Year: 1877




right, will surely be attained. What.
ever authority rests with me to this end
| shall not hesitate 20 put forth. What
ever belongs to the power of Congress
and the jurisdiction of the courts of the
Union, they may be confidently relied
upon to provide and perform; and To
the legislatures, the courts, and the ex-
! ccutlve authorities of the several States
earnestly appeal To secure, by adequate.
! appropriate and seasOnable means with
IN their borders, these common and uni
form rights of united people which
loves liberty, abhors oppression, and re-
| yeres Justice. These objects are very
dear To my heart, and | shall most
earnestly strive for their attainment.
The cordial cooperation of all classes.
OF all sections of the country, and of
both races, is required for this purpose,
and with their blessings assured. and
not otherwise, we may safely hone TO
hand down our free institutions of gov
ernment, unimpaired, to the generations
that will follow us.


THE FINANCIAL QUESTION.


Among the subjects of the greatest
and most general Importance to the peo-
pie of this country, / can not be mista-
ken, think, i'm regarding as spre-eminent
the policy and measures which are de-
signed to secure the restoration of the
currency To that normal and healthful
condition in which, by the resumption
OF specie payments our internal trade
and foreign commerce may be brought
into harmony with the system of ex
changes which is based upon the pre-
cious metal as the intrinsic money of
the world. In the public judgment that
this end should be sought and compassed
as speedily and rs securely as the re-
sources of the people and the wisdom of
their legislators can accomplish, there is
much greater degree of unanimity
than is found to concur in the specific
measures which will bring the country
to this desired end or the rapidity of
the steps by which il can be safely
reached


Upon most anxious and deliberate
examination, which | felt it my duty
to give the subject, l am but more CON
tirmed in the opinions which / expressed
in accepting the nomination for the
Presidency, and again, upon my inau-
guration, that the policy of resumption
should be pursued by every suitable
MEANS and that no legislation would be
wise that should disparage the impor-
tance or retard the attainment of that
result. j have no disposition, and GER
tainly no right, To question the sincerity
or integrity of opposing opinions and
would neither conceal or undervalue
the considerable difficulties, and even
occasional distresses, which may attend
the progress of the nation toward this
primary condition of its general and
permanent prosperity. ] must, how
ever, adhere to my most earnest convic-
ton, that any wavering in purpose, or
unsteadiness in method, so far from
avoiding or reducing the inconvenience
inseparable from the transition from an
irTedeemable, to a redeemable, paper
currency, would only tend to increased
and prolonged disturbance in values.
and, unless relieved, must end i'm serious
disorder, dishonor and disaster i'm the
financial affairs of the Government and
of the people.


The mischiefs which apprehend, and
urgently deprecate, are confined to no
class of the people. Indeed, they but
seem to me most certainly TO threaten
the Industrious masses, whether their
occupations are of skilled or common
labor. To them, il seems TO me, il is of
prime importance. that their labor should
be compensated in money which is in
itself fixed in exchangeable value by
being irrevocably measured by the la
Dor necessary to its production. This
permanent equality of the money of the
people is sought for, and can only be
gained by the r, sumption of specie pay
ment. The rich, the speculative, the
operating, the money dealing classes
may not always feel the mischiefs of, or
may find the casual profits in, a valuable
I,.N L., &c
a currency to those who are paid salar-
les or wages, are inevitable and remedi-
less.


THE SILVER DOLLAR.


Closely connected with this general
subject of the resumption of specie pay
ments is one subordinate, but still of
grave Importance. i mean the readiust-
ment of our coinage system by the re-
newal of the silver dollar as an element
of our specie currency, endowed by leg
islation 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, 10 coin
money and fix 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 coinage.
the considerations which should induce
or discourage a particular measure con
nected with the coinage, belong clearly
TO the province Of legislative discretion,
and of public eTpediency.


Without intruding upon this province
Of legislation in the least have thought
the subject of such critical importance.
in the actual condition Of our affairs, "a
to present an occasion for the exercise
Of the duty imposed by the Constitution
on the President of recommending to
the consideration Of Congress such meas
ures az he shall judge necessary and ex-
pedient.


Holding the opinion as 7 do, that
neither the interest Of the Government.
nor Of the people Of the United States.
would be prompted by disparaging silver
as one Of the two precious metals which
furnish the coinage Of the world, and
that legislation which looks 10 maintain
ing 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 inexpe-
dent, / must ask your indulgence to
brief and definite statement of certain
essential features


In any such legislative measures which