the public good as affected by the proposed
legislation. But in the actual circumstances of the nation, with a
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 affecting this relation of the Government to the holders
of the public debt, becomes an element, in any proposed legislation,
of the highest concern. The obligation of the public faith
transcends all questions of profit or public advantage otherwise.
Its unquestionable maintenance is the dictate as well of the highest
expediency as of the most necessary duty, and will ever be carefully
guarded by Congress and people alike.

The public debt of the United States to the amount of $729,000,000
bears interest at the rate of 6 per cent, and $708,000,000 at the rate
of 5 per cent, and the only way in which the country can be relieved
from the payment of these high rates of interest is by advantageously
refunding the indebtedness. Whether the debt is ultimately paid in
gold or in silver coin is of but little moment compared with the
possible reduction of interest one-third by refunding it at such
reduced rate. If the United States had the unquestioned right to pay
its bonds in silver coin, the little benefit from that process would
be greatly overbalanced by the injurious effect of such payment
if made or proposed against the honest convictions of the public
creditors.

All the bonds that have been issued since February 12, 1873, when
gold became the only unlimited legal-tender metallic currency of the
country, are justly payable in gold coin or in coin of equal value.
During the time of these issues the only dollar that could be or was
received by the Government in exchange for bonds was the gold dollar.
To require the public creditors to take in repayment any dollar of
less commercial value would be regarded by them as a repudiation
of the full obligation assumed. The bonds issued prior to 1873 were
issued at a time when the gold dollar was the only coin in circulation
or contemplated by either the Government or the holders of the bonds
as the coin in which they were to be paid. It is far better to
pay these bonds in that coin than to seem to take advantage of the
unforeseen fall in silver bullion to pay in a new issue of silver coin
thus made so much less valuable. The power of the United States
to coin money and to regulate the value thereof ought never to be
exerci