Year: 1877

70 AN1uhNN WI Ii9 PuiPSoSi hiiA WIN
these blessings assured and not other
wise, we may safely hope to hand down
our free institutions of Government unN
impaired to the generations that will sue
ceed us.


The Finance Question.


Among the subjects of great and gen
eral 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 resumption Of specie payments,
our internal trade and foreign commerce
may be brought into harmony with the
system of exchanges which is based up
on the precious metals as the intrinsic
money Of the world. In the public judg-
ment, that this end may be sought and
compassed as speedily and securely as
the resources of the people and the wis
dom of the Government can accomplish,
there is much greater degree ofunanm
ity than is found to concur in the specific
measures which will bring the country to
this desired end, or the rapidity of the
step by which it can be safely reached.
Upon most anxious and deliberate ex,
animation, which | have felt it my duty
to give to the subject, am but the more
confirmed in the opinion which l express
ed in accepting the nomination for the
Presidency and again upon my inaugur-
alton, that the policy of resumption
should be pursued by every suitable
means, and that no legislation would be
wise that would disparage the importance
or retard the attainment of that result. |
have no disposition, and certainly no
right to question the sincerity orthe intel>
igence of opposing opinions, and would
neither conceal nor undervalue the con-
siderable difficulties, and even occasion
al distress, which may attend the progress
of the nation towards this primary con-
dition to its general and permanent PROS
perity. | must, however, adhere to my
most earnest conviction that any waver-
ing in purpose, or in steadiness in meth
DDS, so far from avoiding or reducing
the inconvenience inseperable from
the transition from an irredeemable
to redeemable paper currency, would
only tend to increase and prolong the dis
turbance in values, and unless retrieved,
must end in serious disorder, dishonor
and disaster in the financial affairs of the
Government and Of the people. The
mischiefs which apprehend and urgent>
ly deprecate ARE confined to no one class
of the people, indeed, but seem to me
most certainly to threaten the industrious
masses, whether their occupations are
of skilled or of common labor, so that it
seems to me it is OF prime importance
that their labor should be consolidated in
money in itself fixed in exchangeable
value, by beng irrevocably measured by
the labor necessary to its productions.


This apportionment Of the quality of
the money ofth people is sought for, and
can only be gained by the resumption of
specie payments. The rich, the specu.
lators, the operating, the money dealing
classes, may not always feelthe mischiefs,
or may find casual profits in a variable
currency; but the misfortunes of such a
currency to those who are paid salaries,
or wages, are incalculable.


The Silver Dollar.


Closely connected with this general
subject of the resumption Of specie pay.
ments is one of subordinate, but still of
grave importance l mean the readjust
ment of our coinage system by the re.
moval of the silver dollar as an element
in our specie currency, endowed by leg
islation with the quality of legal tender
to greater or less extent, AS there is
no doubt of the power of Congress under
the Constitution to coin money and regu~
late the value thereof, and as this power
covers The whole range of authority ap
plicable to the meta, the rated value and
the legal tender quality which shall be
adopted for the coinage, the considera-
tions which should induce or discourage
a particular measure connected with the
coinage belonging clearly to the province
of the legislative discretion and of public
expediency. Without intruding upon the
province of the legislation in the least,
have yet thought the subject of such crit
ical Importance in the actaal condition of
our affairs as to present an occasion for
the exercise of the duty imposed by the
Constitution on the President, of recom~
to the consideration of Congress
such measures as he shall judge necessa-
ry and expedient. Holding the opinion
as l do, that neither the interests of the
nor of the people of the
United States would be promoted by
silver as one of the two prec-
ous metals which furnish the coinage of
he world, and that legislation which
ooks to maintaining the volume ofintrin
SIC money to as full a measure of both
metals as their relative commercial val~
les will permit, would be neither just nor
,xpedient.


must ask your indulgence to brief
Ind defnate statement of certain essen.
ial features in any such legislative meas
lre,which feel Tiny duty to recommend


do not propose to enter the debate rep>
esented on both sides by such able dis
,utants in Congress, and before the peo-
,le, and in the press, as to the extent to
which the legislation of any one nation
AN control this question, even within its
'wn borders, against the unwritten laws
# trade, or the positive laws of other
governments.


The wisdom of Congress in shaping
my particular law that may be presented
or my approval may wholly supercede
he necessity of my entering into these
considerations, and | willingly avoid Ell.
her vague or intricate inquiries. 1t is
nly certain plain and practical traits of
uch legislation that | desire to recon.
mend to your attention. In any legisla-
cn providing for silver coinage, regu.
lting its value and imparting to it the |
uality of legal tender, it seems to me of
reat importance that Congress should |
ot loose sight of its action as operating
l a two>fold capacity and in two distinct |
irections. Ifthe United States Govern
lent were free from public debt, its