Year: 1877

No unprejudiced mind will deny tha
the terrible and often fatal collision
which for several years have been @
frequent occurrence, and have agitate
and alarmed the public mind, have al
most entirely ceased, and that spiri
of mutual forbearance and hearty ma
tiona! interest has succeeded. Their
has been a general re-es-tablishment O
order, and of the orderly, administra
ing 1awlessness have become o
of justice; instances tion of remain
of rare occurrence; political turmoil AM
turbulence have disappeared useful in
dustries have been resumed; publ
credit in the Southern States has bee1
greatly strengthened, and the encourag
ing benefits Of revival of commerce be
tween the sections of the country latel.
embroiled in civil war are fully enjoyed
Such are some of the results already at
tanned, upon which the country is to b
congratulated.


They are of such importance that W
may with confidence patiently await tn
desired consummation that will surely
come with natural progress of events
1t may not be improper here to say tina
it should be our fixed and unalterabl'
determination to protect, by all availa
| Die and proper means under the cOnstl
tuition and the laws, the lately emanci
pated race in the enjoyment of theil
rights and privileges. and I urge upor
those to whom heretofore the coloreG
people have sustained the relation O
bondmen the wisdom and justice of hui
name and liberal local legislation with
respect to their education and genera
welfare


| A firm adherence to the laws. both
national and State, as to the civil and
political rights of the colored people
now advanced to full and equal citi
zenshIp, the immediate repression and
sure punishment by the national anG
local authorities within their respective
Jurisdictions of every instace of lawless
ness and violence toward them, is re-
quired for the security alike of both ra-
ces, and is justly demanded by the pub
lie opinion of the country and the age
In this way the restoration of harmony
and good will and the complete protec-
ton of every citizen In the full enjoy
ment OF every constitutional right will
surely be attained.


Whatever authority rests with me to
this end | shall not hesitate to put forth.
Whatever belongs to the power of Con-
gress ard the jurisdiction of the courts
OF the Union, they may confidently he
relied upon to provide and perform, and
to the Legislatures, the courts and the
executive authorities of the several
States. 1 earnestly appeal to secure by
adequate, appropriate and seasonabls
means, within their borders, these com
mon and uniform rights of a united
In HI 81,
preston and reveres justice. These OBJ
]ects are very dear to my heart. / shall
continue most earnestly to strive fol
ration of all classes of all sections of the
country and of both races is required fol
this purpose, and with these blessings
safely hope to hand down our free in
stitutions of government unimbared to
the generations that will succeed US.
SPECIE PAYMENTS.


Among the other subjects of great ard
general Importance to the people of this
country I cannot be mistaken, think
in regarding as preeminent the policy
and measures which are designed to Sc.
cure the restoration of tie currency to
that normal and healthful condition in
which, by the resumption of specie
payments, our internal trade and for.
eign commerce may bersbought into har-
mony with the system of exchanges
which is based upon the precious metals
as the intrinsic money of the world.
In the public indement that this end
should be sought and compassed as spec
Oily and securely as the resources of the
people and the wisdom of the govern
ment 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 de-
sired end or the rapidity Of the steps by
which it can be safely reached. Upon
a most anxious and deliberate examina
ton which I have felt it my duty to
give to the subject, am but the more
confirmed in the opinion which I ex-
pressed in accepting the nomination for
the presidency, and again upon my in
auguratiOn. that the policy of resump.
tion should be pursued by every suitable
means, and that no legislation would be
wise that should discharge the impor.
tance or retard the attainment of that
result.


I have no disposition and certainly nc
right to question the sincerity or the in
telligence of opposing opinions, and
would neither CONCEAL nor undervslue
the considerable difficulties and even oc-
casional distresses which may attend
the progress of the nation towards this
primary condition to its general and
permanent prosperity. must, however
adhere to my most earnest conviction
that any wavering In purpose or unstea-
diness in methods, so far from avoiding
or reducing the Inconvenience insepara-
BILE from the transaction from an ire
deemable to redeemable paper curren-
cy, would only tend to increased and
prolonged disturbance in values, and
unless retired must end in serious disor-
der. dishonor and disaster in the finan-
cial affairs of the government and ol
the people.


The mischiefs which apprehend and
urgently deprecate are confined to nc
class of people indeed, but seem to me
most certainly to threaten the industri-
Gus Masses, whether their occupations
are of skilled or common labor. Te
them it seems to me it is of prime i'm
portance that their labor should be com-
pensated in money which is itself fixed
in exchangable value by being irrevoca-
bly, measured by the labor necessary tc
its production. This permanent quality
of the money Of the people Is sought fol
and can only be gained by the resump-
ton of specie payments. The rich, the
speculative, the operating. the money
dealing classes may not always feel the
mischiefs of. or may find casual prof Is
in variable currency, but ths Misfor
tune ofsuch a currency to those who
are paid salaries or wages are inevitable
and remediless.


THE SILVER QUESTION.


Closely connected with his genera
subject of the resumption Of specie pay
rnents is one of subordinate, but still o
grave Importance. Imean the readjust
ment of our coinage system by the re
newal of the silver dollar as an elemen
in our specie currency, endowed by leg
islatl9n with the quality Of legal tende
to q greater Or less extent. As there j
no doubt Of the power OF Congress, un
der the constitution, "to coin money an,
regulate the value thereof and as thi
power covers the whole range of author
ity applicable to the metal, the rate
vaipe, and tbs. legal tender quality
which shall be adopted for the coinage
the considerations which should Undue
or discourage particular measure con
nected with the coinage belong clearl,
to the province of legislative discretion