The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1877-12-04


and with these blessings assured, and
not otherwise, we may safely hope to
hand down our free institutions of the
government unimpaired to the genera
tions that will succeed us.
Among the other subjects of great
and general importance to the people of
this country, | cannot be mistaken
think in regarding as preeminent the
policy and measures which are designed
to secure the restoration of the currency
to that normal and healthful condition
in which by the
RESUMPTION OF SPECIE PAYMENTS
our internal trade and foreign commerce
may be brought into harmony with the
system of exchange which is based upon
the precious metals as the intrinsic
money of the world. In the public
judgment this end should be sought and
comprised as speedily and as securely as
the resources of the people and the
wisdom of their government can
accomplish. There is much greater
degree of unanimity than is found to
concur in the specific measures which
will bring the country to this desired
end or the rapidity of the steps by
which it can be safely reached. Upon
most anxious and deliberate examination
which l have felt it my dnty to give to
the subject, am but the more con-
tirmed in the opinion which expressed
in accepting the nomination for the
Presidency, and again npon my ina1gu-
ration, that the policy of resumption
should be pursued by every suitable
means and that no legislation would be
wise that should disparage the i'm
pertance or retard the attainment of
that result. [ have no disposition and
certainly no right to question the sin
cerity or the integrity of opposing
opinions, and would neither conceal nor
undervalue the considerable difficulties
ard even occasional distresses which
may attend the progress of the nation
toward this primary of general and per-
manent prosperity. / must, however,
adhere to my most earnest conviction
that any wavering in purpose or I'M
steadinesS in methods, so far from
avoiding or reducing the inconvenience
inseparable from the transition from
an irredeemable to redeemable paper
currency, would only tend to increased
and prolonged disturbance in values,
and unless relieved must end in serious
disorder, dishonor and disaster in the
financial affairs of the government and
of the people. The mischief which |
apprehend and urgently deprecate are
confined to no class of the people, in
deed, but seem to me most certainly to
threaten the industrious masses whether
, their occupation is skilled or common
labor To them, it seems to me, it is
of prime importance that their labor
should be compensated in money which
, is in itself fixed in exchangable value by
, being irrevocably measured by the labor
necessary to its production. This per
manent quality of hemoney of the PEG
! pie is sought for and can only be gained
by the resumption of specie payment
$ The rich, the speculative, the operating
the money dealing classes may not al
ways feel the mischief of, or may find
casual profits in variable currency, but
the misfortune of such to those who are
paid salaries or wages are inevitable and
: remedileSs.
r Closely connected with this genera
| subject of the resumption of specie pay
, ment is one of subordinate but still o
grave Importance. l mean the
: REIMBURSEMENT OF OUR COINAGE SYSTEM
by the renewal of the silver dollar as al
, clement in our specie currency endowed
by legislation with the quality of lega
tender to greater or less extent. A!
there is no doubt of the power of Con
gress under the constitution to coli
! money and regulate the value thereof
and as this power covers the whole rang
of authority applicable to the metal, tn
rated value and the legal tender qualit.
!. which shall be adopted for the coinage
! the considerations which should induc
: or discourage particular measure con
: neeted with the coinage belong clearl
! to the province of Legislative discretion
! and of public expediency. Without in
truding upon this province of Legislation
:. in the least have yet thought the sub
!, iect of such critical Importance in tn
actual condition of our affairs as to pre-
:. sent an occasion for the exercise of til
:, duty imposed by the constitution o.
: the President of recommending to tn
= consideration of Congress such meas
J, pedient. Holding the opinion, as I Dc
= that neither the interests of the govern
: ment nor of the people of the Unite
= States would be promoted by disparas
! ing silver as one of the two preciou
: metals which furnish the coinage of til
- world, and that legislation whic
=. looks to maintaining the volun1
= of intrinsic money to as full
: measure of both metals as their relatiy
!. commercial values will permit would b
neither unjust nor inexpedient. 1 mus
:, ask your indulgence to brief and def
- mite statement of certain essential fe;
n lures in any such Legislative measure
- which / feel it my duty to recommen,
n I do not propose to enter the debai
= represented on both sides by such alb
- disputants in Congress and before I'll
~ people and in the press as to the extel
- to which the legislation of any or
- nation can control this question, eve
a. within its own borders, against the Law
-. vi of trade or the positive laws of 9th
- governments The wisdom of Congre
- in shaping any particular law that mi
IS be presented for my approval mi
al wholly supersede the necessity of n
~ entering into these considerations and
he willingly avoid either vague or intrica
in inquiries. 1t is only certain plain al
wv practical traits of such legislation that
,oa desire to recommend to your attenti,
- in any legislation providing for a silv
L. coinage regulating its value and impal
.ho ing to it the value of legal tender
49, IL uaav,,o 70 mo of crraaf TnoVAn1.fa, N