, 1877-12-04

Government rapidly to tctitltE the Dl1F't en- III
cces|ne sa,,(tU,VO yer a',nu.n: md effect an
aggregate sarLnG to tic Eni:csi State. Hs mnre
than g0uD,'W0 l'of,rc the laInls chn lie
fully paid. IN ulapting tic new ailsrr
In the every day transactions nf life, and pre-
serving the quality Of icgalicn1cr to he as
sIglIc.l tu It., consideration u tiln iirtt tnt'ur-
tance should be 40 10 adjust the rates 'tctwtcn
thn eilvcF md The goitf coinage, which now cotl-
stitutcs t,tlr SPECIAL cntrGs,:,, NJ ~
ACCOMPLISH THE Desired Esd
Of maintaining tho circulation OF tho two
metallic curreneIes AMI Keeping IN the volume
Of Tho two precious metals as our intrinsic
reasoning and historical experience 70
determine how far arH1 by what tucthfrls
q practicable equilibrium can tH maintained
which will keep tWtil ,ncta1s III circulation IN
their appropriate spheres of common use. an
absolute equality Of commercial value. free
from disturbing fluctuations, ts iartlfy attain
able, and without 1t MI untrcd lcgat-tcndcr for
private Transactions, nsstgnctl to both metals,
est coinage ami altsnppDfnt the principal object
rropoEcd by tho legislation In view. | npirc-
tcnl therefore TINT tho two conditions oi q
near approach 70 equality of commercial ynuu
denomination, and of n Limitation of the
amounts fnr which the silver ct,,taVe 10 to be Il
lcgaftcIt!cr, afe essential I" maintaining lnth
III circulation. If these conditions eaa be ss''-
" " Arronp MATERNAL. A.s1.rAxcz
TO tho community In the ttansf:fon to redeem
able paper money and would facilitate tl's re-
sumption Of specie payment a1ft itA permanent
establishment. lWtllunt ti.csc conditions lear
that only mischief amt misfortune would 10w
from coinage III eilvcr dollars with tilc quality
of unlimited leQnl-tendcr cTcn i' private trars-
nctiOns AnT expectation OF temporary ease
frutn nll Issue Of silver coinagc, tn pass legal
tender Rt rate materially nt,nvr tta commercial
vnluc, is, nm persuaded, lcluson, nor cnn
think that there L. nny substantial distinction
between nh original Issue of Silver ,loiinrs at q
nominal vnluc materially above their rotnncr-
cfnl value, md tte restoration 0f the silver dol
lar at rate which t1t,cc was bit las ceased to
be Its commercial value Certainly the isaue of
our gold coinage reduced tu weight materially
bclow It's legal.tender value would not b. any
the less
/ PRESENT DETACHMENT
OF tic coinage by reason Ut It scaialnC or even
some past time Ind been commercially equal 10
the Iegatcntler value asstglle to tho new feslls.
In recommending tint the regulation of anv
silver coinage which lpay bc authorized By Con-
81 efF's commercial ] vninc and limited legai,
TINT cvery possible increase should be given to
the volume Of metallic money which can lc
aid atroracd 10 tie people ~ the process Of
conviction that Disregard Of tnrsc conditions
would frustratc tho Vuol results which nrc de-
sired from tic prop0actl coinage, and cmbarTass
with new elements of confusfon ami unccrtAfnty y
| the business OF tho country, that 1 urEe upon
your attention these considerations.
| respectfully recommend to Congress that
in any legislation providing tr silver coinage
and lEnpartinR tn It the quality Of icga1-trn1ct
there bo impressed IN the mcasurc a (ruu pro
| vision excsnpsIng the public debt heretofore
issued and now outstanding from payment,
cithcrof principal or Interest,". IN any coinage OF
less value than tho present uotd eoitlage OF tie
country,