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

power OF the United states 10 coin money,
and to regulate the value thereof, ought
never to be exercised for the purpose OF
enabling the Government to pay its obliga-
tons in a coin of less value than that con-
templated by the parties when the bonds
were issued. Any attempt to pay the
National Indebtedness in coin OF less
commercial value than the money of the
world would involve aviolstion of the pub
lie faith, and work irreparable injury to the
public credit. Ii 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 as pledge of public faith. The
Government has derived great benefit from
it, in the progress thus far made in refund
ing the public dsbs, az Il " rates of interest
and an adherence to the wise and just policy
of an exact observance of the public faith
will enable the Government rapidly to re-
duce the burden of the interest on the
National debt to an amount exceeding $780,
100000 per aunum, and effect an aggregate
saving to the United States of more than
three hundred millions $500, 900, 000) of
dollars before the bonds can be fully paid.
In adapting the new silver coinage to the
ordinary uses of currency, in the everyday
transactions of life, and preserving the
quality of legal-tender to be assigned to 1t,
-
should be So to adjust the ratio between the
silver and the gold coinage, which now con-
stitutes our specie currency, as to accom-
plish the desired end Of maintaining the
circulation of the two metallic currencies,
and keeping up the volume OF the two
precious metals as our intrinsic money.
1t is mixed question for scientific reason
ing and historical experience to deter
mine 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 commercial value,
free from disturbing fluctuations, is hardly
attainable and without IL an unlimited
legal-tender for private transactions, as
signed to both metals, would tend to drive
out Of circulation the dearest coinage,
and disappoint the principal object pro-
posed by the legislation in view.
apprehend, therefore, that the two con-
ditions of q near approach to an equality of
commercial value between go d and silver
coinage of the same denomination, and of n
limitation of amounts for which the silver
coinage is to be legal tender, are essential
to maintaining both in circulation.
If these conditions can be successfully OBJ
served the issue from the mint OF silver dol
lars would afford material assistance to the
community in the transition to redeem
able paper money, and would facilitate the
resumption of specie payments and its per-
manent establishment. Without these con-
ditions i fear that only mischief and mis-
fortune would follow from coinage OF sill
yer dollars, with the quality of unlimited
legal tender. Even in private transactions
any expectation of temporary loss from an
issue of silver coinage, to pass as legal
tender at rate materially above its com
mercial value is, am persuaded, o delusion.
L MI hot - h.
stantial distinction between an original
issue of silver dollars at a nominal value,
material above their commercial value, and
the restoration of the silver dollar at a rate
which once was, but has ceased to be, its COM
mercial value. Certainly the issue of our
gold coinage, reduced in weight materially
below its legal tender value, would not be
any the. less a present debasement of the
coinage by reason of its equaling or even ex-
ceediug in weight a good coinage which at
some past time had been commercially
equal to the legal tender value assigned to
the new issue.
| In recommending that the regulation of
| any silver coinage which may be authorized
by Congress should observe these condi-
tions of commercial value and limited legal
tender, / am governed by the feeling that
every possible increase should be given to
| the value 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 be-
| cause 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 country, that urge your attention
to these considerations.
SILVER AND THE PUBLIC DEBr.
I respectfully recommend to Congress
that, in any legislation providing for a
silver coinage, and imparting to it the
| quality of legal tender, there be impressed
on the measure firm provision exemptIng
| the public debt, heretofore issued and now
outstanding, from payment, either of prin-
| cipal or interest, in any coinage OF less
value than the present gold coinage OF the
country.
THE CIVIL SERVICE
| Upon the civil service question, the Presi-
dent again states, in substance, the opinions
| of his inaugural address. In consideration
| of the fact that his views on the question
are generally known, he has evidently
! thought it unnecessary to discuss the sub
| ject at length. No allusion is made directly
! to the differences which have existed be
tween the Senate and the Executive with
respect to appointments, nor is there any
| thing in the message which shows the dis
position on the part of the president tc
| quarrel with the Senate, or encroach in any
way upon the prerogatives of that body.
FOREIGN.
| The President favors the acceptance of the
| invitation of France to attend the Exposi
ton next year, believing that a well selected
| exhibition of the product of American
| industry on that occasion, will tend t.
stimulate international commerce and i'm
migration, as well as to promote the tradi
tonal friendship between the two countries
He says the question of Extradition between
the United States and Great Britain ha,
been happily settled. On the Mexican
question he says that the revolution, which
| recently occurred in Mexico, was followed
by the accession of the successful party te
| power and the installation of its Chief Gen
| eral, Porfirio Diaz, in the Presidential office
| 1t has been the custom of the United States
when such changes of Government have
heretofore occurred in Mexico, to recognize
| and enter into official relation with the d.
facto Government az soon as it should APP
pear to have the approval of the Mexican
people, and should manifest a disposition
to adhere to the obligations of treaties ant
international friendship. In the presen
case such official recognition has beer
deferred by the occurrences on the Ri,
Grande border, the records of which hav
already been communicated to each Hous
of Congress, in answer to their respectiv
resolutions of inquiry. Assurances hav
been received that the authorities at tn
| seat of the Mexican Government have bot
the disposition and power to prevent an
punish such unlawful invasions and depre
dations. 1t is earnestly to be hoped tina