Year: 1877

| Special Dispatch To Chicago Times.


WASHINGTON, November 28.-The
coming message of the President is IN
usually long, the topics oe the Southern
| policy and Mexican affairs conveying
much information already known. The
defense of the Southern policy and sug-
geslions of Mexican policy are Of
course subordinate to the financial chap
ter. lie discusses the question very fully,
and then takes 6 stand for specie resump-
ton, and is not disposed 10 look una-
vorably upon limited silver coinage,
a. shown in the following extract from
the most important part OF his message,
| where hc treats OF iGance. This extract
is from an extra proof slip of the mess-
age, now 3cing printed by an extra con-
tidential set OF printers specially detailed
| tor the work:


among the subjects of tho greatest
and mcst general importance to the poo
pie OF this country l can not be mistaken,
think, in regarding as pre- eminent the
policy and measures which are designed
10 secure the restoration of the currency
to that normal and heslthiul condition
which, by tho resumption of specie pay
ments, our internal trade and foreign
commerce may be brought into harmony
with the system of exchanges which Is
based upon the precious metals ae the in
trinsic money OF the world. In the pub
lie Judgment that this end shonld be
sought and compassed as speedily and
securely as the resources of the people and
the wisdom OF the government can ac-
cOmpl,h, there is u much greater de-
gree of unanimity than is found to con.
cur iu the specific measures which will
BRING the country to the desired end, or
the rspidity Of the steps BY which it can
be safely reached. Upon a most anxious
and deliberate examination which have
.elt it my duty TO give the subject, | am
bu! the moro confirmed in the opinion
which expressed in accepting the NOM
lnation for the Presidency, and again
upon my Inauguration, that the policy OF
resumption should be pursued by every
suitable means, and that no legislation
you'd be wise that should disparsge the
Importance or re.ard the attainment Of
that result.


Il have no disposition and certainly
no right to question the sincerity or in
lCligeucc OF opposing opinion, aud would
neither conceal nor uudervslue tho con-
siderable difficulties and even occasional
distresscs which may attend the progress
of the nation toward ills primsry con-
dition 10 Its general and premGnent
prosperity. | must, however, adhere to
my most earnest convection that any
wsvering in purpose or unsteadl'
ness in methods, so far IRON
avoiding or reducing the inconvenlences
inseparable from the transition from
III irrcdecmabu TO redeornsble paper
currency, would only tend to increase
sid prolong disturbance in values,
and il is believed must end Ill
serious disorder, dishonor, and dis
aster in the financial affairs of the
government and Of the people The
mlschie!s which l apprehended and
urgently deprecated are confined to no
class OF the people indeed, but seem to me
most certainly to threaten the industr'-
Gus masses, whether their occupations are
of skilled or common labor. TO them 1t
seems to me it ia of prime Importance
tha. their labor should be compensated
in money which is in itself fixed in ex-
changeable value by being irrevocably
measured 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 tho resumption of
specie payments. The rich, the spscula-
tive, the operating. the money dealing
classes, may not always feel the mischieis
of or may drd casual profits in q
variable currency; but the misfortunes of
such q currency to those who are paid
salaries or wages are inevitable and rem
ediless.


"Closely connected with this general
subject of the resumption of specie pay.
mcnts is one of subordinate, but still OF
grave Importance. / mean the readjust-
ment of our coinage system by the re-
newsl of the silver dollar as an clement
in our specie currency endowed by legis.
lstion with the quality Of legal tender to
greater OF less extent. AS there is 10
doubt of the power Of Congress under the
cor stitution 10 coin money and regulate
the value thereof, and ss this power covers
the whole range of authority applicable
to The metal the rated value, and the
legal tender quality which shall be
adopted for the coinage, TIE consdera-
tions which should induce or discourage
a particular measure connected with the
coinage belong clearly 10 the province OF
legislative discretion and OF public expe-
diency. Without intruding upon this
province of legislation in the !eas:, have
vet thought the subject OF such critical
importance in the actual condition OF our
affairs as to present an occasion for the
exercise Of the duty imposed by the Con.
s.itutlon on the President OF recommend
ing to the consideration of Congress
such measures as he shall judge neces-
ssry and expedient.' Holding the opin-
ion, rs | Co. that neither the IN.
teres.s of the government nor OF
the people of the United States would be
promoted by dlsparaging silver as one OF
the two precious metals which flTnlih
the intrinsic money of the world, and
that legislation which shall look to main.
tanning the volume of that intrinsic
money to as full q measure o! both metals
as their relative commercial values would
permit, would b, neither unjust nor in
expedient, J must ask your lndul lgence
to a brief and definite statement OF GER
tain essential features IN any such legis.
ls.ive measures which feel it my duty
to recommend. 80 not propose to enter
the debate represented on both
sides by such disputants in Con-
gress. ard before the people, and
in the press, az TO The extent TO
which the legislation Of any one nation
can control this question, even within its
own borders against the unwritten laws
of trade, or the positive laws of other
goyernments. The wisdom OF Congress
in shaping any particular Law that may
be presented for ny approval may
wholly supersede the necessity of ny en-.
tering into these considerations, and l