Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1877-12-12
NOTED by disparaging silver as one Of
the two precious metals which furnish
tho

COINAsE OF THE WORLD;
and that legislation which looks to
maintaining the volume of intrinsic
money to az fall a measure of both met
ais rs their relative commercial value
will permit, would be neither unjust nor
inexpedient. | must ask your indul-
gence to a brief and definite statement
of certain essential features in any such
legislative measure which feel it my
duty to recommend | don't propose
to enter the debate represented on both
sides by such able disputants in CON
gress and before the people, and in
the press, as to the extent to which the
legislation ofanyone nation can control
this question, even within its own
borders against the laws of trade or
the positive laws of other governments.
The wisdom of congress in shaping any
particular law that may be presented
for my approval, may wholly supercede
the necessity of my entering into these
considerations and | willingly avoid eth
er vague or intricate inquiries. 1t is only
a certain, plain and practical trait of
such legislation that desire to recon-
mend to your attention. In any legiS-
latiOn providing for
SILVER COINAGE,
regulating its value and imparting TO it
the quality of legal tender, it seems to
me of great importance that congress
should not lose sight Of its action as
in operating in a two-fold capacity and
two distinct directions. If the United
fafn frln
debt, its legislative dealing with the
question Of silver coinage would be
purely sovereign and governmental,
under no restraint but those Of consti-
tutional power and the public good, as
affected by the proposed legislation.
But in the actual circumstances of the
nation,
WITH A VAST PUBLIC DEBT
distributed very widely among our own
citizens, and held in great amounts
also abroad, the nature of the silver
coinage measure Us affecting this rela-
ton of the government to the holders
of the public debt, becomes in any pro-
posed legislation of the highest con
Germ. The obligation of the public faith
transcends all questions Of profit or
public advantage otherwise; its unques-
tlonable maintainence Is the dictate us
well Of the highest expediency, as Of
the most necessary duty, and will be
carefully guarded by congress and the
people alike. The public debt of the
United States to the amount Of 1929
600 bears interest at the rate Of 6
per cent, and $70S,000,0OO 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 is by advantageously refunding
the Indebtedness, whether the debt is
ultimately paid in gold or silver COIN
is of but little moment compared
with the possible reduction Of interest,
one-thlrd by refunding it at such re-
duced rate. If the United States had
the umuuestionable right to pay it's
bonds in silver coin, tho little benefit
from that process would be greatly
overbalanced by the injurious effect Of
such payment, if made or proposed,
against the honest convictions of the
public creditors. All the bonds that
have been issued since July II, 1873,
when gold became the only unlimited
legal tender, metallic currency of the
country, are justly payable in gold 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 any dollar Of less com
mercial value would be regarded by
6 IL Cal al,
ton assumed. The bonds issued prior
to 1871, were issued at II time when the
gold dollar was the only coin in circu-
lation or contemplated 10y either the
government or the holders Of the bonds,
as the coin in which they were to be
paid. II Is far better to pay these
bonds in that coin, than TO seem TO take
advantage of the unforeseen fall of sill
yer bullion to pay III Il new issue of
silver coin that Is made 50 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 en-
abIing the government to pay It's
obligations in coin of less
value than that contemplated 10y the
parties when the bonds were issued.
Any attempt to pay the national in
dehtcdness in coinage of less CONNER
cial value than the
MONEY OF THE WORLD,
would involve violation of the public
faith, and work ireparable injury to
the public credit 1t was the great
merit of the act Of March, 1869, in
strengthening the public credit, that II
removed all doubt as to the purpose of
the United States to pay their bonded
debt in com. That act was accepted as
L. L., s ,,,,11;, f,ttl, Tho pp(nr,1-