Ellsworth American., 1877-12-06

ou' seem In me most certainly To threaten
tue industrious masses. whether their oc-
clpations are of skilled or common labor.
10 them, II seems 10 NE. IL is OF prime i'm
p"rGnc" that their laNnr should be- com
pcn>aied In money which j. in itself fixed
ia cNchangcahle value by being irrevoca-
hiy measured by the labor necessary To its
production. This permanent quality OF the
money % the people i> sought for ard can
"hiN 10" gained hv the resumption oi specie
ltYm'"'s. lh. rich. the speculative, the
operating. i.ic nnAcy dealing classes may
not always feel the mi>chiei> or or may
iind casuAi profits on a variable currency.
bur TIA" ml.inriune> OF such a currency tu
those "hp are pail >iiatir> or Haees are
inevitable and ien-dl.e>,
rnE EtNo>ETIzArIoN ot SiLNEg
tin~"'y connected with thi~ srneral sab
lrct ti fHc resumption ot specie paVtre'it>
l. un, ot - 'uf,ii.a'v. bu >'i.i at - ave i'm
pnItmc". Mc4a tas adjustment of our
coint-c system by tue renewal OF the sil-
Nc: dollar. H. an element ia our specie cur.
rencY endowed by legislation with jhe
quality OF legal tender 10 a greater or les.
extent. A. there i no Doubt oi the poN-
er of Congress under the constitution. To
coin money and regulate the vAlu. thereof.
and a. thl> power covers the whole range
OF authority applicable Ia the metal. the
rated value and the legal tender quality
which shal! be adopted fnr the coinage.
the considerations which should induce or
discourage a particular measure connected
with the coinase belong clearly tn the pro-
vince ut legislative discussion and of pub
lie expedieucy. Without intrudug upon
this province of legislation in the least. |
have yet thought the subject Of such criii-
csi Importance ia the actual condtiol of
our affairs a. to present an occasion for
the exercise OF the duty imposed hv the
Constitution on the President OF recon-
needing TO the consideration OF Congress
such measures a. he shall Judge necessary
and eNpedieni.
Holding the opinion a. do that neither
the Interests of the Government. nor Of
the people of the United States would be
promoted by dl>paragiug silver a. one of
the two precious metals which furnish the
coinage OF the world. aud that legislation
VI ich looks To maintaining the volume OF
intrinsic money To a. full measure OF
both metals As their relative commercial
value viii permit, would be neither unjust
nor neXpedent. | must ask your indul.
.cnceiO a brief aud definite statement of
certain essential features. bearing upon
such legislative measures, which feel II
my duty To recommend. | do not propose
to enter the deUaie, represented on both
sides by such able dsputants In Congress.
and before the people and In the press. a.
to the extent To which the legislation OF |
any one nation can control this question. !
even within its own borders against the /
laws OF trade. or the positive I
laws OF other Governments. The wisdom /
Of Congress In shaping any particular law 4
that may be presented FOR my approval /
may wholly supercede the necessity of nv (
entering into these considerations. aud /
willingly avoid either vague or intriSte I
inquiries. IL i only certain plain aud prsc- 4
teal traits of such legislation that desire I
to recommend To your attention. In any /
legislation providing for s silver coinage. I
reguiAtiu. iis value and imparting TO il the /
quality of legal tender Il seems 10 me oi 7.
great Importance that Congress should not I
lose ~ ht Of IT, action a. operating In
two-io!d capacity. sni in two distinct d. 4
reciions.
II the United States Government were
free from public debt its legislative dealing /
with the question OF silver coinage would /
DC purely sovereign and goyernmcntal.uu-
deI no restraints but those OF cou.tiiuiinu- /
al power a,.d the public good a. affected BY /.
tide proposed legislation. but IN the actual 1
OF the Nation with vast I
public deb; distributed very widely arnobg I
our own citizen, aud held ln gresx amounts ,
abroad. The nature OF the silver coinage T,
measure a. affecting This relation 81 tie I
Government 10 the holder, OF the public |
debt becomes an element 10 any proposed I
legislation OF the .hesi concern The /
obligation OF the public iaith transcend> Z
AL questions OF profit or public advantages. /
Otherwise, II. unquestiouible maintenance /
= the dictat. "a well OF the hisucsl ,xprLl- I
cuct, of the most Necessary duty, and /
VIII ever toe carefully guarded By Cousr,s-
aud the people alike. The public petit of |
m" uited States 10 the amount OF s1Z9,-
upp.ppO bears Interest al the rata or per |
cent. and S1Js. .OpJ 900 a. :he rate OF 5,p.r (.
cent, and the only Nay iu which the ouuu-
Try can be relieved from the paymeut Of
these high rates of Interest Is by .lvan-
rciuudiHg the indebtedness.
Nhether the debt Is Ultimately phi in gold
or ia silver coin i OF but liii.e moment.
compared with the possible reduction oI
Interest one-third by ref4nding II al such
reduced rates.
II the United States had the uuqpeslion-
ed right 10 pay lis bonds IN silver cuiu. the I
llttle besett from that process would De
greatly overba!anced by the iuiuriou. ef-
feet OF such payment, If made OF proposed
against the honest convictions OF the pub
lie creditors. All the bonds th4t have
been issued since Feb Il. 1873. when gold
became the only unlimited legal tender
metallic currency Of the coantry, are !nsily
payable in gold coin. or in coin of esuAl
value. Durin. the time OF these issues the
only dollar that could be. or was received
by the Goyernincut in exchange for bonds
Mas the gold dollar. To require the pub
!ic creditors 10 take IN repayment any dol
lar OF less commerc Al value would be re
aarded by them a. reputation OF the fun
obligation assumed. The bond, issued
prior 10 1873. We're issued At time when
the gold dollar Was the only coin in circu-
lation. or contemplated by either the Cow
eminent or the holders OF the bonds a. the
coin IN which they were 10 be paid. IL j.
lar better 10 pay these bonds in that coin
thap 10 seem 10 take advantage OF the uu-
toreseeu tall Of silver bullion to pay Ia a
new issue of silver coin. thus made 50 much
less valuable. The D, wer or the United
States 10 coin money and 10 regulate the
value thereof ought not TO be exercised for
The purpose OF enabling the Government, to
pay it, obligations in coin of less value
than that contemplated by the parties when
the bonds were issued. ANY attempt Ia
pay the national indebtedness in a coiuage
OF less commercial value than the money
of the world would Involve violation oi
the public faith. and work irrepsrable in-
jury 10 the public credit.
The remainder of the Message will be
published la the neyt weeks issue
New Magazines.