Year: 1877

normal and beautiful condition in
| which by the resumption of specie
payments and internal trade and for
eign commerce may be brought into
harmony with the system of exchange
which is based upon the precious
metals as the Intrinsic money of the
world, in the public judgment that
this end should be sought and COM
passed as speedily and SO securely as
the resources of the people and the
wisdom of their lawmakers can ac-
complish. There is much greater de-
gree Of unanimity than is found to
concur inthe specific measures which
will bring the country to this desired
end, or the rapidity OF the steps by
which 1t can be safely reached. Upon
most anxious and deliberate exam
ination, which have felt it my duty
10 give the subject, am but the more
confirmed in the opinion which ex.
pressed in accepting the nomination for
the Presidency, and again upon my in
auguratiOn, that the policy of resump-
ton should be pursued by every suita-
BILE means, aud that no legislation
would be wise that should disparage
the importance or retard the attain
ment OF that result. l have no dispo
sitiOn, and certainly no right, to ques-
ton the sincerity or integrity OF op-
posing opinions, aud would neither
conceal nor undervalue the considers.
BILE difficulties, and even occasional
dist esses, which may attend the pro-
gress of the nation toward this prilna-
ry condition TO its general aud perma-
nent prosperity. l must, however, ad.
here to my most earnest conviction
that any wavering in purpose or un-
steadiness in methods SO far from
avoiding or reducing the iucOnveni-
ence inseperable from transition
from an irredecmable paper currency
to a redtemable one would only tend
to increased and prolonged disturbance
IN values, which unless relieved must
end in disorder and disaster in the
financial affairs of the government and
OF the people. The mischief which l
apprehenu and urgently deprecate, is
confined to no class OF the people, in
deed but seems 10 me most Certainly
to threaten the industrious masses,
whether their occupations are of skill
ed or common labor. To them it
seems to me il ia of prime inportance
that their labor should be cotnpensa-
ted in money which is in itself fixed
in cXchangeable value by the labor
neccs ,aryi 10 it's production. This per-
mancnt quality. OF the money of the
people is sought Tor and can only be
gained by the resumption of epecie
payment. The rich, the speculative,
the operating, the money dcalin.r class
es may not always feel the mlschiefs
OF, or, may 6ud casual profits in, a va
riable currency, but the lnisfortunes of
such a currency to those who are paid
salaries or wages are inevitable aud
remediIess. 5'


Closely connected with this general
subject of the resumption Ut specie
payments is one of subordinate but
still of grave Importance; | mean the
read jusiment OF our coinage system by
a renewal OF the silver dollar as an ell
ement of our specie currency endowed
by legislation with The quality OF legal
tender to greater or less extent, as
there is no doubt of tho power of Con-
gress under the constitution to coin
money and regulate the value thereof,
and as this power covers the whole
range OF authority applicable 10 the
metal the rated value and the legal
tender quality of which shall be adopt
ed for the coinage. The consideration
which should induce or discourage q
particular measure connected with the
coinage belong clearly to the province
of legislative discretion and OF public
expediency. Without intruding upon
this province of legislation in the least
have yet thought the subject OF such
critical importance in the actual condi-
ton of our affairs as to present an Oc-
casiOn for the exercise OF the duty i'm
p osed by the constitution on the Pres
ldent OF recommending to the consii-
Grafton OF Chngress such measures as
he shall judge necessary and expedient
Holding the opinion as do that nei-
ther the interest of the government
nor the people OF the United States
would be promoted by disparaging sill
yer as one of the two precious metals
which furnish the coinage OF the
world, and that legislation which looks
to maintain the value Ofintrinsic mon-
ey to asfull. measure of both metals
a. their relative commercial values
will permit would be neither unjust
nor inexpedient, must ask your in
diligence to brief and definite state
ment OF certain essential features in
any such legislative measure which l
feel it my duty to recommend. l do
not propose TO enter the debate repre-
sented on both sides by such able dis.
putants in Congress and before the
people, and in the press, rs to the ex-
tent to which the leuislation of any
nation can con. rol this question, even
within its owa borders, against the
laws of trade Or the positive laws OF
other governments, the wisdom of
Congress in shaping any particular
law that may be presented tor my ap-
prOval may wholly supersede the ne.
ccssity of my entering into these cOl-
siderations, and l willingly avoid
either vague or Intricate inquiries. Il,
is only certain plain aud practical
traits of such legislation that 1 desire
to rccOmm; nd to your attention. In
any legislation providing for a silver
coinage, regulating its value and i'm
parting to it the quality Ot the legal
tender, it seems to nc OF great import,
ancc that Congress should DOT lose
sight of its action as operating i'll a two
fold capacity and in two distinct di-
rections. Ii the United States govern
ment were free from = public debt, its
legislative dealing with the question of



ereign and governmental. under no re-
straints but those OF consti' utiOnal
power and the public good as effected
by the proposed legislation but in the
actual circumstances OF the nation, with
vast public debt distributed very
widely among our own citizens, and
held in great amounts also abroad, the
nature of the silver coinage measure
as e1fecting the relation oil the govern
ment to the holder of the public debt,
becomes all element in any proposed
legislation of the highest concern. The
obligation Oftbe public faith transcends
all questions of profit or public advau
tage; otherwise its unquestionable
maintenance is the dictate as we'll OF
the highest expediency as of the most
necessary duty, and will be c,reiully
guarded by Congress and the public