Year: 1877

ly Indicated In my lnaugerai address. |
1t pointed TO the time which all our
people desire 90 see when q genuine
love of our whole country and OF all
that concerns its true welfare shall |
supplant the destructive forces of mu-
tual animosity of races and of section |
al hostility. Opinions have, differed
widely as to the measures best calcu-
lated to secure this great end. This
was to be expected. The measures
adopted by the administration have
been subjected to severe and varied
criticisms.
THE PRESIDENTS FINANCIAL VIEWS.


Among the other subjects of great
and general Importance TO the people
Of this country, cannot be mistaken.
I think, in regarding as pre-eminent
the policy and measures which are
designed to secure the restoration of
the currency to that normal and
healthy condition in which, by the
resumption of specie payments, our
internal trade and foreign commerce
may be brought into harmony with
the system of exchanges which is bas
ed upon the precious metals as the in
trinsic money of the world. in the pub
lie judgment. That this end should be
sought and compassed as speedily and
securely as tie resources of the people
and the wisdom Of their government
can accomplish it, there is a much
greater degree of unanimity than is
found to concur in the specific meas
ures which will bring the country to
this desired end, or the rapidity of the
steps by which it can be safely reach
ed. Upon a most anxious and delib-
crate examination which have felt it
my duty to give to the subject, / am
but the more confirmed in the opin-
ion which / expressed in accepting
the nomination for presidency, and
again upon my Inauguration, that
the policy of resumption should be
pursued by every suitable means. and
that no legislation would be wise that
should disparage the importance or
retard the attainment of that result. /
have no disposition and certainly no
right to question the sincerity or in
tegrity of opposing opinions and would
never conceal nor under-value the
considerable difficulties and even oc-
casional distresses which may attend
the progress OF the nation toward this
primary condition to its general and
permanent prosperity. | must. how
ever adhere to my most earnest con-
viction that any wavering in purpose.
or unsteadiness in methods, so far
from avoiding or reducing the incon-
venience inseparabie' from the
transition from an irredeemable
to a redeemable paper currency,
would only tend to increased
ans~ s~prolonged disturbance in values,
which unless relieved, must end in SER
ious disorder, dishonor and disasterin
the financial affairs of the government
and of the people. The mischiefs
which 1 apprehend and earnestly de-
precate are confined to no class of peo-
pie, but seem to me most cer-
tainly to threaten the industrious
masses, whether their occupations are
of skilled or common labor. To them,
1t seems to me, it is of prime impor-
tance that their labor should be COM
pensated in money which Is in itself
fixed in exchangeable value by being
irrevocably measured by the labor
necessary to its production. This per-
manentquality of all the money of the
people is sought for and can only be
gained by the resumption of specie
payment. The rich the speculative.
the operating, the money dealing
classes may not always feel the mis-
chief of, or may find casual profits ia
a variable currency, but the misfor-
tunes ofsuch a currency to those who
are paid salaries or wages are inevita-
BILE and remediless.


READJUSTMENT OF THE COINAGE.
J. Closely connected with this gener-
al subject of the resumption of specie
payments is one of subordinate, but
still of grave importance. Imean the
readjustmentOf of ou- coinage by renew
al of the silver dollar as an element in
our specie currency. endowed by leg
islation with the quality of legal ten
der TO a greater or less extent. AS
there is no doubt of the power of con-
gress, under 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 consideration
which should induce or discourage q
particular measure connected with the
coinage belongs clearly to the province
Of legislative discretion and of public
expediency, Without intruding upon
this province of legislation in the
least, 1 have yet thought the subject
of such critical importance in the ac-
tuai condition of our affairs as to pre-
sent an occasion for the exercise of
the duty imposed on the president
recommending to the consideration of
congress such measures as he shall
judge necessary and expedient. Hold
ing the opinion, as do, that neither
the interest of the government nor of
the people of the United States would
be promoted by disparaging silver as
one of the two precious metals which
furnish the coinage of the world, and
that legislation which looks to main
tanning the volume of intrinsic mon
ey to as full measure of both metals
| as their relative commercial values