Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1877-12-11


is found to concur in the specific measure
which will bring the country TO this desired
end, or the rapidty of the steps by which !
can be safely reached
Declares for Resumption OF Specie Pay
ment.
From most anxious and deliberate exam
nation which have felt il my duty TO give
to the subject, am but the more confirmed
in the opinion which | expressed in my &C
ceptsnce fthe nomination for the presidency
and again upon my Inauguration, that the
policy presumption should be pursued by
every suitable mean 9, and that no legislation
would be wise that should disparage the i'm
portance or retard the attainment of that re-
suit. have no disposition, no right to ques-
ton the sincerity or Intelligence of opposing
! opinions, and would neither conceal nor I'M
deryaluc the considerable difficulties and
even occasional distreSSes which may attend
| the progress of the nation towards this pri-
mary condition TO iis general and permanent
| prosperity.
/ must, however, adhere 10 my most ear
nest conviction that any wayering in purpose
or unsteadiness in methods, so far from
avoiding or reducing the Inconvenience IN
separabe from the transition from redeem
able TO an unredeemable paper currency,
would only tend to increase and prolOng
disturbance in values, and unless retrieved
must end in serious disorder and disasters in
the financial affairs of the government and Of
the people.
The mischiefs which | apprehend and ur-
gently deprecate are confined 10 no one class
of the people, indeed, but seem to me most
certainly to threaten the industrious masses,
whether their occupations are Of skilled or
common labor.
To them il seems to me it is Of prime i'm
portance thattheir labor should be compensa-
ted in money which.is in itselffxed and uniform
in exchsngable value by being irreversibly
measured by the labor necessary 10 its pro-
ductiOn. This permanent equality of the
money of the people Is sought for, and can
only be gained by the resumption Of specie
payment.
The rich, the speculative, the operating,
the money dealing classes, may not always
feel the mischiefs of il, or may find casual
profits on variable currency, but the evils
of sucha currency to those who are paid sal
aries or wages, are inevitable and remediless.
The Silver Question.
Closely connected with this general subject
Of the resumption of specie payments is one
of subordinate, but still of grave importance.
/ mean the read justment of our coinage sys-
tenn by the renewal of the silver dollar as an
element in our specie currency, endowed by
legislation with the quality of legal tender TO
a greater or less extent.
As there is TO doubt of the power Of Con-
gress under the constitution 10 coin money
and regulate the value thereof, and rs this
power covers the whole range of authority
applicable tO the metal the rated value and
the legal tender quality which shall be adopt
ed for the coinage, the considerations which
should induce or discourage particular
measure connected with the coinage
clearly belong to the province of legislative
discussion, and of public expediency.
Without intrudug upon the province Of
legislation in the least, have yet thought the
subject of such critical Importance in the &C
tual condition of our affairs, rs 10 present an
occasion for the exercise Of the duty imposed
by the Constitution on the President, Of rec
ommending to the consideration of Congress,
such measures As he shall judge necessary
and expedent.
Holding the opinion as | do that neither
the interests of the government, nor of the
people of the United States would be pro-
NOTED by disparaging silver as one Of the
two precious metals which furnish the coin
age of the world, and that legislation which
looks TO maintaining the volume of intrinsic
money as full measure Of both metals As
their relative commercial values will permit.
would be neither unjust nor inexpediert,
must ask your indulgence 10 brief and def
mite statement OF certain essential features of
such legislative measures which ! feel
il my duty To recommend.
| do not propose TO enter iatO partic-
ulars in a question debated on both
sides by such able disputants in Con-
gress, and before the people and in the
press, as 10 the extent to which the legiSla-
ton of any one nation can control this qucs-
ton, even within its own borders, against
the unwrtten laws Of trade or positive laws
of other governments. The wisdom Of
Congress in any particular law that
may be presented for my approval,
may wholly supeTsede the necessity OF
my entering into these considerations, and
| willingly avoid either vague or intricate in
quries. 1t is only certain plain and practical
traits of such legislation that desire to rec
ommend to your attention, in any legislation
providing for silver coinage, regulating It's
value and imparting TO IT the quality of legal
tender. 1t seems to me Of great Importance
that Congress should not lose sight Of its ac-
ton as operating in two-fold capacity and
in two distinctions.
II the United States Government were free
from public debt, its legislative dealing with
the question of silver coinage would be purely
sovereign and governmental, under no restraint
but those of constitutional power and the public
good as affected by the proposed legislation.
But in the actual circumstances of the nation,
with vast public debt distributed very wide
" among our own citizens, and held in great
amounts also abroad, the nature of the sill
yer coinage measure AS affecting this relation
of government TO the uphClders OF the public
debt, becomes an element in any proposed
legislation Of the highest concern.
The obligation of public faith transeends all
questions of profit or public advantage. 9th
erwise its unquestionable maintenance is of
the highest eXpediency rs we'll as the most
necessary, and will ever be carefully guarded
by congress and the people alike. The pub
lie debt of the United States TO the amount
of 1929, 900, 600 bears interest at the rate OF
per cent, and SOS, 100000 at the rate of
per cent, and the only way in which the
country can be relieved from the payment OF
these high rates of interest is by advantsg-
eously refunding the Indebtedness.
Whether the debt is ultimately paid in
gold or silver coin is but little matter, with
the possible reduction of interest Of one
third BY refundng it Mt such reduced rates.
If the United States had the unquestioned
right to pay its bonds in silver coin, the little
benefit from that would be greatly over bal
| h,, tho iniurioua eHapt Ot such nay