The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1877-12-07

To them, 1T seems to me. 1t IL OF prime Inn
sated in money which 10 itself fixed ON ex-
changed value by being irrevocabiy meas
ured by the labor necessary to Ats produo.
money OF the people 10 sought FOR. and can
only be gained by the resumption Of specie
81 dspns
may not always feel the mischief of, or
may Ind casual profits In, variable cur
rency to those who are paid salaries or
wages are inevitable and remediless.
READJUsrMENT OF coINAdE-rHE SILVER
rs l@.A DOLLAR. +5I.F-.
Closely connected with this general SUBJ
nate but still Of grave Importance mean
the eaojustment Of our coinage system
by the renewal OF the silver dollar as an
element In our specie currency, endowed
by Regulation with the quality OF legal
tender to u greater or less extent. AZ
sress, under the Constitution, to coin
money and regulate the value thereof, and
as this power covers the whole range Of
value and the legal tender quality which
shall be adopted for the coinage, the con-
alterations which should induce or die.
courage a particular measure connected
with the coinage belong clearly to the
province OF Legislative discretion and Of
upon this province OF iegislation in the
least, have yet thought the subject OF
such critical importance In the actual con-
ditiOn Of our affairs as to present an Occa-
sion for the exercise of the duty imposed
BY the Constitution on the President
g Ge% suoh measures as he shall Judge
necessary and expedient. Holding the
opinion, AS do, that neither the interests
the United states would be prompted by
disparaging silver as one OF the two pre-.
eious metals which furnish the coinage OF
money to a. full a measure OF both metals
permit, would be neither unjust nor mex
pedient, must ask your Indulgence to
brief and definite statement OF certain
measures which feel 1t my duty to rec
ommend. l do not propose TO enter the
s % Ssss sy sse
H sss ssts ss' to in Ere
question even Within lis own borders.
asa1nst the written laws OF trade Or the
positive laws OF other Cover nme nts. The
tic aIar law that may be presented for my.
approval. may wholly supersede lie ne
erstions. and l Willingly avoid either
vague or Intricate Inquiries. It is the only
certain, plain and Practical traits Of such
In any legislation previd,ng for u siver
coinage. regulating its value and tupart-
ing to it the quality 81 iesa, t tender, 1t
shuold not lose sight of its action % oper-
ating in q two-foid capacity and in TWO
aoverSment We're free from a public de os,
its Legislative dealing with the questions
of silver coinage would be sovereign and
nose Of CONSTITUTIONAL power; but in the
actual eircumstance OF a nation sI with
great amounts abroad. the nat1re Of
d silver coinage measure as ahscting
holders of the debt, becomes an element,
in any proposed legislation, Of the highest
concern. The obligation OF the Pubiic
faith transcends all questions of profit,
otherwise its unquestionabI bic maintenance
IL the dictate AS we'll as the surest expe-
ever Be carefully guarded by Congress.
The only way in which the country can be
relieved from the payment OF high rates OF
its indebtedness Whether the debt Ia un.
timately paid In gold or silver is but Of it,
tie moment compared with the possible reg
1t at such reduced rate. II the United
states had the unquesttoned right to pay
pDocess would be greatly overbalanced by
made or pro, osed against the honest con.
issued since February T., 1878. when
gold became the only unlimited legal
tender metallic Sya Of the
value. During the time of these Issues
the only COLLAR that could be or was re-
Tor bonds was the gold dollar. To requare
the public creditors to take in payment
any dollar of less value would be regard.
ed by them as a reputation of the full
obligation. The bonds issued before 1873,
were issued at a time when gold dollars
were the only coin in circulation as the
coin in which they were to be paid. 1t IS
better to pay these bonds In that coin
than seem to take advantage OF the I'M
forseeu fall In silver to pay In new issue
OF silver thus made 40 mu ch less valuable
The power of the United states to coin
money and regulate the value thereof,
ought never to be exercised for the pur-
pose OF enabling the Government to pay
It's obligation in coin OF less value than
that contemplated by the parties when
the bonds were Issued. Any At
tempt to pay the National debt In
soI.ano ofio.s nornmarciAl Halpe fhan the