Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-12-10
lex TELEGRAPH To T1IE WILMINGTON JoTRNAL.
PRESIDENTS MESSAGE.


70 tie Senate end House Of Representatives.:
| II coming lou, ,.,u tor the first time, as
Chief f;dgfstrate Il great nation, it is with
gratitude ~ the t,ieer u all good FOR the many
beEeita chi " We are blessed with peace at
hoiIo without entnugiIng alliances abroad to 10
mont trouble; with territory unsurpassed In Ter,
tiIiiy; of equal 30 the abundant support
of five hundred millions OF people, abonndlng Ia
every variety of useful minerals, IN quantity su'
cient to supply the world for generations exu-
berant crops variety OF climate, adapted to the
production of every species of the earth's riches.
suited to the happiness. taste and requirement.
Of every living thing; population OF forty mil
lions OF free people speaking one language IA
clties for every mortal to acquire education;
our institutions closing to none the avenues to
fame or any blessing of fortunes that may be
coveted; freedom OF tho pulpit and the Press,
and school revenue flowing into the national trea-
sury beyond the requirements ofthe government.
Happily harmony Is being rapidly restored with
in our oHn borders; manufactures hitherto un-
known in country are shooting up in all sec
tons, producing degree OF natlona. ndepend-
ence unequalled by any other power. These
blessings and countless others entrusted to
your care and mine tor safe keeping tor the
brief period of our office. In short time we
must each of us return to the ranks of the peO-
pie who have conferred our honors and account
to them for our stewardship. / earnestly desire
that neither you nor may be condemned by
the free, enlightened constituents, nor by our
own consciences. Emerging from rebellion
of gigantic magnitude, as it was by sympathies
aud assistance from nations with which, we were
at peace, eleven States of the Union were four
years ago left without legal State governm ent.
A national debt had been contracted; American
commerce was almost driven from the seas in
dustry in one half our of country had been
taken from the control OF the capitalists and
placed where al labor rightfuly belongs in keep
ing of the laborer.
The work ofrestOung State governments loyal
to the Union, of protecting and fostering tree
labor, Of providing means for paying the inter
est on the public debt, has received ample atten-
| A1thOnpb Off rtc how
not met with the success in all particulars that
might have been desired, yet on the whole they
| have been more successful than could have been
reasonbly anticipated. Seven States which
passed the ordinance of secession have been fully
restored to their places in the Union. The eighth,
Georgia, held election at which she
ratified her constitution, republican in form,
| elected governor, members Of Congress,
a state Legislature and other officers re-
quired. The governor was installed, the legs-
laturc met and performed all the acts then re-
| quired Of them by the reconstruction acts OF
| Congress. Subsequently, however, in violation
| OF the constitution which they had Just ratified,
ana since decided by Supreme Court of the
| state, they unseated the cOlOred members of the
| Legislature and admitted to seats some memb ers
! who are disqualified by the thiri clause of the
| fourteenth amcndment-an article which they
| themselves had contributed to ratify Under
these circumstances | would submit to you
whether it would not be wise, without delay to
| enact a law authorizing the governor of Georgia
| to convene the members originally elected to
the legislature required by the reconstruction
| acts. and none to be admitted who arc ineligible
| under the third clause of the 18th amendment.
The freedmen, under the protection they have
| received, are making rapid progress in learn
ing and no complaints are heard of lack OF in
iustry on their part when they derive fair rcmu-
| ncration for their labor
| The means provided for paying the interest on
| the public debt, with all other expenses of the
| loss of our commerce is the only result of
| the late rebellion which has not re-
ceived sufficient attention from you.
| To thls subj call yonr earnest attention. j
viii not now suggest plans by which this object
may De effected, but will, ii necessary, make it
The subject OF special message during this SOS
sion OF Congress.
at tie arch term, Congress, by e Joint reso-
lutiO1. authorized the Executive to order cleo
tons in the States OF Virginia, 1Isssissippi and
Texas, to Submit to the people constitutions
Which cscL had previously framed, and submit
the conetisntions, either entire, 81 in separate
parts, 10 be voted upo. At the discretion Of the
Executive. Under this autho-it7 elections wore
called In Virginia the tlecsioA took piac9 on
the 9th o. July. Ihe Governor siecIed has been
installed, the Legislature ?1ft and did all re-
quirad by this resolution and hy Ill the recon-
struction acts OF Coz roas. end aostained from
all doubtful authority. | recommend that the
Senator'S and Representatives be PROMPTLY ad-
mitted to their seats and that the State bs fully
restored 80 lt7 place in the family of States.
Elections were called III mississippi and Texas
to commence 30th OF Giovember-two days in
Aiissihsippi and four days in Texas. The elec-
TONS nave taken place, hu' the result is not
known. Ii is hoped that The c.! of the Leejs-
latures Of these states, v.hen they meet viii be
SUCH IS to receive Your approval. and thus
close the work of reconstruction
Among the evils growing out OF the rebellion.
ana not yet referred to, is that OF an irredeems-
bic currency. Il is an evil which [ Dye will re.
caive your most earnest attention. ia q duty,
and one Of tks highest duties OF the government,
to secure to the citizen medium OF Schange of
fixed, unvarylng value, This implies q return to
specie basis, and substitute for it can be
devised 1t should be commenced now and
reached at the earliest practicable moment con-
sistent with fair regard to the inter est Of the
debtor class n immediate resumptiop if prsc-
tlcable, would not be desirable. It would COM
tracts a premicn on gold at the d:4te Of their
purchase, and would bring baIkrup .cy and ruin
TO thousands. Fluctuations, however, in paper
value, in the of all vailies cold ia deli-
mental to all interests. The man of bnsiress he
comes an involuntary gambler, for in ali sales
when future Payment ls to be made both parties
speculate as to what will be the valr.e OF currency
TO be paid AID received. [ earnest " recommend
TO you, fhen, such Legislation as will insure a
gradual return 20 specie payments; and put an
immediate stop to fluctuations in the value of
currency. Inc methods to secu re the former
OF these results are as numerous as speculators
on political economy. To secure the latter see
but one way, and that is to authorize the Trea-
sury to redeem is own paper at a fixed price
whenever presented, and to withhold from circu-
latlon all currency 50 redeemed until sold again
for sold The vast resources of the nation, Doth
credit the best on earth. with less burden and
taxation than that which the citizen has endured
for six gears Hast the entire public debt could
De paid III zen yaarn. But il ls no5 desirable
that the people should be taxed to paz it in that
time. Year byyear our ability to pay increases
IN rapo ratio; bul the burden OF inta rept ought
TO be radhced rapd;N he dane without
The violation 81 cont act.
The public debt is represented in great part
by bonds having from five (5) to twenty {2O) and
from ten QO) TO forty 40) years to run, bearing
interest at the rate of six CO. and five 81 per
cent. respectively. 1t is optional with the gov
to pay these bonds at any period after
expiration; the least time mentioned upon their
face. The time has already expired when the
great part may be taken up, and ra pidly ap-
when all may be-
1t Is believed shat all which arc now due NAV
be replaced by bonds bearing a rate OF interest
not exceeding four and a half per cent. and "a
rapidly as the remainder becomes due that they
may be replaced in some way. To accomplish
TINS 1t may be necessary to authorize interest to
be paid 81 either three or four OF the money cen
ters OF Europe, or by any assistant treasurer of
the United States, at the option OF the holder of
the bonds suggest this eubjectfor the consid- |
Grafton OF Congress. and also sinlultane- |
ously with this the propriety Of redeeming
our currency as before suggested, at it's
market value at the time the law goes into
effect, increasing the rate ct which currency will