Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1877-12-07

greater degree OF unantmi:y B ia tOund
70 concur IN the specific measures which
will bring The country 10 this desired end,
or the rapidlty Of the steps By which II
can be safely reached. Upon q most
anxious and delibera'e examination, which
| felti my duty TO give 70 III 3 subject,
am b & the more co ihrmed In the opinion
which / expressed In accepting the nom.
inatlon for The Presidency, aud ag8in up
on my inauguration, that
THE POLICY OF RESUMPTION SHOULD DIX
PURSUED
by every suitable means, and that no leg.
lslatlOn would be wise that should dIspar.
age the importance or rGtaTd the progress
OF that event. l have no disposition and
certainly NO right 10 question the SINGER
ity or the intelligence Of opposing OPIn.
ions, and would neither cancel or under.
value considerable difficulties, and even
occasional distresses which may attend
me progress OF the Nation toward this
primary condition to its general and
permanent prosperity. l must, however,
adhere 10 my earnest conviction that any
waVeTlng In purpose or u~nsteadinese In
methods, so far from avoiding or reducing
the inconvenience "inseparable from the
transition from an irredeemable to a 70.
deemable paper currency, would only tend
10 increased and prolonged disturbance In
values, and unless retrieved, must end 10
SeTiOus disorder, dishonOr and dlsas er In
the financial affairs Of the Government
aud Of the people. The mischiefs which |
apprehend and urgently deprecate are
confined TO no class Of the people indeed,
but seem to be most certain TO threaten
the industrious masses, whether their &C.
equations are or skilled or common labor.
To them, 1t seems to me, II is OF prime i'm.
p%ortance that their labor should be compen-
Sated In money which is itself fixed on ex.
changed value by being %irrevOcably meas.
ured by the labor necessary to Its produc.
ton. This permanent quality Of the
money Of the people 10 sought for, and can
only DO gained by the resumption Of specie
payments. The rich, the speculative, the
operations Of the money dealing classes,
may not always feel the mischief Of or
may ind casual profits In, a variable cur.
rency, but the mIstortunes Of such n cur
rency TO those who are paid salaries or
wages are inevitable and remcdiless.
KKADJUsTMENT OF COINLGR-THR SILVER
DOLLAR.
Closely connected with this general sub.
Jet Of the resumption, 10 one Of suboTdi.
nate but still Of grave Importance mean
the readjustment Of u coinage system
by the renewal OF the silver dollar as an
element In our specie currency, endowed
by legislation with the quality OF legal
tender TO q greater or less extent. As
there IL no doubt OF the power OF Con-
gress, under the Constitution, to coin
money and regulate the value thereof, and
as this power covers the whole range Of
authority applicable 70 the metal, the rated
value and the legal tender quality which
shall be adopted for the coinage, the con.
siderations which should induce or dis
courage q particular measure connected
with the coinage belong clearly TO the
province OF legislative discretion and OF
public expediency. Without ~intruding
upon this province OF legislation In the
least, l have yet thought the subject oil
such critical Importance In the actual con.
dltion Of our affairs as to present an COCA.
sion for the exercise Of the duty imposed
by the Constitution on the President
, OF recommending 10 the consideration o.
Congress such measures as he shall judge
|, necessary and %expedlent. Holding thu
opinion, as 1 do, that neither the lntereS 81
OF the Government nor OF the people o.
the United states would be prompted By
! dlsparaging silver as one oil the two pre-
ci0us metals which furnish tho coinage oil
the world, and that legislation which looks
to maintaining tho volume Of Intrinsic
money 10 as full a measure Of both metals
as their relative commercial values will
permit, would be neither unjust nor mex.
pedIent, l must ask your indulgence u
a brief and definite statement OF certain
essential features in such Legislative
measures which | feel It my duty TO rec,
ommend. l do not propose to enter the
debate, represented on both sides by such
able d~isputants in Congress aud before the
people, and in the press, as 4
the extent 10 which the Legislation
Of any one nation can control thi'
n,oution ovan within ia nNn h,Vdora
against the written laws OF trade or thu
positive laws Of other Cover nments. The
wisdom OF Congress In shaping any par
tic liar law that may be presented Tor ny
approval, may wholly supeTsedo I q ne
C ssity Of my entering Int these consid
rrJtions, and l willingly avoid eithel
vague or Intricate inquiries. II Ia the onll
certain, plain aud practical traits Ut sucl
legislation that | desire 10 recommend
III any legislation providing for u 81 We
coinage, regulating its value n inIpart
ing to il the quality Of a legal tender, /
spums Of great importance that Congress
shuOld not lose sight Of its action as opeI
aliug In a two.iold capacity and in W.
d,s. met directions. II the United state
Government were free from a public debt
its legislative dealing VITA the question
: or silver coinage would be sovereign an
governmental, under no restraints Blu
hose Of Constitutional power; but in th
: &C: ual circumstance OF q nation with
vast debt distributed widely anon
our own people, and held !
D great amounts abroad, the nature q
a silver coinage measure as a~ffectlnI
I the relation Of the Government to th
: holders Of the debt, becomes an element
! in any proposed legislation, OF the highes
concern. The obligation OF the publ
faith transcends all questions OF prom
otherwise its unquestiOnable MAINTENANCE
IL the dictate as we'll IS the surest exp'
!. diency Vi o most necessary duty, and wi
ever be carefully guarded by Congress
The only way in which the country can b
relieved from the payment OF high rates {
|, interest is by adVantagaously refundin
+. its indebtedness Whether the debt 10 VI
timately paid in gold or silver 10 but Of II
I tie moment compared with the possible n
: duction OF interest One.thIrd by reiundin
i lt at such reduced rate. II the Unite
: states had the unqHestioned right to pa
! bonds In silver, the little benefit from tina
i process would be greatly oveTbalanced b
; the injurious effect OF such payment,
made or pro- osed against the honest cor
: ,ictiOn Of the creditors. All the bond
= Issued since February ~, 1873, whe
; gold became the only unlimited lega
tender metallic currency Of the country
: are justly payable In gold or coin Of equa
value. during the time OF thesa issue
the only dollar that could be or was re
S ceivod by the Government In eXchang
s for bonds was the gold dollar. To rcquir
thu puh1in prndttnra Ia fnkn In unVmRn