The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1877-12-07

Who are paid salaries or wages ere inevitable and
The SILVER Dollar.
Closely connected with this general subject Of the
Of specie psymsnts r. one Of subordi-
nate, but still Of grave Importance mean the re-
adjustment OF our coinage system by the renewal
rency, endowed by iesislaton With the quality Of is
gal tender, 10 greater less extent A. there In no
doubt Of the power Of Congress- under the consti-
s vSos "
ity applicable TO the metal the rated value, and the
legaltender quality which shall be adopted for the
coinage, the consideration which should induce or
with the coinage belongs clearly to the
province OF Legislative discretion, and Of pub
nc expedienoy. without intruding upon
thought the subject Of such critical importance In
the actual condition OF AFFAIRS TO present IN
OCCASION for the exercise OF the duty imposed by
70 the consideration Of Congress such measures as
he shall judge necessary and expedient. Holding
the opinion do that neither the interest Of the
M nor o. the people Of the United States
the two precious metals which furnish the coinage
OF the world, and that legislAtion which looks 10
maintaining maj the volume Of intrinsic money 70 as
mercial values will permit would be neither
unjust nor inexpedient, I must ask your
tndulgence to brief and definite
statsment Of certain essential features In any such
iegislstive MEASURE which feel IL my duty to re-
commend. do not propose to enter the debate
represented on both sides by such able disputants
press, ss to the extent to which the icgislaton OF
any one nation control this question, with
In ia own borders against the laws Of trade or the
OF Congress- In shaping any particular law that may
be presented for my approval may wholly superseds
the necessity OF my entering into these considera-
uons and willingly avoid either vague intricate
inquiries. 1t is only the certain, plain and practical
traits Of such Legislation that desire TO recommend
TO your attention.
regulating its value and impartng to It the quality
OF legal tender, seems to me Of great Importance
that Congress should not lose sight of its action
operating In two-fold capacity and two distinct
free from public debt its Legislative dealing with
the question Of silver coinage would be purely SOW
those Of constitutional power and the public good
affected by the proposed legislation; but in the
actual circumstances of the nation with q vast pub
lie debt distributed very widely among our own cit
liens, and held In great amounts also abroad, the
nature Of the silver-coinage measure affecting
the relation of the Government to the holders OF
the public debt becomes In any proposed legislation
lie faith transcends all questions OF profit public
advantage; otherwise, its unquestionable mainte-
nance is the dictate as well as the highest eIpedency
guarded by Congress and the people alike.
The public debt Of the United States, to the amount
of $729 900, bears interest at the rate Of per
cent and s7Os 900 at the rate of per cent and
the only way in which the country can be relieved
from the payment Of the high rates Of interest by
Advantageously refunding the Indebtedness. wheth-
the debt is ultimately paid In gold silver coin
is Of but little moment compared with the possible
reduction Of interest one-third by refundipR
1t at such reduced rate. II the United
States had the unquestionabe right to pay It's bonds
in silver coin, the little beneft from the process
would be greatly overbalanced by the injurious
effect Of such payment. II made as proposed,
against the honest convictions Of the public cred
itors, all the bonds that have been issued since Feb
H. 1873, when gold became the only unlimited legal
tender metallic currency Of the country, justly
payable In gold coin, or in coin of equal value.
could be received by the Government In ex-
change for bonds was the gold dollar. To require
the public creditors to take In repayment any dollar
of less commercial value would be regarded by them
as reputation Of the full obligation assumed.
The bonds issued prior TO 1873 we're issued at a
time when the gold dollar was the only coin in cir
culation or contemplated by either the Government
the holders of the bonds the coin in which they
to be paid II far better pay these bonds in
that than to seem to take advantage Of unfore
seen fall OF silver bullion TO pay in new issue OF
silver coin made 30 much less valuable. the power
of the United States to coin money and to regulate
the value thereof ought never to lie exercised for
the purpose Of enabling the Government to pay its
obligations in q coin Of less value than that con-
templated by the parties when the bonds were is
| sued. Any attempt to pay the national indebted
ness in q coinage of less commercial value than the
money of the world would involve violation of
the public faith and work rreparsble injury to the
public credit. 1t was the great merit Of the act OF
March, 1862 that, in strengthening the public
credit II removed all doubt to the purpose of the
United States to pay their bonded debt in coin.
That act was accepted as pledge Of public
faith. The Government has derived great benefit
refundng the public debt at low rates of
interest adherence to the wise and Just policy
of an exact observance Of the public faith will ena-
BILE the Government rapidly to reduce the burden of
interest on the national debt by an amount ex-
ceedng $40, 900 900 per annum, and effect aggre-
gate saving the United States of than $780,
900 900 before the bonds can be fully paid. In
adapting the new silver coinage TO the ordinary
uses of currency In the every day transactions OF
be assigned to 1t, consideration Of the hrst i'm
portance should be to adjust the ratio between
the silver and the gold coinage, which now consti-
tutes our specie currency, as TO accomplish the de-
sired 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 a mixed question for scien-
tific reasoning and historical experience TO determine
how far, and by what methods, practicable equi-
hbrium can be maintained which will keep both
metals in circulation in their appropriate spheres
cial value, free from disturbing fluctuations, il
hardly attanable, and without IL an untred legal
metals, would tend to drive out of circulation the
dearest coinage, and disappont the principal OBJ
feet proposed by the legislation in view appre-
hend therefore, that the two conditions Of a near
approach to equality of commercial value between
| the gold and silver coinage of the same denomina-
ton and Of limitation of the amounts for which
the silver coinage is to be legal tender are essen
tial to maintaining both in circulation. IL these
conditions can be successfully observed, the issue
from the mint OF silver dollars would afford ma
teria assistance to the community in the transition
| to redeemable paper money, and would facilitate
the resumption of specie payment and its permanent
establishment without these conditions fear that
| only mischief and misfortune would now from
coinage Of silver dollars with the quality of unlm-
tied legal tender even in private transactions; any
expectation Of temporary ease from issue of sill
yer coinage, to pass as legal-tender at rate ma
terially above its commercial value, is am per.
| suaded q deusion; nor can / think that there II
1 any substantial distinction between an original H.
sue of silver dollars at q nominal value materially
above their commercial value and the restoration Of
the silver dollar ut rate which once was but ha
| ceased to be its commercial value. Certainly tn,
| issue of our gold coinage reduced in weigh
materially below its legaltender value would not b.
| any the less a present debasement Of the coinag
by reason Of It's equaling or even exceeding II
| weight good coinage, which at some past time hs'
been commercially equal TO the legal-tender valu
| assigned to the new issue. In recommending tina
the regulation Of any silver coinage which may b
| Authorized by Congress should observe the condi
tiops of value and limited legal tender I an
governed by the feeling that every possible ncreas
should be given TO the volume Of metalli
money which can be kept in circulation
and thereby every possible aid afforded I
the psople In the process OF resuming speci
| payments. It IA because Of my conviction that
| disregard of these conditions would Illustrate tn
GOOD results which are desired from the propose
coinage, and embarrass with new elements Of cor