The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-12-13

that se:alt. Il have no Disposition, aud
certainly no right to QUESTION the sinccr-
ity of ale intelligence Of oppoaing opin-
Iona, and Eoald neithar conceal COZ, uta.
deryalue the considerable difficulties and
| even occasional distFestes which may
attend the, progEeas of the ration toward
this primary. eOnditen 20 ito general end
permanent prosperity, any WaveTing. in
purpose or upeteadinass In. methods, 60
far from avoiding or reducing the incea-
venicnce, iuseparable from tho transition
from an irRedeemable to q Fe1eemahle
paper currency, would only tend to In
creased aud prolonged disturbances, in
values; and ualeasI retrieved must end
in aerious disorder. dishonor and disaster
in the financial affairs Of the Governments
and Of the people. The mischie6s era
confined TO no class Of the people indeed,
but seem moat certainly to threaten the
industrious masses, whether their oec.,,
pations az Of skilled or common labor.
10 them; 1T is of primo importance tnat
their labor should be compensated In
money. which is itself 6xed in exchange
able value by being girrevocably measured
by the labor necessary 10 its production.
This permanent quality Of the money Of
the people is sought for, and can only be.
gained by the resumption of specie pay
mehts.. a eMe.. tnat' ,.,.
The rich, the speculative, the opera.
ting, the money dealing classes may not,
always feel the nischiefs of, or may find
casual profits in variable currency, butl
the miafortnnes Of such currency 70
those who are paid ealeries or wages are
inevitable and remediless.s
THE MIGHTY SILVER DOLLAR.
Closely. connected with this general
subject of the resumption Of specie pay
ments is one Of subordinate, but still of
grave Importance. ! paean the readjust.
ment of our coinage. system by the re-.
newal' of the silver dollar as an element
in our specie currency, endowed By leg
islation t,ith the quality of legal tender to
greater or iess extent. AZ there lie no
doubt of the power of Congress under tho
Constitution ITO coiu money and regulate
the value thereof" aud as this power
covers the whole range Of authority ap-
plicable to the metal, the rated value and
the legal tender quality, which shall be
adopted for the coinage, the considera-
tlons wh;ch should induce or discourage
a PaItiuuiar ulcasuru vuurc-;ie6 with the
Sc;nese belong clearly to the province of
legislative discretion and of nuhlic expe.
diency.
Without intruding upcn this prevision
of legislation in the least, I have yet
thought the subject Of such critical i'm
portance in the actual condition of our
affairs, as to present an occasion for the
exercise of the duty imposed by the Con,
stitution on the President, Of recon!
mending to tie consideration Of Congress
"snch measures as he shall Judge, neces,
cary and expedieat." Holding the opin-
ion that neither the interests Of tho gov
ernment nor of the limited Statea. yonld
bs promoted oy disparaging siiser IS ono
OF the two precious metals which fnrnisy
the coinage Of the world, and that legis.
lation which looks to, maintaining the
volume of intrinsic to as full meaaure
OF Soth, metals 90 their relative CONNER.
| cial values will permit, would be neither
| indulgence TO o brief. and definite sfata-
ment Of certain essential features in any
| such legislative measures which feel it
my duty to recommend. Il do not pro,
l pose to enter the debate Eepresentsd on
| both sides by such able dispntants in
| Congress and in the press as 20 the extent
to which the Legislature of any one ma,
ton can control this question, even with
! in its own borders. against the upWritten
Laws of trade or the positive lava Of other
governments. . g,a,s.u, H-s
| II the United States Government were
free froE4 Il public debt lis Legislative
dealing with the question of silyer coin
| age would be purely sovereign and gov
! ernmental under nc restraints, but those
| of constitutional power, and, the public
good as affected by the proposed legisla,
| tion. .ts-,,,. -,.s,,.n.r, t..,., 5-,,,
But, On the actual circumstances Of the
nation, with ayast public debt distrib-
uted very widely among our own citizens
and held in great amounts also abroad,
the nature of the silver coinage messa5s
as affecting this solutien Of the goyer.t-
ment to the holders of the public Saeat
becomes an element in any proposed leg
islation of the highest concern. The
| obligation of the public faith transcends
all questions Of profit or public adyan-
tage otherwise. e,,.sa-.b int,
joa It's unqusstiouablo. ulaiutuuaucs is The
dictate as well of the highest expediency
as of the most necessary duty, aud will
ever be carefully guarded by Congress
and the people alike. The public debt
Of the United States to. the amount oi
| S729, 9,000,0 900 bears interest at the rate ot
six per cent, and $70S, ,000, 900 at the rats
of five per cent, and the only way IN
which the country can be relieved from
the payment of these high Gates Of inter.
est isiby advantageouHly refundin. e. the
debtedness--whether the debt Is ulu.
mately paid In gold OF silver coin is OF
but little moment compared with, tht
possible reduction of the interest one
third by refnnding it at aneh reduced
rates. eel i4k % ys,
4 If the United States had the, unques.
toned right to pay its bonds j. silver
cc.H, the little benefit from that ,,rocesl
would be greatly oveTbalancod by fths
injurious effect of such payment if made
as proposed against the honest. convis
tions Of the public creditAEs. All .t.ie
bonds that have been issued esnce Feb.
ruary 18th, 1873, when gold became Tho
only unlimited legal tcadfeF INITIAL. cur.
rency OF the country, are justly payable
4 ngold coin orin coin of equal value
During the time of these issues the only
dollar that could be or was used by the
Government in exchange for the Bonds
was the gold dollar. TO require the pub
lic creditors to take in repayment iahs
il dollar of less commercialsvaIue, wonld bl
J. regarded by them as q repndiation, Of tiis
full obligation assumed. The bond.
Issued priort4 Is 7n;Were Issued at q tinlt
when tho gold doitar Was the only colt
ii circulation or contemplated by eishel
q the government or tho holders of. thi
bonds as the coin in which they were Il
"a ~ ..-.