The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-12-08

prostration for the want Of sound financial
system falls upon the working man, who must,
after all, produce the wealth; and the salarled
man, who superintends and conducts bust
ness. The burden falls upon them in two
ways-by the deprivation OF employment, and
by the decreased purchasing power OF their
salaries.
| 1t is the duty of Congress to devise the
| method OF correcting the evils which are ac-
| knowlelsed to exist, and not mine. But
will venture to suggest two or three things
which seem to me as absolutely necessary to
return to specie payments, the first great
requisite in return to prosperity.
The legal tender clause to the law author
| ling the issue of currency by the National
Government should be repealed, to take effect
as to all contracts entered into after day
fixed in the repeating act, not to apply, how
ever, to payments OF salaries by the Govern
ment or for other expenditures now provided
by law to be paid in currency in the interval
pending between repeal and final resumption
Provision should be made by which the Secre-
tary OF the Treasury can obtain gold as it may
become necessary from time to time from the
date when specie redemption commences. To
this might and should be added revenue
sufficiently in excess OF expenses to insure an
accumulation OF gold in the treasury to sus-
tain redemption.
commend this subject to your careful con-
sideration, believing that favorable solution
is attainable, and that if reached by this Con-
gress, that the present and future generations
will ever gratefully remember it rs their de-
liverer from thraldom Of evil and disgrace
With resumption, free banking may be au-
thorized with safety, giving full protection to
bill holders which they have under existing
laws. Indeed, / would regard free banking
as essential; it would give proper activity to
the currency. AS more currency should be
required for the transaction OF legitimate
| business, new banks would be started, and, in
turn, banks would wind up their business
WHEN it was found that there was super
abundance of currency.
The experience and Judgment Of the peo-
pie can best decide just how much currency is
required for the transaction OF the business OF
the country. Ii is unsafe to leave the settle
ment of this question to Congress, the Secre-
tary of the Treasury, or tie Executive. Con-
gress should make the regulation under which
banks may exist, but should not make banking a
monopoly by limiting the amount OF redeema-
BILE paper currency that shall be authorized.
Such Importance do | attach to this sub ect,
and so earnestly do commend it to your at
tention, that give it prominence by intro
ducing it at the beginning of this message.
During the past year nothing has occurred
to disturb the general friendly and cordial
relations of the United States with other
powers. The correspondence submitted here
| with between this Government and Its dlpio-
| matte representatives, as also with the repre-
| sentatives OF other countries, shows q Salts
factory condition Of all questions between the
| United States and the most Of other countries,
and, with few exceptions-to which reference
is hereafter made-the absence OF any points
of difference to be adjusted. The notice
directed by the resolution of Congress of June
| II, 1874. to be given to terminate the Conven-
| ton of July II, 1858, between the United States
and Belgium, has been given, and the treaty
will accordingly terminate on the first day OF
July, 1875.
This convention secured to certain Belgian
vessels entering the ports of the United States
exceptional privileges which are not accorded
to our own vessels. Other features OF the
convention have proved satisfactory, and have
tended to the cultivation OF mutually bene-
fetal commercial intercourse and friendly
relations between the two countries. l hope
that negotiations, which have been invited,
will result in the celebration OF another treaty
which may tend to the interests Of both
countries.
! Our relations with China continue to be
friendly. During the past year the fear OF
hostilities between China and Japan, growing
out of the landing OF an armed force upon the
Island of Formosa by the latter, has occa-
stoned unessiness. 1t is earnestly hoped,
however, that the diff ,uities arising from this
cause will be adjusted, and that the advance
in civilization in these empires may not be
retarded by state OF war.
| In consequence of the part taken by certain
citizens of the United States in this expedition,
our representatives in these countries have
been instructed to impress upon the Govern
ments OF China and Japan the firm intention
of this country to maintain strict neutrality in
| the event Of hostilities, and to carefully pre-
vent any infraction of law on the part OF oul
citizens. In connection with this subject, |
call the attention of Congress to generally
conce led fact that the great proportion OF the
Chinese emigrants who come to our shores
do not come voluntarily to make their homes
with us, and their labor productive OF general
prosperity, but come under contracts with head
men, who own them almost absolutely. In a
worse form does this apply to Chinese women
Hardly perceptible percentage OF them per
form any honorable labor, but they are brought
for shameful purposes, to the disgrace OF the
communities where settled, and the great de-
moralizaton OF the youth of those localities
If this evil practice can be legislated against
it will be my pleasure, as well as duty, to en-
force any re yulatioa to secure so desirable an
end.
It is hoped that negotiations between the
Government of Japan and the treaty powers
looking to the further opening OF the Empire
and to the removal Of various restriction:
upon trade and travel, may soon produce the
results desired, which cannot fail to inure tt
the benefit of all the parties.
l Having on previous occasions submitted tt
the consideration OF Congress the propriety o
the release of the japanese Government from
the further payment Of the indemnity under
the convention of October %, 1864, and as NJ
action had been taken thereon, it became my
duty to regard the obligations OF the conven
ton as in force; and as the other powers
interested had received their portion Of thu
indemnity in full, the Minister OF the United
States in Japan has, in behalf OF this Govern
ment, received the remainder Of the amour
due to the United States under the conven
ton of Simonouski.
!. I submit the propriety of applying the in
come of a part, if not of the whole, of thi
sum to the education, in the Japanese Ian
,,f To 1o a