The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-12-04

| THIS primary CONDITION 10 ItS general uuu
permanent prosperity. must, however,
adhere 10 my most earnest conviction
that any wRvering in purpose or Ia
sieadineis In methods, 40 far from avoid.
ing or reducing the inconvenience insep.
arabic from the transition from an ire
deemSble 10 Sredeemsbls paper currency,
would only tend 10 increased and pro-
longsd disturbance IN values, and unless
retrieved must end in serious disorder,
dishonor and disaster In the financial
affairs Of the government and oil
the people. The mischiefs which ap-
prehend and urgently deprecate are con.
fined to no class OF the people, indeed, but
seem TO me most certainly to threaten the
industrious masses, whether their occu.
palions are OF skilled or common labor.
To that end it seems to me 1t is Of prime
Importance that their labor should be re.
munerated ia money that ia itself fixed in
exchangeatls value by being irrevocably
measured by the labor necessary to Tia
production. This superintendent Of
quality 10 the money Of the people is
sought for, and can only begained by the
resumption OF specie payments. The rich,
the Spectators, the operating, the money
dealing classes may not always feel the
mischisfs, or may find casual profits in a
variable currency, but the misfortunss Of
such currency TO those who are paid
salaries or wages are incalculable.
Closely connected with this general sub.
jsct oil the resumption Of specie payments
is one Of subordinate but still Of grave
importance. | learn that the readjnst.
ment Of our Coinage system by the renew.
al Of the silver dollar "a an element 10
our specie currency is endorsed by legis'
lation with the quality OF legal tender to
a greater or lesl extent. As there 10 no
doubt OF the power Of Congress under the
Constitution TO coin money and regulate
the value thereof, and as this powered
era the whole range olauthority applica.
bic TO the metal, the value and the legal
tender quality which shall be adopted for
the coinage, the considerations which
should induce or discourage particular
measure connected with the coinage be.
long clearly to the province Of Iegisla,
tive discretion and Of public expediency
Without intrnding on this province Of
legislation in the least, have yet thought
the subject oil such critical Importance 10
the actual condition Of our affairs
as 10 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 as he shall
Judge necessary and expedient, holding
the opinion as DO, that none OF the inter
ests Of the government, nor OF the people
of the United States, would be promoted
by dispuraging silver as one OF the two
precious metals which furnish the coin.
age OF the world, and that legislation,
which looks to maintaining the volume
OF intrinsic money, to "a full a measure OF
both metals as their relative commercial
values will permit, would be neither un.
just or iucxpedient. must ask your
indulgence 10 brief aud definite state.
ment oil certain essential features in any
such legislative measure which feel It
my duty to recommend. I don't propose
to enter the debate represented on both
sides by such able dispntants 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
unwritten laws Of trade or the positive
laws OF other governments.
The wisdom OF Congress in shaping
any particular law that may he presented
for my approval may wholly supercede
the necessity Of my entering into these
considerations, and willingly avoid
either vague or intricate inquiries. Its
only certain plain and practical traits Of
such legislation that desire 10 recon-.
mend 10 your attention.
In any legislation providing for sill.
yer coinage, regulating its value and i'm.
parting to it the quality OF legal tender,
il seems to me OF great importance that
Congress should not lose sight Of its &C.
ton as operating in a two fold capacity
and in two distinct directions. II tho
United States government was free from
a public debt, its legislative dealing with
the question OF silver coinage would be
purely sovereign aud governmental, I'm.
der no restraint but those Unconstitutional
power, and the public good, IA affected by
the proposed legislation, in the actions
and circumstances Of the nation, With
vast public debt distributed vary widely
among our own citizens and held in
great amounts also abroad, the nature Of
silver coinage measure as affecting this
relation OF the government 10 the hold.
era oil the public debt, becomes an
element in any proposed legislation Of
the highest concern. The obligation OF
public faith transcpnds all questions Of
profit or public advantage. Otherwise
It's unquestionable maintenance is the
dictate as we'll OF the highest expediency
as well as OF the most necessary duty,
and will ever be carefully guarded BY
Congress and the people alike.
The public debt of the United states
TO the amounted S729, 100000, bears in
lerest At the rate Of 0 per cent and
SOB 900, 900 at the rate OF 5 per cent;
and the only way In which the country
can be relieved from the payment OF these
high rates otinterest Is by advantageous
y rounding the Indebtedness. Whether
the debt is ultimately paid in gold or ell.
yer coin il Of but little moment com.
pared with the possible reduction Of in.
terest oue.third BY refuudiny il at such
reduced rates. II the United States had
the unquestioned right to pay its bonds
in silver coin, the little benefit from that
process would begreatly oyerbalanoed by
the injurious effect OF such payment, Il
made or proposed sgainst the honest CON
yictious OF the public creditors. All the
bonds tia. have been Issued since Feb,
ruary, 1875, when the only unlimited legal
tender metallic currency Of the country
was gold, 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 Govern.
ment in exchange for bonds was the gold
dollar. Torequire the public creditor
70 take in payment any dollar Of lesa
commercial value, would be regarded by
them as population Of the full obliss.
ton assumed. The bonds issued prior TO
1883 were issued at time when The gold
dollar was the only coin In circulation, or
contemplated by the Government, or The
holders OF the bonds, as the coin il
which they were to be paid. tits far
better to pay these bonds IN that coin than
10 seem TO take advantage Of the'unfore.
seen fall in silver bullion to pay In new
issue Of silver coin, thus made so much
les valuable. The power Of the United
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