The Sedalia weekly bazoo. [volume] (Sedalia, Mo.) 187?-1904, 1877-12-11
WEEKLY BAZOO.
SEtDALlA
TUEsDAY. DECEMBER. II, 1877.

SEtDALlA
TUEsDAY. DECEMBER. II. 1877.
THE MESSAGE.
The Presidents message was read
70 Congress yesterday. 1t is rather .
lengthy document. a. from the num-
Der and importance of the subjects
treated it necesarily must be-; but
It i . more sensible, broad and liberal
production than the people have yet
seen from . Republican executive.
In regard to his Southern policy be
ays:
Tho measures adopted by the i'd
ADMINISTRATION have been subjected to &C.
we're and varied criticism. Any course
whatever would have incurred this.
but ] trust these measures were right.
and in nv judgment such - were
most in harmony with the constitu-
ton and with the genius of our PEG
pie, and best adapted under oil the
circumstances to attain the end in view.
Upon the finances be thus expresses
himself:
Icannot b mistaken, I think, in re.
garding - pre- eminent the policy end
measures which are designed to secure
the restoration Of currency TO that
normal and healthful condition. in
which, BY the resumption Of specie
payment, our internal trade and for
sien Commerce may be brought into
harmony with the system Of exchange
which = based upon precious metals ~
The intrinsic money Of the world:
Imust, however. adhere to my most
earnest conviction, without waveriDg
Of purpose OK unsteadiness in method,
avoiding or reducing the inconvenien-
cies insepaEable from . transition from
irredeemable to q redeemable paper
currency would only tend 70 an in
creased and prolonged
DISTURBANCE IN VALUES,
and unles relieved must end IN serious
disorder, dishonor aud disaster in the
financial a6ais Of the government,
and of tho people. The mischief
which I apprehend and urgently dep
recate y confined to 10 class Of people
indeed, but it seems to me most Ger
taiuly 70 threaten the industrious
masses. whether their occupations are
of &kiiled or Common labor. To them.
It sssms to mo. it u Of prime impor
lance that their iabor should be com
peusated in money. which is in itseli
fixed 10 Interchangeable value by beinl
irrevocably measured by the lab :
necessary to its production. This
equality Of the money Of the people
u sought for. and can only be gained
BY tho resumption Of specie payments.
The rich. the speculative. the Opera
ting and the money dealing Glasses,
may not always feel the mischiefs ol
or may End casual profits in . variabl.
currency. bat the misfortunes OF cue.
Q currency to those who are paid sal.
ries or wages are inevitable aud rem,
. =
The public debt of the United
States to the amount of SIPS. 600.
600. bean interest at the rate IF 6 pc.
cent. and the only way in which the
country can be relieved from the pay.
ment Of these high rates of interes,
i By advantageously refanding the In
debtedne8. Whether the debt Is III.
timately paid in gold or in silver coin.
u of but little moment compared with
. possible reduction of the interest one
third BY refunding it 1t such reduced
rates. IF the United States had the
unquestionable right to pay lts bonds
in silver chin, 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 issued since February IL,
1873. when gold became the only un.
limited legal tender metallic currency
Of the country, 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 re
ceived BY the government in exchange
for bonds WAS the gold dollar. To re.
quire the public creditors to take in
repayment any dollar Of less CONNER
cial value, would be regarded by then,
- . reputation of the full obligation
assumed. The bonds issued prior to
1873. were issued at time when the
guild dollar Was the oaly coin in circu.
lation. or contemplated BY the govern.
ment or the holders of the bonds n
the coin which they were to be paid
It d far better to pay these bonds in
that coin than to seek to take that nd.
vantage Of the unforeseen fall of sill.
yer bullion, in new issue of silver
coin. that makes it 90 much less val
uable. The power of the United
States to coin money and regulate the
value thereof, ought never to be exer-
cised for the purpose of enabling the
government to pay its obligations in Q
coin Of leo value than that contempla.
ted BY the parties when the bonds
were issued. Any attempt to pay the
national debt in . coinage Of q less
commercial value than the money of
the world would involve violation of
public faith and work irreparable in
jury to the public credit. 1t was the
great merit If the oct Of March, 1860.
in strengthening the public credit, that
II removed oil doubt - to the pur-
pose Of tho United States to pay
hor bundled debt in coin.
Z =
H~--s a.