Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1877-12-05
HAYES MESSAGE.

A special to the Chicago Times dated
Nov. 10Th gives the following as an ex-
tract from the forthcoming message of
President Hayes upon the subject of
SPECIE RESUMPTION.
Among the subjects of the greatest
and most general Importance to the
people of this country l cannot be mis-
taken, think, in regarding as pre-emi-
nent the policy and measures which are
designed to secure
THE RESTORATION OF THE CURRENCY
to that normal and healthful condition
in which, by the resumption of specie
payments, our internal trade and foreign
commerce may be brought into har-
mony with the system of exchanges
which is based upon the precious metals
as the intrinsic money Of the world.
In the public judgment that this end
should be sought and comprised as
speedily and securely as the resources
Of the people and the wisdom of their
government can accomplish, there is a
much greater degree of unanimity than
is found to concur in
..'' THE SPECIFIC MEASURES
which will bring the country to the de-
sired end, or the rapidity Of the steps
by which it can be safely reached. Up
on most anxious and deliberate ex-
animation which [ have felt it my duty
to give the subject, l am but the more
confirmed in the opinion which [ ex-
pressed in accepting the nomination for
the presidency, and again upon my in
auguration, that
THE POLICY OF RESUMPTION
should be pursued by every suitable
means, and that no legislation would he
wise that should disparage the import
ance or retard the attainment of that
result. ! have no disposition and GER
tainly no right to question the sincerity
or intelligence of opposing opinion, and
would neither conceal nor undervalue
the considerable difficulties and even
occasional distress which may attend
the progress Of the nation toward this
primary condition to its general and
a@r #i PERMANENT PROSPERITY.
[ must, however, adhere to my most
earnest conviction that any Navering
in purpose or unsteadlness in m ethods,
50 far from avoiding or reducing the in
convenience inseparable from the trans
ition from an irredcemable to re-
deemable paper currency. would only
tend to increased and prolonged dis
turbancc in values, and unless retrieved
must end in serious
DISORDER, DIsHoNOR, AND DISASTER
in the financial affairs of the govern
ment and of the people. The mischiefs
which I apprehended and urgently dep
recated are confined to no class Of the
people indeed, but seem to me most
certainly to threaten the industrious
masses, whether their occupations are
of 81
u. SKILLED OR COMMON LABOR.
70 them it seems to me it is of prime
importance that their labor should be
compensated in money which is itself
fixed in exchangeablc value by being
irrevocably measured by the labor neces-
sary to its production.
THE SILVER QUESTION.
In speaking of the silver question the
dispatch says the message will contain
the following language: Holding the
opinion, as do, that neither the inter-
est of the government nor Of the peo-
pie of the United States would be pro-
NOTED by 100 e"
DISPARAGING SILVER -
as one of thestwo precious metals which
furnish the intrinsic money of the
world, and that legislation which shall
look to maintaining the volume of that
intrinsic money to as full measure Of
both metals as their relative CONNER
cial values will permit wonld. be neither
unjust nor inexpedient. / must ask
your indulgence to a brief and definite
statement of oR
CERTAIN ESSENTIAL FEATURES
in any such legislative measures which
I feel it my duty to recommend. I do
not propose to enter the debate repre-
scented on both sides by such disputants
in congress- and before the people, and
in the press, as to the extent to which
the legislation Of any one nation can
control this question, even within its
own borders. against the
Is UNWRTrTEN LAWS OF TRADE,
or the positive laws of other govern
ments. The wisdom of congress in shap-
ing any particular law that may be pre-
sented for my approval, may wholly
supersede the necessity Of my entering
into these considerations, and willingly
avoid either vague or intricate inquiries.
1t is only certain plain and practicable
traits of such legislation that | desire to
recommend to your attention. In any
legislation providing for
A SILVER COINAGE,
regulating it's value and imparting to it
the quality of legal tender, it seems to
me of great importance that congress
should not lose sight of it's action as
operating in a two-fold capacity and in
two distinct directions. If the United
States government were free from a
public debt its legislative dealing with
the question of silver, coinage would be
purely sovereign and governmental, un-
der no restraint but those of constltu-
tional power and the public good, as
affected by the proposed legislation.
But in the actual circumstances of the
nation
WITH A VAST PUBLIC DEBT
distributed very widely among our own