The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-12-13

II
venicnce, inseparable from the transition
from an Jirredeemable to a: redeemabls
paper currency, would only tend to In
creased. aud prolonged disturbances. in
values; and unless retrieved must. end
l;iniserious, s,disorder, dishonor and disaster
lin the financial affairs of the Goyernmen,
and. of,.the,. people. j. The mischiefs are
confined to no class of the people indeed,
but seem most certainly to.threaten the
industrious masses, whether their occu!
ipations are of skilled orr common labor.
To them, it is of prime Importance that
their labor should be compensated In
money, which is itself fixed in exchange.
able value by being irrevocably measured
by the labor necessary to its production.
This permanent quality of the money 'of
the people isrsought for, and cansonly be
gained by the resumption of specie pay
ments.. -. .ssiae :: ai.isni -.,da hGi
The rich, the speculative;ethe opera
ting, the money dealing classes may not
always feel. the mischiefs of or may.fnd
casual profits in variable currency, but
the misfortnnesb of such a currency TO
those who are paid salaries or wages are
inevitable and remediless.. ~ ~
THE MIGHTY SILVER DOLLAR.
Closely, connected with this general
subject of the resumption of. specie pay
iments is one of subordinate, but still of
grave Importance. / mean the readjust-
ment of our coinage, system blythe re-
newal Of the, silver. dollar as; an. element
in our specie currency, endowed by legi
lislation with the quality of legal tender to
"a greater or less extent. As. there is no
doubt of the power of Congress under the
! CONSTITUTION "to coin money and regulate
the value thereof" and as this power
covers the whole range of authority ap:
plicabIe to the metal, the rated value and
! the legal tender, quality, which ahall be
adopted for the coinage, the considerar
Ttions which should induce or discourage!
particular measure connected With the
coinage belong clearly to the province Of
legislative discretion and of public e1pe-
diency. is ..le 81 - s-,,.b.. ,,..ii
3 Without intruding upon this provision
of legislation in the least, I have. yet
/ thought the subject of such critical inn
|; portance in the actual condition of our
affairs, as to present an. occasion for the
exercise, of the duty imposed by, the Con-
stitution on the President, of recon- ,
mepding to the consideration Of Congress
"such measures as he shall Judge. necesf
sary and ,expedient.n Holding the opin-
ion that neither the interests of the GOV,
ernment nor Of the United States, would
be, promoted BY ,disparaging silver as one
of Che two precious metals which furnisH
the coinage of the world, and that legis-
lation, which looks : TO- maintaining the
volume Of intrinsic to asIfnll a measure
of both metals, as their. relative CONNER:
cial values will permit, would be neither
unjust nor ,inexpedient. i must ask your
indulgence TO q brief and definite stateer
ment of certain essential features in any
such legislative measures which J. feel it
my duty to recommend. ri do not pror
pose to enter the debate represented on
both sides by. such able, ,dispntants in
Congress and in theipress as 70 the extent
to which the Legislature of any one ma,
| ton can control this question, even Mith-
in. its own. borders, against the unwfitten
laws of trade or the positive laws of other
governments. Il a. y,;Ita.a.s :,ss ~.
If the United States Government were
free from, q .Ldblic debt its Legislative
dealing with the question. of silver coin
age would be purely sovereign and gov
ernmental under no restraints, but those
of constitutional power; and the public
good as affected by. the proposed legislR-
ton, giss.-,.: .z,.q.ren.s., s:s;gti'giJi. .:
But, on, the actual circumstances Of the
nation, with awast public debt distrib:
| nted very widely among our own citizens
and held in great amounts also abroad,
the nature of the silver coinage measure
| as affecting this solution of the govern:
ment to the holders. Of the public debt
becomes, an element in any. proposed leg.
islatiop of the highest concern. The
obligation of the public faith transcendf
| all questions of profit or public advan'
tage otherwise. {, 12,si..s,,h s.l ). tsij
y, It's unquestionable. maintenance, is the
dictate as well of the highest expediency
| as of the most necessary duty, and wall
! ever. be- carefully guarded by Congress
and the people alike. The public deb,
of the United States to- the amount Of
.S729, 900, 900 bears interest at the rate o.
| six per cent, and SOS, 600, 900 at the rate
of FIVE per cent, and the only way IL
which the country can be relieved from
the payment of these high. rates Of inter
est. is. by advantageously refunding the
| Indebtedness the debt is ulu.
mately paid in gold or silver coin is oj
but little moment compared with the
possible reduction of the interest one.
third by refunding it at such reduced
rates. | s ~;
If the United States had the unques'
| toned right to pay its bonds in silver
coin, the little benefit from that process
would be greatly oyerbalanced by the
| Injurious effect of such payment if made
4 as proposed against the honest convic
tions of the public creditors. All the
bonds that have been issued since Feb
/ ruary 18th, 1873, when gold became the
only unlimited legal tender metal. cur
rencY of the country, are justly payable
in gold coin or in coin of equal value
During the time of these issues the only
dollar that could be or was used by the
/ Government in exchange for the bonds
was the gold dollar. To require the pub
lie creditors to take in repayment any
dollar of less commercial value, would b.
regarded by them as a reputation of tht
full obligation assumed. The bonds
issued prior to 1872 were issued at q time
when the gold dollar was the only coir
in circulation or contemplated by eithe
the government OF the. holders of th'
bonds as the coin in which they were tt
be paid.
/, An adherence to the wise and just pol
icy of an exact observance of the public
faith will enable the government rapidly
to reduce the burden of interest on th'
national debt to an amount exceeding
s2O,OOO,OOO per annum, and effect an ag
gregate saving to the United States o
more than $500. 100000 before the bond
can be fully paid. tsJt. :
/ An absolute equality of Commercial
| ..I.. c.aa f-o,, 5;etu rh;uo .At,ctnotiona