The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1877-12-12

TIC PEOPLE, 3H0HGQa Out E6GAH 10 IAG ANOS
certainly TO threaten the industrious masses
whether their occupations are of the skilled
or common labor. To them, it seems TO me
it Is of prime mportance that their iaDo
should be com pensafed ia money, which i
itself fixed in exchangeable value by beinS
irrevoca61y measured By the labor necessa
RI to its production. This permanent
| equality of the many of the people is sought
for, and can only be gained BY the resump-
ton of specie payment. The rich. the spec
| uiative, the operating, the money dealing
classes may not always feel the mischiefs Of
| or may find casual profits in variable eur
rency: but the misfOrtunes of such cur
i rency, to those who are paid salaries or
wages are inevitable and remedies.
THE SILVER QUESTION.
Closely connected with this general SUBJ
jeet of the Fesum ption of specie payments is
ole subordinate but still of grave import
ance-I mean the readjustm ent of our
coinage system by the renewal of the silver
dollar as element in our specie currency
Endowed by legislation with the quality OF
the legal tender TO a 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, author
itY applicable to the metal, the rated value,
and the legal tender quality which snail
be adopted for the coinage. The consider
ations which should induce or discourage a
particular measure connected with the coin
age, belong clearly to the province of legis-
lative discretion and of public eXpediency.
Without intruding upon the province OF
legislation in the least, [ have thought the
subject of such critical Importance in the
actual condition OF our affairs as to present
an occasion for the exercise of the duty i'm
posed by the Consultation on the President
of recommending to the consideration of
Congress such measures as he shall Judge ne
cessary and expedient. Holding the Opin-
ion, AS do, that neither the United States
would be promoted by disparaging silver as
one of the two precious metals which fur
nish the coinage of the world. and that leg
isIation which looks to Ia maintaining the vol
ume of intrinsic money to as full measure
of both metals as their relative commercial
values will permit, would be neither unjust
nor inexpedient, l must ask your indul-
gence to brief and defini statement of
certain essential features in any such legis-
lative measures which, fe Il it my duty to
recommend. do not propose to enter 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 partl-
cuiar law that may be presented fol- my APP
prevail may wholly supercede the necessity
of entering into the reeonsideratlons, and
willingly avoid either vague or intricate
inquiries. 1t is only the plain and practical
traits of such legislation that desire to re-
commend to your attention. In any legis-
latl3n providing for a silver coinage. regu-
IaGing its value and imparting to 1t the
quality of legal tender, it seems to me of
great i'm pottance that Congress should not
lose sight of its action, and operating in a
twO-fold capacity aud in two distinct direc-
we're free from public debt its legislative
dealing with the question of silver coinage
would be purely sovereign and government
tai, and under no restraints but those of the
constitutional power and public goo 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
amount also abroad, the nature of the sill
yer coinage measures as affecting this rela-
ton of the government to the holders of
the public debt becomes in any proposed
legislation of the highest concern, the obi
CATION of the public faith transcends all
questions of profit or public advantage.
otherwise it's unquestionable maintenance
is the dictate as we'll of the highest expedi-
ency as OF the most necessary duty, and will
be carefully guarded by Congress aud the
gfa ats to alshse TITS RH66e tbs UU1Dl5sd
interest at the rate of per cent $70S.0OO,-
600 at the rate of per cent, and the only
way in which the country can be relieved
from the payments of these high rates of
interest is by advantageOusly refunding the |
Whether the debt is ulti-
mately paid in gold or in silver coin is OF
but little moment COMP pared with the posi- !
BILE reduction of interest by one-thlrd by |
ii at such reduced rates. If the |
United States had the unquestionable right |
to pay its bonds in silver coin, the lit |
tie benefit from that process would be great |
" overbalanced by the injurious effect of
such payment, if made or proposed against |
the honest conviction of the public credit. |
All the bonds that have been issued since |
February II 1873, when gold became the |
only unlimited legal tender metallic curren- |
cY 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 Govern |
ment in exchange for bonds, was the gold |
dollar. To require the public creditors to |
take in repayment any dollar of less com
mercial value would be regarded by them as |
of the full obligation assumed. |
The bonds issued prior to 1873. were issued |
at a time when the gold dollar was the only |
coin in circulation, or contemplated by |
either the Government or the holders of the |
bonds, as the coin which they were to be paid |
in. It is far better to pay these bonds in |
that coin than to seem to take advantage of |
the unfortunate fall of silver bullion in a |
new issue of silver coin that made it SO |
much less valuable, The power of the |
United States to coin money and to regu- |
late the value thereof ought never to be ex- |
cised for the purpose of enabling the Gov |
to paw its obligations in coin of
less value than that contemplated by the |
attempt to pay the National Indebtedness |
in a coinage of less commercial value than |
the money of the world would involve a I
of the public faith and work lrre
parable injury to the public credit. 1t was /
the great merit of the acs of March, 1863, in /
public credit, that it removed |
all doubt as the purpose of the United /
States to pay their bonded debt in coin. /
That act was accepted as pledge of pub
lie faith. The Government has derived /
great benefit from it in the progress thus |
far made in rounding the public debt at
low rate of interest, an adherence TO the |
wise and just policy OF an exact observance |
of the public faith, will enable the Govern
ment rapidly to reduce the burden of inter- |
est on the national debt to an amount ex-
ceeding $4,000 600 per annum, ana effect |
al aggregate saving TO the United States of |
more than 100000 before the bonds can be |
fully paid. In adapting the new silver /
coinage to the ordinary uses of currency. |
in the everyday transactions of life aud |
preserving the quality OF the legal tender |
10 be assigned TO 1t. q confederation OF the |
first Importance should be so to adjust the |
ratio between the silver and gold coinage.
which now constitutes our specie currency |
rs TO accomplish the desired end OF main |
taiaing che circulation of the two metallic |
and keeping up the volume OF |
two precious metals as our intrinsic m0ney. 4
IL is . mixed question for scientific reason
ing aud historical experience TO determine |
how far and to what methods a practicable
equilibrium can be maintained which will |
keep both metals in circulation in their APP
propriate sphears of common use. An abso- |
Iute equality of commercial value, free from |
Quotations, il hardly attaina- |
BILE. and without ie an unlimited legal ten
der for private transactions assigned TO /
both metals would tend 20 drive out OF cir /
culatiOn the dearest coinage, and dissap- 1
point the principle object proposed fy the /
legislation in view. Iapprehend therefore |
that the two conditions of 3 near approach /
70 equality Of commercial value between 1
the gold and silver coinage of the same de- /
and Of . Limitation Of amounts |