Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1877-12-07

| In any legislation providing for silver COIN
age regulating its value and imparting to II the
quality of legal tender, it seems to me of great
| Importance that Congress should not lose sight
of lte action as operating IN two,foid d capacity
| States Government were free from apublic debt,
it's Legislative dealing with the question of silver
coinage would be purely sovereign and govern
mental, under no restraints but those Of consti-
tutonal power and the public good as affected by
| the proposed legisl lation, but in the actual
circumstances of 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 measure as Affect
ing this relation of the Government 10 the
holders of the public debt becomes an element,
in any proposed legislation. of the highest con-
cern. The obligation of the public faith tran
scends all questions of profit or public advantage
otherwise and its unquestionable maintenance
is the DICTATE well of the highest expediency as
of the most necessary duty, and will be carefully
guarded by Congress and people alike. The
public debt of the United States to the amount
of S729000,0O0 bears interest at the rate OF per
cent. and sos 600 600 at therate of per cent and
the only way in which the country can be relieved
from the payment of these high rates of interest
IL by advantageously refunding the indebtedness.
Whether the debt il ultimately paid in gold or in
silver coin is of but little moment compared with
the possible reduction of interest one-thrd by re-
funding il at such reduced rate. III the United
States had the unquestionabe right to pay its
bonds in silver coin, the little benefit from that
process would be greatly overbalanced by the IN
juriOus effect of such payment II made or pro-
posed against the honest convictions of the pub
lie creditor.
the bonds n.
~, 1873, when gold became the only national le-
gal tender metallic currency, are justly payable
in gold coin or 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 dollar. To require the
public creditors to take in repayment any dollar
of less commercial value would be regarded by
them az a reputation of the full obligation as
sumed. The bonds issued prior to 1873 were ls-
sued at time when gold dollar was the only
coin in circulation, or contemplated by either
the Government or the holders of the bonds as
the coin in which they ought to be paid, 1t is
far better to pay these bonds in that com than to
seem 10 take advantage of the unforeseen fall of
silver bullion to pay in new issue of silver coin
that made so much less valuable. The power
of the United States to coin money and to regu-
late the value thereof ought never to be exer-
cised for the purpose of enabling the Government
To pay its obligations in coin of less value than
that contemplated by the parties when the bonds
were issued.
Any attempt to pay the national Indebtedness
in a COINAGE of less comm ercial value than the
money of the world would involve violation of
the public faith, and work irreparable injury to
the public credit. 1t was the great merit of the
act of March, 1869, in STRENGTHENING the public
credit. that it removed all doubt as to the pur-
pose of the United States to pay their bonded
debt in coin, That act was accepted as pledge
of public faith. The Government has derived
great benefit from 1t III the progress thus far
made in 'refunding the public debt at a low rate
of interest. An adherence TO the wlse and Just
policy of an exact observance of the public faith
will enable the Government rapidly to reduce
the burden of interest on the national debt to an
amount exceeding GHl,WDUOO per annum, and et-
feet an aggregate saving to the United States of
more than OO,OOO,OOO before the bonds can be
fully paid.
In adapting the new silver coinage to the ordi-
nary use of currency in the everyday transac-
tiOns of life, and preserving the quality of the
legal tender to be assigned to 1t, consideration
of the first Importance should be so to adjust the
ratio between the silver and gold coinage which
now constitutes our specie currency, AZ to ac-
complish the desired end Of malntalnlng the cIr3
culation of the two metallic currencies, and
keeping up the volume of the two previous
metals our intrinsic money. 1t is mixed
question for scientific reasoning and historical
experience to determine how far and by what
methods a practicable equilibrium can be MAIN
tanned which will keep both metals in circula-
tion in their appropriate spheres of common
use An absolute equality of commercial value,
free from disturbing fluctuations, is hardly at
tainable, and without 1T an unlimited legal ten
der for private transactions assigned to both
metals would tend to drive out of circulation the
dearer coinage, and dlsappolnt the principal OBJ
ject proposed by the legislation in view. ap-
prehend, therefore. that the two conditions of a
near approach to equality of commercial value
between the gold and silver coinage of the same
denomination, and of a limitation of amounts
for which the silver coinage is to be legal ten
der, are essential to maintaining both IN clrcula
ton.
If these conditions can be successfully observed,
the issue from the mint of silver dollars would
afford material assistance to the community IN
the transition to redeeInable paper money, and
would facilitate the resumption of specie pay
ment and its permanent establishment. With
out these conditions L fear that only mischief
silver dollars with the quality of unlimited legal
tender. Even in private transactions any ex-
pectation of temporary ease from an issue OF sill
coinage to pass as legal tender at a rate ma
terially above its commercial value liz, l am per-
suaded, delusion; nor can think that there If
any substantial distinction between an original
issue of silver dollars at a nominal value mate
rally above their commercial value and the res
toration of the silver dollar at a rate which was,
but has ceased to be, Its commercIni value Ger
tainly the issue of our gold coinage reduced in
weight materially below its legal-tender value,
would not be any the less a present debasement
of the coinage by reason of its equallng or even
exceeding in weight good coinage which at
some past time had been commercially equal 10
the legal-tender value assigned tn the new issue.
In recommending that the regulation Ot any sill
yer coinage which may be authorized by Congress
should observe these conditions of commercial
value and limited legal tender, am governed by
the feeling that every possible increase should be
given to the volume of metallic money which can
be kept in circulation and thereby every possible
aid afforded to the people IN the process OF resum-
ing specie payment. 1t is because Of my convic-
tion that disregard of these conditions would
frustrate the good results which are desired from
the proposed coinage, and embarrass with new ell
ements of confusion and uncertainty the busi-
ness of the country, that l urge upon your at
tentiOn these considerations. | respectfully rec
ommend to Congress that in any legislation pro-
vidng for a silver coinage, imparting To 1t the
quality of legal tender, there be impressed upon
the measure a hrm provision exemptlng the pub
lie debt heretofore issued and now outstanding
from payment either of principal or interest, IN
any coinage of less value than the present gold
coinage OF the country.
CIyII-sERvICE REFORM
The organization of the civil service of the
country has for number of years attracted more
and more of public attention. So general has
become the opinion that the methods of admis-
sion to it and the conditions of remaining in it
are unsOund that both of the great political par
ties have agreed in most explicit declarations of
the necessity of reform, and IN the most emphat-
ic demands for it.. l have fully considered the
declarations and demands to be the expression
of the sincere conviction of the intelligent masses
# aa ft,uf
should be recognized and followed by earnest
and prompt action on tire part of the legislative
In pursuance of the purpose indicated be-
fore my accession to this Office. L en-
deavored to have my own views distinctly under
stood, and upon my inauguration my accord with
the public opinion stated in terms believed to
be plain and unnmbiguous. My experience in the
executive duties has strongly confirmed my be-
lief IN the great advantage the country would ind
in observing strictly the plan of the Constitution,
which imposes upon the Executive the sole duty
and responsibility of the selection of those Fed
eral officers who by law are appointed not elected,
and which in like manner assigns to the Senate
the complete right to advise and consent to, or to
reject, the nominations made, whilst the
House of Representative stands as the public
of the he-performance of Official duties, with
the prerogative Of investigation and providing in
all cases of dereliction.
The blemishes and imperfectons in the civil
service may, as l think, be traced in most cases
TO practical confusion of the duties assigned 10
the several departments of the Government. My
purpose in this respect has been to return to the
system established by the fundamental law, and
to do this with the heartiest cooperation and
most cordial understanding with the Senate and
House of Representatives. The practical difficult
ties in the selection of numerous officers for posts
of widely-yarying responsibilities and duties are
acknowledged to be very great. No system can
be expected to secure absolute freedom from mis-
takes, and the beginning of any attempted change
of custom is quite likely to be more embarrassed
in this respect than at any subsequent period.
Ii is here that the Constitution seems 10 most
prove its claim 70 the great wisdom accorded to it,
| II gives to the Executive the assistance of the
knowledge and experience of the Senate, which
when acting upon such nominations as TO which
they may be disinterested and impartial judges
secures as strong a guaranty from freedom
of errors of Importance is perhaps possible in
human affairs. In addition to this 1 recognize
| the public advantage of making all nominations
as nearly as possible impersonal, in the sense of
| being free from mere caprice or favor in these
| directions and in those offices in which apeoal
| training is of increased value claim that such
rule as the tenure of Office should obtain a.
may induce men of proper qualifications TO apr
| ply themselves industriously to the task of be-
coming proheients,
| Bearing these things in mind have endeav.
| ored to reduce the number of changes in subor-
| dinate places usually made upon the change OF
| general administration, and shall mOst heartil In