Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1877-12-04

Payments. Inc IlcU, lue opcSu'oI''o' Wv wy
raiipg, the money dealing classes, may not al.
ways feel the mischlc's OF, or may aud CASUAL
NJ Otis in a variable currency, but the mlsor
luues of such currency to those who are paid
salaries or wages are Inevitable and remedlless.
AS there is 90 doubt Of The power OF Con,
prcss, under the Constitution, TO coin money
aud regulate the value thereof - and as this
powcr covers the whole range of authority, ap
nIieable to the metal, The rated value and The
legal tender quality which shall be adopted for
the coinage, the considerations which should
induce or discourage particular measure con-
nected with the coinage bcioog clearly 10 the
nrovipcc of legislative discretion, and OF public
cxpcdiency. Without iutruding upaD this prov
ipce of legislation 10 the least, have yet
thought the subject of such critical importance
10 the actual condition of our affairs, as to pre-
sent an OCCASION fer the exercise OF the duly
| imposed by the Constitution on the President
of recommending to the consideration of Con-
prcss such measures as he shall judge necessary
and expedieut.'
hold that neither the interests of the gov
eminent nor Of the people OF the United States
would be promoted by disparaglng silver as one
Of the two precious meta's which tarnlsh the
coinage OF the world; aud that Legislation which
looks to maintaining the volume OF 'nttiOsic
money 10 as full measure OF both metals IS
their relative commercial values will permit,
would be neither rjust DOR nexpcdleent
la any legislation providing for silver com
agc, regulating its value and impartng to it the
oulity of legal tender, it seems TO me OF great
importance that Congress should not lose sight
of its action az operating IN twotold capacity
and 10 two distinct directions If the United
States government were free from public
debt, its legislative dealing with the question
cf silver c,nagc would be purely sovereign aud
governmental, under no restraints but those OF
constitutional power and the public good as at
fected by the proposed legislation. But IN the
actual circumstances Of the nation, with vast
public debt distributed very widely among our
Own citizens, add held in great amounts also
abroad, the nature of the silver coinage meas
urc, as affecting this relation Of the government
to the holders of the public debt, becomes an
element 10 aoy proposed legislation, OF the high
est concern. The obligation Of the public faith
trapsccnds all questions of profit or public ad
vantage otherwise. Its unquestiouabe mainte.
nance is the dictate as we'll OF the hi CHEST ex.
pediepcy as Of the most necessary duty, and
will ever be carefully guarded by Congress and
people alike.
TO require the rublic creditors to take, 10 re-
payment, any dollar Of less commercial value,
would be regarded by them as o reputation OF
the full Obligation assumed The bonds issued
prior TO 1873 were issued al al nae when the
gold dollar was tho only coin ID circulation or
contemplated by either the government or the
holders Ct the bonds as the coin in which they
were to be paid. 1t is far better to pay these
bonds n that coin than to seem to take adVaDt'
age of tho unforeseen fall 10 silver bullion TO
pay in new issue Of silver coin. thus made so
much less valuable The power of tho Uoited
States to coin money and to regulate The value
| thereof ought never to DO exercised Tor the
purpose Of enabling the Government to pay its
obligations 10 coin Of less value than that con-
templated by the parties when the bonds were
issued. Any attempt to pay tho national IN
dobtedncss 10 o coinage OF less commercial value
than tho money of the world would involve a
violation Of tho public faith and work irrepar-
able lrjary to the public credit.
An adherence TO the wise and Just policy OF
an exact observance Of the public faith will
enable the Government rapidly to reduce the
burden Of interest Oh the national debt to an
amount exceeding 100000 per aunum, and
effect an aggregate saving to the United States
OF InUru than $500. 0OG 0a0 hAtnrn tho hnnaa "a n
be fully paid.
Any expectation Of temporary case from 40
issue Of silver coinage to pass as legal tender,
at f. rate materially above its commercial value,
is, am persuaded delusou. Nor can l
think that there is any substantial distinction
between an original issue Of silver dollars at a
nominal value materially above their CONNER
cial value, and the restoration Of tho silver dol
lar at a rate which once was, but has ceased 10
b. its commercial value. Certainly the issue
Of gold coinage, reduced in weight materially
below its legal tender value, would not be any
the less present debasemcnt of the coinage,
by reason Ct its equalIiDg or even exceeding
in weight gold coinage which, at some past
time, had been commercially equal to the legal
tender value assigned to the new issue.
Ia recommending that the regulation OF any
silver coinage, which may be authorized by
Congress, should observe these conditions OF
commercial value and limited legal tender, l
am governed by tho feeling that every possible
Increase should be given to the volume OF me.
tallic money which can be kept 10 circulation,
and thereby, every possible aid afforded to the
people in the process Of resuming specie pay.
ments.
respectfully recommend to Congress that
10 any legislation providing for silver coinage,
| and mpartDg to il the quality OF cgaltendcr.
there be impressed upon the measure firm
provision exempting the public debt heretofore
| issued and DOW outstanding, from payment,
either of principal or interest, in any coinage Of
less commercial value than the present gold
| coinage OF the country.
Tho organization of the civil service of the
country has for number Of years attracted
more and more of the public attention. So
general has become the opinion that the meth.
DDS Of admission to it, and the conditions Of re.
naming in it are so unsound, that both the great
political parties have agreed 10 the most ex-
plicit declarations of the necessity of reform.
and 10 the most emphatic demands for it. |
have fully believed these declarations and de-
mands to be the expression of sincere con-
viction Of the intelligent masses of the people
upon the subject, and that they should be re.
cognzod and followed by earnest and prompt
action Oh the part OF the legislative and eXecu'
tive departments OF the government, 10 pursu.
ance Of the purpose indicated.
Before my accession to Office / endeavored to
have my own views distinctly understood, and
upon my Inauguration my accord with the pub.
lie opinion vas stated 10 terms believed to be
plain and unambieuous. My experience in the
executive duties has strongly confirmed the be.
- Al, a., 4