State of the Union
State of the Union
1877--1880
Book Excerpt
he United
States to pay their bonded debt in coin. That act was accepted as a pledge
of public faith. The Government has derived great benefit from it in the
progress thus far made in refunding the public debt at low rates of
interest. An adherence to the wise and just policy of an exact observance
of the public faith will enable the Government rapidly to reduce the burden
of interest on the national debt to an amount exceeding $20,000,000 per
annum, and effect an aggregate saving to the United States of more than
$300,000,000 before the bonds can be fully paid.
In adapting the new silver coinage to the ordinary uses of currency in the everyday transactions of life and prescribing the quality of legal tender to be assigned to it, a consideration of the first importance should be so to adjust the ratio between the silver and the gold coinage, which now constitutes our specie currency, as to accomplish the desired end of maintaining the circulation of the two metallic currencies and keeping up the volume of
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