Year: 1877




the financial affairs of the govern.
ment and of the people. The MIS-
chiefs which [ app-elcndcd and ur,
gently deprecate are confined TO no
class Of the people, indeed, but seem
to me most certainly to threaten the
industrious masses, whether their oc-
equations are of skilled or common
tabor. To them, it seems to me, it
is of prime Importance that their la
Dor should be compensated in money
which is in itself of a fixed, un-
changeaile value by being irrevoca-
bly, measured by the labor necessary
to its production. This permanent
quality of the money Of the people il
sought for and can only be gained
by the resumption of specie payments.
The rich, the speculative. the opera
ting and the money dealing class.


may not always feel the mischiefs OF,
or may find casual profits in, a varia
BILE currency, but the misfortunes of
such currency to those who are
paid salaries or wages are inevitable
and remediless.


READJUsTMENr OF COINAGE.


Closely connected with this gener-
al subject of the resumption of specie
payments is one of subordinate but
still of grave Importance. ! mean
the readjustmcnt of our coinage sys-
tenn by renewal of tho silver dollar as
an element in our specie currency,
endowed by legislation with the quail
ity of legal tender TO greater or less
extent. AS there is no doubt of the
power Of Congress, under the Consti-
tuition, to coin money and regulate
the value thereof, and as this power
covers the whole range of authority
applicable TO the metal, the rated val
ue, ard the legal tender quality which
shall be adopted for the coinage, the
considerations which should induce or
discourage particular measure con-
nected with the coinage, belong clear
ly to the province of legislative dis
cretion and of public expediency
Without intruding upon this province
of legislation in the least, have vet
thought the subject of sucl. critical
Importance in The actual condition of
our affairs as TO present an occasion
for the exercise of the duty imposed
by the constitution on the President
of recommending to the consideration
of Congress ''such measures as no
shall Judge necessary and expedlent."
Holding the opinion, as L do, that
neither the interests Of the govern.
nor of the people Of the United States
would be promoted by disparaging
silver as one of the two precious
pn.ei ais. which furnish the coinage of
looks to maintaining the vuI"...~ -
intrinsic money TO as full a measure
of both metals rs their relative COM
mercial values will permit, woul | be
ncithe: unjust nor ineXpedient. l
must ask your indulgence to brief
and definite statement of essential
features in any such legislative meas
urc which feel it my duty to recon-
mend. do not propose TO enter The
debate represented on both side, by
such able disputants in Congress, be-
fore the people and in the press as 10
the extent to which the Legislation of
any one nation can control the ques-
ton, even within its own borders,
against the unwritten laws Of trade ur





The wisdom of Congress in shaping
any particular law that may be pre-
sented for my.app! oval may wholly
supersede the necessity Of my enteli x
into these considerations, and l will
lingly q, old either vague or intricate
inquiries. 1t is only certain plain and
practical traits Of such legislation that
| desire to recommend to your attcn-
ton. In any legislation providing
for s:ive: coinage, regulating its
value and imparting to it the quality
of legal tender, it seems to me OF
great Importance that Congress should
not lose sight of its action as Oper-
atIng in two-fold capacity and III
two distinct directions.


THE PUBLIC FAITH.


If the United States government were
free from a public debt its Legislature
dealing with the question of silver coin-
age would he purely sovereign anu gov
ernmental, under no restraints but those
of constitutional powcr-the pub ic good
rs affected by the proposed lcSisiatiol-
but in the actual circumstances OF the
, | nation. with vast public debt distributed
very widely among our own citizens an
held in great amounts abroad. the nature
of the silver coinage measure as affecting
this relation of the government to the
, holders OF the public debt becomes an
F element in proposed legislation Of the
highest concern. 1he obligation of the
public faith transcends all questions OF
profit or public advantage otherwise. Its
| unQuesti0nable maintenance is the die
, tate rs " ell of the highest eXpedIency
as of the most nccess ,ry duty, and will
} ever be carefully guarded by Congress
, and The people alike.


: The public debt of the United States ia
the amount of 3729, 100000, bears interest
:, at the ra:e of six per cent and SOS ,OO0,-
900 at the rate of five per cent, and the
only way in which the country can be
S relieved from the payment OF these higl
rates of interest is by adyantageously re
, funding the inde t.dneSS. Whether tht
: debt is ultimately paid in gold or in silver
: coin is of but little moment compared
0 with the possible reduction of Interest
Y one-third hy refusing 1t ut such reduced
9 rate. If the United State, bad the uhques
: toned right to pay its bonds in silver coli
little beuefit from that process would b'
: greatly overbalanced by the injurious ct
}. feet of such payment. LII made or pro