The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1877-12-06


such legislative measures which ieel it my 4
duty 10 recommend ! do not propose 20 en- /
ter the debate, represented on both sides BY /
such able disputants in Congress and 4
before the people and IN the press, as ]
70 the extent TO wLichthe legislation of any [
one nation can control this question, even /
within its own borders, against the unwrit- /
ten laws Of trade or the positive laws of other /
Governments. The wisdom OF Congress in I
shaping any particular law that may be pre- |
serted for my approval, may wholly super |
considerations. and l, Willingly avoid other |
vague or intricate inquiries. ~ Is only GER |
tain. plain, and practical traits of such legis-
latiOn thai desire. so recommend 70 Sour at, l
tention. In any legislation providing for a
silver coin2sge, reSulatisg ~ y2lue, and i'm !
greSs should not lose sight OF its action as
operating I'm a twofold capacity and in two
distinct directions If the United states
Government were free from 2 public
debt. its legislative dealing with the
question 81 silver coinage wOnld be purely
sovereign aud governmental, under no re-
straints but those Of constitutional power
and the public good as affected by the pro
posed legislation, but In the actual circum-
stances OF the Nation, with vast public debt
distributed very widely among our own eltl-
Zcus, end held IN great amounts also abroad,
the nature Of the silver coinage measure as
Affecting this relation of the Government TO
the holders Of the public debt, becomes an
eienient in any proposed legislation OF the
highest concern. The obligation of the pub
lie faith transeends all questions OF profit or
public advantage otherwise, and its question:
able maintenance viii ever be carefully
guarded by Congress and people alike. 1t
can not even add 10 our people, sense OF this
obligation TO know, rs they do, that such
maintenance is the dictate as well of the high
est oNpediency as Of the most necessary duty.
THE rUBIIc DEBT OF THE UNITED STATES
to the amount of S729 coo. O91 bears interest at
the rate OF per cent; SOS, 600, Cat The rate
Z of per cent; and the only way in which the
eonntry can be relieved from the payment of
these high rates of interest, is by advantage
ou-iv rcfundfng the Indebtedness. Whether
the debt is ultimately paid in gold orin silver
coin is Of but little moment compared with
the possible reduction Of interest one-t third
lay refundingit N such reduced rates III the
United states had the unquesuonable rBht
TO pay its bonds I'm silver coin, the little bene-
, M from that process would be greatly over
balanced by the injurious effect of such
payment if made or proposed against
the honest convictions of the public credit
ors. AL the bonds that nave been issued
since February y, 1913, WHEN gold became
the only unlimited leSal-tender metalllc cur
rency Of the country, are Justly payable in
gold coin or in coin OF equal value. During
thctime OF these issues the only dollar that
Z could be or was received by the Government
in exchange for bonds was the gold dollar.
To take in repayment any dollarot less com
mercial value would be regarded by them as
q reputation of the fuu obligation Assam
ing that the bonds Issued prior to 1873 were
issued at time when the gold dollar was
: the only coin, in circulation or contemplated
OF the bonds the coin with which
they were to be paid, it is far better
TO pay these bonds in that coin than to seek
TO take advantage OF the unforeseen fall
{ of silver bullion by new issue of silver coin
I so much less valuable. The power of the
F.. United States TO coin money and regulate
z the value thereof ought never 20 be exercised
I for the purpose of enabling the Government
Z to pay its obligation in a coin of less value
than that contemplated by the parties when
the bonds were issued. Any attempt TO pay
7 I've Indebtedness
1 less commercial value than the money OF the
world would involve "A 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 il removed Ill doubt as TO
the purpose of the United states TO pay their
bonded debt in coin: That act was accepted
Z as a pledge of pubicfaith, The Government
has derived great benefit from itln the prog
lcss thus far made in rounding the public
( debt at low rates OF interest, and adherence
I to a wise and Just policy of an exact observ-
ance OF the public faith, VIII enable the Gov
. eminent TO rapidly reduce the burden OF in
tcrest on the National debt to an amount not
[ exceeding S20,mOGO0 per annum, and erect
an aggregate saving to the United states OF
. more than SOC 900, 600 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 quality Ut legal tender to be
assigned it. a consideration of the first i'm
pOrtance should be to so adjust the ratio be-
tween the silver and the gold coinage, which
IT ~
complish the desired end of maintaining the
circulation of the two metallic currencies
and keeping up the volume OF the two pre-
ciOuS metals our intrinsic money IL is a
mixed question for scientific reasoning and
historical experience, to determine how or
/ by what methods u practicable equilibrium
/ can be maintained which viii keep both met
ais in circulation in their appropriate spheres
of common use. An absolute equality of
commercial value, free from disturbing fiuc-
( tuations Is hardly attaiuable, and without il
ffIs dor.
notions assigned to both metals would tend to
drive out of circulation Che dearest coinage,
and disappoint the principal object proposed
/ by the LEGISLATION in view. 1 apprehcnd,
therefore that the two conditions of
near approach to equality Ofcommercial val
ne between the gold and silver coinage OF the
same denomination, and OF limitation of
+ amounts tor which the silver coinage Is to be
[ n legal tender, are essential to maintaining
1 both in circulation. If these conditions can
/ be successfully observed, the issue from the
+ mint of silver dollars would afford material
I assistance to the community in transition to
| redcemaDlc paper money, and would facilt-'
tate the resumption of specie payment and
/ its permanent establishment. without these
conditions, | fear that only mischief and mis-
fortune would follow from coinage of silver
dollars with the quality OF unlimited legal
tender. Even in private transactions any
/ expectation of temporary ease from an issue
4 of silver coinage to pass as legal tender at a
rate materially above its commercial value
/ is am persuaded, delusion. Nor can /
/ think there is any substantial distinction be-
( tween an original issue of sill
yer dollars ut a nominal value materially
. above their commercial value and the res
torafion of the silver dollar Mt q rate which
] once was. but has ceased to be, its CONNER
cial value, Certainly the issue of a gold coin
/ age,rcduced in weight materially below its lie
/ gal tender value, would not be any the less a
1 present debasement of the coinage by reason
/ of its equality, or even exceeding in weight a
| good coinage which at some past time had
/ been commercially equal to the legal tender
value assigned to the new issue. In recon-
mending that the regulation of any silver
coinage which may be authorized by Con-
/ gress should observe these conditions of
] commercial value and limited legal tender l
am governed by the feeling that every
possible increase should be given to the
volume of metallic money which can be
! kept in circulation, and thereby every posi-
bic aid afforded to the people in the process
{ of securing specie payments. 1t is because of
! my conviction that a discharge of those con-
I ditions would Illustrate the good results
] which are desired from the proposed coinage
{ and cmbarr;lSS with new elements of confu-
sion aud uncertainty the business of the
! country that urge upon Your attention these
] considerations. 1 respectfully recommend
+ to Congress that in any legislation providing
/ for silver coinage and imparting to it the
quality of legal tender, there be impressed
I OF the measure a firm provision eNemptirg
public debts heretofore issued and now out
standing from payment either OF principal or
/ interest in any coinage of less value than the
present gold coinage ofthe country.
CIVIL SERVICE.
The organization of the Civil Service of the
country has for a number of Years attracted
more and more of public attention. So gen
I eral has become the opinion that the methods
of admission to IL and the conditions of re-
| manning in il are unsound that both the great
! political parties have agreed in most explicit
declarations of the necessity of reform, and
\ in the most emphatic demands for il. ] have
/ fully considered the declarations and de-
Z mands to be expressions of the sincere con-
/ viction of the intelligent masses of the peo-
[ pie upon the subject, and that they should be
recognized and followed by earnest and
prompt action on the part of the legislative
! and executive departments of the Govern
ment in pursuance OF the purpose indicated.
Before my accession to Office endeavored to
/ have my own views distinctly understood,
/ aud upon my inauguration, my accord with
lTthepublic opinion was stated in terms be-
lieVed to be plain and unambiguous My eN-
perience in the executive duties has strongly
confirmed my belief in the great advantages
the country would fird in observing strictly
the plan of the Constitution, which imposes
upon the Executive the whole duty and
responsibility of the selection of those Fede-
raj officers who by law are appointed, not
elected, and which, i'm like manner, assigns
to the senate the complete right to advise
and consent 10 or reject the nominations so
4 made; whilst the House of Representatives