Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1877-12-06

4 disorder. Qi=ilOnOr. ul-af>ttf
| affairs of tho government and OF the peoplo.
1.-The msctfofs wTich,l apprrr-'.a ami urgently
ssepreC.t1e arc ouined to no c.lss Ca .Ie people
| indeed, hut seem to mo most certainly
10 threaten the industrious misses whether
their occupations are of skii~t or common
] labor. To them IL seems To me, il ~ - prime
Importance that their labor should be compc,.
sa;ed in money which is in itself fixed in ex-
! chaEgeable value by being irrevocahly measured
ny the labor necessary 10 its production. This
permanent equality of the money of the people
Is sought for and can only be gained by the re-
sumption of specie payment The rich. the
speculative, the operating. the money dealing
classes may not always feel the mischiefs of
| or may find casual profit in variable currency;
| but the misiortunes Of such a currency to those
who arc paid salaries or wages arc Inevitable
and remedyless-
THE DouBLE STANDARD.
Closely connected with this general subject OF
the n sumption of specie payments is ono sub
ordinate but still Of grave Importance mean
the readjustment of our coinage system by the
renewal of the silver dollar rs an element Of
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. 10 coin
money and declare the value thereof, and
| as this power covers the whoio range
Of authority applicable to the metal. the rated
value of the legal tender quality which shall be
adopted for the coinage the considerations
| ~
measure connected with coinage belong clearly
| to the province of legislative discretion, aud
of public eSpejiency. Without intruding on the
province of legislation in the least, l have
! thought the subject Of sueh 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 the Prcsi-
dent of recommending to the consideration
of Congress such measures rs he shall judge
necessary and expedien, Holding tic opinion,
| n do. that neither the interest of the govern
ment nor Of tho people Of the United States
would be promoted by disparaging silver as one
Of the two precious metals which furnish the
coinage Of the world and that legislation which
looks TO maintaining the volume oil intrinsic
money to as full a measure of both metals AS
their relative commercial values will permit
| would be neither unjust nor inexpedient, must
ask your indulgence to n brief and definite
statement of certain essential features in any
| such legislative measures. which | feel * my
duty to recommend. do not propose tn enter
the debate represented on both sides by such
able disputants IN Congress, anil before the PEG
pie and in the press. To the extent TO which
the legislation Of any one nation can control
this question, even within its own borders,
against the laws Of trade. and of the positive
laws Of other governments The Wisdom a,,u,a OF
| law that may bo presented Tor NV
| approval may wholly superccde the necessity
| Ol ms entering into these considerations, and i
willingly avoid either vogue or intricate inquiries
4
| such legislation that desire to recommend TO
your affection. In any legislation providing for
"A silver coinaSe. regulating its value and i'm
parting TO IL the quality of legal tender, IL seems
| TO me OF great Importance that Congress
1 should not lose sight OF its action or
act in o twofold capacity aud In
two distinct directions. IL the United
states Government was free from public debt,
silver coinage, would DO purely sovereign and
governmental. under no restraints but those Of
constitutional power, and the public good,
affected by the proposed legislation; but in the
actual circumstances of the nation, with q vast
public debt, dist ibuted very widely among our
own citizens and held IN great part also abroad.
the nature of the silver coinage measures af-
feeting this relation OF the government TO
tho holders of the public debt becomes
in any proposed legislation, Of the highest con
Germ.
The obligation Of tho public faith transcends
oil questions OF profit or public advantage 9th
erwise. Its nnquestionablc maintenance IA tie
dictate, "a wen Of the highest cxpetiicucy as Of
tho Iisnst necessary daty, and will DO carefully
. guarded by Congrvss aud the people alike. Tbs
! public debt of the United States TO tho amount
rate of s per cent, E0soeO,01o at
the rate OF per cent, and the
,-,- way in which the country can be relieved
Ss,sg,Ity,. ,yment of thes; high RACES OF inter
EST i by No, atsgrousiy re;uni'ng the in
debtedness Wkcths. tue eco. Is ultimately
ment co.npared with the rs.,jN,. -sinction Of
interest one-thirrl. by rebuilding " ~ :" TO
duced rates. IL the United States had tho u :
questionable right To pay its bonds in silycr
coin. thesiitfe benefit froTu that process would
be greatly oserbslanced by the injurious effect
Of such payment if1nasle or proposed against
the honest convictions Of public credit
All the binds that pave been issued since Feb
ruary l., 1873, when gold bccauie the ouIy usi-
limited iegs.-fcnder metallic currency OF tn.
M flsffy ftlv1ille a oufI <.otu Il.
coin of equal valae- During the timo OF these
issues the sniy dollar that could bc or WIS re-
eeyei by the government IN exchange FOR ionds
was the gold dollar To rsirirc the public
cre ditors to take ia Repayment siy dollar OF less
commercial value wonld be regarded by them rs
"a rcpudiation OF the flil obligation assumed
The bonds issued prior to 1873 were issrcd
Mt time when the gold dollar was the ouly
coin in circulation. or contemplated BIZ either
the GOV erniucni or the holders u tho bonds IA
the coin which they 70 be- paid. IL is far
better to pay these bonds IN that coin than 10
SEEN TO take advantage Of the unforscen fall of
silver bullion IN a now issre OF silver coin that
4 made u 50 much les valuable Tho power of
the United States tn coin money and regulate
the value thereof ought never to be- exercised
for the purpose of enabling the government to
pay ats obligations IN a com OF less
value than that contemplated BY the parties
wl,en the bonds were issued Any atfen.pt to
pay the national indebtedness Ia coinage of
lees commercial value than the money oi tho
world would involve violation of the public
faiih and work irrcparabtc injury 10 the public
credit II was the great merit OF the net IF
March, 1869. In strengthening the public ere RI,
that u removed all doubt as to the purpose of
the United States % pay thrir bonded debt in
coin. That act was accepted ~ apledge OF public
faith The government has derived great benefit.
from Il IN the progress thus Ear made ia refund
ing the public debt NJ low rates OF interest An
adherence TO the wise and inst prliry Of an ex-
act Observance Of the pubic Faith will enable
the government rapidly 10 reduce the burden of
interest ON the National debt to AN o,nount NOT
exeeeding $-o.oOo.0oo per aunurn. and affect IAN
aggregate saving 10 tho United States of more
than 800 ,o0D.ooo before the bonss can bc fully
paid.
In adapting the silver COINAGE IN tho or
binary uses OF currency in tie everyday
Transactions Of life. aud prcsrryinr the
quality of legal tender to be assign
70 u, consideration Of the fist importance
should be to adjust the ratio between The silver
and tire gold coinage wlich now con-. ;,,,,,. -,