The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-12-08

CluCc inc CONNenlHb VI congress one
year ago the nation has undergone pros.
tration in business and industries such as
has not been witnessed with us for many
wears. Speculations as TO the causes for
this prostration might be INDUCED in
without profit, because rs many theories
will be advanced ms there would be indie.
pendent writers-those who expressed
their own views without borrowing upon
the subject. Without indulging in theories
a. to the cause Of this prostration there
fore, l will call your attention'only to the
tact and to some plain questions rs TO
which 1t would seem there should be no
disagreement. During this prostration
two essential elements Of prosperity have
been most abundant.
LABOR AND CAPITAL
Both have been largely unemployed.
Where security has been undoubtcd CAPT
tai has been attainable Mt very moderate
rates. Where labor has been wanted it has
been found in abundance at cheap rates as
compared with the cost Of the nGcessaries
and comforts of life which could be pur-
chased with the wages demanded. Two
great elements of prosperity, therefore,
have not been denied us, to which third
might be added,
TIE CAPACITY OF TIE SOIL.
oar soil is unequNlled within the limits
Of any contiguous territory under one ma
ton for its variety Of productions with
which to feed and clothe people, and in
the amount of surplus to spare to feed less
favored peoples. Therefore, with these
facts in view, it seems that wise statesman
ship attIlis session of Congress would die
tate legislation ignoring the past and di-
recIing in proper channels these great
elements of prosperity to any people.
DEBT AND CREDIT
is the only element that can with sound
currency enter into our affairs to cause any
continued depression in the industries and
prosperity of our people,
CURRENCY.
4 great conflict for national existence
made necessary for temporary purposes
the raising of large sums of money from
whatever source attainab,e. 1t made nee
essary, in the wisdom Of Congress-and |
do not doubt their wisdom in the premises
regarding the necessities of the tines to
devise system of national currency, which
it proved to be impossible to keep on par
vita the recognized currency of the civil
lied world, This begot spirit Of specu-
lation and extravaganza and luxury not
required for the happiness or prosperity
Of people, and involving, both directly
and indirectly, foreign indebtedness The
currency, being Of luctuating value, and
therefore unsafe 10 hold for legitimate
transactions requiring money, became n
subject of speculation in itself. These two
causes, however, have involved us in
foreign Indebtedness, contracted in good
faith by borrower and lender, which should
be paid according to the bond agreed upon
when the debt was contracted, in gold or
its equivalent. The good faith of the
Government can not be violated toward
creditors without material disgrace,
COMMERCE AND MANUFACTURES.
Our commerce should be encouraged,
the American ship building and carrying
capacity increased, foreign markets sought
for the products OF the soil and the manu-
laCturer, to the end that we may be able to
pay those debts. Where new market
can be created for the sale of our products,
either of the soil the mine, or the manu-
factory, new means is discovered OF
utilizing our idle capital and labor to the
advantage Of the whole people But, in
my judgment, the first step towards accom-
plshing this object is to secure
CURRENCY GOOD WHEREVER CTvILlzA-
TON REIGSs- ~.
one which whenever it becomes supera-
bundant with one people will find u mar
ket with some other-a currency which
has AS its basis the labor necessary to pro.
duce it, which will give to it its value.
Gold and silver are now the recognized
mediums of exchange the civilized world
over and to this we should return with the
least practicable delay. In view Of the
pledges OF the American Congress when
orr present legal tender system was adopt
ed, there should be no delay, certainly no
unnecessary delay, in fixing by legislation
amethod by which We will return to specie.
To the accomplishment Of this end | in
vltc your especial attention. l believe
firmly that there can be no prosperous and
permanent revival Of business and indus
tries until policy is adopted, with lcgisla-
ton to carry it out, looking to a return to
specie basis. 1t is easy to conceive that
the debtor and speculative classes may
think it Of value to them to make so-called
money abundant until they can throw a
portion of their business on others, hut
even these, believe, would he disappOint-
ed in the result if course should be pur-
sued which will keep in doubt the value of
the legal tender medium OF exchange.
A REVIVAL OF PRODUCTIVE INDUSTRY
Is needed by all classes-by none more
than the holders of property, of whatever
sort, with debts to liquidate by real
ization upon It's sale. But admitting that
these two classes Of citizens are to be bene-
fitted by expansion, would not the general
loss be too great TO justify such relief?
Would il not be Just rs honest and prudent
TO authorize each debtor to issue his own
legal tenders to the extent Of his liabilities
rs to do this? Would itnot be safer, for
fear OF over-issues by inscriptions credit
ORR, to say that all debts and obligations
are obliterated in the United States, and
now are we TO commence anew, each pos
sessing all he has at the time free from in.
cumbrance? These positions arc too alb
surd to be entertained for moment by
thinking or honest people, yet every delay
in the preparation for final resumption
Pavtakes of this dishonesty, and only
lessons the hope that convenient day will
at last arrive for the good work of redeem.
ing our pledges.
IT WILL NEVER COME,
in my opinion, except by positive action
by Congress or by national disasters which
will destroy, for a time at least, the credit
of the individual and the State Mt large,
A snmnl cnrrenrv minht be rnnchnh by