River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1877-12-06


age. In this way the restoration Of harmony
and good will, and the complete protection OF
every citizen in the full enjoyment OF
every constitutional right viii surely be
attained. Whatever authority rests with me
to this end / shall not hesitate TO put forth.
Whatever belongs TO the power 81 Congress
and the jurisdiction OF the courts OF the Union
they NAV confidently be relied upOn To pro-
vide and perform, and to the legislatures the
courts and the executive authorities OF the
several States / earnestly appeal 10 secure by
adequate appropriate and reasonable means
within their borders these common uniform
rights Of a united people who love liberty,
qbhor oppression aud revere justice.
These oh ects are very dear 10 my heart.
shall continue most earnestly q strive for
their attainment. The cordial cooperation
Of all classes of all sections Of the country, and
Of both races. il required for this purpose and
with these blessings assured, and not other
wise, We may safely hope 10 hand down our
free institutions Of government, unimpaired,t TO
the generations that will succeed.
sPBcIE RESUMPTION.
Among the other subjects of great and gen
eral importance to the people Of this country
cannot be mistaken, think, In regardin as
pre-eminent the policy and measures which
are designed To secure the restoration of the
curr ncy to that normal and healthlul CON
dition in which, by resumption of specie pay
ments, our internal trade and foreign com
merce may be brought into harmony with
the system Of exchanges which is
deyOlyed upon the precious meteis MS the in
trinsie money of the world. In the public
judgment that this end should be sought and
comprised as speedily and as securely as the
resources Of the people and the wisdom Other
government can accomplish, there j. a much
greater degree of unanimity than is found TO
concur In the specific measures which VIII
bring the country to-this desired end or the
Of he. al hN " N m ha aTefu
reached. Upon q most anxious and deliberate
examination which ! have felt Ii my duty to
give 10 the subject, | am but the more Son.
frmed In the opinion which | expressed in
accepting the nomination for the Presidency,
and again upon my Inauguration, that the pol
icy of resumption should be pursued by eve
rs suitable means aud that no legislation
would be wise that should disparage the i'm
pOrtanee or retard the attainment Of that re-
suit
have no disposition and certainly no right
question he sincerity or integrity of oppos-
| ing opinions, and would never conceal or I'M
dervalue the considerable difficulties and
even occasional distresses which attend the
progress OF the nation toward this primary
condition TO its general and permanent pros.
perity. | must, however, adhere to my most
earnest conviction that any wayer-
ing in purpose or unsteadiness In
methods so far from avoiding or reducing the
| Inconvenience mseparable from the transi-
ton from an irredeemable paper currency,
would only tend 10 increased and prolonged
disturbance in values and, unless relieved.
must end in serious disorder, dishOnor and dis
aster in the financial affairs of the government
! and Of the people. The mischief which | ap-
prehend and urgently deprecate is confined to
no class Of the people indeed, but seems to me
most certainly to threaten the indus
I trial masses. Whether their oc-
equations are of skilled or common
I labor, 10 them, Il seems to me II Is Of prime
( importance that their labor should be COM
I pensated in money which is In itself fixed In
exchahgeable value bybeing irrevocably meas
ured 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 payment. The rich
the speculative, the operative, the money deal
ing classes, may not always feel the mischefs
of, or may find casual profits In a variable cur
rency, but the misfortunes of such currency
TO those who are paid salaries or wages are in
cyltable and remcdlcss.
SILVER RECONSIDERATION.
Closely connected With this general subject
OF the resumption Of specie payments Is one
Of subordinate but still of grave Importance /
mean the TeadjUstment OF our coinage system
by the renewal Ofthe silver dollar as an element
OF our specie currency, endowed by legislation
with the quality Of legal tender 10 a greater
or less extent As there is no doubt Of the
power OF Congress under the constitution to
and as this power covers the whole range of
authority applicable to the metal standard of
value and the legal tender quality which shall
be adopted for the coinage, the considerations
which should induce or discourage particu-
lar measure connected with the coinage be-
long clearly to the province Of legislative dis
erection and Of public eXpediency. Without
ntruding upon this province of legislation in
the least, | have yet thought the subject Of
such critical importance in the actual
condition Of our affairs as to
present an occasion for the exercise of
the duty imposed by the constitution
on the President of recommending to the con-
sideration of Congress such measures as IL
shall judge necessary or cxpedient.
Holding the opinion, as DO that
neither the interests Of the government
nor the people Of the United States would
be promoted by disparaging silver as one. %
the two precious metals which furnish the
coinage Of the world, and that legislation
which looks TO maintaining the volume of
intrinsic money 20 MS full a measure OF
both metals as their relative CONNER
cial values will permit, would be neither
unjust nor ineXpedient, must ask your in
diligence to a brief aud definite statement of
certain essential features in any such legisla-
tive measure which feel it my duty to recon-
mend.
/ do not propose to enter the debate
represented on both sides by such able dis
plitants in Congress and before the people
in the press, as 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 or the positive laws of other
governments. The wisdom of Con-
gress in shaping any particular
law that may be presented for my
approval, may wholly supersede the necessity
OF my entering into this consideration, and |
willingly avoid either vague or intricate in
quiries II is only certain plain and practical
traits Of such legislation that | commend to
your attention. In sny legislation providing for
a silver coinage, regulating its value and
imparting to il the quality OF legal tender,
IL seems to me OF great Importance that
Congress should not lose sight of its ac-
ton as opei ating in a two-fold capacity
aud in two distinct directions. II the United
States government were free from public
debt its legislation dealing with the question
Of silver coinage would Do purely sovereign
and governmental, under no restraints but
those Of constitutional power and the public
good rs affected by the proposed legislation.
But in the actual circumstances OF the nation,
with a vast public debt distributed
very widely among our own citizens and held
in great amounts also abroad, the general
nature Of the silver coinage measure, as af-
fecting the relation of this government
TO the holders of the debt, becomes
in any proposed legislation. Of the highest con-
Germ. The obligation of the public faith
transcends all questions OF profit or
puuiit aNNant@N' OthNi "ioC. 4tS uhHNSc-
tiOnable maintenance is the dictate as
well Of the highest expediency as of the
most necessary duty, and will be carefully
guarded by Congress and the people alike.
Tie public debt OF the United States 10 the
amount of S729OO0O00 bears interest at the
rate of per cent, aud 500, 100000 st the
rate of per cent. and III" only way in
which the country can ne relieved
from the payment of these high rates Of in
terest il by advantageOusly refunding the in
debtedncss. Whether the debt be ultimately
paid in gold or silver il but OF little moment
compared with the possible reduction of the
Interest one-third by refunding il at such re-
duced rate. If the United States had the un
questionable right TO pay its bonds in silver
coin the little benefit from that process would
be greatly oyerbalaneed by the injurious effect
OF such payment IL made or proposed against
The honest convictions of the public creditors.
All the bonds that have been issued since