Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1877-12-03
but those Of constitutional power and the
public good as affected by the proposed ley

but those Of constitutional power and the
public good, as affected by the proposed ley
i.lation. But in the actual circumstances Of
the nation with vast public cebt distribu-
ted very widely among our own citizens,
and hetd in great amounts also abroad, the
nature Of the silver-coinage measure, as
affecting this relation Of the government 10
the holders Of the public debt, becomes au
element in any proposed legislation of the
highest concern. The obligation of the
public faith transcends all questions of pro.
tit q public advantage otherwise, and its
unq1estionable maintenance will ever be
carefully guarded by congress and the peo.
pie alike. 1t cannot ever add to our peo-
pies sense Of this obligation to know, as
they do, that such maintenance is the die.
tate as well Of the highest expedleucy as
Of the most necessary duty.
from payment Of the higher rates of inter
est IL by advantagcouslY refunding the in.
debtedness. Whether the debt ia ulti.
mately paid in gold or silver coin is of but
little moment compared with the possible
reduction Of interest one.third by refundipg
it At such q reduced rate. If the United
States had the unquestionahle right to pay
Its bonds in silver coin, the little benefit
from that process would be greatly over.
balanced by the injurious effect of such
payment If made or proposed against
the convictions of the public creditors
All the bonds that have been issued since
February IL, 1873, when gold became only
unlimited legal tender as the metallic cur
rency of the country are 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 exchange for bonds was the gold dollar.
To require its public creditors to take in re-
payment any dollar ofless commercial value
ould be regarded by them as repudiauon
of the full obligation assumed. The bonds
issued prior to 1877 were issued
at a time when the gold dollar was the only
coin in circulation or contemplated by either
the government or holders of bonds. AS to
the coin which these bonds we're to be paid,
it is far better to pay these bonds in that
coin than to seem to take advantage of the
Unforeseen fall of silver bullion 10 pay in a
new issue Of silver coin that is of so much
les- value. The power of the United States
to coin money and regulate the value thereof
ought never to be an excuse for the purpose
of enabling the government to pay
its obligations in coin Of less
value than that ,ntemplated bv the parties
when the bonds we're issusd. Any attempt
to pay the national Indebtedness in coin,
less its commercial value. than with the
money Of world would involve violation
Of the public faith and work irreparable
injury TO the public credit 1t was the
great merit of the act of March 1869
in strengthening the public credit that i,
removed all doubt as to the purpose OF the
United States to pay the bonded debt in
coin. That act was accepted as q pledge
of public faith. The govern.
ment aas derived great benefit
from it in the progress thus far made in re.
funding the public debt at low rates Of inter.
est. An adherence to the wise and Just pol
icy fan exact observance of the public faith
will enable the government to rapidly reduce
the burden of interest on the national debt tc
an amount exceeding tv'a aty million dollar
per annum, and effect an %esregate saving
to the United States Of more thsl:-$s3OO, 900,
900 before the bonds can be fully paid ir
adapting the new silver coinage to the ordi
nary uses of currency.
In the every day transaction of the life and
preserving the quality OF the lega! tender il
is of the first importance that it should b,
SO to adjusted that the ratio between tn,
silver and the gold coinage which now con
stitutes our specie currency as to accomplish
the desired end of maintaining the circula
tion Of the two metallic currencies ant
keeping up the volume Of the two precious
metals IN our intrinsic money. 1t is a
mixed question for scientific reasoning an,
historical experience to determine
how far and by what methoe
practicable equilibrium can be maintained
which will keep both metals in circulation
in their appropriate spheres of com mon us
or absolute equality Of commercial valu
from disturbing tluctuation is hardly attain
able and without it an untried legal tende
for private transactions assigned to bot
metals would tend to drive out of circula
tion, the dearest coinage and disappoin
the principal object proposed by tn
legislation in view. l apprehend tha
the two conditions of near ar
proach to equality of commercial yalu
between the gold and silver coinage of tn
same denomination and Limitation Of tn
amounts for which the silver coinage is t
be legal tender, as essential to maintainin
both in circulation. These conditions can b
successfully observed. The Issue from tn
mint of silver dollars would afford materia
assistance to commerce in the TRANSITION
to redeemab'e paper money, and would ia
cilitate the resumption of specie payment
and its permanent establishment withou
these conditions, fear that only mischie
and misfortune would follow
From a coinage of silver dollar with qualit,
of unlimited legal tenders, even in privat
transactions, any experiment of temporar,
ease from an issue Of silver coinage to pa,
as legal tenders, at rate materially .bov
its commercial value is am persuaded
delusion, nor can think that there is an
substantial disturbances between an owe
issue of silver dollar at nominal valu
materially above the commercial value, an
the resolution of the silver dollar at a rat
which once was, but has cease
Here occurs telegraphic omission
ing that every possible increase shoul
be given to the volume OF metallic none,
which can be kept In circulation and ther,
by every possible aid afforded To the pei
v,le in nrsNCasa rf reeumino .roc;o ,,,x.,,..,,