Year: 1877

|
races is required for this purpose, and
with these blessings assured, and not
Otherwise, we may safely hope to hand
down our full institutions of govern


ment unimpaired, to the generations
that will succeed US.


THE CURRENCY.


Among the other subjects of great


Importance to the people of this coun-


try, l cannot be mistaken / think in re-


garding as pre-eminent, the policy and


measures which are designed to secure


the restoration of the currency to that


normal and healthful 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 based


upon the precious metals as the intrin-


sic money of the world.


In the public judgment that this end


should be sought and compassed as


speedily and as securely as the resources


OF the people and the wisdom of their
government can accomplish, there is a


much greater degree of unanmity 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 reached.
! Upon most anxious and deliberate


examination which l have felt it NV


duty to give to the subject, | am but


the more confirmed in the opinion which


L expressed in accepting the nomina-


ton for the presidency, and again upon


my Inauguration, that the policy of re-
sumption should be pursused 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, no right to
question the sincerity or intelligence OF
opposing opinions, and would neither


conceal nor undervalue the considerable
, difficulties and even occasional dis
, tresses which may attend the progress
of the nation towards this primary con-
! dition to its general and permanent
prosperity.


l must, however, adhere to my most
earnest conviction, that any waverine
in purpose or steadiness in methods, sc
/ far from


AVOIDING OR REDUCING


the Inconvenience inseparable from the
transition from an irredeemable to a
|


tend to increased and prolonged dis


turbance in values, and unless retrieved
must end in serious disorder, dishonol
and disaster in the financial affairs OF
the government and the people.
The mischief which apprehend and
! urgently deprecate is confined to nc
class of the people indeed, but seems to
me most certainly to threaten the in,


AnStrinnS whnfhar thnir


patiOns are of skilled or common labor
e To them, it seems to me, it is Of
/ prime importance that their labor
b, should be compensated in money, which
/ is itself fixed in exchangeable value by
S being irrevocabIy measured by the la
h Dor necessary to its production.
f This permanent quality of the money
: of the people is sought foI and can only


he gained by the resumption of specie
q payments.


: The rich, the speculative, the Operat-
e ing, the money dealing classes, may no
4 always feel the mischiefs of, or may
!. find casual profits in variable currency
!. but the misfortunes of such a currency
= to those who are paid salaries or wages


are inevitable and remediless.
: Closely connected with this genera
: subject of the resumption of specie pay
: ments, is one of subordinate but still o
e grave Importance.


v ] mean the readjustment of our coin
: age system by the renewal of the silve
e dollar as an element in our specie cur
+. rency endowed by legislation with th'
d quality of legal tender to a greater o


less extent.


AS there is no doubt of the power o


Congress, under the constitution, t,
coin money and regulate the value
3 thereof, and as this power covers tn
whole range of authority applicable t.
Z Z the metal,


! THE RATED VALUE
|. and the legal tender quality which shal
l. be adopted for the coinage, the cOnsid
l. erations which should induce or dis


courage particular measure cOnnecte'
rs with the coinage belong clearly to tn
: province of legislative discussion ant
j. of public expediency.


n Without intruding upon the prOVinc,


of legislation in the least, have We
IS thought the subject of such critical i'm
e pOrtance in the actual condition O
If affairs as to present an occasion for tn
l. exercise of the duty imposed by tn
e constitution on the President of recon-
e mending to the consideration of Con
h gress sEsrch measures as he shall judg


necessary and expedient,o holding til
'e opinion as / do, that neither the inter
e ests of the government nor of the peo
" pie of the United States would be pro
Of NOTED by disparaging silver as one @


the two precious metals which furnls
" the coinage of the world, and that legis
r lation which looks to maintaining th
II volume of intrinsic money to as full
le measure of bath metals as their relativ
" commercial values will permit wOul
of be neither unjust nor inexpedient, | as
re your indulgence to brief and definit
l. statement of certain essential feature
~ of many such legislative measure, whlc
of 1 feel it my duty to recommend.
h do not propose to enter the debat
al represented on both sides by such abl


disputants in Congress, and before tn


people and in the press, as to the e1


tent to which the legislation of any on


nation can control this question eve
iT ,I within it's own borders against the ur
III written laws of trade and the positiv


laws of other governments. The wis
n5 lI dom of Congress in shaping any pal
a. ticular law that may be presented
g FOR MY APPROVAL,
e. may wholly supersede the necessity I
th nv entering into these consideration
ne and / willingly avoid either vague {
ne intricate Inquiries. 1t is only certai


plain practical traits of such legislatio
r. that desire to recommend to your a
te tentiOn.


I'll In any legislation providing for
bit silver coinage, regulating its value an
a. ,n,nartiuo IN If fine nualitV of legal tel