Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1877-12-07


power covers the whole range of authority
applicable to the metal. the rated value and
the legal tender quality which shall be
adopted for the coinage, the considerations
which shall induce or discourage par;icu-
lar measure connected with the coinage, |
belong clearly to the province OF lcglsln-
tive discretion and of public expectancy. |
Without lrtruding upOn the province oil
legislation in the least. have yet thought
the subject of such critical Importance IN the |
actual condition OF our affairs. As to present |
an occasion for the exercise OF the duty I'M
posed by the constitution on the President |
of recommending TO the consideration oil |
Congress 'Such measures as he shall Judge |
necessary and expedlcnt.' Holding the |
opinion as do. that neither the interests OF
the government nor of the people oil the |
United States would be promoted by dis
paraging silver a. one of the two precious
metals which furnish the coinage oil the
world, and that legislation which looks TO
maintaining the volume of intrinsic money
to ~ full Il measure ol both metals a. their re-
lstive commercial values will permit, would
be neither unjust nor IncXpeilent, must
ask your indulgence to brief and definite
statement of certain essential features when
| feel 1t my duty to recommend. do not
purpose To enter the debate represented on
both sides by such able disputants IN Con
gresS and before the people and III the press.
~ to the extent To which the Legislation Oi
any one nation can control TINS question:,
even within its own borders. against the
unwritten laws of trade or positive laws oi
other Governments. The wisdom II Con
grrs- in shaping my particular laws that
may be presented Tor my approval may
wholly superScde the necessity OF my enter
iny into these considerations and | willing
~ avoid either vague or intricate inquiries.
Ii is only certain plain aud practical traits
of such legislation that desire To recon-
mend to your attention. In any legislation
providing for silver coinage, regulating
its value and imparting to II the quality
of legal tender, 1t seems To me oil great I'M
portance that Congress should not lose slSht
of its action a. operating III Il two-iolu
capacity and in two distinct directions
II tho United States Gnvernmcnt were Tree
from q public debt. It's legislative dealings
with the question OF silver coinage would
be purely sovereign End governmental,
under no restraints but those OF constitution
al power and the public good as affected by
the proposed legislation. But IN the actual
circumstances oi the nation, with vast
| public debt distributed very widely among
| our own citizens and held IN great amounts
! also abroad, the nature of the silver coinage
measures as affecting this relation OF the
| government u the holders OF the pubic
| debt becomes an element IN any proposed
legislation OF the highest concern.
THE OBLIGATION OF the PUBLIC Fsns
trapscends all questions OF profit or pub
! lie advantages otherwise. Its unqnestlon-
able maintenance il the dictate H. well oi
the highest expediency a. OF the most
necessary duty, and will ever be carefully
| guarded by Congress and people. The
public debt at the United States to the
| amount of SEQ 900 900 bears interest at the
rate of six per cent, and sos, 900, 900 at
the rate of five per cent, and the only way
| in which the country can be relieved
| from the payment OF the amount nt interest
| is bv udvantageously retunding the indebted
| ness Whether the debt Is Ultimately pad III
| gold or in silver coin is "t but little moment
| compared with the possible reduction OF III
terest one third. 10y refunding it ut such re
duced rate. If the United States had the
uuauestioned right to pay its bonds IN silver
com. The lutte benefit from that process
would he greatly overhaancrd 10y the inJurl'
Gus effect Of such payments II mnde or pro
posed against the honest CONVICTIONS OF the
| people and OF the public creditors. All the
bonds that have been issued since February
IL. ls73, when gold became the only unlim-
| tied legal tender metal currency of the conn
try, are Justly payable in gold com or IN
coin of equal value. during the time OF
these issues the only dollar that could he oi
WAS received by the government. m exchange
for bonds. was the gold dollar To require
the public creditors to take. i'll repayment,
any dollar Of less commercial valnc would he
remarked by them rs II reputation of the
full obligation assumed. The bonds ISSUED
prior TO ls7, were issued at time when tht
,roll dollar was the only com in circulation
or contemplated hy either the government "l
the holders of the bonds rs the com III
which to be paid. II is far better to pay theS'
bonds in that com than to take a chance "l
the Unforeseen fall of silver bullion, t" pay
in IA rev issue OF silver coin thus made st
much less valuable The power 1.-THE Unit,
Suites to coin money and I" regulate th'
value thereof ought never to Ice exercised iol
the purpose of enabling the government IL
may its obligations in u coin oi less
value than that contemplated by the pnriit'
when the bonds were issued. Any attcmp
to nay the national Indebtedness III a com o
less commercial value than the money o
the world would involve violation OF tn
public faith and work.
INJURY To THE PUBLIC CREDIT.
II WAS the great merit Of the act of March
| 1863, III stftllbtitHluH the Hu'ii' N'N"i'
that it removed all doubt rs to the purros'
, of the United States to pay their bonded
debt in coin. That act WAS accepted as {
pledge of public faith. The government ha
received great benefit from II, IN the pro
cress thus far made i'll reiundIng the publ
debt at low rates of interest. An adherence
to tho wise and Just policy OF an exact oo
seryancc OF the public faith will enable tn
, government rapidly to reduce the burden q
interest on the national debt, to an amour
not exceeding S2O,OOO,OOo per annnni, ah'
effect an annual saving to the United Stale
of more than $500, OOO,OOu before the hohd
+ can be fully paid. In adapting the new sii
, yer coinage, to the ordinary use ci currency
, in the every day transactions Of lite an'
, prescribing the equality of legal tender Il
, Ice assigned to it, a consideration OF the hrs
, importance should be So to adjust
THE RATIO BETWEEN THE SILVER ANDThE COLL
coinage which now constitute our specI
currency, rs to accomplish the desired en-
: of maintaining the circulation oi the tw'
metallic currencies, and keeping M the val
! ne of the two precious metals as our ntrln
| sic money. 1t is mixed question for sci'n
tliic reasoning and history and experience t
, determine now far and 10y what methods
D practicable equilibrium can be maintained
J which will keep both metals IN circulation II
their approximate spheres OF common use
Absolute equality Of commercial value, Ire
from disturbing fluctuations, Is hardly al
tainable and without II our unlimited ltsn
tender fer private transactions assigned L
! both metals would irresistibly tend to drlN
out of circulation the dearcr coinage, AM
disappoint the principal object proposed u
l the legislation IN view apPrehehd
therefore, that the two conditions OF nea
approach to equality of commercial value he
= tween the gold and silver coinage OF til
same denomination, are Of limitation q
the amounts for which the silver coinage l.
to be legal tender and maintaining both II
circulation. Ii these conditions can he sue
5 cessfully observed, the lssu" from the mn
4 | Of silver dollars would afford material as,IS
lance to the community IN the transition L
, redeemuhle paper money, and would hcIlltat
| | the resumption of specie payment aud Ii
permanent establishment. Without Ties
| conditions fear that only
t MIscmFF AND MISFORTUNE
would How from II coinage oil silver dollars
' with the quality OF unlimited legal tender
{ Even in private transactions. any expectation
I of temporary ease from AN issue al sil'e
coinage to pass legal tender nj rat
l materially above its commercial value. Is,
: am persuaded. II delusion. Nor can thin
| that there Is any Aubstullhhl "iStih.ti"i w
e tween nh original issue of silver dollars It
= n nominal value materially above thei
/ commercial value, and the restoration OF Tia
. silver dollar ut rate which once was. but Ia
= ceased to be, its commercial value. Certain
G ly the issue of our gold coinage reduced II
p weight materially below it's legal tcnde
r value would not he any the less presen
, dcbascmeut of the colnag" 10y reason al 1t
equaling or even exceeding IN weight II GOO
coinage. which at some past time had htel
commercially equal To- the lclrd tender >alu
= | assigned to the new issue. In recommend
/ my that the regulation of any silver colnn2'
A which may be- authorized 10y Congress
, should observe these conditions "i CONNER
= ciul value and limited l"gd tender
+ / am governed 10y the lrchm
/ tnnt every possible increase should 10
= given L. the volume of metallic none
y which can bo kept IN circulation, and there
: 10y every possible niI afforded 10 the rcopl