San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1877-12-15

that could be or was received by the Gov.
eminent In exchange for bonds was the gold
dollar. To take In repayment any dollar OF
less commercial value would DO regarded by
them as Reputation OF the full obligation.
Assuming that the bonds issued prior TO
1873 were issued at time when the gold
dollar was the only coin In circulation or
contemplated by either the Government or
the holders Of tho bonds rs the coin with
which they were TO be paid, 1t Is far better
to pay these bonds IN that coin than to seek
to take advantage OF the unforeseen fall
OF silver bullion by new issue OF silver
coin so much less valuable, The power OF
the United States to coin money and regu'
late the value thereof ought never to be ex-
ercised for the purpose Of enabling the Gov.
eminent to pay Its. obligation In q coin OF
less value than that contemplated by the
parties when the bonds were issued. Any
attempt TO paw the national Indebtedness In
q coinage of less commercial value than the
money of the world, would involve viola
ton Of the public faith and work irrepara-
BILE injury to the public credit. 1t was the
great merit OF the act OF March, is6S, IN
the public credit, that
It removed all doubts as to, the pur-
pose OF the United States to pay their
bonded debt In coin. That act was accepted
as a pledge Of public faith. The Govern
ment has derived great benefit from II In
the progress thus far made In refunding the
public debt at low rates OF interest, and
hence wise and just policy OF an exact
observance of the public faith, will enable
the government to rapidly reSSce st the Dur,
amount not exceeding $20,000,OO0 per an
mum, and effect an aggregate saving to the
United States Of more than $500 600 900, be-
fore the bonds can be fully paid. In adapt
ing the new silver coinage to the or.
binary uses of currency In the
everyday transactions of life, and
preserving the quality Of legal tender to be
assigned 1t, o consideration OF the hrst I'M
'portance should be to so adjust the ratio De.
tween the silver and the gold coinage, which
now constitute our specie currency, as to ac-
complish the desired end of maintaining the
circulation, of the two metallic currencies
and keeping up the volume of the two pre-
ciOus metals AS our intrinsic money. 1t Is
mixed question for scientific reasoning and
historical experience, to determine how or
by what methods q practicable equilibrium
can be maintained, which Will keep Doth
metals in circulation In their appropriate
spheres of common use. An absolute equal
ity of commercial value, free from disturbing
fluctuations, is hardly attainable, and with
out it an unlimited legal tender for private
transactions assigned to both metals would
tend to drive out Of circulation the dearest
coinage, and disappoint the principal object
proposed by the legislation In view. Iappre-
bend, therefore, that the two conditions OF a
near approach to equality Of commercial val
ue between the gold and silver c0inageo OF the
same denomination, and of Limitation OF
amounts for which the silver coinage is to be
a legal tender, are essential to maintaining
both in circulation. If these conditions can
be successfully observed, the issue from the
mint of silver dollars would afford material
assistance to the community in Transition to
redeemable paper money, and would faclll-
tate its permanent establishment. Without
these conditions, l fear that only mis-
chief and misfortune would follow from
coinage of silver dollars with the quality
of unlimited legal tender. Even in private
transactions any expectation OF temporary
ease from an issue Of silver coinage to pass as
legal tender at o rate materially above Its
commercial value Is, ! am persuaded, delil-
sion. Nor can think there is any substan-
tial distinction between an original issue OF
silver dollars at nominal value materially
above their commercial value, and the res
toratiOn of the silver dollar ut o rate which
once was, but has ceased to be, its CONNER.
cial value. Certainly the issue q 2 goio
coinage, reduced In weight materially be-
low its legal tender value, would not be any
the less present debasement of the coinage
by reason of its equality, or even exceeding
in weight good coinage, which at some
past time had been commercially equal
to the legal-tender value, assigned to
the new issue. In recommending that the
regulation of any silver coinage which may
be authorized by, Congress should observe
these conditions Of commercial value and
limited legal tender, ! am governed
by the : feeling that every pos
sible increase should be given to the
volume of metallic money which can be
kept in circulation, and thereby every posi-
BILE aid afforded to the people in the process
of securing specie payments. 1t Is because
of my convictions that discharge OF those
conditions would Illustrate the good results
which are desired from the proposed coin
age, and embarrass with new elements OF
confusion and uncertainty the business OF
the country, that I urge upon your attention
these considerations. / respectfully rec
ommend to Congress that in any leg
islation providing for silver coin.
age and imparting to 1t the quality OF
legal tender, there be impressed ON the
measure firm provision exempting pubic
debts heretofore issued and now 0utstand-
ing from payment either of principal or in
terest in any coinage OF less value IMAM the
present gold coinage of the country. ...
led CIVIL SERVICE. 41u. 3,-ia.I
The organization of the Civil Service of the
country has for number Of years attracted
more and more of public attention. So gen
eral has become the opinion that the methods
of admission to 1t aud the conditions OF re-
naming in it are unsound, that both the
great political parties have agreed in most
explicit declarations Of the. necessity Of re-
form, and in the most emphatic demands for
it. l have fully considered the decla-
rations and demands to be expressions
Of the sincere conviction OF the IN
teligent masses of the people upon the sub.
ject, and that they should be recognized and
followed by earnestsand prompt action on
the part of the legislative and Executive
departments of the Government in pursu-
ance of the purpose indicated. Before my
accession to office l endeavored to have my
own views distinctly understood, and upon