Year: 1877

perform. And to the legislatures
the courts and the executive authori
ties of the several States, / carnestl,
appeal to secure by adequate, appro
pirate and seasonable means within
their borders those common and uni
form rights of united people which
loves liberty, abhors oppression and
reveres justice. These objects arr
very dear to my heart and | shall
continue most earnestly TO strive fol
their attainment. The cordial CO
operation ofall classes and Of all sec
tions of the country, and Of bott
races is required for this purpose, ant
with these blessings assured, and MOI
otherwise, we may safely hope te
hand down our free institutions o
government unimpaired to the gen
erations that will succeed us.


SPECIE RESUMPTION.


Among the other subjects of grea
and general Importance TO the people
OF this country, cannot be mistaken
| think, in regarding aspre-eminen1
the policy and measures which ar,
designed to secure the restoration o
the currency to the normal and
healthful condition in which by thu
resumption of specie payments, oul
internal trade and foreign commerce
may be brought into harmony with
the system of exchanges, which il
based upon the precious metals a.
the intrinsic money of the world. In
the public judgment this end should
be sought and compassed as speedily
as the resources of the people anG
the wisdom of their Government Car
accomplish. There is much greater
degree of unanimity than is otter
found to concur in the specific
measures which will bring the coun
try to this desired end or the rapid
ty of the steps by which it can be
safely reached. Upon a most anx
ious and deliberate examination, which
| have felt it my duty TO give to the
subject, | an bot the more confirmed
in the opinion which | expressed in
accepting the nomination for the
Presidency, and again upon my in.
augaration. that the policy ofresump
tion should be pursued by every
suitable means, and that no legisla
tion would be wise that should dis
parage the Importance or retard the
attainment of that result. ] have nc
disposition, and certainly no right
to question the sincerity or the in
telligence of opposing opinions, and
would neither conceal nor under.
value the considerable difficulties and
even occasional depression which may
attend the progress of the nation to-
wards this primary condition and tc
its general and permanent pros
perity. | must, however, adhere to
my most earnest convictions that any
wavering in purpose or in steadiness
in methods, so far from avoiding OF
reducing the Inconvenience INSOFAR.
able from the transition from al
irredeemable to a redeemabie paper
currency would only tend to increas-
ed and prolonged disturbance in
values, and unless retrieved mustend
in serious Observation-Disclosures and
disaster in the financial affairs of the
Government and of the people. The
mischief which | apprehend and ur-
gently deprc cate are confined to nc
class of the people indeed, but seem
to me most certainly to threaten the
industrial masses, whether their oc
eupatious are of skilled or common
labor. To that, it seems to me, it is
Of prime importance that their labor
should be consolidated. Money is
itself fixed in exchangable value by
being irrevocably measured by the
labor necessary to its production
This apportionment of the quality ol
the money of the people is sought
for, and can only be gained by the
resumption of specie payments. The
rich, the spectators, the operating
the money dealing classes may moi
always feel the mischiefs, or may fiod
casual profits IN a variable currency
but the misfortunes of such a cur.
rency to those who are paid sal
aries or wages are incalculable.


COINAGE READJUsTMENT.


Closely connected with this general
subject Of the resumption of specie
payments is one of subordinate, bu,
still of grave Importance. / mean
the Ie-adiustment Of our coinage
system by the renewal of the silver
dollar as an element in our specie
currency, endowed by legislation
with the quality of legal tender, to s
greater or less extent. As there is nc
doubt of the power Of Congress un,
der the Constitution to coin money
and regulate 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 of which
should induce or discourage partic
ular measure connected with the
coinage, belong clearly 10 the pro-
vince of legislative discretion and Of
public expediency. Without intrad.
ing 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 exer-
cise of the duty imposed by the
Constitution on the President, OF
recommending to the consideration o'
Congress such measures as they may
judge necessary and expedient. Hold
ing the opinion, as do, that neith er
the intereGts OF the Government nor
toe people of the United States
would he promoted by disparaging
silver as one Of the two precious met
ais which furnish the coinage Of the
world, and that legislation which
looks to maintaining the volume Of
intrinsic money to as full measure
of both metals as their relative com.
inercial values will permit, would be
neither unjust or inexpedieut, must
ask your indulgence to q brief and
definite statement of certsipe ssen.
tial features. in any such Iegisla