The Hickman courier., 1877-12-14

| dear 10 my heart and / shall most
earnestly strive for their attainment.
The cordial cooperation of all classes, of
all sections OF the country and of both
races is required for this purpose, and
with their blessing assured, and not
i otherwise, we may safely hope to hand
down our free institutions of government
unimpaired to the generations that viii
succeed us
Among the other subjects Of great
end general Importance to the people
of this country, / cannot be mis-
taken, 1 think, in regarding as
pre-eminent the policy and meas
ures which are designed TO secure the
restoration of the currency to that nor
NAL and healthful condition in which by
the resumption Of specie payments our
internal trade and foreign commerce NAV
DC brought into harmony with the
systems exchanges which IS tGseG
upon precious metals a. the intrinsic
Jmoney # the world in the public judg-
nent and that this end should be sought
Iand compassed as speedily and as
lsecurely as the resources of the people
land the wisdem OF their riilers
lean accomplish. There Is a much
peate~ degree of unanimity than is found
t0 concur in the specific measures which
Hill bring the country to Snis desired
end, or the rapidity of the steps bywhich
1t can be safely reached upon 8 most
anxious and deliberate examination
which / have felt my duty to give the
| subject. | am but more confirmed TO the
opinion which l expressed in accepting
the nomination for the presidency srd
again upon mg Inauguration that the pol
| icy Of resumption should be pursued by
| every suitxAe means and that no legisla-
ton would be wise that should dis
! parage the Importance or retard the
! 8ttainment of that result. / have no
/ disposition and certainly no right
10 question the sincerity and integrity
OF opposing opinions, and would
neither conceal nor underTalue the
considerable difficulty and even oc-
casional distress which may attend the /
progress of the nation toward this .
primary condition to its general and I.
permanent prosperity. / must, however, F..
adnere to my most earnest convictions 7.
that any wavering of purpose, OF IN .
| sJeadlneSs in methods 50 q from avoiding /.
or reducing the Inconvenience inseperable /
| from the transition from an irredeemable I.
to a redeemable paper currency, would .
only tend to increased and prolonged /
disturbance in values, and unless re-
I 7, .
dlshOnOr and disaster in the fnan- /
| cial affairs of the government end .
OF the people. The mischief which /
! apprehend and urgently deprecate, /
Is confined TO no class of the |
people, indeed, but seem to me most .
/ certainly to threaten the industrious .
masses whether their occupations are of /
the skilled or common labor To them,
1t seems to me, it is of prime Importance /
that their labor should be compensated .
in money, which Is itself fixed in ex-
chsngeabe value by being irrevocably
measured by the labor necessary to its
production. This permanent equality of /
the many OF the people is sought for, and
can only be regained by the resumption
Of specie payment. The rich, the specu-
lative, the operating, the money dealing
classes may not always feel the mischie.s
OF, or may find casual profits in a varia-
bic currency; but the misfOrtunes of
such currency, to those who are paid
salaries or wages are inevitable and
remediless. Closely connected with this
general subject of the resumption of
specie payments Is one subordinate but
still of grave Importance mean the
eadIsazOnent OF our coinage system by
the renewal of the silver dollar as an
element in our specie currency. Endowed
by legislation with the quality of the
legal tender to q greater or less extent as
there is no doubt of the power of con-
gress under the constitution to coin /
money and regulate The values thereof /
and as this power covers the /
whole range, authority applica- .
bic the metal. the rated /
value, nd the legal tender quality which .
shall be adopted for the coinage The CON
hon vrnT hcN9 frs.I
age particular measure connected with
the coinage, belong clearly 10 the province
OF legislative discretion and public expedi- /
ency. Without intruding upon the province
Of legislation IL the least, | have thought
the subject OF such critical Importance in
the actual condition of our affairs rs TO pre-
sent an occasion for the exercise OF the duty
imposed by the constitution on the president
OF recommending to the consideration cf
congress such measures rs ne shall Judge
necessary and eXpedient. Holding the opin-
ION, as do, that ne ther the interested of
the government nor the people OF the
United States would be promoted by dis
paraging silver one of the two precious
metals which furnish the coinage of the
world, and that legislation which looks to
maintaining the volume Of intrinsic money
to as full measure of both metals as their re-
latiye commercial values VIII permit would
be neither unjust nor inexpedlent. ! must
ask your indulgence to q brief and definite
statement.of certain essential features in any ,
sucn legislative measures which feel it my
toreeommend. DO not propose to enter duty
the debate, represented on both sides by such
able disputants in congress and before the
people and IN the press as to the extent ,
which the legislation of any one 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 particu- I
lar law that may be presented for my apPrO> I
val may wholly supercede the necessity of I
entering into the reconsiderations, and l :
willingly avoid either vague or intricate in
qulries 1t is only the plain and practical
traits of such legislation that l desire to / I
recommend to your attention. In any legis- I
latlon provid o for a silver coinage, regu- !
latiDg its value and imparting to il the quail :
lty OF legal tender, il seems to me of great !
Importance that congress should not lose l
sight OF its action, and operating in a two ,
fold capacity and in two distinct directions. {
Ii the United States government were free !
irons public debt its legislative dealing 2
withthe question of silver coinage would be 7
purely sovereign and.governmental and un- !
der 10 restraint but those of the constitu- {
tionai power and the public good, as affected I
by the proposed legislation. But in the ac- ,
tuGl circumstances OF the nation, with a vast !
public debt distributed very widely among !
our own citizens and held in great amount r
also abroad, the nature of the silver coinage r
measures as affecting this relation Of the !
government to the holders of the ;
public deDt has become In any / =
proposed legislation of the highest =
concern, the 0s!igation Of the public faith !
transcends all Questions of profit or public !
advantage, otherwise its unquestionable
maintenance is the dictate as well AS the !;
highest expediency as the most necessary :
duty, and will be carefully guarded by con- :
gress and the people alike. The public debt /;
of the United States to the amount of S729,-
900 900 bears interests at the rate OF 6 per :
cent; SOS, 100000 at the rate of 5 per cent. :
and the only way in Witch the country can !
be relieved from the payments of these high :
rates of interest is by advantageousIy re- :
funding the Indebtedness. Whether the !
debt is ultimately paid in gold or in silver :
coin is of but little moment compared with !
the possible reduction of interest by one :
third by refunding ii at such reduced rates
II the United States had the unquestionable
right TO pay its bonds in silver coin the little
benefit from that process would be greatly G
by the injurious effect Of such '
pavment, if made or proposed against the
honest conviction of the public credit All I
the bonds that have been issued since Feb |
ruary y, 1873, when gold became the only 1
unIjr.ited, the legal tender metallic currency !
Of the country are justly payable in gold !
coin. or in coin o. equal value During the |
time of these issues the only dollar that 1
- Was raoaivaI l,r he j