The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1877-12-13
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The sii3er DOLLAR |
Closely connected With this general subject Of the
resumption of specie payments is one Of snbordt-
nae, but stl Of grave Importance mean the re-
adjustment Of our coinage system by the renewal |
OF the silver dollar as an element in our sece c1r-
reney, endowed by eei lation with the duality Of e
gal tender 10 greater less extent AS there Is no
doubt of the power of ConeGs S. under the const-
and as Ibis power covers the whole range of author
lty applicable 10 the metal the rated value and the
eonaga, the Confederation which should induce or
dlt courage a, particular measure connected
pro2iDs she Of eenss belongs clearly y % ahe
lie expediency. Without ihtrudine upon
this province of legislation the least lave yet
thought the subject of sucn critical Importance, in
the actual condition Of affairs, to present
occasion for the exercise of the duty imposed by
the constitution on the President Of recommending
to The consideration of Congress such measures as
he shall judge necessary and expedielt. Holding
The opinion do that neither the In terest of the
Government, nor of the people of the United States,
would be promoted by dieparaging silver one OF
the two precious metals which furnish the coinage
of the World; and that legislation which looks to
maintaining the v6lurne Of intrinsic money to as
full measure of both metals as their relative
mercial values will permit would be neither
unjust nor lne1pedient, I must ask your
statement Of certain essential features in any sneh
legislative measure which feel 1t my duty to re-
commend. 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, to the extent to which the legislation of
In Its own borders against the laws of trade, OF the
| positive Laws of other Governments. The wisdom
OF Congress In shaping any particular law that may
be presented Ior my approval may wheDy snperseds
the necessity of my entering into these considera-
tons and willingly avoid either vague intricate
inquiries It Is only the certain PLAIN and practical
traits Of such legislation that desire to recommend
| to your attention.
In any legislation providing for silver coinage.
regulating its value, and mparting to the quality
of legal TENDER it seems to me of great Importance
that Congress should not lose sight of its action
| two and ,ot
directions. If the United States Government were
free from public debt, its legislative dealing with
the question of silver coinage would be purely
ereign and governmental, under no restraints but
those of constitutional power and the public good
affected by the proposed legislation; but in the
actual circumstances of the nation with vast pub
hc debt distributed very widely among cit
nature OF the silveT-coinage measure az affecting
| the relation of the Government to the holders of
n % any II G %
lie faith transcends ali questions of profit public
advantage; otherwise, its unquestonable mainte-
nance is the dictate as well as the highest expedency
! of the most necessary duty, and viii be carefully
guarded by Congress and the people alike.
The public debt Of the United States to the amount
of $729 600 000 bears interest at the rate per
cent and s703 100000 at the rate of per cent and
| the only way in which the country can be relieved
from the payment of the high rates of interest by
| adyantageousy refunding the Indebtedness. WheIh-
i the debt ultimately paid In gold or silver coin
is of but little moment compared with the possible
reduction OF interest one-third by refqnding
sas had spfh @ Ise f the United
in silver coin the little benefit from the process
would be greatly oyerbalanced by the injurious
effect of such payment. If made as proposed,
against the honest convictions of the pnbnc cred
iters alihe bonds that have been issued since Feb
II, 1873 when gold became the only unlimited legal
tender metallic currency of the country, ara justly
| payable In 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 ex-
| change for bonds was the gold dollar. To require
the public creditors to take in repayment any dollar
| as a reputation of the full obligation assumed.
| The bonds issued prior to 1873 were issued at a
time when the gold dollar was the only coin in cir
eulation contemplated by either the Government
the holdef Of the bonds sthe coin which they
were to be paid It'll far better to pay these bonds
that than to seem take advantage of the unfore
seen fall of silver bullion to pay in issue of
silver coin made so much less valuable The ,,ower
of the United States to coin money and to regulate
the value thereof ought never to be exercised Tor
the purpose of enabling the Government to pay its
obligations in coin Of less value than that con-
templated by the parties when the bonds were is
sued. Any attempt to pay the national indebted
ness in coinage of LEGS commercial value than the
| money of the world would involve violation Of
the public faith and work rreparable injury to the
public credit 1t was the great merit OF the act of
March, 1862 that, in Strengthening the public
credit it removed all doubt to the purpose of the
United States to pay their bonded debt in coin
That act was accepted pledge of public
faith. The Government has derived great benefit
refundine the pubic debt at low rates Of
interest, adherence to the wise and just policy
of an exact observance of the public faith viii
BILE the Government rapidly to reduce the burden of
interest on the national debt by an amount ex-
ceeding $40 000, 600 per annum and effect aggre
gate saving to the United States of more than $780,
10000 before the bonds be fully paid. In
adapting the new silver coinage to the ordin airy
uses of currency in the everyday transactions OF
life and preserving the quality of legal tender &c
be assigned to 1t, consideration of the first i'm.
portance should be so to adjust the ratio between
the silver and the gold coinage, which now oonsti
tutes specie currency, as to accomplish the de-
sired end Of maintaining the circulation of the
two metallic currencies, and keeping up the
volume of the two precious metals ou1
intrinsic money. 1t is mixed question for scien-
how far, and by what methods. practtcah;e eaut-
metals in circulation in their appropriate spheres
of common use. An absolute equality of CONNER
cial value, free from disturbing fluctuations is
hardly attainable, and without it untried legal
tender for private transactions, assigned to both
metals, would tend to drive out of circulation the
dearest coinage, and disappo'nt the principal ob-
iect proposed by the legislation in view L appre-
bend, therefore, that the two conditions of a near
the gold and silver coinage Of the same denonina-
ton, and of limitation of the amounts for which
the silver coinage is to be legal tender,
tiaI to maintaining both in circulation, If these
conditions be successfully observed, the issue
from the mint of silver dollars would afford ma
ter1a assistance to the community in the trans ion
to redeemable paper money, and would facilitate
the resumption of specie payment and its permanent
establishment Without these conditions fear that
| only mischief and misfortune would flow from a
coinage of silverdolars, with the quality unl1n-
tied legal tender, private Transactions. any
expectation of temporary from issue sill
coinage, to pass as sgal-tendeT at rate ma
terialy above its commercial value, is, nm per-
suaded, de1uslon; can 1 think that there is
any substantial distinction between original is
sue of silver dollars at nominal value msteriary
above their commercial value and the restoration
the silver dollar at rate which once was but has
ceased to be its commercial value. Certainly the
issue Of our gold coinage reduced in weight
materially below its lega-tender value would not be
any the less present debasement CT the coinage
by reason of its equaling or even exceeding IN
Ceight good coinage, which at some past time had
been commercially equal 10 the legal snder value
assigned TO the issue. In recommending that
the regulation of any silver coinage which may be
authorized by Congress should observe the condi.
tons of value and limited legal tender I am
governed by the feeling tn every possible increase
money which can be kept in circulation
and thereby every possible aid afforded te
the people in the process of resurning specie
payments. 1t is because of my conviction that a
disregard of these conditions would frustrate the
good results which are desired from the proposed
coinage and e1nbarrass with new elements of CON
fusion and uncertainty the business of the country
thar urge upon your attention these considers
tions
1 respectfully recommend to Congress that in
any legislation providing for silver coinage, and
ipariHg to 1t the quality of legal tender there be
| impressed in the measure firm provision exempt
ing the pubic debt heretofore issued and out
standing from the payment either of principal OF
interest in coinage of less value than the Pree-
ent geld coinage of the country.
The Civil Service
The organization of the civil service Of the coun-
try hFs tor number of years attracted more and
more of public attention. So general has become
the opinion that the methods of admission it
Ire Conditions of remaining in it are ,Ipso.1nd that
both the great political parties have agreed in the
most explicit declarations, the necessity of re-
form, and in the most emphatic demands for it.
have fully considered the declarations and demands
to be the expressions Of the convictions
the int lligent masses Of the people upon the sub
iect and that they should be recognized and fol-
lowed by earnest prompt action on the part of
the Legislative and executive departments of the Gov
ernment In puz+uance of the purpose indicated
before my accessi to office, endeayored have
| my own views distinctly understood. and upon my
Inauguration my accord with the public opinion
stated il terms believed to be plan and unar1-
| biguous- My experience IN the Executive duties
has strongly confirmed the belief 81 he great ad-
| vantage that the country wOIld find il Observing
strictly the nan OF lie constitution which