Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1877-12-08
The Presidents Message.


Hayes is calculated to produce favora
bile impression both at home and abroad,
as we'll from its general tone and spirit
as from the soundness and good sense
of its principal recommendations. 1t is
entirely free from the tone of sectional
ism and partisanship WHICH has charac-
terized some recent messages to Con
gres., 1t is equally free from anything
like egotism, and even where the Presl'
dent alludes to the adverse criticism
which has been passed upon his South
ern policy it is without trace OF quer-
ulonsness or personal feeling. This, too,
is in marked contrast with the tone and
temper of his immediate predecessor.
Where the message touches upon mat
tiers which are already the subject OF
consideration by Congress, such as the
currency and the silver bill, it is with
frankness aud explicitness, but without
the slightest manifestation to dictate to
Congress what policy it shall pursue. AT
the same time neither Congress or the
country are left in doubt as to the Presi-
dents views upon any branch OF the
currency Question, or as to what his ac-
tion will be when called upon to parti-
cipato with Congress in the exercise OF
the Legislative function. 1t is tolerably
certain that no bill repudiatiug the solemn
pledge of resumption heretofore given,
or fos debasing the national currency by
the introduction of silver dollar at d
nominal value in excess of its CONNER
cial value, with which to pay present
national obligations, will ever receive
the approval of President Hayes. The
country will breath more freely for this,
certainly, and American credit and
American honor will stand higher
abroad for the plain and emphatic Ian
guage of the message.
The message begins naturally enough
with a reference to the policy adopted
by the President in reference TO affairs
in the Southern States, and particularly
to the excellent effect which have fol-
lowed from the policy of non .interfer-
ence and from the withdrawal of the
troops. In these particular fruits of his
policy the President finds his complete
vindication. The discontinuance Of the
use of the army, he says, for the pur-
pose Of upholdng local government in
two States of the Union was no less
constitutional duty, under the circum-
stances, than it was necessary for the
local self-government and the promotion
of national harmony. The result has
been that the fatal collisions between the
races which for several years had been
Of frequent occurrence, have almost en-
tirely ceased, political turmoil and tur-
buleuce have disappeared, useful indus
tries have been resumed; public credit
in the South has been greatly strength
ened, and the benefits of q revival of
commerce between the sections are more
fully enjoyed,
Passing next to fnancia. topics, the
President, as already stated, declares
himself emphatioally in favor of the res
totation of the currency to it's healthful
and normal condition by the resumption
of specie payments. "Any waveriug in
purpose or unsteadiness in methods" he
declares, $50 far from avoiding or re-
dncing the inconvenience inseparable
from the transition from an irredeema-
bic to redeemable paper currency, would
only tend to increase and prolonged dis
turbences in values, and unless retrieved
must end in serious disorder, dishonor
and disaster in the financial affairs of the
government and the people" Especial
ly, the President shows, will these mis-
chiefs 6e felt by the industrial classes.
''1'he rich, the speculative, the money
dealing classes may not always feel the
mischief OF or may find casual profit in
a variable currency, but the misfortunes
of such a currency to those who are paid
salaries or wages are inevitable and rem
ediless"
Closely allied with this question of
specie resumption is that of readjust-
ment of our coinage system by remone-
,ization of the silver dollar, clothed by
legislation with the quality Of a legal
tender to a greater or less extent. This,
the President reasons, would properly
he matter of Legislative discretion and
expediency solely, if it were not compli
Gated by considerations growing out of
the existence of the public debt and the
obligations of national honor "The
obi CATION of the public faith" says the
President, ''transcends all questions of
profit or public advantage otherwise. "
The bonds OF the United States are held
at home and abroad All the bonds is
sued since February II, 1878, when
gold became the only unlimited metallic
legal-tender, are justly payable in gold
or its equivalent in value. Since that
date the only dollar in coin that could
be or was received by the government in
exchange for bonds was the gold dollar.
To require the holders of these bonds to
accept in payment any dollar of less
commercial value, would be justly re-
garded by them as reputation of part
of the debt. The bonds issued before
1873 were issued at time when the
gold dollar was the only coin in circula
ton or contemplated by either the gov
eminent or the holders of the bouds as
the coin in which they were to be paid.
The President further refers TO the strict
maintenance of the public faith, in en-
aiding it to fund the public debt at a
lower rate OF interest. He therefore
recommends that in any Legislation pro-
viding for silver coinage and impart-
ing to it the quality of legal-teuder an
exception be made in favor of the pub