National Republican., 1877-12-04

Uuitod states 10 pay their bonded debt in
coin. That act was accepted as pledge Of
public faith. The Government has derived
great benefit from It in tho progress thus far
made in refundins tho public debt at low
rates of interest. An adherence 10 the wise
and Just policy Of an exact Observance Of tho
public faith, win enable the Government
rapidly to reduce the burden of interest on the
national debt TO an amount exceeding $e0,-
100000 per aunum, aud effect an aggregate
saving to the United States Of more than $780,
000, 900 before the bonds can bc fully paid.
In adapting the new silver coinage to the
ordinary uses Of currency in the every-da
transactions of life, and prescribing the quail
ity Of legal tender TO he assigned to IL, con-
sidcration Of the first Importance should be so
to adjust the ratio between the silver and tho
gold coinage, which now constitutes our specie
currency, as to accomplish tho desired end Of
maintaining the circulation Of the two metal
lie currencics, aud keeping up the volume Of
IN two precious metals as our intrinsic mon
ey. II is mixed question for scientific rea-
soning and historical experience to determine
how far and by what methods practical
equilibrium can be maintained which will
keep both metals In circulation in their appro-
pirate spheres of common use.
An absolute equality OF commercial value,
freq from disturbing fuctuations, Is hardly
attainable, and without IL m unlimited legal
tender for private transactions assigned TO
both metals would irrcsstibly tend to drive
ont of circulation the dearer coinage and dis
appoint the principal object proposed by the
legislation in view. l apprehend, therefore,
that the two conditions Of a near approach to
equality Of commercial value between the gold
and silver coinage of tho same denomination,
and Of n limitation Of tho amounts for which
the silver coinage is to DO legal-tendor, are
essential to maintaining both in circulation.
II these conditions eau be successfully OBJ
served the issue from tho mint of silver dol
lars would afford material assistance to the
community in the transition to redeemable
paper money, and would facilitate the re-
sumption of specie payment and its pcrma-
ncnt establishment. without these condi-
tions, fear that only mischief and misfortune
would flow from coinage OF silver dollars
with the quality Of unlimited legal-tender,
even in private transactions.
Any expectation of temporary ease from m
issue Of silver coinage to pass as q legal tender,
ut n rate materially above its commercial
think that there is any substantial distinc-
ton between an original issue Of silver dollars
at nominal value materially above their
commercial value and the restoration Of the
silver dollar at rate which once was, but has
ceased to be, Its commercial value. Certainly
the issue Of onr gold eoinage, reduced In weight
materially below its lcgal.tendcr value, would
the coinage, by reason Of its equalling or even
exceeding in weight gold coinage which, at
some past time had been commercially equal
TO the lcgal.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 conditions Of
commercial value and limited legal tender,
am governed by the feeling that every possible
increase should be given to the volume oi
metallic money which can be kept In oircula.
tion, and thereby every possible aid afforded Ia
| the people in the process of resuming specie
payments. II is because Of my firm convic.
tion that disregard Of these conditions would
frustrate the good results which arc desired
from the proposed coinage, and embarras'
with new elmonts Of confusion and uncertainty
the business Of the country, that urge upon
your attention these considerations.
respectfully recommend to Congress tina,
in any legislation providing for q silver coin
age, and imparting to It the quality Of legal
tender, there be impressed upon the measure
firm provision exempting. the public debt
heretofore issued aud now outstanding. from
payment, either Of principal or interest, II
any coinage Of less commercial value than tn,
present gold coinage Of the country.
The organization Of tho civil service Of tn,
country has for a nu nber Of yean attracte,
more and more Of the public attention. 8
general has become the opinion that the meth
DDS Of admission to II and the conditions Of re
naming In II are unsound that both the grca
political parties have agreed in the most ex
plicit declarations Of the necessity OF reforu
and in tho most emphatic demands for 1t.
have fully believed these declarations and de
mands to be the expression Of . sincere convic
tiou of the intelligent masses of the people upo
the subject, and that they should be recognizes
and followed by earnest and prompt action o.
the part of the Legislative and Executive De
partment Of the Government In pursuance Q
the purpose indicated.
Before my accession to Office I endcavore
to have my own views distinctly understood
and upon my Inauguration my accord wit
the public opinion was stated in terms bt
licved to be plain and unambiguous. My ex
pcrienoo In tho executive duties has strongl
confirmed tho belief In the great advantag
the country would find in observing strict
the plan of the Constitution, which impose
upon the Executive the sole duty and respon
sibiity Of the selection Of those Federal officer
who by law, arc appointed, not elected an
which, in like manner, assigns to the Senat,
the complete right to advise and consent I,
or to reject, the nominations so made; willis
the House of Representatives stands as tn
J public censor Of the performance Of official dr
ties, with the prerogative Of investigation al
, prosecution in all cases of dereliction.
. The blemishes and imperfectious in the civ
, service may, as l think, be traced in mos
. cases to practical confusion Of the duties u!
signed to the several departments of the Go,
ernment. My purpose in this respect has bee
to return to the system established by the fur
damental law, and TO do this with the hear
lest cooperation and most cordial understand
ing with the Senate and House of Represents
tives.
t The practical difficulties In the selection
numerous officers for posts Of widdy-varyin
responsibilities and duties, are acknowledge
to be very great. No system can be especte
to secure absolute freedom from mistakes, an
the beginning, Of any attempted change {
, custom, is quite likely to bemore embarrassed
this respect than any subsequent period. 1t
! here that the Constitution seems TO me to prov
, its claim to the great wisdom accorded to I
1t gives to the Executive tho assistance Of tl
knowledge and experience ofthe Senate, whicl
} when acting upon nominations, as to whic
} they may be disinterested aud impartial Judge
/ secures as strong guaranty Of freedom frol
, errors Of importance as is perhaps possible
human affairs.
. In addition to this l recognize the publ
r advantage Of making all nominations, as nea
ly as possible, impersonal, in the sense of beir
free from mere caprice or favor in the sele
tion and in those offices in which speci