Year: 1877




er degree of unimity than is found to concur
in the specific measurures which will bring
the country to the desired end, or the rapid
ty of the steps by which it can be safely
reached. Upon most anxious and deliber-
ate examination, which l have felt it my du'
ty to give to the subject, I am but the more
confirmed in the opinion which | expressed
in accepting the nomination for the Preslden-
cy, and again upon my Inauguration, that
the policy of resumption should be pursued
by every suitable means, and that no leglsla-
tion would be wise that should disparage the
Importance or retard the attainment of that
result. 1 have no disposition, and certainly
no right, to question the sincerity of the IN,
tellgence of opposing opinions, and would
neither conceal nor undervalue the consider
able difficulties and even occasional dlstresses
which may attend the progress of the nation
toward this primary condition to its general
and permanent prosperity. I must, however,
adhere to my earnest conviction that any
wavering in purpose or unsteadiness in meth
DDS, 70 far from avoiding or reducing the
inconvenience inseparable from the transl'
ton from an irredeemable to redeemable
paper currency, would only tend to increas-
ed and prolonged disturbance in values and,
unless retrieved, must end in serious disorder,
disonor and disaster in the financial affairs OF
the government and of the people. The mis-
chiefs which apprebend, and urgently dep
recate, are confined to no class of the people,
indeed but seem to me most certainly to
threaten the industrious masses, whether
their occupations are of skilled or common
labor. To them, it seems to me, tits OF prime
importance that their labor should be COM
pensated in money which is itself feed in &c.
changeable value BY being srrerocably measured
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 payments. The rlch'
the speculative. the operating and the money
dealing classes may not always feel the mis-
chief Of, or may find casual profits in, va.
riable currency but the misfortune of such
a currency to those who are paid salaries or
wages are inevitable and remediless.


THE RECONCILIATION OF SILVER.


Closely connected with this general sub
iect of the resumption Of specie payments, is
one of subordinate, but still of grave, impor-
lance 1 mean the readjustment of our coin
age system by the renewal of the silver dollar
as an element of our specie currency, endorsed
by legislation with the quality of legal-ten-
der to greater or less extent. AS there is
no doubt of the power Of Congress, under
the Constitution, "to coin money and regu-
late the value thereof" and as this power
covers the whole range of fauthority applica-
BILE to the metal, the rated value and the le-
gal-tender quality which shall be adopted for
the coinage, the considerations which should
induce, or discourage. particular measure
connected with the coinage belong clearly to
the province of legislative discretion and of
public expediency. Without intruding upon
this province of legislation in the least. have
yet thought the subject of such critical impor'
tance, 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 considera-
ton of Congress "such measures as he shall
Judge necessary and expedient."


Holding the opinion, as do, that neither
the interests of the Government, nor of the
people of the United States, would be pro-
NOTED by disparagng silver, as one of the
two precious metals which furnish the coin
age 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 commercial values will per.
NIT, would be neither unjust nor mex pedent,
l must ask your indulgence to a briefand def
mite statement of certain essential features in
any such legislative measure, which feel it
my duty to recommend. do not propose
to enter the debate represented on both sides
by such able disputants in Congress and be-
fore the people, and 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 uuwritten laws of
trade, or the positive laws of other govern
ments. The wisdom of Congress in shaping
any particular law that may he presented for
my approval, may wholly supersede the ne.
cessity of my entering into these considera-
tions, and l willingly avoid either vague or
intricate inquiries. 1t is only certain plain
and practical traits of such legislation that I
desired to recommend to your attention.


In any legislation providing for silver
coinage, regulating its value and imparting to
it the quality of flegal-tender, it seems to me of
great Importance that Congress should not
lose sight of its action as operating in a two
fold capacity and in two distinct directions.
If the United States government were free
from public debt, its legislation dealing with
the question of silver coinage would be purely
sovereign and governmental, under DO re-
straints but those of constitutional power and
the public good, as affected by the proposed
legislation. But in the actual circumstances
of the nation, with vast public debt distrib-
uted very widely among our own citizens, and
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 element, in any
proposed legislation, of the highest concern.
The obligation of the public faith transcends
all questions Of profit or public advantage
otherwise. Its unquestionable maintenance is
the dictate as we'll of the highest expediency
as of the most necessary duty, and will ever
be carefully guarded by Congress and the peo'
pie alike.


The public debt of the United States, to the
amount of 100000, bears interest at the
rate of per cent, and S70S,0O0,O00 at the
rate of per cent, and the only way in which
the country can be relieved from the payment
of these high rates of interest, is by advanta-
geously refundng the indebtedness. Whether
the debt is ultimately paid in gold and silver
coin is of but little moment, compared with
the possible reduction Of interest one.third, by
refunding it at such reduced rates. If the
United States had the unquestioned right to
paw its bonds in silver coin, the little benefit
from that process would be greatly overbal-
anced by the injurious effect of such payment
If made, as proposed against the honest con-