Year: 1877

mon uniform rights OF a united people
who love liberty, abhor lawlessness and
revere justice. These objects are very
dear to my heart. | shall continue
most earnestly to secure for their attain
ment, the cordial cooperation of all
classes, of all sections of the country
and of both races as required for this
and with these blessings as
sured and not otherwise, we may safely
hope to hand down our free institution
of government, unimpaired to the gem
erations that will succeed us.


THE CURRENCY QUESTION.


Among the other subjects of great
and general importance to the people
of this country, cannot be mistaken, |
think, in regarding 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 re-
sumption of specie payments, our in
ternal trade and foreign commerce may
be brought into harmony with the sys-
tenn 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 accomplished 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 unanimity than is found to
occur in the specific measures which
will bring the country to this desired
end or the rapidity of the steps by
which it can be safely reached. Upon
a most anxious aud deliberate exami-
nation which | have felt it my duty to
give to the subject, am but the more
confirmed i'll the opinion which [ eX-
pressed in accepting the nomination
for the presidency and again upon my
Inauguration, that the policy Of re-
sumption 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 sim
cerity or integrity Of opposing opinions
and would neither conceal nor under
value the considerable diffiulties and
even occasional distresses which may
attend the progress of the return to-
wards this primary condition to its gen
eral and permanent prosperity, but L
must, however, adhere to my most
earnest conviction that any wavering IN
purpose or unsteadiness in methods so
far from avoiding or reducing the in
convenience, inseparable from the tram
sition from an irredeemable to a re-
deemable paper currency, would only
- Ict1
ance in values, and unless relieved,
must end in ruinous disorder, dishonor,
ff6e fd g5o;yernmenr hd Of ditlRfiaal tlf affairs Of
mischiefs which | apprehend and ur-
gently deprecatG are confined to no
class of the people indeed, but seem to
me m Ost certainly to threaten the in
dustrious masses whether their occu-
pations are of skilled or common labor
To them, it seems to me, it is of prime
importance that their labor should be
compensated in money, which is in
itself fixed in eXchangeable value; by
being irrevocably 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 pay
ment The rich, the speculative, the
operating, the money dealing class,
may not always feel the mischief, or
may find casual profit in a variable cur
rency, but the misfortunes Of such a cur
rency to those who are paid salaries or
wages are unavoidable and remediless.
Closely connected with this general
subject of the resumption Of specie
payments, is one of subordinate, but
still of great, importance. mean the
readjustment of our coinage system, by
the renewal of the silver dollar as an
element in our specie currency, en-
dowed by legislation with the quality of
a legal tender, to greater or less ex-
tent, as there is no doubt of the power
of congress, under the constitution, to
coin money and regulate the value,
and this power covers the whole range
of authority applicable to the metal;
the rate, and the legal tender quality
which shall be adopted for the coinage.
The considerations which should induce
or discourage a particular measure con
nected with the coinage, belong clearly
to the province of legislative discretion,
and of public expediency, without in
truding upon the province of legisla-
ton in the least | have yet thought
the subject of such critical importance
to 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 consideration
of congress such measures as they shall
Il h
the opinion, as | do, that neither the in
terest of the government nor of the peo-
pie of the United States could be pro-
NOTED by disparaging silver as one OF
the two precious metals 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 met
ais as their relative commercial value
will permit, would be neither unjust nor
inexpedient | must ask your indul-
gence to a brief and definite statement
of certain essential features in any such
legislative measure which I feel it my
duty to recommend. | don't propose
to enter the debate represented on both
sides by such able disputants ia con-
gress and before the people, and in
the press, as to the extent to which the
legislation of anyone nation can control
this question, even within its own
borders against the laws of trade OF
the positive laws of other governments.
The wisdom Of congress in shaping any
particular law that may be presented
for my approval, may wholly supercede
the necessity of my entering into these
considerations and I willingly avoid eth
er vague or intricate inquiries. 1t is only