Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1877-12-04


bat seem to me most certainly to threaten The IN
dustIious masses, VIII Their their occupations
are OF skilled common hhof'
To them, il seems to me, il is Of pr me importance
that their labor should be compensated IN money
which is itself fixed in exchsngcsble vaiue by ne
ing irrevocably measured by the labor neces'sl y
10 its production. This permanent quaitv OF Inc
money of the people is sought for, and can only
b gained by the resumption OF specie paNmehts'
The rich the speculative, the operating, the mon
ey-dealius classes NAV not always feel the mis-
chiefs of, or may find casual profits IN aNAfiahle
currency; but the misiortunes OF such currency
10 those who are paid salaries or wages are lnevl
table and remedies. Closely connected with tins
general subject of the resumption OF specie pay
ments is one of subordinate but still of grave i'm
portance. / mean the read ustment OF our coinage
system by the renewal of the silver dollar as an
element In our specie cure ncy, endowed ny ley
islation with the quality of legal tender to great
er or less extent. As there Is no doubt OF tue
pwer of Congress, under the Constitution, 10 coin
money and regulate the value thereof, and rs tai:
power covers the whole range OF authority apph
cable to the metal the rated value and the lega
tender quality which shall be adopted for the com
age the con- derations which should induce OF
discourage particular measure connected will
tie coinage belong clearly TO the province o
legislative DISCRETION and of public eXpedleucy
Without intruding on the province OF Legislation
IN the least, have yet thought the subject OF such
critical importance in the actual condiuon oil our
affairs, as to present an occasion for the exercise
OF the duty imposed by the Constitution on the
President, OF iecomme nding to The consideration
of Congress, "such measures AS he shalt Judge
u, cessaTy and cXpedent. Holding the opinion,
a, do that neither the interests Of the govern
nent nor of the people of the UIited states YOU Il
be promoted by dispsrsging silver A. one OF the
two precious metals, which iuIniHh the
intrinsic money of the world, Snd that
volume of that nitric SIC money 10 ss
full measure of both metals s. their
relative commercial values Will Peru Z,
would be neither unjust nor ineSpedient. must Ak
your indu' gence To biief aud definite sisiemt nj
of certain essential features IN any such lex alVe
measures which feel it my duty to recon mend.
do not propose to enter the debate, represented
on both sides by such able dispntants IN Congress
and before the people aud IN the press, As 10 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 gov.
rmepts. The wisdom Of Congress in
shaping anv particular law that may he presented
for INV approval may wholly supeeede The he
oessity OF my entering into these considerations,
snd willingly svold either vague or intricate M
quires. Ii Is only cerisin plain ard pIAcilCa
traits of such Legislation that | desire 10 recon-
mend to your attention. In any legislation pro-
ylding tor a silver coinage, regulating It's yslUe
and imparting TO it the quality Of legal tender, 1t
seems 10 me Of great Importance that Congress
should not lose sight o. Its action as operating IN
Two fold capacity aud IN two distinct directions
II the United States government were free FROM
pablo de ot its legislative dealing with the question
If silver coinage would be purely sovereign aud
governmental, under no restraints but those Of
constitutional power aud the pubic good a al
ected by the proposed legislation but 10 the actual
circumstances of the nation, win vast pubhc
debt distributed very widely among our citi-
zens and held 10 great amounts al,o abroad, the
nature of the silver coinage measure as affecting
this relation of the government to the holders Of
the public debt, becomes element in any pro
posed legislation Of the highest concern. The
obligation Of the public faith usnscends all
questions Of profit, public advantage; otherwise,
lis uBquestioDable mamie nance is the dictate as
well Of The highest eSpediency as of the most
necessary duty. and will ever be carefully guard
ed byCongress and people alike.
The PuBLIo DEBr-SLvER COINAGE.
The putlic debt of the United States to the
amount of S729 600 600 bears interest at the rate
OF per cent. aAd sos 000, 900 at the rate OF 5
per cent, and the only way in which the county
can be relieved from the payment OF these high
rates of interest. is by adyantagcously refunding
the Indebtedness. Whether the debt is ultimate
ly paid in gold or in silver coin is OF but little mo-
ment compared with the possible reduction of in.
terest e-third by rounding it at such reduced
rates. If the United States had the UNIQUE stioncd
right 10 pay its bonds in silver coin, the little ben
eft from that process would be greatly over-bal-
anced by the nj lrous effect Of such payment il
made or proposed against the honest conviction.
OF the public creditors. All the bonds that have
been issued since Feb. IL, 1873, wheOold became
tie only unlimited legal ,ender metallic currency
of the country, are justly payable in gold coin, or
in coin ofequal value. During the lime of these is
sues the only dollar that could be was received by
the Government 10 exchange for bonds was the
gold dollar. To require tue public creditors to
take in repayment any dollar OF less commercial
value would he regarded by them as a repudis
ton Of the full obligation assumed. The bonds
issued prior to 1873 were issued at
time when the golc dollar the only coin in
circulation or contemplated by either the govern
ment or the holders of the bonds ~ the coin In
which they were TO be paid. 1t is far better TO pay
Il csc bonds in that coin than to seem to take sd
vantage OF the unforeseen fall of silver bullion to
pay in q new issue of silver coin, thus made so
much less valuable. The power of the United
Safes to coin money and to regulate the value
thereof ought not TO be exercised for the purpose
of enabling the government 10 pay its obga tions
in q coin of less value than tn a contemplated by
the parties when the bonds were issued ANY at
tempt TO pay the national indebtedness in a com
age OF less commercial value than the money of
the world, would involve violation of the pub
lie faith, and work liiepaIable injury to the pub
lic credit IL was the great meIlt of the act of
March, 1869, in Strengthening the public credit,
that ii removed all doubt to the purpose Of the
United States to pay their bonded debt in coin
- hat act was accepted AS pledge of public faith
The government has derived great benefit frcm it
in the progress thus far made in retunding the
public debt at low rates of interest.
An adherence to the wise and jast pol cy of an
exact observance of the public faith will enable
the government rapidly TO reduce the burden Of
Interest on the national debt to an amount exceed
ing S20000.OOO per annum, and effect an aggre-
gate saving TO the Uuted States of more than
$500 100000, before the bonds can be fully
paid.
Ia adapting the new silver coinage to the ordi-
nary uses OF currency in the every day transac-
lions of life, and prescribing the quality Of legal
tender TO be assigned to it. consideration of the
first importance should be so to adjust the ratio
between the silver and the gold coinage which
now Constitutes our specie currency, as to accom-
plish the desired end Of maintaining the circua.
ton Of the two metallic currences and keeping
up the volume Of the two precious metals as our
intrinsic money. 1t is amiXed question for scienti
ie reasoning and historical experience to deter.
termine how far asd by what methods a practic.
able equilibrium can he maintained, which will
keep both metals IN circulation in their appropriate
spheres of common use. An absolute equality o.
commercial value free from disturbing fuctua
tons Is hardly sttsinsble, and without il an un.
limited legal tender Tor private transactions, as
signed TO both metals, would irresistbly tend I,
drive out of circulation the dearer coinage. and
disappoint the principal object proposed by tn,
legislation in view.
Ispprebend therefore that the two conditions Il
q near approach to equality of commercial value
between the gold and silver coinage of the sam,
Il .lgtai L..