The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1877-12-08
THE PRESIDENTS MESSAGE


present really but few salient points. Passing
by his Drag about the success of the policy o
pacifcaton into which the President was ST
unwillingly forced by the logic of events II
to be entitled to very little credit in that con
ncction; and regarding as Of no weight hi
mcnaces against Mexico and as sheer bun
come his Samoan project and his maundcrins
about education, the balance of the message !.
little else than abstracts Of the department re
ports, among which his reitcration of Sher
mans financial views and Seizures Iucubra
lions about civil service really cover the only
points worthy Of comment.
In the civil service matter Tho message is Il
breakdown. While the rYesident indeed OBJ
serves that he is more than ever confirmed in
his belief in the great advantages the country
would find in observing the plan of the constl,
tuition, which imposes on the executive the
sole duty and responsibility of the selection of
those federal officers who by law are appointed
notelected; he has not word 70 say about what
were really the only conspicuous points of his
ing part n election campaigns, and in regard
TO the immortality Of assessing Office holders for
election expenses; and in regard 10 the dlcta.
ton Ofmembers Of congress as to executive ap.
pointmens in thcirrespective states or districts.
Ihesc were the conspicuous features 10 the civ
II service reform upon which iinsss nWclt both
in his letter Of acccptnrc" ahd inaugural, and
with which he opened his admiration by the
issue Of Order No l. His silence in regard to
these vital points now shows that he has yield
I'd to the threats and difficulties which he
pught to have known from the beginning the
scheme must encounter.
II Is, however, that portion Of the message in
which the Presiden, treats OF resumption, cur
rency and silver reconciliation that will meet
with the scvcrest criticism. Whatever may
be said as TO the propricty or dccency of the
president, in formal communication to con
grcss foreshadowing what will be his action
in regard to certain measure which has pass.
ed one house and is pending in the other house
of congress, he very clearly intimates to the
senate that if they pass the house bill TO repeal
the resumption act he will veto it. mo legis
Iation would be wise" he says, that should re
tard resumption" rs the repeating act certain
" is intended to do; and there must he nc
wavering in purpose no "unsteadincss in
methods" TO reach resumption; that is, the
present legal steps in that direction must be
steadily adhered to.
But his views IN regard 10 the payment OF
principal and interest of the bonds in gold, and
in regard to silver reconciliation are still
more open to criticism On these subjects he
has really adopted all the bad logic and worse
cant of the Wall street Shylocks, to whom he
appears to have sold himself as fully as Grant
was sold. Take Il specimen:
The bonds issued prior to 1873 were issued
at 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 Ii is
far better to pay these bonds in that coin than
TO seem to take advantage ofthc unforeseen fall
Of silver bullion.
The gold dollar was the only coin in circu-
latiOn in 1873 because the silver dollar was
worth per cent. more than the gold dollar
but the Shylocks foreseeing, in the action OF
Germany, the depreciation of silver, deliberate.
" used congress to demonetizc and dcpreciatc
that metal here; and now having placed gold
on such Il basis, as they suppose, in the old
world that IT will steadily increase in value as
nation after nation adopts the single standard
thus making the one standard each year scarccr
and dearcr, they demand, and the President
seconds the demand, that the L. s, that pro
duces more silver than all the rest Of the world,
shall cut her own throat by dcbasing and de
prcciating i'm value one of her own products
There Is no sense or justice in the scheme.
The annual production of silver in proportion
10 gold is no greater now and promises to he
no greater in future than il has been for ages
past, and with the United States proportion OF
sixteen TO one of gold nothing but the banelul
and nciarious legislation insisted upon 10y
Wall street and President Hayes can perma
nently reduce The value of silver at that rate
below gold. The Shylocks know this, and
they do not now raise this hue because they re
ally believe that after silver reconciliation by
the L. 5. they will be obliged To take a coin
worth : PEI cent. less for their bonds than gold
for they know that RECOMMENDATION will bring
silver up TO the gold level; but il is because
they know ,hat such an act on the part of our
government will lead 10 silver reconciliation
generally aud thus add large volume to the
metallic circulation Of the world, thereby ar.
resting that prospective and tremendous ap-
probation Of gold from making il the worlds
only standard in which the Shylocks who own
al the bonds Of the world are SO deeply inter
ssted.
The Comptroller of the currency al Wash.