Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1877-12-06

resumption should be pursued by
every suitable means, and that no leg
lsIation would be wise that should
disparage the Importance or retard
the attainment OF that result. He
tersely expresses himself as follows:
81 have no disposition and certainly no
right to question the sincerity or the intelli-
gence of opposing opinions, and would neither
conceal nor undervalue the considerable diff
culties and even occasional distresses which
may attend the progress of the nation toward
this primary condition to its general and per,
manent prosperity. I must, however, adhere
to my most earnest conviction that any waver-
ing in purpose or unsteadiness in methods so
far from avoiding or reducing the inconven>
fence inseparable from the transition from an
irredeemable paper currency, would only tend
to increased and prolonged disturbance in
values, and unless retrieved mus. end in Sc
rious disorder dishonor and disaster in the
financial affairs of the Government and of the
people. The mischiefs which apprehended
and urgently deprecated are confined to no
class of the people, indeed, but seem to me
most certainly to threaten the industrious
masses, whether their occupations are of
skilled or common labor. To them it seems
to me it is of prime Importance that their la
Dor should be compensated in money which is
itself fixed in exchaDgeabe value by being
irrevocably measured by the labor necessary
to its production. This permanent quality of
the money of the people is sought for and can
only be gained by the resumption of specie
payments. The rich, the speculative, the ops
Grating, the money>dealng classes may not
al foal tho VnicchiafS of me nv fipd
ual profits in, a variable currency; but the
misfortunes of such a currency to those who
are paid salaries or wages are inevitable and
remediless"
Next the message favors the re.
monetization of the silver dollar,
" holding that neither the interests of
the Government nor of the people of
the United States would be promoted
by disparaging silver as one of the
two precious metals which furnish the
intrinsic money of the world" But
as to what money the public debt
shall be paid in he says that whether
ultimately paid in gold or silver coin
is of little moment compared with the
possible reduction of interest one
third by refunding il at such reduced
rate. The enforcement of a right to
pay in silver would cause the public
creditors to demand higher rate of
interest on new bonds. Adherence
to the wise and ustpolicy 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
$50, 100000 per annum and effect an
aggregate saving to the United States
of more than $500, 100000. before the
bonds can be fully paid" He does
not therefore favor the payment OF
outstanding debt in any value less
than the present gold coinage of the
country. Which is to say that he ia.
vors legalizing a silver dollar that
shall be equal. in value to the gold
dollar. In his views upon finances
the President Is logical aud just. His
conclusions are such as the lessons OF
all experience, and the writings of all
learned men upon the subject teach.
A paragraph of the message dis
cusses the peculiar civil service policy
of the President On this subject he
founders 1t is one of his hobbies
but he rides it ungracefully. He
wants no caprice to control the selec-
ton of officers for the civil service,
but we fear that when done with il
his system will prove to be caprice
from beginning to end. 1t is a sys
tenn that has nothing to live on and
will never 60 into a second admins
| tration in succession.
Our foreign relations are consider
ed, all of which are harmonious, ex-
cept that there is still an occasional
difference as to the effect of naturall-
cation in this country upon a German
who goes back TO his mother country,
in freeing him from military duty,
The French Exposition, Extradi'
ton, and Fishery Commission are
treated upon briefly and then
The border troubles with Mexico
are talked Of There it is not all quiet.
Diaz has not been recognized by our
Government but when he fulfills his
promise to settle the troubles along
the Texas border he probably will be
The Cuban instruction is still un.
settled and there are complaints by
our people of searches, arrests, EN-
bargoes and oppressive taxes.
The Samoan Islands are making
advances in civilization and ask thi;
country for protection.
There are few words on CONNER
cial depression and some relief i:
hoped for through increase of foreign
trade.
The revenues of the General Gov
eminent the last fiscal year were
S269, c0C,5s6.62, and the expendit
ures were S2Ss, 600, 0oS 90, leaving {
balance of $50, $40, 577.69. The reve
nues are SIS. 4sl ,452.54 less than tbs
previous year. This is mainly owing
to reduced importations. and is there
fore healthy sign. The exports fol
the last fiscal year including coin
were s65S, 637, 457, and imports were
$4SZ,USf ,ofos ieaViuS udiahCe "
in favor of the United States of Sl66,
239,91f. The refunding of nearly
$500, 100000 of the public debt with
In little more than year, has bad
the effect to reduce the annual inter
est sS7,75o,000. A provision is REG
commended to enable the people easily
to convert their sayings into Govern
ment securities, az the best mode il
which small savings may be well Sc
cured and yield a moderate interest
The remainder of the message re
cites the acts of the army with the
Indians and in the labor riots; the
extent and cost of the Navy-s16,.
o77.974, the workings of the Postof.