The Portland daily press., 1877-12-04
The Financial Oues,iou,


Among the other subjects of great aud gen.
eral Importance to the people Of this country,
cannot be mistaken, think, in regaI ding as
preeminent the policy and measures which are
designed to secure the restoration of the curren-
cy to that nominal 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
exchanges which is based upon the precious
metals as the intrinsic money of the world In
the public Judgment that this end should be
sought and compassed as speedily and as Sc
curey as the resources of the people and the
wisdom of their government can accom- plish,
there is a much greater degree of unanimity
than is found to concur in the specific measures
which will bring this country to this desired
end, or the rapdity of the steps by which it can
be safely reached. Upon most anxious and
deliberate examination which have felt it my
duty to give to the subject am but the more
confirmed 10 the opinion which | expressed in
accepting the nomination for the presidency,
and again upon my Inauguration, that the poll
cy of resumption should be pursued by every
suitable means and that no legislation would
be wise that should disparage the importance
or retard the attainment of that result -
L have no disposition, no right to question the
sincerity or intelligence of opposing opinions,
and would neither conceal nor undervalue the
considerable difficulties and even occasional
distresses which may attend the progre IS of the
nation towards this primary condition to it's
general and permanent prosperity. 1 must,
however, adhere to my most earnest conviction
that any waveriug in purpose or uusteadiness
in methods SO far from avoiding OF reducing
Inconvenience inseparabe from the transition
from an irredeemable to redeemable paper
currency would only tend to increased and pro-
longed disturbance in values, and unless retriev-
ed must end in serious disorder, dishonor and
disaster in the financial affairs of the govern
ment and of the people.
The mischiefs which I apprehend and ur-
gently deprecate are confined to no one class Of
the people indeed, but seem to me most GER
tainly to threaten the Industrious Masses
whether their OCCUPATIONS are of 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 exchangeable value by being irrevocably
measured by the labor necessary to its produc-
ton. This permanent quality of the money of
the people is sought for aud can only be gained
by the resumption of specie payments. The
rich, the speculative, the operating the money
dealing classes may not always feel the mis-
chiefs of, or may find casual profits in, varla-
ble currency, but the misfortunes of such q
currency to those who are paid salaries or
wages are inevitable and remedless.
Closely connected with this general subject
of the resumption of specie payments is one of
subordinate but still of grave importance; 1
mean the resdjustmeDt of our coinage system
by the renewal of the silver dollar as an ele
ment in our specie currency endowed by legis-
lation with the quality of legal tender to a
greater or less extent AS there is no doubt of
the power of Congress uuder the Constitution
to coin money and regulate the value thereof,
and as this power covers the whole range of
authority applicable to the metal, the rated
value and the legal tender quality which shall
be adopted for the coinage, the considerations
which should induce or discourage partic uar
measure connected with the coinage belongs
clearly to the province of legislative discussion
and of public expediepcy.
Without ntruding upon this province of legis-
ation in the least have yet thought the sub
iect of such critical Importance in the actual
condition of our affairs as to present an occa-
sion for the exercise of the duty imposed BY
the constitution on the President OF recon-
mending 20 the consideration of Congress such
measures as he shall judge necessary and expedi-
ent Holding the opinion, as do, tbat neither
the interests of the government nor of the people
of the United States would he promoted by dis
paraging silver as one of the two precious
metals which furnish the coinage of the world
and that legislation which looks to maintain
ing the volume of intriusiclmoney to as fall a
measure OF both metals as their relative COM