Year: 1877

! ment IN exchange for bonds, was the goIC
| dollar. To require the public creditors Il


take IN repayment any dollar of less com
I mercIal value would be regarded by then
as repudiatiOn'Of thefull obligation assumed
The bonds issued prior to 1873, were issued
at time when the gold dollar was the only
coin IN circulation, or contemplated by either
! the government or the holders of the bonds


as the coin which they were to be paid in
| 1t is far better to pay these bonds in that
coin than to seem to take advantage of the
| unforeseen fall of silver bullion in a new
| issue OF silver coin that made il so much less
valuable. The power of the United States to
| coin money and to regulate the yalue thereof
! ought never to be exercised for the purpose
| OF enabling the government to paw its obi.
! cations In a coin of less value than that con.
templated by the parties when the bonds
! were issued. Any attempt to psv the na-
tlona! Indebtedness in coinage of less COM
/ merclal value than the money of the world
would involve a violation of the public faith
! ana work lrreparable injury to the public
| credit. 1t was the great merit of the act of
March, 1858, in strengthening public credit,
that 1t removed all doubt as to the purpose
| OF the United States to pay their bonded
debt in coin. That act was accepted as a
pledge of public faith. The government has
derived great benefit from it in the progress
thus far made in refunding the public debt
| at low rate of interest, adherence to the wise
and Just policy of an exact Observance of
L
rapidly to reduce the burden of interest on
the national debt to an amount exceeding
$ZO,OOU,OOO per annum, and enact an aggre.
gate saving to the United States of more
than S:OO,0OO,OO0 before the bonds can be
IuIly paid. In adapting the new silver coin.
age to the ordinary uses of currency in the
everyday transaction of life and preserving
the quality of the legal tender to be ASSIGNED
to 1t, consideration of the first importance
should be so to adjust the ratio between the
SILVER and gold coinage, which now eonsti-
tutes onr specie currency as TO accomplish
the desired end of maintaining the circuIa-
ton OF the two metallic currencies,and keen
ing up the volume of the two Drecious
metals as our intransic money. 1t is a mixed
question for scientific reasoning and histo>
rlcal experience to determine how far and
by what methods a practicable eQuiliurium
can be maintained which will Keen both
metals in circulation in their appropriate
spheres Of common use. An absolute
equality OF commercial value, free from dis
turbIng fluctuations, is hardly attainable
and without it an unlimited legal tender for
private transactions assigned to both metals
would tend TO drive out of circulation the
dearest coinage, and disappoint the prinei-
pal object proposed by the legislation in
view, l apprehend, therefore, that
the condltlOns OF near approach
TO equality OF commercial value
between the geld and silver coinage of the
same denomination and of a limitation of
amounts for which the silver coinage is to
be legal tender, are essential to maintain
ing both in circulation. If these conditions
can be successfully observed the issue from
the mint of silver dollars would afford mate
rial assistance to the community in the
transition to the redeemable paper money!
and would facilitate the resumption of specie
payment and its permanent establishments
without these conditions 1 fear that only
mischief and misfortune would follow from
a coinage of silver dollars with the creation
or unlimited legal tender. Even in private
transactions any expectation of temporary
ease from an issue of silver coinage to pass as
a legal tender at rate materially above its
commercial value is, / am persuaded, a deIu-
sion, nor can ! think that there is anv sub
stantial distinction between an original issue
OF silver dollars at q nominal value materially
above their commercial value, and the resto-
ration of the silver dollar at a rate which
once was, but has ceased to be, its commercial
value. Certainly the issue of our gold coin>
age at a reduced weight materially below its
legal tender value would be any the less a
debasement Of the coinage by reason of its
eqUalling 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 recommending
that the regulation OF any silver coinage
which may be authorized by congress should
observe these conditions of commercial value
and limited legal tender. / am governed by
~ACACNllAlE LAAot OfCA y pOSolDlS luCECdSC BlOulu
be given to the volume of metallic money
which can be kept in circulation, and thereby
every possible aid afforded to the people in
the process of resuming specie payments 1t
is because of my conviction that q disregard
OF these conditions would Illustrate the good
results which are desired from the proposed
coinage, and embarrass with new elements
OF confusion and uncertainty the business of
the country, that urge upon you attention
to these considerations.


respectfully recommend to congress that
IN any legislation providing for a silver coin
age and imparting 20 it the quality of legal
tender, there be impressed on the measure a
firm provision e1empting the public debt
therefore, issued and now outstanding from
the payment either of principal or interest in
any coinage of less value than the present
gold coinage of the country.


The organization of the civil service of the
country has for number of years attracted
more and more of public attention. So gen.
eral has become the opinion that the method
of admission to it and the conditions of
remaining in it are unsOund, that both the
great political parties have agreed in a most
explicit declaration of the necessity of reform
and in the most emphatic demands for it. |
have fully considered the declarations and
demands to be the expressions of the sincere
conviction of the intelligent masses of the
people upon the subject, and that they
should be recognized and followed by earnest





lative and executive departments of the
government, in pursuance of the purpose
indicated. Before my accession to Office, l
endeavored to have my views distinctly
understood, and upon my Inauguration, my
accord with the public opinion was stated in
terms believed to be plain and uBambiguOus.
Ny experience IN the executive duties has
strongly confirmed my belief in the great
advantage the country would find in observ-
ing strictly the plan of the constitution which





and responsibility of the selection of those
Federal officers who, by law. are appointed,
not elected. In like manner was assigned to
the senate the complete right to advise and
consent to, or to reject, the nominations so
made Whilst the house of representatives
stands as the public censor of the performance
of official duties, with the prerog ttive of
! investigation, and providing in ali cases of
/ derelictiOnS, the blemisheS and imperfections
| in the civil service may. as think, be traced
/ in most cases to practical confusion of the
/ duties assigned TO the several departments of
/ the government. Ny purpose in this respect
has been to return to the system established
/ by the fundamental law, and to do this with
! the heartieSt cooperation and most cordial
understanding with the senate and house OF
representatives. The practical difficulties in
! the selection of the numerous sfficers for the
! posts of wfdely-varYing responsibilities and
! duties are acknowledged to be very great.
| No system can be expected to secure abso-
lutte freedom from mistakes, and the
beginning of an attempted change of custom
is quite likely TO be more embarrassed in this
| respect than at any subsequent period. 1t is
here that the constitution gives to US the
most positive proof of its claims to the great


wisdom accorded to it. It gives to the


executive the assistance OF the knowledge


and experience of the senate, which, when


acting upon nominations, as To which they


NAV be disinterested and impartial Judges,


secures as strong guarantee from freedom


of errors of imp Drtance, as is possible in


human affairs. In addition to this, / recog.
nize the public advantage of making all


nominations, as nearly as possible, personal


in the sense of being free from mere caprice
. or favor in these directions and 90 those