The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-12-04

ing or reducing the Inconvenience IN
ser,arable from the transition from an
frredeemnbIe TO q redeemabie paper cur
srency, would only tend to increase ana
prolong disturbance in values, anu, UNI
less retrieved, must end In serious ulsoraer,
itshonor, and disaster In the financial affairs
al the Goyernmentnnd OF the people. The
,nischiefs which I-apprehend, and earnestly
deprecate, are confined to no class OF the
neopIe indeed, but seem to me most
certainly to threaten the industrious
masses, whether their occupations are
of skilled or common labor. 10
them, it seems to me, 1t IS Of prime import
ance that their labor should be compensated
IN money which is itself fixed in exchange.
able value by being irrevocably measured
by the labor necessary to its production.
This permanent quality OF the money OF the
people IS sought for, and can only be gained
by the resumption OF specie-payments. The
rich, the speculative, the operating, the
moncy-deafng classes, may not always feel
the mischieis Of, or may find casual profits
In, variable currency, but the mistor-
tunes of such currency to those who are
paid salaries or wages are inevitable ana
remediless.
Closely connected with this general sub
iect Of the resumption OF ie-payments,
is one OF subordinate but still OF grave in-
portance-I mean the readiustment OF our
coinage system, by the renewal OF the silver
dollar as an clement in our specie cur
rency endowed by legislation with the
quality OF legal-tcnder to greater or less
extent. ......,., 81. ... So. ..t.-..
AS there is no doubt OF the power OF Con-
grcss, under the Constitution, "to coin
money and regulate the value thereof ana
as this power covers the whole range OF au-
thority applicable toa.the metal, the
rated value and the lesal-tender
quality which shall be adopted Tor
the coinage, the considerations which should
induce or discourage particular measure
connected with the coinage belong clearly
TO the province of legislative discretion and
of public expediency. Without intrudng
upon this province OF legislation IN the
least, I have yet thought the subject Of such
critical importance in the actual condition
OF orr affairs as to present an occasion for
the exercise OF the duty imposed by the
Constitution on the President Of recon-
mending to the consideration OF Congress
"such measures as he shall Judge necessary
and eXpedient."
Holding the opinion, as do, that neither
the interests OF the Government nor OF the
people of the United States would be pro-
NOTED by disparaging silver rs one Of the
two precious metals which furnish the coin-
age OF the world, and that legislation
which looks to maintaining the volume OF
intrinsic money to as full a measure OF both
metals as their relative commercial values
will permit would be neither unjust nor
inexpedient, l must ask your indulgence to
q brief and definite statement OF certain
essential features in any such legislative
measure which / feel it my duty to recon-
mend. ..-......
I do not propose to enter the debate.
rcpresented on both sides by such able dis
putants in Congress and before the people
and in the press, as to the extent to which
the legislation OF any one nation can control
this question, even within its own borders,
against the unwritten laws Of trade or the
positive laws of other governments. The
wisdom OF Congress in shaping any partic-
ular law that may be presented for my APP
prova may wholly supcrScde the necessity
OF my entering into these considerations,
and | Willingly avoid either vague or intri-
cate inquiries 1t is only certain plain and
practical traits Of such legislation that l dc
sire to recommend to your attention.
In any legislation providing for silver
TO it the quality of legal-tcnder, it seems to
me Of great importance that Congress should
not lose sight OF its action as operating in 4
two-fold capacity and in two distinct dircc-
tons. II the United States Government
were free from q public debt its legislative
dealing with the question of silver coinage
would be purely sovereign and govern
mental, under no restraints but those
OF constitutional power and the pub
lie good as affected by the proposed
legislation. But in the actual circum-
stances OF the nation, with vast public
debt distributed very widely among our
own citizens, and held in great amounts also
abroad. the nature Of the silver-coinage
measure, as affecting this relation Of the
Government to the holders OF the public
debt, becomes an element in any proposed
legislation of the highest concern. The
Obligation of the public faith transcends all
questions OF profit or public advantage 9TH
erwise. Its unquestionable maintenance is
the dictate as well Of the highest expo
diency as Of the most necessary duty, and
will ever be carefully guarded by Congress
and people alike.
The public debt of the United States, TO
the amount OF S729,000,000, bears interest at
the rate of six per cent, and S70S,000,000 at
the rate OF FIVE per cent, and the only way
in which the country can be relieved from
the payment of these high rates of interest
is By advantageously refunding the indebt-
edpess. Whether the debt is ultimately paid
in gold or silver coin is but OF little moment
compared with the possible reduction OF in
terest one third, by refunding it at such re-
duced rate. Ii the United States had the
unquestioned right to pay its bonds in sill
yer coin, the little benefit from that process
would be greatly over-balanced By the in
furious effect Of such payment, II made or
proposed against the honest convictions OF
the public creditors. All the bonds that
have been issued since February y, 1873,
when gold became the only unlimited legal
tender metallic currency OF the country, are
Justly payable in coin, or in coin Of equal
value. During the time Of these issues the
ONLY dollar that could be or was received by
the Government in exchange 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 q re-
nudiation of the full obligation assumed.
The bonds issued prior to 1873 were issued
at time when the gold dollar was the only
coin in circulation or contemplated by either
the Government or the holders OF the bonds
as the coin in which they were to be paid.
1t is far better to pay these bonds in that
coin than to seem to take advantage Of the
unforeseen fall in silver bullion to pay in
new issue of silver coin thus made so much
less valuable. The power OF the United
States to coin money and to regulate the
value thereof ought never to be exercised
for the purpose of enabling the Government
to yits obligations in coin OF less value
than that contemplated by the parties when
the bonds were issued. ANY attempt to pay
the national Indebtedness in q coinage of