Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1877-12-08

bho nOulndCiOh IOI Inc presidency and
again upon my Inauguration that the pol.
icy OF resumption should be pursued by
every suitable meahs and that no legisla.
tiOn would bo wise that should dis.
parage the Importance or retard the
attainment Of that result. have no
disposition and certainly no right
to question the sincerity and integrity
of opposing opinions, and would
neither conceal nor undervalue the
considerable difficulty and even oc-
Casional distress which may attend the
progress Of the nation toward this
primary condition to its general and
permanent prosperity. must, however,
adhere to my most earnest convictions
that any wavering OF purpose, of un-
steadiness in methods so as from avoiding
or reducing the inconvenience inseperable
from the transition from an irredeomable
to a redeemable paper currency, would
only tend to increased and prolonged
disturbance in values, and unless re.
lieved, must end in serious disorder,
diShonor and disaster in the fnan.
cial affairs of the government end
of the people. The mischief which
! apprehend and urgently deprecate,
is confined to no class of the
people, indeed, but seem to me most
certainly TO threaten the industrious
masses, whether their occupations are of
the skilled or common laber. To them,
it seems to me, it is Of prime Importance
that their labor should be compensated
in money, which is itself fixed in ex-
changeable value by being irrevocably
measured by the labor necessary to its
production. This permanent equality of
the may of the people is sought for, and
can only be regained by the resumption
of specie payment. The rich, the specu-
lative, the operating, the money dealing
classes may not alwaysieel the mischiets
of, or may find casual profits in varia-
BILE currency; but the misfortunes of
such currency, to those who are paid
salaries or wages are inevitable and
remediless. Closely connected with this
general subject of the resumption Of
specie payments is one subordinate but
still of grave Importance mean the
readjustment of our coinage system by
the renewal of the silver dollar as an
element in our specie currency. Endowed
by legislation with the quality of the
legal tender to greater or less extent as
there is no doubt of the power of con-
gress under the constitution TO coin
money and regulate the values thereof
and as this power covers the
whole range, authority applica-
bic the metal, the rated
| value,I nd the legal tender quality which
shall be adopted for the coinage. The con.
sideratfonS which should induce or discour-
AGE particular measure connected with
the coinage, belong clearly to the province
of legislative discretion and public expedl-
ency. Without intruding upon the province
of legislation in the least, | have thought
| the subject of such critical importance in
| the actual condition of our affairs as to pre-
sent an occasion for the exercise OF the duty
imposed by the constitution on the president
Of recommending to the consideration CT
congress such measures as he shall Judge
necessary and expedient Holding the opin.
ion, as / do, that ne ther the interested OF
the government nor the people OF the
uhltea states M"ui' "I L pIo"tUvo" wv "J u,,
PaLagins S,iTer % as oh1 vi ''o ."o tI'a
nreva5S ml'VT T,o, ,"i ionisio,;or wb;c5 Ionks IN
maintaining the volume Of intrinsic money
to as full measure of both metals as their re-
atiye commercial values will permit, would
| l. IL
ask your indulgence to brief and definite
statement.oi certain essential features IN any
sucn Legislative measures which feel IT my
torecOmmend. do notpropose 10 ehtet uu'y
the debate, represented on both sides by such
able disputants in congress and before the
people and IN the press as to the extent
J which the legislation Of any one nation eau
control this question, even within Its own
borders, against the laws OF trade or tue
rssitive laws of other governments The
wisdom OF congress in shaping any parucu
lar law that may he presented for my apsro'
val may wholly supercede the necessity O
! entering into the reconsiderations, and
willingly avoid either vague or intricate in
ouiries 1t is only the plain and practlca
traits of such legislation tEat desire tC
recommend to your attention. In any legis
: iation proyiding for a silver coinage, regu
: Iotinp It's value and imparting to it the quail
, ity Of lie yal tender, it seems to me of gIea
imnortance that congress shonld not los
8 sicbt of its action, and operating in two
fo7J canaeity and in two distinct directions
WV ..---...,, ,ro., f.o,
: II the United states government WeIe iie'
] IRON public DEBT its leglsla'l.e uvHi'i' ',Ti u
with the question oil SILVER colhase "ou,u T -, ~
, purely sovereign and:goVerhmenl", Hnu ~,
! der no restraint but those OIL lne oosssi,U
T. tional power and the puolc SoOu, ~ anec'e'
J by the proposed legislation buI ~ IN 'ne d,
! tual circumstances oil the nation, WIN vac
e public debt distributed very Wldely anon
: our own citizens and held IN great amour
. also abroad the nature OF the SILVER colhaS aS
measures as affecting this relaIloh ol W. W
government to the holders OF ,n
: public debt has become IN an
l proposed legislation Of me hlgne' g.
e concern, the obligation ot the PUBIC lalt h',
Y transcends all questions oil proht OF pun
q advantage, otherwise lts unqueS%siona.1l ~
maintenance is the dictate as wen as VI
' highest expediency as the most 1eceSs"i
G duty, and will be carefully gusrueu oy goI
n gress and the people allke' inc Puoi'cs slet Gs1
: OF the United States to the amount VI Sn,
|. 100000 bears interests AZ tne rste Vi p
n cent sos, 100000 at the rate oil Per cen.
'. and the only way in which the county "a
, be relieved from the payments OF tnesy nis
y rates Of interest Is by adyantsgeously u
II funding the Indebtedness, "nVtne, In, u
q debt is ultimately paiu III So'u vi ,u sm; -;
J, coin is of but little mOmsn! tolnpiSSu S W. "n
d the possible reduction OIL inveisss @ ~ on Un
Il third by retunding 1t at such feuuce9 LaT'
II the Unltea oS.oS nSs n%' n silver COIN the ltt
right to pay itI otnuS mrocnss 90 wonld be great
y beneht from Inat process pv;sOrs wv" oaect of su
n overbalanced oy tne lnJu,nOd JIoaod oSsinst h
Ie payment, II maue Sr .Po PoVpVbbII; ppvbI;c crsdit
honest conv,ct'Ta have bseu @ issued since Fe
" the bonds that nave ueJl Il S"oU,o tho IN