Year: 1877

would only tend to increased and prolonged
disturbance In values and, unless relieved
must end In serious disorder, dishonor and dis
aster In the financial affairs Of the government
and of people. The mischief which up.
ess Sa s9naed
most certainly to threaten tho indus.
trial masses. Whether their :, oc.
cupations are OF skilled or common
labor, to them, 1t seems TO me 1t Is of prime
importance that their labor should be com.
penaated in money which is In itself fixed in
exchangeable value bybeing irrevocably meas
nred 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 payment. The rich
the speculative, the operative, tho money deal.
Ing classes, may not always feel the mischiefa
Of, or may find casual profits in variable cur
rency, but the misfortunes of such currency
to those who are paid salaries or wages are in.
eyitable and remediless.


SILVER RECONSIDERATION.


Closely connected with this general subject
OF the resumption Of specie payments is one
of subordinate but still OF grave Importance. l
mean the readjustment Of our coinage system
by the renewal ofthe silver dollar as an element
OF our specie currency, endowed by legislation
or less extent As there Is no doubt of the
power Of Congress under the constitution to
coin money and regulate the value thereof,
and rs this power covers the whole range OF
authority applicable to the metal standard of
value and the legal tender quality which shall
be adopted for the coinage, the considerations
lar measure connected with the coinage be-
long clearly to the province Of legislative dis
crction and Of public cxpediency. Without
intruding upon thia province of legislation in
the least, have yet thought the subject OF
such critical importance in the actual
condition constt OF oo..;" our m affairs ts ] Is to
the duty imposed by the constitution
on the President Of recommending to the con-
sidcration Of Congress such measures rs it
shall judge necessary or expedient.
Holding. the opinion, US I do, that
neither the interests Of the government
nor of the people Of the United States would
be promoted 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 metals as their relative CONNER
cial values will permit would be neither
unjust nor inexpedient, ! must ask your in.
certain essential features in any such lcgisla.
tive measure which feel it my duty to recon-
mend.


do not propose to enter the debate
represented on both sides by such able dis
putants in Congress and before the people
legislation Of any one nation can control this
question even within It's own borders, against
the laws Of trade or the positive laws OF other
governments. The wisdom Of Con-
gress in shaping any particular
law that may be presented for my
approval, may wholly supersede the necessity
Of my entering into this consideration, and I
aifhor is,fr s,,
quirics: 1t is only certain plain and practical
traits Of such legislation that l commend to
your attention. In any legislation providing for
u silver coinage, regulating its value and
iimparting to it the quality Of legal tender,
it seems to me OF great importance that
Congress should not lose sight Of it's &C.
and in two distinct directions. If the United
States government were free from public
debt its legislation dealing with the question
OF silver coinage would be purely sovereign
and governmental, under no restraints but
those of constitutional power and the public
good as affected by the proposed legislation,
with 9 vast public debt distributed
very widely anon & our own citizens and held
in great amounts also abroad, the general
nature Of the silver coinage measure, a. af.
fecting the relation Of this government
to tho holders OF the debt, becomes
Ill Auy pIOpOScu 1cSl5lAtlOn, O1 Tic nlRncEE con.
cern. The obligation Of the public faith
transccnds all questions Of profit OF
public advantage otherwise. Its unques.
tionable maintenance is the dictate az
we'll Of the highest expediency as of the
most necessary duty, and will be carefully
guarded by Congress and the people alike
amount Of s7ssooo,ooo bears interest a. at the the
rate Of 6 per cent, aud &7OG, 100000 at the
rate of 5 per cent. and the only way in
which the country can be- relic, ed I'd
from the payment Of these high rates Of in,
terest is by adyantageously refllnding the in.
debtedncss. Whether the debt be ultimately
compared with the possible reduction Of the
interest one-third by refunding it at such re.
duced rate. II the United States had the un.
questionable right to pay its bonds in silver
coin the little benefit from that process would
be greatly overbalanced by the Injurious effect
Of such payment il made or proposed against
the honest convictions Of the public creditors.
All the bonds that have been issued since
February 12th, 1878, when gold became
the only unlimited legal tender metallic cur.
rency 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 be or was received by the
the gold dollar To require public creditors
to take in payment any dollar OF less CONNER
cial value would be regarded by them as q
reputation of the full obligations assumed.


The bonds issued prior to 1873 were is.
sued at time when the gold dollar was
the only coin in circulation or contcm.
plated BY either the government or the
holders Of the bonds as the coin in which
they were to be paid It is far better to paw
these bonds In that coin than to seem to take
advantage OF the unforeseen fall of silver bull.
lion to pay In new issue Of silver coin, thus
made so much less valuable.


The power OF the United States to coin
money and to regulate the value thereof,
ought never to be exercised y for the pur.
pose OF enabling the government to nav
It's obligations in coin of less
value than that contemplated by the parties
when the bonds were Issued. ANY attempt
to pay the national indebtedness in coinage
Of less commercial value than the money Of
the world would involve q violation Of the
public credit


It was the great merit of the act Of March
1869, In strengthening the public credit that ii
removed all doubt a. to the purpose Of the
United States to pay their BOMBED debt IN coin
That That act was accepted as pledge Of public
benefit from It in the progress thus far made
in refunding the public debt at low rates OF in.
terest. An adherence to the wise and iuei
policy Of an exact observance Of the public
faith will enable tho government rapidly tc
reduce the burden Of interest Of the national
debt to an amount exceeding twenty million
saving to the United States of more than three
hundred million Of dollars before the bonds


can be fully paid.


| In adapting the new silver coinage to thu
ordinary usagee Of currency, in the every da1
transactione OF life and prescribing the qualitj


OF legal tender to be assigned to It, = censid


just tho ratio between the silyor and pol,


coinage which now constitutes our specie Cur


rency, % to accomplish tho desired end D


maintaining tho relative values Of the tw,


metallic currencies and keeping up theyolum