Year: 1877

The cordial cooperation of all classes.
of all sections of the country, and of
both races, is required for this purpose,
and with their blessings assured, and
not otherwise, We may safely hope to
hand down our free institutions of gov
ernment, unimpaired, to the generations
that will follow US.


THE FINANCIAL QUESTION.


Among the subjects of the greatest
and most general Importance to the peo-
pie of this country, can not be mista-
ken, think, in regarding as pre-eminent
the policy and measures which are de-
signed to secure the restoration of the
currency to that normal and healthful
condition in which, by the resumption
of specie payments our internal trade
and foreign commerce may be brought
into harmony with the system of ex-
changes which is based upon the pre-
cious metal as the intrinsic money of
the world. In the public judgment that
this end should be sought and compassed
as speedily and as securely as the re-
sources of the people and the wisdom of
their legislators 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 by which it can be safely
reached.


Upon a most anxious and deliberate
examination, which l felt it my duty
to give the subject, / am but more con-
frmed in the opinion which | expressed
in accepting the nomination for the
Presidency, and again, upon my inau-
guration, that the policy of resumption
should be pursued by every suitable
means, and that no legislation would be
wise that should disparage the impor-
tance or retard the attainment of that
result. have no disposition, and GER
tainly no right, to question the sincerity
or integrity of opposing opinions; and
would neither conceal nor undervalue
occasional distresses, which may attend
the progress of the nation toward this
primary condition to its general and
permanent prosperity. 1 must, how
ever, adhere to my most earnest convic-
ton, that any wavering in purpose, or
unsteadiness in method, SO far from
avoiding or reducing the inconvenience
inseparable from the transition from an
irredeemable, to a redeemabie, paper
currency, would only tend to increased
and prolonged disturbance in values,
and, unless relieved, must end in serious
disorder, dishonor and disaster in the
financial affairs of the Government and
of the people.


The mischiefs which 1 apprehend, and
urgently deprecate, are confined to no
class of the people. Indeed, they but
seem to me most certainly to threaten
the industrious masses, whether their
occupations are of 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 in
itself fixed in exchangeable value by
being irrevocably measured by the labor
necessary to its production. This per-
manent equality of the money of the
people is sought for, and can only be
gained by the resumption of specie pay
ment. The rich, the speculative, the
operating, the money dealing classes
may not always feel the mischiefs of, or
may find the casual profits in, a valuable
currency; but the misfortunes of such
currency to those who are paid salaries
or wages, are inevitable and remediless
THE SILVER DOLLAR.


Closely connected with this general
subject of the resumption of specie pay


ments is one subordinate, but still Of


grave importance. l mean the readjust


ment of our coinage system by the re


newal of the silver dollar as an element


of our specie currency, endowed by leg


islation with the quality of legal-tendel
to a greater or less extent.


AS there is no doubt of the power o.


Congress under the Constitution, to COLI


money and fix the value thereof, and a


this power covers the whole range O.


authority applicable to the metal, the


rated value and the legal tender quality


which shall be adopted for the coinage


the considerations which should Undue,


or discourage particular measure con


nected with the coinage, belong clearl,


to the province of legislative discretion


and of public expediency.


Without intruding upon this provinc,


of legislation in the least, l have though


the subject of such critical Importance


in the actual condition of eur affairs, a


to present an occasion for the exercis


of the duty imposed by the Constitution


on the President of recommending t.


the consideration of Congress such meas


ures as he shall judge necessary and ex


pedient.


Holding the opinion as I do, tina
neither the interest of the Government
nor of the people of the United States
would be promoted by disparaging silve
as one of the two precious metals whic
: furnish the coinage of the world, an
that legislation which looks to maintain
ing the volume of intrinsic money to a


full a measure of both metals as thei
relative commercial values will permi
would be neither njust nor inexpedien
/ must ask your indulgence to a brit
: and definite statement of certain essel
tial features.


In any such legislative measures whic


/ feel it my duty to recommend / do NJ
7 propose to enter the debate represente
: on both sides by such able disputants
1 Congress, and before the people and
e the press, as to the extent which tt
legislation of any one nation can contr
I this question, even within its own bo
e ders, against the laws of trade or tt
e positive laws of other Government
I The wisdom of Congress in shaping an
i particular law that may be presente
: for my approval may wholly supersec
!, the necessity of my entering into IL
d reconsiderations; and, willing to avoi
q either vague or intricate inquiries, it
d only the certain, plain and practic
v traits of such legislation that desire
=; recommend to your attention. In an
+ legislation providing for a silver coli
/ age, regulating its value and impartir
+ to it the quality of legal-tender,
+ seems to me of great importance thi
; Congress should not lose sight of i
n action and operations in a two-fold C
e pacity and in two distinct directions.
e If the United States Governmel
If were free from public debt, its legisl
l. tive dealing with the question of silv
e coinage would be purely sovereign al
Il governmental, under no restraints b.
= those of constitutional power, and Il
d public good as affected by the propos,
r legislation. But in the actual circuI
rs stances of the Nation, with vast pu
e lie debt distributed very widely amol
d our own citizens, and held in gre
n | o1aa ohroal Ha G !