Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-12-05


as an element in our specie currency,
by legislation with the quail
ty of legal tender to a greater or
less extent. As there is no doubt
of the power of congress under the
to coin money and regu-
late the value thereof; and as this
power covers the whole range of au-
thority applicable to the metals, the
rated value and the legal tender quail
ity of which shall be adopted for it's
coinage, the consideration which
should induce or discourage partic-
ular measure connected with the
coinage belong clearly to the province
of legislative discretion and of public
expediency. Without intruding up
on the province Of legislation in the
least, l 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 imposed by the constitution.
on the president of recommending to
the consideration Of congress such
measures a. he shall Judge necessary
and expedient. Holding the opinion
as do that neither the interests of
the government nor Of the people
of the United States would be
promoted by demonetizing silver as
one Of the two precious metals which
furnish the coinage Of the world, and
that legislation which looks to main
tanning the volume of intrinsic mon
ey to as full q measure of both metals
as their relative commercial values
will permit, would be neither
unjust nor inexpedient, 1 must
ask your indulgence to a brief
and definite statement of certain
essential features in any such
Legislative measure, which I feel it my
duty to recommend. I do not pro-
pose to enter the debate, represented
on both sides by such able disputants
in Congress and before the people
and in the press, as to the extent to
which the legislation of any one ma
ton can control this question, even
'thin its own borders against
the laws Of trade or the positive
laws of other governments
The wisdom Of Congress in shaping
any particular law that may be pre-
sented for my approval may wholly
supercede the necessity of my enter
ing into these considerations and /
willingly avoid either vague or intri-
cate inquiries. 1t is only certain,
plain and practical traits of such leg.
islation that l desire to recommend
to your attention. In any Iegisla-
ton providing for q Silver Coin
age, regulating its value and inn
putting to it the quality of legal
tender, il seems to me of great
Importance that Congress should
not lose eight of its action az operating
in q two-fold capacity and two dis
tinct directions. 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 restraints but those Of con
power and the public good
as effected by the proposed legislation.
Bnt in tho aetna! circumstap.
ces of the nation, with
a vast public debt distributed very
widely among our own citizens and
held in great amounts also abroad, the
nature of the silver coinage measure
as affecting this relation of the Gov
eminent to the holders of the public
debt, becomes in any proposed legis-
lation, of the highest concern. The
obligations of public faith transcend
all questions of profit or public adj
vantage ; in other words, Its unques-
tionable mAintainance is the dictate of
honor a. we'll 40 of the highest expedi.
ency,"-it is most necessary duty
and will be carefully guarded by Con-
gress and the people alike.
THE PUBLIC DEBT
of the United States, to the amount of
$729, OO0, 900, bears interest at the rate
of 6 per cent, and sos, 100000 at
5 per cent, and the only way in which
the country can be relieved from the
payment of high rate of interest
is by advantageously refunding this
Indebtedness.
Whether this debt is ultimately paid
In gold or silver coin is Of but little
moment compared with the possible
reduction of interest one-third by re-
funding it at such reduced rate of in
terest. Ifthe United States had the
unquestionable right to pay its bonds
in silver coin, the little benefit from
that process would be greatly over
balanced by the injurious effect of
such payment, if made or proposed
against the honest convictions of the
public creditors. All the bonds that
have been issned since February 18th,
1873, when gold became the only un-
limited legal tender metallic currency
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 received by the government in
exchange for bonds was the gold dol
lar. To require the public creditors
to take in payment any dollar OF
less commercial value would be
regarded by them as reputation OF
the full obligation assumed. The
bonds issued prior to 1873 were is
sued at time when the GOLD DOLLAR
was the only coin in circulation or
contemplated by either the govern
ment or the holders of bonds and is
the coin in which they were to be
paid. It is far better to pay these
bonds in that coin than to seem to
take advantage of the unforeseen
fall of silver bullion to pay in a
new issue of silver coin, that is made
go much less valuable. The power OF
the u. S. to coin money and regulate
the value thereof ought never to be
exercised for the purpose of enabling
the government to pay its obligations
| in coin of less value than that con-
templated by the parties when the
bonds were issued. Any attempt to
pay the national indebtedness in
q coinage of less commercial
value than the money Of the world,
involves violation of public faith
and works irreparable injury to the
public credit. 1t was the great merit
oil the act of March, 1869, in strength
ening the public credit, to re-
move all doubt as to the purpose of
the United States to pay their bond
ed debt in coin, that was accepted as
pledge of public faith. The gov
eminent has derived great benefit
from IL in the progress thus far made
| in the refunding of the public
dobt at low rate ofinterest. An ad-
herence TO the wise and just policy Of
an exact observance of tho public
faith will enable the government rap.
idly 10 reduce the burden of interest
on the national debt TO an amount ex.
ceeding $4,000, 600 per annum, and
effect an aggregate saving to inc
United States of more than $500, Co.,.
GOO before the bonds can be fully
paid In adopting the new silver COIN
age in the ordinary uses Of currency,
in the every day transactions oflife
and preserving the quality of legal
tender to be assigned to it, consid-
Grafton of the first importance should
be to SO adjust the ratio between sill
yer and gold coinage, which now con-
stitutes our specie currency, as to &C
complish the desired end Of maintain
ing the circulation of the two metallic
currencics. In keeping up the vol
lums OF the two precious metals which