Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1874-12-11
The Presidents Message,

Monday, coming to hand after our
outside forms were printed, we give
such portions of it, to the extent OF
our limited space, as are of special
interest to our readers. 1t is a bus.
iness-like document, devoid of bun
comb or special pleading, and in the
majority of its recommendations EN-.
inently wise and judicious:
To the Members Of the Senate and
House Of Representatives:
Since the converting of Congress
one year ago, the nation has under
gone prostration in business and
industries such as has not been wit
messed with us for many years.
Speculation as to the causes of this
prostration might be INDUCED in
without profit; because as many the
cries would be advanced as there
would be independent writer's, who
expressed their own views, without
borrowing, on the subject.
THE FINANCIAL CONDITION OF THE
COUNTRY.
Without indulging in theories as to
the cause of this prostration, there
fore, / will call your attention only to
the fact, and to the sole question as
to which it would seem there should
be no disagreement. During this
,,1 Il Of
prosperity have been most abundant
Labor and capital. Both have been
largely unemployed, and where secu-
rity has been mdoubted capital has
been attainable at very moderate
rates. Where labor has been wanted
it has been found in abundance and
at cheap rates compared with what of
necessaries and comforts Of life could
be purchased with the wages demand
ed. Two great elements of prosperi-
ty therefore have not been denied us,
and third might be added: our soil
and climate are unequaled within the
limits of any contiguous territory un-
der our nationality, for its variety of
products to feed and clothe a people,
and in the amount of surplus to spare
to feed less favored people therefrom.
With these facts in view, it seems to
me that wise craftsmanship at this
session of Congress would dictate ig-
noring the past and distributing in
proper channels these great elements
of prosperity to any people.
THE DEBT.
The debt abroad is the only ele-
ment that can, with always sound
currency. enter into our affairs to
cause any continued depression in
he industries OF prosperity OF our
people. A great conflict for national
existence made necessary for tempo
rary purposes the raising of large
sums of money from whatever sour
ces attainable. 1t was made necessa-
ry in the wisdom of Congress, and l
do not doubt their wisdom in the
premises, regarding the necessities Of
the times, to devise system Of ma
tional currency which it proved to be
impossible to keep on par with the
currency of the civilized world
This begot spirit of speculation
involving an extravaganza and luxu-
ry not required for the happiness or
prosperity of a people, and involving
both directly and indirectly foreign
Indebtedness. The currency being Of
fluctuating character, was found to
be unsafe to hold for legitimate trans
actions requiring money, and became
subject OF speculation in ITSELF
These two causes, however, have in
volved us in a foreign Indebtedness,
contracted in good faith by borrow
ers and lenders, which should be paid
in coin, and according to the bond
agreed upon, when the debt was con-
tracted, gold or its equivalent. The
good faith Of the government cannot
be violated toward creditors without
national disgrace. Our commerce
should be encouraged, American ship
building and carrying capacity in
creased, foreign markets sought for
the products of the soil and manufac-
lures, to the end that we may be able
to pay those debts, where the market
can be created for the sale of our
products, either of the soil, the mine,
or the mandatory. But in my .judg-
ment the first step toward accomplish
ing this object is to secure curren-
cy good wherever civilization reigns
one which, if it becomes supera-
bundant with one people, will find
market with some other; currency
which has as it's basis the labor nee
essary to produce it.
SPECIE PAYMENT.
Gold and silver are now the rec
ognized mediums of exchange the
civilized world over; and to this we
should return with the least practi-
cable delay. In view of the pledges
Of the American Congress when our
present legal tender system was adopt
ed and the debt contracted, there
should be no delay, certainly no I'M
necessary delay, in fixing by legis-
lation method by which we will
return to specie. TO the accomplish
ment of this end invite your special
attention. Ibelieve firmly that there
can be no prosperous and permanent
return Of business and industries I'M
til policy is adopted with legisla-
ton to carry it out, looking to a re-
turn to specie basis. 1t is easy to
conceive that debtors and specula-
tive classes may think it better to
make (so-called) money plenty, until
they can throw a portion of their
burdens upon others. But even
these, l believe, would be disappointed
III the result of course, should it be
pursued, which will keep in doubt
the legal tender medium of exchange.
A revival Of the productlvei industries
is needed by all classes, and by none
more than the holders of property, of
what ever sort, with debts to liqui-
date from the realizations upon it's
sales. But admitting that these two
classes of citizens are to be benefited
by expansion, would it be honest to
give it-would not the general loss
be too great to Justify such relief?