Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1869-12-16
PRESIDENTS MESSAGE.

i Resident - NIEOodULs
To the Senate and House of Representatives:
In coming. before you for the first
time as Chief Magistrate of this great
nation, it is with gratitude to the Oliver
of All Good for the many benefits we
enjoy. We are blessed with peace at home
and are without entangled entaEgling
alliances abroad to forbode trouble, with
a territory unsurpassed in fertility, of an
area equal to the abundant support Of
five millions of people and Astounding in
every variety of useful minerals. in guam
titles sufficient to supply the world for
generations, with exuberant crops, with
a variety of climate adapted to the pro-
duction of every species of earth's riches,
and suited to the habits, lasts and re-.
quirements of every living being, with a
population Of forty millions Of free peo-
pie, all speaking one language, with fac.
ulties for every mortal to acquire an ed
ucation, with institutions closing to none
the avenues of fame or any blessings or
fortune that may be coveted, with free
dom of pulpit, the press and the school,
9TH a revenue flowing into the national
treasury beyond the requirements of the
Government supply, harmony is rapidly
being restored within our own borders.
Manufactures hitherto unknown in our
country are springing up in all directions
producing a degree of rational indepen.
dence unequaled by that of any other
power.
RECONSTRUCTION.
In regard to reconstruction be briefly
sums up what has been done during the
year past, recommends that Virginia be
promptly restored to her place in the
Union, and expresses the hope that the
recent elections in Texas and Mississippi
will be found to be such as will justify
their speedy restoration. He recounts
with much force the treacherous course
pursued by the Georgia legislature in
expelIing the negro members, and sug.
gests whether it would not be wise to
enact law authorizing the Governor of
that state to re-convene that legislature
and require the members to take the oath
prescribed by the reconstruction act, and
admit none who are ineligible under the
third clause of the l4th amendment. .
Specie PAYMENTS. st. n.
Among the evils growing out of the
rebellion and not yet referred to, is that
of an irredeemabe currency. 1t is an
evil which will hope receive your most
earnest attention. 1t is duty, and one
OF the highest duties of the government
to secure to the citizens q medium of ex-
change of fixed and unyarving value.-
This implies return to specie basis, and
no substitute for it can be devised. 1t
should be commenced now, and reached
at the earliest practicable moment cousis-
tent with fair regard to the interest of
the debtor class. Immediate resumption,
il practicable, would not be desirable.
1t would compel the debtor class to pay
beyond their contracts the premium of
gold at the date of their purchase, aud
would bring bankruptcy and ruin to
thousands. Fluctuations, however, in
the paper value of the measure, of all
values of gold is detrimental 10 the in
terests of trade; it makes the man of
business an involuntary gambler, for in
all sales where future payment is to be
made both parties speculate as to what
will be the value of currency to be paid
and received. l earnestly recommend
to you, then, such legislation as will in.
sure a gradual return to specie payment,
and put an immediate stop to the fuctu.
atoms in the. value of currency. The
methods to secure these results are as
numerous as the spectators on political
economy. To secure the later see but
one way, and that is to authorize the
treasury to redeem its own paper at
fixed price, whenever presented; to with
hold from circulation all such currency
redeemed until sold again for gold.--
The vast resources of the nation. both
developed and undeveloped, OUGHT to
make our credit the best on earth.-
With a less burden of taxation than the
citizen has endured. for the past six years,
the entire public debt could be paid in
ten years. But it is not desirable that
people should not be taxed to pay it in
that time. Year by year the ability to
pay increases in rapid ratio, but the
burden of interest ought to be reduced
as rapidly as can be done without the
violation of contract. The public debt
is represented in great part by bonds
having from five to ten, and from ten TO
forty years to run, bearing interest at the
rate Of, six per cent, and five per cent.
respectively. 1t is optional with the
government to pay their bonds at any
period after the expiration of the least
time mentioned, upon their face. The
time has expired when great part of
them may be taxed up land the time is
rapidly approaching when all may be.
Ii is believed that all which are now due
may be replaced by bonds bearing rate
of interest not exceeding 4 2 per cent,
and as rapidly as the remainder become
due. that they may be replaced in the
same way. To accomplish this it ma
be necessary to authorize the interest to
be paid at either of three or four Of the
money centres Of Europe, or by the AS
sistant Treasurer of the United States,
"a