The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-12-04
rcont,nusd from First Page

Of nlo reduction OF the interest one
P0s,p'S v refunding il at such reduced
thru ifthe United States had the un
rates; ,rad right to pay It's bonds in silver
qus'' .Se little benefit from that process
coz S be greatly overbaisnced by the
woulu ,,s effect of such payment if made
inluI..OOnosed against the honest convic
or P'oFF the public creditors. All the
tons chat have been issued since Feb
eonu. 1873, when the only unlimited
raAH ,ander metallic currency of the
leg" ,-v was gold, are justly payable in
c0un- c,;n or in coin Of equal value
gola the time of these issues the only
DI m.r thst could be or was received by
doia ..,vernment in exchange for bonds
ine The gold dollar. To require the
VS. ~, creditor to take in repayment any
Pu T Of less commercial value would be
dOn .-asd BY them as a repudistion of the
ohIicstion assumed. The bonds
iaI prior to 1878 were ISSUED
ss.I time when the gold dollar was the
oo;n in circulation, or contemplated
SD :;tber the government or the hold
9 af the bonds, as the coin in which
en- y we're to be psId. 1t is tar better TO
".! ,ne.e bonds in that COIN than to
Ps 10 take advantage OF the untore-
tsIl in silver bullion to pay IN a new
Of silver coin, thus made so much
vslusble. The power OF the United
70. 10 coin money and TO regulate the
ga ',"s thereof, ought never to be exer-
va fer the parpose of ena-
sirg the government to pay It's
V m5.,;ons in coin of less
.. .iSs Than that contemplated by the par
va wben the bonds were Issued. Any
~" .,,~nt 10 psy The national Indebtedness
:" a coinsge of less commercial value
u the money of the world would in
.Dr violation of the public faith al d
~ irrepsrsble injury to the public
Lii Ii was the great merit OF the act
y March. 1869, in strengthening the
0abic credit, that i. removed all doubt
!, 70 the purpose of the United States to
~ their bonded debt in coin. That act
=, accepted as pledge OF public faith.
Tho government has derived great bene-
q from it in the progress thus far made
!, rounding the public debt at coin
.,,s, of interest. An adherence to the
yi,e and Just policy of an exact observ-
.nre of the public laith VIII enable the
-oyernment rapidly to reduce the burden
II interest on the national debt TO an
.nougt not exceeding S2O,OOO,OOO per
,,pum. snd effect an aggreg ate saving to
,so limited States OF more than $780,
no0OuO before the bonds can be fully
rsid In adopting the new silver coin
.,s 10 the ordinary uses OF currency
n the every day transactions of lite
and prescribing the quality of legal ten
"A, 10 be assigned to it, conslders-
Inn of the first Importance should be SO
a adjust the ratio between the silver and
.,e gold coinage, which now co stitutes
olr specie currency, as to accomplish the
desired end of maintaining the circuIa
ion of the two metallic currencies, and
keeping up the volume OF the two pre-
,io1s metals as our intrinsic money. 1t is
syexed question for scientific reasoning
and historical experience to determine
how far aud by what methods a practical
eouiIibrium can be maintained, which
viii keep both metals IN circulation, IN
their appropriate spheres of cOmmon use.
An absolute equality of commercial
yslue tree from disturbing fluctuations,
.bsrdlv attsipsble, and without it an I'M
limited legal tender tor private transac-
lions assigned TO both metals would IT.
,sistsbIy tend to drive out of circulation
the dearer coinage and disappo!nt the
principal object proposed by the legisIa-
ton in view. l spprehend, therefore,
thst the two conditions OF near approach
70 the equality OF commercial value
b.twsen the gold and silver coinage OF
the same denomination and OF limits
lion of the amounts for which the silver
coinage is TO be legal tender, are essen
isl to maintaining both IN circulation.
|, these conditions can be successfully
deserved the issue from the mint OF silver
d,l.rs would afford msterlal assistance
10 the community in the Transition OF re-
demsble paper money and would taclli-
nae the resumption Of specie payment
sd its peTmoueut establishment. VITA
Oh, these conditions l fear that only
mischief and IN s'ortune would now
i;om coinage o, silver dollars with the
quality o; Unlimited .esal tender. Even
10 private TRANS c.!p.S any expectation
Of temporary ease rrOw Al issue OF SILVER
coma to pass as legal tender Il. rate
materially above is commercial value IS,
| SUI persuaded de!u,io", nor can l
think that there is auN substantial dis
rnc,iou between am original Issue OF sill
Yer dollars ~ = 9. mi "a. "a ue MATERIAL y
shove their tuulr:cla. value and the
f5orgtion o. iH' silver dollar q, q
rs.e which once was, but has ceased
- De-, is commercial value. Certainly
tie issue Of our gold coinage, reduced IN
weight materially below It's legal tender
value, would not be the less present de-
Basement Of col age by reason o. It's
elua.i ag or even exceeding, in weight, "a
god coinage, winch 1T some past time
a,i been commercially equal to the legal
tender value assigned TO the new Issue,
In recommending that in the regulation
o any silver coinage which may be au'
AOrzed by Congress, you should OBJ
ierye these conditions OF CONNER
Csl value and limited legal tender,
am governed by the feeling
Inst barely possible Increase should be
gwen 10 the volume OF metallic money
which can be kept in regulation, and
thereby every possible aid afforded to the
p-0Pl. IN the purpose of resumlng specie
payments. 1t is because OF my firm con-
yction that disregard OF these condl'
tons would Illustrate the good results
which are desired from the prop sed coin
see and embarrass with lew elements o.
confusion ard uncertainty the business
the country that l urge upon your
&tenlion these conslderatlors. L re
specliully recommend to Congress tina
iasny legislation providing for s'lyej
coinage and impsrgng TO 1t the quality
Ola Iegsl tender there be embraced II
Tie measure firm provision eXemptin!
the pubic debt heretofore Issued anG
now Outstanding from payment, either o
Principal or interest, In any coinage o
les commercial value than the presen
gold coinage OF the country.
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