The Republican journal. [volume] (Belfast, Me.) 1829-current, 1877-12-06

world. and that legislation which looks to main
tanning TIE volume of intrinsic money to as full a
measure of both metals as their relative CONNER
cla values will permit would be neither unjust nor
lneXpedlent. ask your indulgence to a brief and
definite statement Of certain essential features Of
many such legislative measures. which | feel it
my duty to recommend
do not propose to enter the debate represented
on both sides by such able disputants 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 Dor
derS against the unwritten laws Of trade and the
positive laws Of other governments. The wisdom
1t Congress III shaping any particular law that
may be present I'd for my approval may wholly
superScde the necessity of my entering into these
considerations, and | willingly avoid either vague
or intricate inquiries il is only certain. plain and
practical traits of such legislation t at desire to
recommend to your attention.
In any legislation providing for silver coinage
regulating It's value and impartiug 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 two-fold capacity and i'll two dis
tnct directions
1t the | nlted States government were free from
public debt, its legislative dealing with the ques-
ton of silver coinage would be purely sovereign
and governmental. under no restraints but those
OF constitutional power, the public good as affected
by the proposed legslation but in the actual cir
cumStances OF the nation, with a vast public debt
uintilpucNu very "luel1 among our own clliZeus.
and held IN great amounts also abroad the nature
OF the silver coinage measure as affecting this re
laton OF the government to the holders of the
pubic debt becomes an element IN any proposed
legislation Of the highest concern.
The obligation OF the public faith transcendS all
questions ofprotit or public advantage Otherwise
Its unquestionable maintenance is the dictate as
well OF the highest cXpediency Of the most nee
essary duty. and will ever be carefully guarded by
Congress and people alike. The public debt of the
nlted States To the amount Of 500 0G0 900 bears
interest at the rate of six per cent, ard 81 900.
600 at the rate of five per cent. and the only way
III which the country can be relieved from the
payment of these high rates of interest is by ad-
vantageously retunding the Indebtedness Wheth-
er the debt is ultimately paid in gold or in silver
coin IS OF but little moment compared with the
possible reduction Of interest third by refund
ing ii at such reduced rate.
HONESTY THE EEsr POLICY.
If the United States had the unquestioned right
TO pay its bonds in silver coin the little benefit
from that process would be greatly over balanced
by the injurious effect Of such payn, Mt if made OF
proposed against the honest convictions Of the
public creditors
All the bonds that have been issue since Feb
ruary Eth. 1873, when gold became the only IN
limited legal tender metallic currency of the coun
Try. are justly payable in gold com, or i'll coin d
equal value. During the time Of these issues the
only dollar that could be or was received by TIC
dollar.
10 require the public creditors to take in repay
ment any dollar OF less commercial y,lue would b.
regarded by them as a Reputation OF the full obi
CATION assumed. The bonds issued prior to 49,:
were issued at time when the gold dollar was the
only coin III circulation. contemplated by either
the goycrnn ent on the holders of the bonds as the
coin IN which they We're 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 i'll new issue of silver
com, thus made much less valuable
The power of the United States 20 coin money
and TO regulate the value thereof ought not to be
exercised for the purpose of enabling the govern
ment to pay its obligations in a coin OF less value
than that contemplated by the parties when the
bonds were issued
Any attempt to pay the national indebtedness in
a coinage of less commercial value than the money
OF the world would involve Il violation Of the pub
lie faith and work inSuperablc injury to the public
credit.
1t the great merit of the act ot March
1860. i'll strengthening the public credit, that it re
moved all doubt to the purpose of the nited
States to pay their bonded debt in coin That act
was accepted us pledge If tine pabc faith. The
government has derived great benefit from it in the
progress thus Tar made III retundng the public debt
at low rates of interest An adherence to the wise
and just policy Of an exact observance Of the pub
lie faith will enable the government rapidly to re
duce the burden of interest On the national debt to
an amount exceeding twenty million dollars per
annnn and effect an aggregate saving to the | nit
ed States Of more than three hundred million dol
lars before the bonds can be fully paid.
SILVER y FLrCrU ATING STANDARD.
In adapting the new silver coinage to the ordi
nary uses Of currency in the everyday tranSac
lions of life ANA prescribing the quality Of legal
tender to be assigned TO it, consideration of the
first Importance should be to adjust the ratio
between the silver and the gold coinage. which
now constitute our specie currency, as to accom-
pliSh the desired end of maintaining the circulu
ton of the two metallic currences and keeping up
the volume of the two precious metals as our i'll
trnsic money
1t is a mixed question for scientific reasoning
and historical experience to determine how far
and by what methods, practical equilibrium
can be maintained which will keep both metals in
circulation Ill their appropriate spheres of com
mon use.
An absolute equality Of commercial value. free
from disturbing fluctuations Is hardly attainable
and without it an unlimited legal tender for pr
waite transactions asSig ned TO both metals would
irreSistibly tend to drive out of circulation the
dearer coinage and disappont the principal oh
ject proposed by the legislation in view
! apprehend therefore, that the two conditions
OF a near approach to equality of commercial val
ne between the gold and silver coinage of the same
denomination, and of "A limitation of the amounts
for which the silver coinage is TO be legal tender.
are essential to maintaining both in circulation.
ulcs' c"i'''i''olln van ne S"ctVSSi"lll observed
tie 'NS"t iluln tV NM VI 9iiNei ""i'"lS WouIu III
lolu "latellal assistance /" lie community III tne
rI"usac'Ion 10 Ic'etlipie paper money ana WoUl4
!"cl'd'e tlo Iesu"iPl"il u HPutiC pay IIIeAt ana
Iit;p1ts tnar that nnI, 1;ll;,f AND r,;s f,,,,,a
would follow from a coinage OF silver dollars with
the quality of unlimited legal tender even in pri-
waite transactions
ANY expectation of temporary ease from an is
sue Of silver coinage to pass as a legal tender at a
rate materially above its commercial value is Il am
persuaded IL dclusion. Nor can think that there
is any substantial distinction between an original
Issue OF silver dollars AT nominal value material
dpo'C thci ~ V','l N"iic anu 'Ne IeS'ora-
t 'oi W wv '"l 4''i'i " " i''' "iVn onc' Wiz
'0 :, '.'r Ya',I w. ~ : w. -. 1,
=; III w. I'll ~ D,i o'I I Nei'4"5N iot"S'"
M MriS. n''ei'l n'lo" ias les"l tGnueI Fd.le
Jo"iu ". ~ 'ra ,r ilt, a "
wy ?oli;'o " ie'9o VI it' tI"ii W t,cH On
veVt,is III WEI. Soou MiitA az some
asi tInie au pten tqual - lAe legal
'eIIueI Nalur ns'i leu ~, 10 , .l new issue
IL ''3 'iie y. any 81
stl coaEc Niiic.i ma! pe duthol"eu ny congress
snHui" o9SGlst 1nesc oonui'iols Vi commercial
'"uc anu u mn s"i 'eiu,i, an governed ~
wv ictlllS Hi't 'N'l! P"Hopt ihtlcaHe siloulu DC