National Republican., 1877-12-04

sought and compassed as speedily and Sc
curely as tho resources Of the people and
the wisdom of their Government can ac-
complish, there IL much greater degree Of
unapimity than is found to concur In the
specific measures which will bring the
country to this desired end, or the rapidity
Of the steps by which IL can be safely
reached.
Upon q most anxious and deliberate ex-
animation, which have felt il my duty to
give TO the subject, am but the more con-
firmed In the opinion which expressed in
accepting the nomination for the Presi-
dency, and again upon my Inauguration,
that the policy Of resumption should be
pursued by every suitable means; and that
no Legislation would be wise that should dis
parage the importance or retard the attain
ment of that result. have no disposition,
and certainly no right to question the sim
cerity or the intelligence Of opposing opin-
ions, and would neither conceal nor under
value the considerable difficulties, and even
occasional distresscs which may attend the
progress Of the nation toward this primary
condition to itsgcneral and permanent pros
perity.
must however adhere to my most earn
est conviction that any wavering in pur-
from avoiding or reducing the inconvenience
inseparable from the transition from an ir-
redeemable TO rcdecmable paper currency,
would only tend to increased and prolonged
disturbance in values, and unless retrieved,
must end in serious disorder, dishonor, and
disaster in the financial affairs Of the Gov
ernment and of the people. The mischiefs,
which npprehcnd and urgently dcpreciatc
are confined to no class of the people indeed,
but seem to me most certainly to threaten
the industrious masses, whether their occu-
pations are of skilled or common labor.
To them, IL seems to me, II is ofprime i'm
portancc that their labor should be compen-
sated in money which is itself fixed in ex-
changeable value by being irrevocably
measured by the labor necessary to its pro-
duction. This permanent quality of the
money Of the people is sought for, and can
only be gained by tho resumption of specie
payments. The rich, the speculative, tho
operating, the mmcy-dealing classes, may
not always feel tho mischiets of or may find
casual profits in, variable currency but
the misiortunes of such currency to those
who are paid salaries Or wages are inevita-
BILE and remediless.
Closely connected with this general sub
ject of the resumption of specie payments
is one of subordinate but still of grave im-
portance-I mean the readjustment Of our
coinage system, by the renewal Of the silver
dollar rs an element in our specie currency,
endowed by legislation with the quality of
legal tender to greater or less extent.
As there is no doubt of the power of
Congress, under the Constitution, to coin
money and regulate the value thereof" and
as this power covers the whole range Of
authority applicable to the metal, the rated
value, and the legal-tender quality which
shall be adopted for the coinage, the consid-
erations which should induce or discourage
q particular measure connected with the
coinage belong clearly to the province OF
legislative discretion, and Of public expedi-
ency.
legislation in the least, have yet thought
the subject of such critical importance in
the actual condition Of our affairs rs TO pre-
sent an occasion for the exercise Of the duty
imposed by the Constitution on tho Presi.
dent Of recommending to the consideration
Of Congress "such measures A. he shall
judge necessary and expedient.p
Holding the opinion, as do, that neither
the interests Of the Government nor of the
people Of the United States would be pro
noted by disparaging silver rs one Of th'
two precious metals which furnish tn
coinage of the world, and that Legislation
which looks 70 maintaining the volume o
intrinsic money TO as full measure Of botl
metals us their relative commercial value,
will permit would be neither unjust nor in
expedient, must ask your indulgence to
brief and definite statement Of certain es
sential features in any such legislative meas
ure which feel it my duty to recommend
| do not propose TO enter the debate, repre-
sented on both sides by such able disputant
In Congress and before the people, and In tn
press, as 10 the extent to which the Legislation
Of any one nation can control this question
even within its own borders, against the un
written laws Of trade, or the positive laws o
other governments. The wisdom of Congres:
in shaping any particular law that may b,
presented for my approval may wholly super
sede tho necessity Of my entering into thcs
considerations, and willingly avoid eithe
vague or intricate inquiries. 1t is only certail
plain aud practical traits of such Legislation
that desire to recommend to your attention
In any legislation providing for silver coin
age, regulating its value and imparting to !
the quality of legal tender, 1t seems to me O
great importance that Congress should not los
sight Of Its action as operating in two-fol
capacity and in two distinct directions. If tn
United States Government were free from
| puDnc dept, It's legislative ucaling with IN
question OF silver coinage would DO purely SOY
ereign and governmental under no restraint
but those of constitutional power and the pub
lie good rs affected by the proposed Legislation
But in the actual circumstances Of the nation
with vast public debt distributed very widel
among our own citizens, and held in grea
amounts also abroad, the nature of the silve
coinage measure, US affecting this relation Q
the Government to the holders Of the publ
debt, becomes an element in any proposed legis
ton, of the highest concern.
The obligation of the public faith transcend
all questions Of profit or public advantage 9th
erwise. Its unguestionable maintenance
the dictate as wen of the highest expedienc
as Of tho most necessary duty, and will eve
be carefully guarded by Congress and peopl
alike.
The public debt of the United States, to th
amount of s729,00O,0OO, bears interest at tn
rate Of six per cent, and sos, ,O00, 900 ut tn
ratio Of five per cent, and the only way |
which the country can DO relieved from th
payment of these high rates Of interest is
advantageously rofunding the indebtedness
Whether the debt is ultimately paid in gold c
in silver coin is of but little moment compare
with the possible reduction of interest ont
third, by refunding 1t at such reduced rate.