The Superior times. [volume] (Superior, Wis.) 1870-1912, 1877-12-15

States had the unquestionable right to paw
its bonds in silver coin, the little benefit
lfrom that process would be greatly overbal-
anced by the injurious effect of such pay
ment, if made or proposed against the hon.
est convictions of the public creditors.
! All the bonds that have been issued since
February 18th, 1873, when gold became the
only unlimited legal tender metallic cur
rency of the country, are justly payable in
4 gold coin or in coin OF equal value. During
| the time of these issues the only dollar that
could be or was received by the government in
exchange for bonds was the gold dollar. To
require the public creditors to take in pay
ment any dollar of less commercial value
would be regarded by them as Reputation
of the full obligation assumed. The
bonds issued prior to 1873 were issued
at time when the gold dollar was the only
| coin in circulation, or contemplated by
| either the government or the holders of the
| bonds as the coin in which they were to be
paid. 1t is far better to pay these bonds in
! that coin than to seem to take advantage of
the unforeseen fall of silver bullion to pay in
a new issue of silver coin, that is made so
much sless valuable. The power of the
United States to coin money and to regulate
the value thereof, ought never to be
exercised for the purpose of enabling
the government to pay its obligations
in a coin of less value than that contem-
plated by the parties when the bonds were
issued. Any attempt to pay the national
Indebtedness in coinage of less commercial
value than the money of the world, would
involve violation of the public faith ant
work irreparable 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
s Ill foif No
| eminent has derived great benefit
from it in the progress thus far made in re-
funding the public debt at low rates of in
terest An adherence to the wise and just
policy OF an exact observance of the public
faith will enable the government rapidly to
reduce the burden of interest OF the nation
al debt to an amount exceeding $40 ,OO0,000
per annum, and effect an aggregate saving
/ to the United States of more than $500 ,O0O,-
600 before the bonds can be fully paid. In
adapting the new silver coinage to
4 the ordinary uses of currency In
! the everyday transactions of life and
! preserving the quality of legal tender to be
assigned to it, consideration of the first
importance should be, SO to adjust the ratio
between the silver and gold coinage, which
4 now constitutes our specie currency, as to
accomplish the desired end of maintaining
the circulation of the two metallic curren-
cies, and keeping up the volume of the two
precious metals as our intrinsic money. 1t
is a mixed question, for scientific
reasoning and historical experience
| to determine, how far and by what
methods practicable equilibrium can be
maintained which will keep both metals in
circulation in their appropriate spheres of
common use. An absolute equality of COM
mercial value, free from disturbing tiuctua-
tons, is hardly attainable and without it an
unlimited legal tender, for private trans
! actions, assigned to both metals, would tend
to drive out of circulation the dearest coin
age, and disappoint the principal object pro-
posed by the legislation in view.
i I apprehend, therefore, that the
two conditions of near approach to equal
Il ity of commercial values between the gold
/ and silver coinage of the same denomina-
ton, and of limitation of the amounts for
which the silver coinage is to be legal ten
der, are essential to maintaining both III cir
culation. If this condition can be
successfully observed, the issue,
from the mint of silver dollars,
would afford material assistance to the COM
munity in the transition to redeemable
paper money, and would facilitate the re-
4 sumption of specie payment and IN its per-
manent establishment Without these con-
ditions, fear that only mischief and mis-
fortune would follow from coinage of
silver dollars with the quality of unlimited
Any expectation of temporary ease from an
issue of silver coinage to pass as legal ten
der at rate materially above its commercial
! value is, am persuaded, delusion. Nor
| can | think that there Is any substantial
distinction between an original issue of
| silver dollars at nominal value materially
| above their commercial value, and
the restoration of the silver dol
| lar to rate which once was,
but has ceased to be, its commercial value.
| Certainly the issue of our gold coinage re-
duced in weight materially below its legal
tender value would not be any the less
present debasement of the coinage by reason
/ of it's equaling or even exceeding in weight
| a good coinage which at some past time had
been commercially useful to the legal tender
value assigned to the new issue. In recon-
mending that the regulation of any silver
| coinage which may be authorized by con-
gress should observe these conditions
| of commercial value and limited legal
| tenders, am governed by the feeling that
! every possible increase should be given to
| the volume of metallic money which can be
| kept in circulation, and thereby every pos
sible aid afforded to the people in the pro-
cess of resuming specie payments. 1t is the
| excuse of my conviction that disregard OF
/ these conditions would Illustrate the good
results which are desired from the proposed
coinage, and embarrass with new elements
of confusion and uncertainty the
business of the county that L urge
upon your attention these considerations.
| / respectfully recommend to congress that
in any legislation providing for silver
coinage and imparting to it the quality OF
legal tender, there be impressed in the
measure firm provision exempting the
public debt heretofore issued and now out
standing from payment, either of principal
or interest, in any coinage of less value than
1 no Mt of
The organization OF the
| CIVIL SERVICE
/ of the country has, for number of years,
attracted more and more of public attention.
! So general has become the opinion that the