Year: 1877

Among the other subjects of great


and general importance to the people


Of this country, I cannot be mis-.
/ taken, l think, in regarding as


pre-eminent the policy and meas.


ures which are designed to secure the
| restoration of the currency to that nor.


NAL and healthful condition in which by
! the resumption of specie payments our


internal trade and foreign commerce NAV


ba brought into harmony with the
! systems of exchanges which is based
upon precious metals as the intrinsic


money of the world-in the public iudg-
| ment and that this end should be sought


and compassed as speedily and as
securely. as the resources of the people
and the wisdom of their rulers
can accomplish. There is a much


greater degree of unanimity than is found


to concur in the specific measures which
will bring the country to this desired
end, or the rapidity Of the steps byWhieh
1t can be safely reached upon a most
anxious and deliberate examination


which 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 resumption should be pursued by
every suitable means and that no legisla-
tI0n 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, and would
neither conceal nor undervalue the
considerable difficulty and even oc-
q GIAFal. HiSfv.ooc 1oE, I II


progress of the nation toward this
primary condition to its general and


permanent prosperity. must, however,
adhere to my most earnest convictions
that any wavering of purpose, of un-
steadiness in methods SO as from avoiding
or reducing the inconvenience inseperable
from the transition from an irredeemable
to redeemable paper currency, would
only tend to increased and prolonged
disturbance in values, and unless re-
lieved, must end in serious disorder.
dishOnOr and disaster in the fnan-
ciaI affairs of the government and
of the people. The mischief which
! 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.
it 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 irrevocably


measured by the labor necessary to it's
production. This permanent equality of
the many 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 alwaysfeel the mischieis


of, or may find casual profits in a yaria-


BILE currency; but the misfOrtunes of
such a currency, to those who are paid


salaries or wages are inevitable and


remediless. Closely connected with this
general subject of the resumption of
specie payments is one subordinate but
still of grave Importance mean the
readiustment of our coinage system by
the renewal of the silver dollar as an
clement in our specie currency. Endowed


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


shall be adopted for the coinage The CON
sideratrons which should induce or dlscour-
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 CT
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 ineXpedient. / must


ask your indulgence to a brief and definite
statement,o ,of certain essential features in any
sucn legislative measures which / feel it my
! to recommend. 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
/ DBEuC4Hg EEdlust tlG laws OF tFdQe or the
positive laws of other governments. The
| wisdom OF congress in shaping any particu-
| lar law thst may be presented for my apBro~
val may wholly supercede the necessity of


entering into the recOnsiderations, and


willingly avoid either vague or intricate in
quiries. 1t is only the plain and practical
trsits of such legislation tLat l desire to
recommend to your attention. In any legis-
I lation providing for q silver coinage, regu-


lating its value and imparting to 1t the quail


ity of LEGAL tender, 1t seems to me of great
importance that congress should not lose


sight of its action, and opera ing III 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 un-


der no restraint but those of the COnstitu-


tional power and the public good, as affected


by the proposed legislation. But in the ac-
tual circumstances OF the nation, with vast


public debt distributed very 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
J go~Rrnment to the holders of the


public debt has become in any
proposed legislation of the highes
concern, the obligation of the public faitt


trauscends all questions of profit or pnbIis
advantage, otherwise its unquestionabl,


maintenance is the dictate as well as th,
highest expediency as the most necessary
= duty, and viii be carefully gusrded by con
, gTsSs and the people alike. The public deb
, OF the United States to the amount of 1929


! 000O 600 bears interests at the rate or 8 ne


cent; Sos, 100000 at the rate of per cent
and the only way in which the country ear
be relieved from the payments of these higl
rates Of interest is by advantageously Te
5 funding the Indebtedness. Whether th
{ debt is ultimately paid IN gold or in siIve
! coin is of but little moment compared wit
the possible reduction of interest by one
I third by refunding it at such reduced rate
l If the United States had the uRqrestionabl
/ right to pay its bonds in silver coin, the ittl
? benefit from that process would be great
2 oyerbalauced by the injurious effect of sue
! payment, If made or proposed against th
! honest conviction OF the nnhl;c credit. A