, 1877-02-10

po,. :acto in ia effect, var1ing the. conditions
unconstitutional. In the Presidents me.sngc,
,lnuEl, he does not expressly declare Il, the n
ference y TINT, In his Unin!on. our bonds ara
must be taken IS the written " evidence of the
Intention, ofthc parties when the contract was
male: a l,ortlon Of tho bonds, 1 believe,
sen =" na%Ss sSss'FsG ssi. i%es to oatgs:y gsy
po,.ey ~ ,teS }.:"e. may segasss's sa% 10 so sa
t to.';rn not to1, ar'ng sny a. unable to speak r
rrs'pcet.., The unprcjutlcc1 world Will say, Let
Of The contract: II dollars, then III what cons,i-
to's. III such re'a rs the Constitution declared
10 he tot.; and II tn god ooiH, then pay In 0old
ssts1 st's1 onlv; l expressed aboTe tho conviction
.hat sttelc pa! mcnt TO he beneficial must be
bases Its conviction Of our ability to resume
speeic.rasmcnt mainly, 1t ubpcnrs 10 me, ,ipnu
tl!e tast that Tor tue IT two years the t'slancn
ting IN our, hands q large amount of gold
payment At hi; time: i, this view t ot The suo
1ret there can ',c MI doubt but that his conclu.
element that wonId be t,nwIsc 10 rely uron IT,
Sattonh cannot, for nny long period, coinInuc
cotn'ncr.ds relations tint constantly draw from
e etae, Course t,t P5dsnt ennbn FORE
dsr Ill circumstances, TO continue tho payment
0! tpc':e on our paper circulation TO the extent
q g. tite wants Of tue. people for such specie.
lnst two years. wc shall mt require specte to
meet our foreign Indebtedness for Interest on
the e!oaooaoW that The. nation owes,
sIst.. sn ' h, ffc rray many n'll,Gns tso that Tho
owe them. Tho interest on our na,.onal in.
Iel,lc.s held In torcign countrt s-say about
go, ,ooo. .nl-xoulll probably syerago ~ per
pit otlcr Indebtedness to 'e ea00, 0,06o,nOo, which
think Is 1css thuu the reality nnl tho rate at
yer tent, = r.. w9ald , require s1if1o coo more.
making ea:,1nGn a.t a. e e w!ish add the interest
err, bearing Interest at the rate Of hf per tent,
and we that! require nt least si5, ,nd mprc to
mset she det9a,l: r. d., @ Our mines produ:eu last
nearly. .e'lual yn'uc Of each, 10 that, II GOLD
should be r.Hulre,i for tie payment OF only tho
tH,rrtst OIL otir Indebtedness VIC should he COM
nSslled to obtain 4 from other source.
,ooo. and to the extent ol s17,-
Do,W0, even /; silver should be remonc,ized.
Lave said that Justice 70 the dcbinr class re-
clation In values ahouid he avuitlcd. The Fsesi-
not exceeding tlOo, ,ooo,nlt snoull tc exchanged
Tor per rent homls. This would redeem Tho
amount in circulation is supposed tn rcprcsc3.
the value Of property In some dcNrcn at least, it
would tend to icssGn Il tn that cytcut. II u,!-
t,eara 10 me that tic suggestion I have ':erfto
ualiy by the issue of certificates payable In
cola ant bearing interest At tt1n rate Of III, ,.cr
cent would tr a l'ctter policy: t. wound furnsi'
0ne TINT would be sought Rs an Invest.
tncut br all classes to be Lid a.da
for future ,uso as their requirements
,,' demanded .I, anil Their interest .honid dctatc.
coln icst. and Wuu1h te auxiliary to q continued
s1sco paymen. after resumption should 10
effected. Fl!c.o certificates would he held
t'c madc rayahlo IN ccin ten years fn7m date or
convertible Into bontlE redeeinable at 4 period
t'cyond thlt at which our new o1tstanllng
bonds shali become due. At the option, Of thc
10 PER cent retainsd beyond the par vatuo Of
security f9r the reder'rtion Of their notes should
o'ts circulation. and would haze tendency to
prevent further reduction IL valnes, snd
also furnish means to assist In res1ytne
our productive interests. Our present banking
a1rauScments should In no wise DO 90 tnterfcrcd
with ~ to allow paper LssAa to be circulated
lint vas not as tecurc as our national credit.
Our national bonds viii, for many years at
tan te obtained to tbs fill extent ef all legiti-
mate demands. and ultr mineral snd ottor re-
eourrcs, II wisely conducted. will supply tho
,neans Of meeting ali demands for specie that
tue assertion nlay appear. II would. "a my opn-
Ion. be- wiser tn den,onetlzo gold than Sill
ycr. Silver Is the iaborlng mans money, IA
that which is used in all the daily transactions
of the millions, Il purchasca sll the little 1eces-
sitlcs Of life, anil irth safe paper circulation
for commercial purposes gold is not necessarily
re4nlrcd or used. Copper Is too cumbersome,
autl gold could not ho properly allapted to tho
be dcnonetIzcd, which could bc danc with as
much propr1etY u silver, VIC should hear = very
different cry frotn our t0nlho!lers from that n
prrsent prevailing through the land,