sed for the purpose of enabling the Government to pay its
obligations in a coin of less value than that contemplated by the
parties when the bonds were issued. Any attempt to pay the national
indebtedness in a coinage of less commercial value than the money
of the world would involve a violation of the public faith and work
irreparable injury to the public credit.

It was the great merit of the act of March, 1869, in strengthening
the public credit, that it removed all doubt as to the purpose of the
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 the two precious metals as our
intrinsic money. It is a mixed question, for scientific reasoning
and historical experience to determine, how far and by what methods a
practical equilibrium can be maintained which will keep both metals in
circulation in their appropriate spheres of common use.

An absolute equality of commercial value, free from disturbing
fluctuations, is hardly attainable, and without it an unlimited
legal tender for private transactions assigned to both metals would
irresistibly tend to drive out of circulation the dearer coinage and
disappoint the principal object proposed by the legislation in view.
I apprehend, therefore, that the two conditions of a near approach to
equality of commercial value between the gold and silver coinage of
the same denomination and of a limitation of the amounts for which the
silver coinage is to be a legal tender are essential to maintaining
both in circulation. If these c