislative measures
which feel it my duty to recommend.
do not propose to enter the debate, rep
resented on both sides by such able dispu-
tants in Congress and before the people and
in the press as to the extent to which the
legislation of any one nation can control
this question, even within its own borders,
against the unwritten laws of trade or the
positive laws of other Governments. The
wisdom of Congress in shaping any particu-
lar law that may be presented for my APP
proval, may wholly supersede the neces-
sity of my entering into these considera-
tons, and willingly avoid either vague or
intricate inquiries. 1t is only certain, plain,
and practical traits of such legislation that
desire to recommend to your attention.
In any legislation providing for silver
coinage, regulating its value, and imparting
to it the quality of legal tender, it seems to
me of great Importance that Congress should
not lose sight of its action as operating in a
| two-fold capacity, and in two distinct d.
rections. II the United States Government
were free from public debt its Legislative
dealing with the question of silver coinage
would be purely sovereign and govern
mental, under no restraints but those OF con-
| stitutional power and the public good as
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 measure as affecting this relation of
| the Government to the holders of the pub
| lie debt, becomes an element in any pro-
posed legislation of the highest concern.
| The obligation of the public faith transcends
| all questions of profit or public advantage
| otherwise, and its unquestionabie mainten-
ance will ever be carefully guarded by Con-
| gress and people alike. 1t cannot even add
to our peoples sense of this obligation to
the dictate as well of the highest expediency
as of the most necessary duty, and will be
carefully guarded by Congress and the peo-
pie alike. The public debt of the United
| States, to the amount of $729, ZOO, 900 bears
| interest at the rate of six per cent. and
sos, 200, 900 at the rate of five per cent. and
| the only way in which the country can be re.
| lieved from the payment Of these high rates
of interest is by advantageously refunding
the indebtedness. Whether the debt ID
ultimately paid in gold or in silver coin is
| of but little moment compared with the
possible reduction of interest one-third, by
refunding it at such reduced rates. II
the United States had the unquestionable
| right to pay its bonds in silver coin, the
| little benefit from that process wonld be
greatly overbalanced by the injurious effect
| Of such payment if made or proposed
4 against the honest convictions of the public
| credit.
All the bonds that have been issued since
February -, 1873, when gold became the
only unlimitedlega tender metallic currency
of the country, are justly payable in golG
coin, or in coin of an equal value. During
the time of these issues the only dollar tina
could be, or was, received by the Govern