Year: 1877

. Otherwise, we may safely hope to han


down our free institutions of gOvernmer


unimpaired to the generations that wi


succeed us,


Among the other subjects of gres


and general importance to the peopl


of this country, / cannot be mis-


taken, [ think, in regarding 8


pre- eminent the policy and mea:


ures which are designed to secure tn


restoration of the currency to that mol


nal and healthful condition in which b


the resumption of specie payments ou


internal trade and foreign commerce ma


be brought into harmony with tn
| systems OF exchanges which is base,


upon precious metals as the intrinsi
) money of the world in the public iudg


ment and that this end should be s0u5h


and conpaased as speedily and a
| securely,as the resources of the peopI,


and the wisdom of their ruler


can accomplish. There is muct
\ gEaateRadeeS@e-s -taneninaity tflarris found


to concur in the specific measures which
| viii bring the country to this desired


end, or the rapidity Of the steps by which
! II can be safely reached upon a most
| anxious and deliberate examination


which 1 have felt my duty to give the
| subject. | am but more confirmed to the
| opinion which l expressed in accepting
the nomination for the presidency and
| again upon my Inauguration that the pol
Icy of resum ption should be pursued by
every suitable means and that no legisln-
tion would be wise that should dis
parage the Importance or retard the
attainment of that result. I have no
| disposition and certainly no right
to question the sincerity and integrity
OF opposing opinions, aud would
neither conceal nor undervalue the
considerable difficulty and even oc-
casiOnal distress which may attend the
progress of the nation toward this
primaT@ condition to its general and
permanent prosperity. / must, however,
adhere to my most earnest convictions
that any waveriug of purpose, Of un-
steadlness in methods so as from avoiding
or reducing the Inconvenience inseperable
from the transition from an irredeemable
to a redeemable paper currency, would
only tend TO increased ard prolonged
disturbance in values, and unless re-
lieved, must end in serious disorder,
dishOnor and disaster in the fnan-
cial affairs of the government and
Of the people. The mischief which
l apprehend and urgently deprecate,
is confined TO no class of the
people, indeed, but seem to me most
certainly TO threaten the industrious
masses, whether their occupations are of
the skilled or common labor. To them,
1t seems to me, it is of prime importance
that their labor should be compensated
in money, which Is itself fixed in ex-
changeable value by being irrevocabiy
measured by the labor necessary to its
production. This permanent equality of
TIE may of the people Is sought for, and
can only be regained by the resumption
OF specie payment. The rich, the specu-
lative, the operating, the money dealing
classes may not always feel the mischiets
of, or may find casual profits in a varia-
bic currency; but the misfortunes of
such 8 currency. to those who are paid
salaries or wages are inevitable and
renediless. Closely connected with this
general subject of the resumption of
specie payments is one subordinate but
stin of grave importance-T mean the
REIMBURSEMENT of our coinage system by
the renewal of the silver dollar as an
element in our specie currency. Endowed


by legislation with the quality Of the
legal tender to greater or less extent as
there IS no doubt of the power Of con-
gress under the constitution to coin
money and regulate the values thereof
and as this power covers the
whole range, authority applica-
bic the metal the rated
value, nd the legal tender quality which


shall be adopted for the coinage. The con
sideratiOns which should induce or discour-
age a particular measure connected with
the coinage, belong clearly to the province
OF legislative discretion and public expedi-
ency. Without intruding upon the province


OF legislation in the least, / have thought
the subject Of such critical importance in


the actual condition of our affairs as to pre-
sent an occasion for the exercise of the duty
imposed by the constitution on the president


OF recommending TO the consideration cf
congress such measures as he shall Judge


necessary and expedient. Holding the opin-
ion, as | do, that neither the interested of
the government nor the people of the


United States would be promoted by dis
paraging 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 metals as their re-
lative commercial values Will permit, would
be neither unjust nor iHexpedient. | must
ask your indulgence to a brief and definite
statement.of certain essential features in any


such legislative measures which ! feel it my
torecommend. do not propose to enter duty
the debate, represented on both sides By such
able disputants in congress and before the
people and IN the press as to the extent
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 particu-


lar law that may be presented for Iny apPro~
val may wholly supercede the necessity of
entering into the reconsiderations, and |
willingly avoid either Or nj 20 70 in
quiries 1t is only the plain and practical


traits OF such legislation that / desire to


recommend to your attention. In any legis-


latlon providing for q silver coinage, regu-


latng It's value and imparting to it the quail
lty OF legal tender, 1t seems to me of great
Importance that congress should not lose


sight Of its action, and operating in a two


fold capacity and in two distinct directions.


Ii the United States government were free


from public debt its legislative dealing


with the question of silver coinage would be


purely sovereign and.governmental and I'M


der no restraint but those of the constitu-
tiOnal power and the public good, as affected


by the proposed legislation. But in the &C.
tual circumstances of the nation, with a vast
public debt distributed verv widely among
our own citizens and held in great amount
also abroad, the nature of the silver coinage
measures as affecting this relation OF the
government to the holders of the
public debt has become in any
proposed legislation of the highest
concern, the obligation of the public faith
transcends all questions of profit or public
advantage, otherwise its uuquestionable
maintenance is the dictate as well as the
highest expediency as the most necessary
dutv, and will be carefully guarded by con-
gress and the people alike. The public debt
Of the United States to the amount of S729,-
100000 bears interests at the rate OF per
cent; SOS, 5000 at The rate of per cent,
and the only way in Which the country can
be relieved from the payments of these high
rates of interest is by advGntageously re-
funding the Indebtedness. Whether the
debt is ultimately paid in gold or in silver
coin is of teh little moment compared with
the possible reduction of interest by one.
third by refunding it at such reduced rates
If the United States had the unquestionable
right to pay its bonds in silver coin, the little
benefit from that process would be greatly
oyerbalaneed by the injurious effect of such
payment, if made or proposed against the
honest conviction of the public credit. All
the bonds that have been issued since Feb
mary u, 1873, when gold became the only
unlimited, the legal tender metallic currency
OF the country are justly payable in gold
coin. or in coin o. equal value. During the
time of these issues the only dollar that
eould be- or was received by the govern
ment in exchange for bonds. was the gold
dollar. To require the public creditors to
take in repayment any dollar of less COM
mercial value would be regarded by them
AZ a repudiation of thefull obligation assumed
~ ,le ~ 10 1879 IscFlpA