Year: 1877

skilled or common labor. To them, II
seems 10 me. it is OF prime importance that
their labor should be compensated IN money
which is. in itself, fixed in excbangeable
value. by being irrevocablv measured BY the
labor necessary to it, production


THIS PERMANENT EQUALITY
of the necessary money Of the people is
sought ior. 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
mischiefs Of or may find casual profits in,
. a ys-iablscurrency, but the misfortunes OF
such currency 10 those who are paid sala-
ries or wages, are inevitable and remedyless.
Closely connected with this general subject
Of the resumption OF specie payments is one
subordinate, but still OF grave importance
mean the re-adjustmeut OF our coinage
system by 4 renewal Of


THE SILVER DOLLAR
as an element Of our specie currency, en-
dorsed by legislation with the quality of
legal tender, 10 a greater or less extent. As
there Is no doubt Of the power Of Congress,
under the Constitution, TO coin money and
,gulate the value thereof, and as this pow
er covers the whole range OF authority ap
plicable to the metal, the rated value, and
the legal tender quality, which shall be
adopted for the coinage, the considerations
which should induce or discourage par
ticular measure connected with the coinage,
/ belong clearly, to the province OF legislative
discre ion, and of public expediency. With
out intruding upon this province of legisla-
ton, in the least | have thought the subject
OF such


CRITICAL IMPORTANCE,
; in the actual condition of our affairs, "a to
prevent an occasion for the exercise Of the
duts imposed by the Constitution upon the
! President OF recommending 10 the consid
Grafton of Congress such measures as he
! shall Judge necessary and expedient."
/ Holding the opinion, a. | do that neither
! the interest OF the Government nor OF the
J people of the United States, would be pro-
NOTED by diSparaging silver As one OF the
| two precious metals which furnish the coin
age Of the world, and that legislation which
looks 10 maintaining the value Of intrinsic
money to As iull measure of both metals
| is their


RELATIVE COMMERCIAL VALUES


will permit, would be neither unjust nor
! nexpedient, | must ask your indulgence
to brief and definite statement OF certain
essential features in any such legislative
measures which feel it my duty TO recon-
mend. | do not propose to enter the de-
bate, represented on both sides by such
able disputants in Congress, before the peo-
Pile. 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 LAWS OF TRADE,


or 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
uf my entering into these considerations.
and | willingly avoid either vague or intri-
cate inquiries il is only the certain,
plain and practical traits of such
legislation that | desire 10 recommend to
Your attention in any legislation


PROVIDING FOR SILVER COINAGE,


regulating its value and imparting to il the
quality oil legal tender, it seems to me of
great importance that Congress should not
lose sight of the fact that its action may
operate in a two-fold capacity and in two
distinct directions: If the United States
Government were free from public debt,
It's legislative dealing with the question of
silver coinage would be purely sovereign,
and governmentai-undern no restraints but
those of Constitutional power, and the pub
lie good as affected by the proposed legisla-
tion, bu in the actual circumstances of the
nation, with


VAST PUBLIC DEBT


dis ributed very widely among our own cit
lzens, and held in great amount, also,
abroad. the nature of the silver coinage
measures as affecting the relation OF the
Government TO the holders of the public
debt, becomes an item in any proposed leg
I-iatiOn, OF the highest concern. The obi
CATION of the


! PUBLIC FAITH


transcends all questions of profit or public
advantage; otherwise, its unguestionable
maintenance is the dictate as well of the
highest expediency, as / the most necessary
duty, and will be carefully guarded by Com
greSs and people alike. The public debt OF the


United States, 10 the amount of S729 000. 900,
bears int est at the rate of 6 per cent:
SOS 100000, at the rate of D per cent, and
the only way in which the country can he
relieved from the payments OF these high
rates OF Interests Is by advantageously re-
funding the Indebtedness. Whether the
debt Is lutimately y paid in


GOLD OR sIRyER


coin, is OF but little moment, COT. ared
with the possible reduction OF the fest
one-third by refunding it at such reduced
rates. Ii the United States had the unques-
tionable right 10 pay Its bonds in silver
coin, the little benefit from that process
would be greatly over-balanced by the in
jurious effect OF such payment if made, as
proposed, against the honest convictions of
the public creditors. Ali the bonds that
have been issued since February 18th, 1873,
when gold became the only unlimited legal
tender metallic currency OF the country,
! are


JUSTLY PAYABLE IN GOLD COIN,


or in coin of equal value. During the time
of these issues the only dollar that could he,
or was, received by the Government. in
exchange for bonds, was the gold dollar; to
require the public creditors to take in pay
ment any dollar of less commercial value
would be regarded by them as a repudia-
ton OF the full obligation assumed. The
bonds issued prior to 1873 were issued at a
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
10 seek to take advantage of the unforeseen
fall OF silver bullion, in issue of silver coin
that must make the Bonds so much less
valuable. The power of the United States
to C in money and


REGULATE The VALUE THEREOF,
ought never to be exercised for the pur-
| pose of enabling the Government to yay its
obligation in coin of less value than that
contemplated by the parties when the bonds
were issued. Any attempt to pay the Ma
tional Indebtedness in a coinage Of a less
commercial value than the money of the
world, would Immediately be a violation of
the public faith, and would work irrepara-
bic injury to the public credit. 1t was the
| great merit of


THE ACT OF MARCH, 1869,


''fcr Strengthening the public credit" that
il removed all doubt as to the purpose of the
United States to pay their bonded debt In
coin. That act was accepted as pledge of
public faith; the Government has derived
great benefit from it in the progress thus
far made in refunding the public debt at a
low rate of interest, and an adherance TO the
wise and just policy of an exact observance
of the public faith, will enable the Govern
ment TO rapidly


| REDUCE THE BURDEN OF INTEREST


on the national debt, to an amount exceed
ing twenty million dollars per annum and
affect an aggregate saving to the United
4 nf tnarx, th thu. bpnJraJ