The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-04

condition to ~ general and permanent prosperity
conviction, that any wavcring In purpose
or unseadness 10 methods. so far from
avoiding or reducing tho inconvenience inseparable
IRON the transition from irrcieemable to redeem
able paper currency, would only Tend 10 increased and
endJn serious disorder dsnonor and disaster IN
the financial affairs OF tho government and Of the
people. The mischicis which apprehcna and ur.
gently deprecaie are coulred to no class OF the
people. indeed, but seem me most
tainly to threaten the industrious masses.
labor. To Them, II seems 10 me, Il Ia OF primo i'm
por,ance thai their labor should be compensated in
money which IS IN Itself OF u liked, Interchangeable
valuo BY being irrcvocsbly measured by the labor
necessary 10 It's pr oduciop THIS permanent quality
oi Tho money OF the people sought for and only
DO gained by the resumption OF specie payments
The rich, the speculative, the operating and the
money dealing Classes may not always feel the mis-.
chiefs Of or may hnd casual PROFITS In variable cur
rency but the misioriunes Of such a currency TO
those who are paid salaries or wages arc Inevitable
RzApIusrAxSr OF COINAGE
Closely connected win this general subject OF the
resumption OF specie pay nents Of subordinate
ment OF our coinage system by renewal OF the silver
dollar an element IN our specie currency endowed
ny legislation with the quaity OF legal tender TO
greater or less extent As there t. no doubt OF the
power Of Congress. undor tho constitution, TO coin
as this power the whole range OF
authority applicable to ths metal. tho rated
value, and tue legsl tcnder quality which shall be
adopted tor the coinage. tho considerations which
should induce or discourage particular measure
nce OF legislative discretion aud OF pubic expc.
diency Without intrudng upon TINS province OF
legislation III tho least have yet thought the subject
of such critical Importance IN the actual condition OF
our anars as 10 present an OCCASION the
Of the duty imposed BY the Constitution
the President OF recommending to The consideration
OF Congress 'such measures he shall Judge ncces
sary and expcdent." Holding tho opinion, as I do,
that neither the interests OF the government nor vi
the people OF the United States woui 10 promoted py
dsparaging silver as one Of tho precious metals
which furnish the coinage OF tho world ana that leg.
he Wi M An.
rinsic money - as full measure OF both metals A.
their relative commercial values viii permit
would BIO neither unjust nor inexpedieni, |
must ask your indulgence to DricfA definite
statement OF certain essential features IN any such
legislative measure wncn feel IL my duty recon-
mend. l do not propose 10 entcr the debate repre-
scnted on both sdes by such able dispu,ants in Con
extent 10 which the legislation OF any nation can
S sonto,. inc question; even within Us own
raa" positive ass o o,0. laws ovo,0 o.
mcnts The wisdom Of Congress in shaping
any particular law that may DO presented Tor my
entering into those considerations, and Willingly
avola either vague or intricate Inquiries is only
certain plain and practical traits Of such legislation
that desire to recommend 10 your attention. 10
any legislation providing Tor q silver coinage rcgula-
tender /. seems 10 mo Of great ha. Com
gross should not lose sight OF It's action as operating
THE PUBLIC PATH.
II tho United states government wcrc FREQ
from public debt IT'S Legislature dealing
be purely sovereign and governmental, under
no restraints but those OF constitutional powertho
but in tho actual circumstances OF tho nation with
vast pubic dc6t distributed very widely among our
own citizens ana hold ~ great amounts abroad, tho
nature Of tho silver coinage measure rs affecting
holders Of the public deb. become. ' ao
clement in proposed legislation Of tho highest con-
Germ. The obligation Of the public faith trunscends
all questions OF profit or public advantage otherwise
Its unqucslionabe main 10 the dictate as well
OF the Highest cxpediency, as oil the necessary
daty and wiil ever DO carefully guarded by Congress
Tho public debt OF the United States 10 the amount
$7oo oo0 bears interest at tho ratio OF pcr
cont ana S7os 900 at the OF per cent and
the only way In which the country DO relieved
from tho payment ncsc high rates Of interest Is by
advantagcously rcfunding tho indcb.cdpesa Whether
OF but little moment compared with the possible re-
ducton or interest tnethrd by refunding IL AZ such
reduced rate II tho United States had the unQues-
toned right TO pay lis bonds in silver coin Tho
it,le benefit from that process would be greatly
overoalaOced BY the injurious effect Of sucn
honest CONNECTIONS OF tho public :" creditors
all the bonds that have been issued since February Ia
tender metallic currency OF the country arc justly
payable IN gold coin or IN coin Of oquai yslua During
Tho mc OF these the only dollar that could DO
or fccelved by shc government in exchange for
bonds was tho gold dollar. TO require tho public
creditors TO take IN repayment any dollar Of less
repudiation Of tho full obligation assumed Tho
bonds issued prior TO 1873 were issued
circulation or contemplated by either the government
or the holders OF the bonds tho coin In which they
we're to DO paid. II 10 far better to pay these bonds
In that coin than to tako al vantage OF tho
unforeseen fall OF silver bullion 10 pay In now ISSUE
Of silver coin thus made so much loss valuable. Tho
power Of The United States 10 money to reg
uiate the value thereof ought be cxcrcse Cd
for the purpose OF enabling thc government
to- pay its obligations In . coin OF less
value than that contemplated by tho parties whom The
bonds were issued. Any attcmpI pay the national
Indebtedness In coinage OF less commercial value
than tho money Of tho world would involve a VIOLA
ton o. the pubic faith and work rreparabc injury
the public credit i was the great merit OF tbs act Of
March, 1869 IN STRENGTHENING the public
states 70 pay their bonded debt in coin. That
The govcrnn,on. has derived great bens0t
from u in tho progress thus far made In rcfundlng
the PUBLIC debt At low rates OF interest," adnersncc
to the wise and just policy OF nm exact observance OF
the public iaith will enable the government rapidly
reduce tho burden Of interest on the national deb.
% an amount exceeding $4,000 900 per annum, ana
ecct aggregate saving TO the United States OF more
than $780, 100000 before the ponds be fully paid
RATIO OF VALUE
In adapting The now silver coinage TO the ordinary
uses OF currency In tho every day transactions OF lie
and prescribing the quality OF legal tender 10 DO as
should DO so 10 adjust tho ratio between che silver and
the gold coinage which now constitutes special
currency AZ 10 accomplish tho desired end Of main
tanning the circulation OF tho Two metallic currences
and keeping Up the volume OF tho two precious
for scenn6c reasoning and historical experience
10 detcrmno how far and by what methods
pIhCtiCaotc equilibrium can DO maintained which
will keep botn me tails In circulation IN thcir appropri
ate spheres OF common use. An absolute cquaiity OF
commercial value. irec from disturbing fluctuations,
IT, hardly attainable, ana without II an unlmit cd
tender .ior prvaio transsctions assigned TO -hoth
metals would rresistby tend TO drive Of crculs-
lion Tho dearer coinage and disappont principal
object proposed W the Legislation In view. apprc.
mend, therefore, that the Two conditions OF a near
approach 10 equality Of commercial value be-
tween the sold and silver coinage OF The denom-
nation, and OF limitation OF tho amounts for which
inc SILVER coinage y 10 DO legal tender are essential
10 maintaining both In circulation IL these conditions
can DO successfully observed the issue silver dollars
rom The Mint would Afford material assistance to
the community IN tho transition TO rcdecmabo
paper money, and would facilitate tho re-
sumption OF specie payment and It's per-
mancnt establishment. Without these conditions
lear that only mischief ana misfortune would Tow
rom coinage Of silver dollars with tho quality OF I'M
limited legal tender, even in private transactions
ANY expectation OF Temporary case from an issue OF
silver coinage TO pass as legal tender at rate ma
terially above It's commercial value, Is, am per.
suaded, dolusion. Nor can think inat there 10 any
substantial distinction between an original issue OF
silver dollars ut nominal v2luo materially above
thor commercal value and Che restoration OF the
ALL