Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1877-12-05

Of the nation with vast public debt Distributed
very widely among our own citizens and held in
great amounts also abroad, the nature Of the sill
yer coinage measure as affecting this relation of
the government TO the holders " the public debt
becomes an element In any proposed legislation
Of the highest concern. The obligation of the
public faith transcends all questions of profit or
public advantage, otherwise its unnueationable
maintenance Is the dictate az well of the highest
expedieDcy rs Of the most necessary duty and
will ever he carefully guarded by Congress and
people alike.
OBLIGATION TO PAY THE DEBT AND INTEREST
IN GOLD.
The public debt OF the United States TO the
amount OF S720,OOO 600 bears interest at the rate
Of six per cent, and sos 900 600 at the rate of
five per cent. The only way In which the conn
try can be relieved from the payment Of these
high rates Of interest is by advantageously re-
iunding the indebtedness Whether the debt is
ultimately paid in gold or in silver coin Is of but
little moment compared with the possible reduc-
tion of interest Onethird by refunding IL Mt snch
reduced rate. II the United States had the un-
questioned right to pay it, bonds in silver coin the
little benefit from that process would be greatly
oyerbalanced by the injurious effect of such pay
ment II made or proposed against the honest
convictions of the public creditors. All the bonds
that have been issued since February 18th, 1873
when gold became the only unlimited legal ten
der metallic currency 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 the public creditors to take in repayment
any dollar OF less commercial value would be re-
garded by them repudiating of the full oblipa-
ton assumed the bonds issued prior to 1873 were
issued ut time when the gold dollar was the
only coin in circulation, contemplated by either
the government or the holders OF the bonds as
the coin In which they were TO be paid II Is far
better to pay these bonds in that coin than to
seem To take advantage Of the unforeseen fall of
Ia in lii
thus made so much less valuable The power of
tile 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
lis obligations In a coin Of less value than that
contemplated by the parties when the bonds were
issued Any attempt to pay the national indebt-
edness IN q coinage Of less commercial valne than
the money Of the world would involve a violation
OF the public faith, and work inseparable injury
TO the public credit II was the great merit Of
the act of March 1869 in strengthening the public
credit mat II removed all doubt rs to the purpose
ol the nited States to pay their bonded debt in
CON That act was accepted pledge Of public
laith. The government has derived great benefit
from II in the progress thus far made In refunding
the public debt ut low rates Of interest. An ad-
hefence to the wise and just policy of an exact
observance of the public faith will enable the
government rapidly to reduce the burden Of in
lerest on the national debt to an amount exceed
ing twenty million dollars per annum, and ect
an aggregate saving to the United States of
more than three hundred million dollars before
tue bonds can be fully paid In adapting the new
SILVER coinage to the ordinary uses or currency
IN the everyday transactions Of life and presriib-
ing the quality of legal tender to be assigned to
1t, consideration Of the first Importance should
be so to adjust the ratio between the silver and
the gold coinage which now constitutes our suecie
currency 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 II it is a
mixed question for scientific reasoning and histor-
torica experience to determine how far and by
what methods practicable equilibrium can he
maintained Which will keep both metals in circu-
latlon in their appropriate spheres of common use,
an absolute equality of commercial value free
rom disturbing fluctuations, Is hardly attaiuable
and without II an unlimited legal tender for pri-
waite transactions. assigned to both metals would
irresistibly tend to drive ont of circulation the
dearer coinage and disappont the principal OBJ
ject proposed by the legislation In view | Az
prehend, therefore, that the two conditions OF Il
near approach Ia equality Of commercial value be-
tween the gold and the silver coinage of the same
denomination, and of II Limitation ol the amounts
Tor which the silver coinage is to be legal tender
are essential to maintaining both in circulation
II these conditions can be success ully observed,
the Issue from the mint of silver dollars would
afford material assistance to the community in
the transition to iedeemabe paper money, and
would facilitate the resumption of specie payment
and its permanent establishment Without these
conditions fear that only mischief aud misfor-
tune would How from coinage of silver dollars
with the quality of unlimited legal tender even in
priv ate transactions. Any expectation of temper
AIRY ease irou an issue OF silver coinage Ia pass as
legal tender at rate materially above its com
inerclh value Is, am persuaded, a deusiun. Nor
ran think That there il any substantial distnc-
ton betN cen AN original issue of silver dollars at
"A nominal value materially above their CONNER
ca value and the restoration Of the silver dollar
at Il rate which once was, but has ceased to be it,
commercial value. Certainly the issue of ON
gold coinage reduced in weight materially below
IT. legal tender value would not be any the less a
present debasement of the coinage by reason ul
It's equaling or even exceeding in weight good
coinage which at some past time had been com
ncrrialy equal to the legal tender value assigned
To the new issue. In recommending that the reg.
ulatlun OF any silver coinage, which may be au.
thorzed by Congress, should observe these condi.
ions OF commercial value and limited legal ten
der, am governed by the feeling that every pos
Slbe Increase should be given to the volume OF
lhetalc money which can be kept in circulation
aud thereby every possible aid afforded TO the
peuplen the process of resuming specie pay nlents
II Is because OF my conviction that disregard
OF these conditions would frustfae the good results
which are desired from the proposed coinage and
einhiriass with new elements of confusion and
uncertainty the business of the country that
urge upon YOUR attention these considerations
respectfully recommend to Congress that in any
legislation providing for II silver coinage and inn
Aftng 10 II the quality of legal tender, there be
Impressed On the measure firm provision ex-
empting tile public debt heretofore issued and
now outstanding, from payment either Of prnci-
pal 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 attracted more
and more of public attention. So general has be-
come the opinion that the methods of admission
To it and the conditions Of remaining in il are I'M.
sound. that both the great political parties have
in In xp1. laat.. a.
necessity of reform and in the most emphatic de-
mands for it. have fully believed these declala-
tons and demands to be the expression of a
sincere conviction Of the intelligent masses of the
people upon the subject, and that they should be
followed by earnest and prompt action ON the
part of the legislative and executive departments
of the government in pursuance Of the purpose
Indicated. Before my accession TO office | en-
deavored 10 have my own views distinctly under
stood, and upon my inauguration my accord with
the public opinion WAS stated in terms believed To
be plain and nnanlbiguous My experience in the
executive duties has strongly confirmed the belief
in the great advantage the country would find in
observing strictly the the plan of the Constitution
which imposes upon the Executive the sole duty
and responsibility of the selection of those officers
who 10y law are appointed, not elected, and which,
In like manner, assigns u the Senate the complete
right u advise and consent Ia or Ia reject the
nominations so made, while the House of Repre-
sentatives stands the public censor Of the per-
formance of official duties with the pferogative of
investigation and prosecution In all cases OF dere-
LECTION The benishes and imperectiOns in the
civil service may, rs | think be traced In most
cases to practical confusion OF the duties assigned
to the several departments Of the government.
Ny purpose, in this respect, has been to return u
the system established 10y the fundamental law,
and to do this with the heartiest cooperation and
most cordial understanding with the Senate and
House of Representatives The practical Difficult
ties In the selection of numerous officers for posts
Of widely varying responsibilities and duties are
acknowledged To be very great No system can
he expected Ia secure absolute freedom from mis-
takes, and the beginning of any attempted change
of custom is quite likely to be more embarrassed
in this respect than any subsequent period Ii IL
here that the Constitution seems To me 10 prove
lis claims 10 the great wisdom accorded Ia 1t. 1t
gives the Executive the assistance OF the knuwl-
edge and experience Of the Senate, which, when
acting upon nominations ~ To which they may be
dsinterested and impartial judges, secures as
strong II guaranty of freedom from errors of i'm
portance as is perhaps possible in human Affairs
ln addition TO this | recognize the public ad-
vantage of making all nominations, as nearly as
possible, impersonal in the sense of being Tree
from mere caprice favor in the selection, and in
those offices IN which special training IL Of greatly
increased value | believe such "a rule AS To the
tenure of Office may obtain may induce men OF
proper qualifications to apply themselves industri-
uusly to the task ol becoming prutiuents Bear
ing these things in mind have endeavored to re-
duce the number of changes In subordinate places
usually made upon the change OF the general Ad-
niuistratiOn, and shall most heartily cooperate
with Congress in the better systematizng OF such
methods and rules OF admission 10 the public
service and OF promotion within 1t rs may promise
to be most successful In making thorough com.
potency efficiency aud character the decisive tests
In these matters ask the renewed attention OF
Congress 10 what has already been done by the
Civil Service Commission appointed In pursuance
of an act of Congress by nv Predecessor to IRE