Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1877-12-08
AS TO RESUMPTION.

sued by every suitable means, and that no
legislation would be wise that should dispar-
age the importance or retard the attainment
of that result. l have no disposition, and
certainly no right, to question the sincerity
or the integrity of opposing opinions, and
would neither conceal nor underValue the
considerable difficulties and even occasional
diStresSeS which may attend the progress of
the nation toward this primary condition TO
its general and permanent prosperity. |
must, however, adhere to my most earnest
conviction that any wavering of purpose or
unsteadiness in methods, so far from avoid
ing or reducing the Inconvenience inSepara-
BILE from the transition from an irredeemable
to a redeemable paper currency, would only
tend to increased and prolonged disturbance
in values, and, unless relieved, must end in
serious disorder dishonOr and disaster in the
financial affairs of the Government and of
the people.
The mischiefs which appTehend and ur-
gently deprecate are confined to no class of
the people indeed, but seem to me most GER
tainly TO threaten the industrious masses,
whether their occupations are of skilled or
common labor. To them, 1t seems to me, II
is of prime importance that their labor should
be compensated in money which is in itself
fixed in exchangeable value, by being ire
VOcably measured by the labor necessary to
its production. This permanent equality of
the money of the people is sought for, and
can only be gained, by the resumption of
specie payment. The rich, the speculative,
the operating, the money-dealing classes may
not always feel the mischief of, or may find
casual profits in, a variable currency but
the misfortunes of such a currency to those
who are paid salaries or wages are inevitable
and remedyless-
THE SILVER QUESTION.
Closely connected with this general subject
of the resumption of specie payments is one
subordinate, but still of grave importance. /
mean the reimbursement of our coinage sys-
tenn by the renewal OF the silver dollar as an
element of our specie currency, endowed by
the legislation with the quality of legal ten
der TO q 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 coin
age, the consideration which should induce
OF discourage particular measure connected
with the coinage belong clearly to the prov
ince of legislative discretion and of public
eXpediency.
Without intruding upon this province of
legislation in the least, l have thought the
subject of such critical importance, in the &C.
tual condition of our affairs, as to present an
occasion for the exercise of the duty imposed
| by the Constitution on the President of re-
commencing to the consideration of Con-
! gress such measures as he shall judge neces-
Sary and eXpedient. Holding the opinion, as
| do, that neither the interest of the Govern
ment nor of the 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 of
| intrinsic money to as full a measure of both
| metals as their relative commercial values
| will permit, would be neither unjust nor in
| expedient, l must ask your indulgence to q
| brief and definite statement of certain essen
| tial features in any such legislative measures,
which feel it my duty TO recommend.
| do not propose to enter the debate repre-
| scented on both sides by such able disputants
| in Congress and before the people and in the
press, as to the extent which the legislation
I of any one nation can control this question,
| even within its own borders, against the
| laws of trade or the positive laws of other
| Governments. The wisdom of Congress in
! shaping any particular law that may be pre-
| SRn1Hd
| Sede the necessity of my entering into these
| considerations, and willingly avoid either
vague or intricate inquiries. 1t is only the
! certain, plain and practical traits of such leg
! islation that desire to recommendtoy your at
| tentiOn.
In any legislation providing for a silver
coinage, regulating its value and imparting
| to it the quality of legal tender, it seems to
| me of great Importance that Congress should
not lose sight of its action as operating in a
| two-fold capacity, and in two distinct direc-
| lions. If the United States Government
| were free from public debt, its legislative
dealing with the question of silver coinage
would be purely sovereign and government
| al, under no constraint but those of constitu-
| tional power, and the public good as affected
| by the proposed legislation, but in the actual
! circumstances of the nation-with q vast
| public debt, dirtribute very widely among
/ our own citizens, and held in great part also
abrOad-the nature of the silver coinage
| measures as affecting this relation of the Gov
| eminent to the holders of the public debt
| becomes in any proposed legislation of the
| highest concern. The obligation of the pub
/ lie faith tranScends all questions of profit or
/ public advantage otherwise. Its unqueStion-
able maintenance is the dictate as well of the
/ most necessary duty, and will be carefully
| guarded by Congress and people alike.
| The public debt of the United States, to
| the amount of 729,OOO, COO bears interest at
! the rate of five per cent, and the only way
! in which the country can be relieved from
| the payment of these high rates of interest is
| by advantageOuSly refunding the indebted
! ness. Whether the debt is ultimately paid
| in gold or in silver coin is of but little mo-
ment compared with the possible reduction
| of interest One-third by refunding it at such
/ reduced rates. If the United States had the
| unquestionable right to pay its bonds in sill
! yer coin, the little benefit from that process
! would be greatly overbalanced by the injuri-
! GUS effect of such payment, If made or pro-
/ posed against the honest convictions of the
! public credit. All the bonds that have been
! issued since February u, 1873, when gold be-
! came the only unlimited legal-tender metal
| lie currency of the country, are justly paya-
! BILE in gold coin, or in coin of equal value.
| During the time of these issues the only dol
| lar that could be or was received by the Gov
! eminent in exchange for bonds was the gold
dollar. To require the public creditors to
| take, in repayment, any dollar of less COM
! mercial value, would be regarded by them as
! a reputation of the full obligation assumed.
| The bonds issued prior to 1873 We're issued at
a time when the gold dollar was the only
| coin in circulation, or contemplated, by
| either the Government or the holders of the
! bonds, as the coin in which they were to be
! paid. 1t is far better to pay these bonds in
| that coin than to seem TO take advantage of
! the unforeseen fall of silver bullion in a new
issue of silver coin that is made so much less
valuable.
The power of the United States to coin
| money and to regulate the value thereof
| ought never to be exercised for the purpose
I of enabling the Government to pay its Obli-
cations in a coin of less value than that con-
/ templated by the parties when the bonds
| were issued, ANY attempt to pay the ma
tional Indebtedness in coinage of a less
! commercial value than the money of the
! world would involve violation of the pub
lie faith, and work irreparable injury to the
| public credit 1t was the great merit of the
act of March, 1869, in strengthening the pub
lie credit, that it removed all doubt as to the
purpose of the United States to pay their
bonded debt in coin. That act was accep-
ted as a pledge of public faith. The Govern
ment has derived great benefit from ii in the
| progress thus far, made in Tefunding the
public debt at low rates of interest. An ad-
| herence to the wise and Just policy of an ex-
act observance of the public faith will enable
the Government rapidly to reduce the bur-
den of interest on the National debt to an
amount exceeding SO, 600 900 per annum, and
effect all aggregate saving to the United
States of more than SS0O,OO0,OO0 before the
/ bonds can be fully paid
In adopting the new silver coinage to the
ordinary uses Of currency in the everyday
transactions OF life, and preserving the quail
fty of legal tender to be assigned 10 in n CON
/ SideratiOn of the importance should be so to
I adjust the ratio between the silver and the
| gold cOinRge-which now constitutes our
specie currency-as TO accomplish the de-
! sired end of maintaining the circulation of
the two metallic currencies, and keeping up
| the volume of the two precious metal as our
intrinsic money. 1t is a mixed question for
scientific reasoning and historical experience
TO determine how far, and by what methods,
| a practicable equilibrium can be maintain
! ed, which will keep both metals IN clrcula-
ton in their appropriate spheres OF common
/ use. An absolute equality OF commercial
/ value free from disturbing fluctuations, IL
| hardly attainable, and without IL an unIln-
tied legal tender for private transactions as
| signed TO both metals would tend 10 drlVe
| out of circulation the dearest coinage, ana
disappoint the principal object proposed Dy
/ the legislation in view. Iapprehend, theIe-
/ fore, that the true conditions OF near ap-
proach TO equality of commercial value pc
| tween the gold and silver coinage OF the
| same denomination, and of a ltlnitaIlon OF
| amounts for which the silver coinage Is 70 %
| a legal tender, are essential TO maintaining
both in circulation. If these conditions can
! be successfully observed, the issue rom IlS
| mint of silver dollars would aff0rd HlAlefIaA
| assistance to the community IN the trAnsl,
/ ton TO redeemable paper money ana Motlla
! facilitate the resumption of specie payIn,ent
/ and its permanent establishments Wltnout
| these Conditions fear that only mischief
| and misfortune would follow from q coinage
1 of silver dollars with the quality OF unllInit-
! ed legal tender Even in private tTansac-