Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1877-12-11

| IL is Tar better to pay these bonds IN thG'
| coin than to seem to take advantage of the
unforeseen fall of silver bullion TO pay new
issues Of silver coin, thus made so much less
valuable. The power of the United States
to coin money and to regulate the value
thereof ought not TO be exercised for the
purpose of enabling the government 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 national indebtedness in coinage OF
less commercial value than the money of the
world would involve n violation 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 public credit, that it re-
moved all doubt as TO the question OF the
United States TO pay their bonded debt in
coin. That act was accepted as pledge OF
public faith. Government has derived great
benefit in the progress thus far made in re-
funding the public debt at lower rates Of in
terest. An adherance 10 the wise and just
policy Of An exact observance of the public
faith will enable the government rapidly to
reduce the burden of interest on the national
debt 10 an amount exceeding twenty million
dollars per annum, and effect an aggregate
saving TO the United States of more than
three hundred million dollars before the bonds
can be paid.
In adapting the new silver bill coinage to
the ordinary uses of currency in the every
day transactions of life, and prescribing the
quality of legal tender to be assigned TO it, a
consideration Of the first Importance should
be 10 adjust the ratio between silver
and the gold coinage which now con-
stitutes our specie currency,so as to accomplish
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 10 determine
how far and by what methods an applicable
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 fluctua-
tons, is hardly attainable, and without
it an unlimited legal tender for private
transactions assigned to both metals would
irresistibly tend to draw out of circulation
the dearer coinage, aud disappoint the prin-
ciple object proposed by the legislation in
view.
Iapprehend therefore that the two con-
ditions of a near approach to equality of conf
mercal value between the gold and silver
coinage OF the same denomination and of a
limitation of amounts for which the silver
coinage is to be legal tender, are essential
10 maintaining both in circulation.
II the conditions can be successfully OBJ
s rived the issue from the mint of silver dol
A,rI u,ataria1 aaaisfnppa IN The
in the transition to redeemable
paper money, and would facilitate the re-
of specie payment, and its perma-
nent establishment. Without these condl-
tons, fear that only mischief and misfOr-
tune would flow from coinage Of silver doll
lars with the quality Of unlimited legal ten
der.
Even in private transactions any expecta-
ton of temporary ease from an issue OF silver
coinage 10 serve As legal tender AT rate
above its commercial value, is, Il
am persusded,) a delusOn, nor can | think
that there is any substantial distinction be-
tween an original issue Of silver dollars at q
nominal value materially above their
value and the restoration
Of the silver dollar at rate which
once was, but has ceased to be, its
value. Certainly the issue of
our gold coinage reduced in weight materi-
ally below its legal tender value, would not
be any the less Il present debasement Of the
coinage by reason of its equaling or even
exceeding in weight good coinage which at
some past time had been commercially equal
to the legal tender value ordered to the new
issue.
In recommending that the regulation of
any coinage which may be authorized by
Congress should observe these conditions of
value and limited legal tender,
| avn governed by the feeling that every pos
sible increase should be given to the volume
Of metallic money which can be kept III cir
culation, and thereby every possible aid
afforded to the people in the process of re-
suming specie payments.
tits because of my conviction that dlsre-
gard of these conditions would Illustrate the
good results which are desired from the pro-
posed coinage, and enbarass with new ele-
ments of confusion aud uncertainty the busi-
ness of the country, that | urge upon your
attention these considerations.
| respectfully recommend TO Congress
that in any legislation providing for asilyer
coinage, and imparting to il the quality OF
legal tender, there be impressed on the
measure firm provision excepting the
public debt heretofore issued and now out
standing, from payment either of principal
or interest in any coinage of less value than
the present gold coinage of the country.
The Civil Service.
The organization Of the civil service OF
the country has for number Of years at
tracted more and more Of public attention.
,onrral has hapnmn the DululDn that the
methods of admission 10 il and the condi-
tons OF remaining in it are unsound, that
both the great political parties have agreed
in the most explicit declarations of the neces-
sity OF reform, and in the most emphatic de-
mands for it.
| have fully believed these declarations
and demands 10 be the expression of sim
cere conviction of the intelligent masses OF
the people upon the subject, and that they
should be recognized and followed by earnest
and prompt acton on the part of the legis-
lative and executive departments OF the gov
eminent.
In pursuance Of the purpose indicated be-
fore nv accession to office, | endeaVored TO
have my own views distinctly understood,
and upon my inauguration my accord with
the public opinion was stated in terms be-
lieved to be plain and unambiguous.
NV experience in the executive duties has
strongly confirmed the belief in the great ad-
vantage the country would find in observing
strictly the plan of the constitution which I'M
noses upon the executive the sole duty and
responsibility of the selections OF those OIL
GERS who by law are appointed, not elected,
and which, in like manner, assigns to the Sen
ata cha con, nlota RIGHT IN advise and consent