The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1874-12-11
The Presidents Message.


was read. This document is one of the most
able and practical that has ever emanated
from President Grant, although his opinions
and remarks upon some subjects give ample
room for criticism The principal feature OF
the MESSAGES the Presidents views upon the
financial question, Upon this he is eminently
sound and sensible, affirming the necessity of
return to gold and silver currency His re.
marks upon the subject will be concurred in
by The bulk of the Democratic party, who
have always been in favor of hard money
Upon the subject of financial reform the Pres.
ident says:
nation dealing in currency below that
6fspecie in value labors under two great dis.
advantages First, having no use for the
worlds acknowledged mediums of exchange.
gold and silver, these are drawn out of the
country because there is no demand for their
use. Second, the medium of exchange in Use
being of a tluctuating vaue-for after all il
is only worth just what it will purchase of
gold and silver and metal, having an intrinsic
value just in proportion to the honest labor
it takes to produce them--a large margin must
be allowed for pIoft by the manufacturer and
producer. 1t is months from the date of pro.
duction to the date of realization. Interest
upon capital must he charged, and risk of
tiuctuation in the value of that which is TO be
received in payment added. Hence, high
prices acting as protection to the foreign
producer, who receives nothing in exchange
for products of his skill and labor except a
currency-good at stable value the world
over it seems that nothing is clearer than
that the greater part of the burdens of exist
ing prostration for the want of sound finan-
GVctQm ln I .;,,,-
must after all produce wealth. and the salari.
ed man, who superintends and conducts bust
ness. The burden falls upon them in two
ways--by the deprivation Unemployment, and
by decrease of the purchasing power of
their salaries. 1t is the duty of Congress to
devise the method of correcting the evils
which are acknowledged to exist, and
not mine, and | will venture to suggest
two or three things which seem to me as alb
sontely necessary to return to specie pay
ments, the first great requisite in a return to
prosperity The legal tender clause to the
law authorizing the issue of currency by the
national government should be repealed to
take effect, as to all contracts entered in after
the day fixed in the repeating act, not to ap.
ply, however, to payment of salaries by the
government or for other expenditures now
provided by law to bepaid in currency. In
the interval pending between repeal and final
resumption provision should be made by
which the Secretary of the Treasury can OBJ.
tain gold as it may become necessary from
time to time from the date when specie re-
demption commences. TO this might and
should be added revenue sufficiently in ex-
cess of expenditure to insure an accumula.
ton OF gold in the treasury to sustain redemp.
ton.
Foreign affairs furnish no special occasion
for remark accommodation. The grow.
ing Importance of our relations, both COM
mcrcial and diplomatic, with China and ia.
pan is adverted to, as is also the subject of
Chin sc immigration to this coantry, coupled
with II suggestion as to the need of further
legislation for the protection of Chinese i'm.
migrants, both male and female.
The report of the survey of the North Invest.
ern boundary between the United States and
the British possessions, is transmitted to Con
gress by the President, who refers also to the
chronic condition Of lawlessness and brigand
age on the Mexican frontier, and to the ina
bility of Venezuela to discharge its indebted
ness to American citizens.
The President adverts to "lhe deplorable
strife in Cuba and thinks that cts duration
and the tenacity of its adhcrents, together
with the absence of manifested power Of
suppression on the part of Spain, cannot be
controverted, and may make some positive
steps on the part of other powers matter Of
sef-necessity. He hopes for an early settle
ment of the questions between the govern.
ments.
The detective state of our naturalization
laws is noted, and congressional action on
the subject is invoked
He calls the attention of Congress to the
report of the Secretary of the Treasury
which states that the amount of receipts ovel
expenditures has been but So ,344 ,SS2 80 fol
the fiscal year ending June 80, 1874, and that
for the current fiscal year the estimated re-
ceipts over expenditures will not much ex
coed $4,000, 900. In view of the magnitude
of the national debt, the President submits
"whether revenues should not be increased
or expenditures diminished to reach this
amount of surplus Not to provide for the
sinking fund is a partial failure to comply
with the contracts and obligations of the gov
ernmcni."
The President untes with the Secretary OF
the Treasury in recommending economy in
appropriations, in calling attention to the
loss of revenue from repeating the tax on tea
and coffee, without benefit to the consumer
in recommending an increase of Ten cents a
gallon on whiskey and further, that no
modification be made in the banking and
currency bill passed at The last session Of
Congress, unless modification should become
necessary by reason of the adoption of meas
ures for returning to specie payments. He
suggests TO Congress the propriety of read.
jusling the tariff so as TO increase the revenue
and at the same time decrease the number OF
articles upon which duties are levied Those
articles which enter into our manufactures,
and are not produced Mt home it seems to
him, should be entered free.
He also calls attention TO the reports OF
the Secretaries of War, the Navy, the Intc-
ror and the Postmaster General.
The President explains, in moderate and
conciliatory temper bis past policy in regard
TO the Southern States, and undertakes to
justify his action in regard to interference in
the affairs of Louisiana. Upon this latter
point the less lie says the better, perhaps.
He cannot strengthen his hold upon the good
opinion of the American people by any at.
tempt to justify his unwarrantable interfer-
ence in the internal affairs of a sovereign
State.
His "Indian policy" has some words ofap.
proval, and lie promises strict adherence