The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-12-18
PRESIDENTS MESSAGE.
PRosTRA1oN OF BUSINESS AND sUGGEs
TONS FOR ITS REVIVAL

IlONS ECts Is REVIVAL
To the Senate and House Of Rep
reSentaticeS::
Since the. convening of Congress one
year ago, the nation has undergone a
prostration in business and industries,
such as has not been witnessed with us
for many years. Speculation rs to the
oause for this prostration might be In
dulged In without profit, because as
many theories would be advanced as
there would be writer's independent OF
those who expressed their own views.
without borrowing, upon the subject.
Without indulging In theories as to the
cause Of this prOstratiOn, therefore, /
viii call your attention only to the fact
and to some questions as to which II
would seem there should be no disagree
nent. During this prostration two es-
sential elements of prosperity have been
most standardization and capital. Both
have been largely unemployed. Where
security has been undoubted capital has
been attainable st very moderate rates.
Where labor has been wanted it has been
found In abundance at cheap rates CON-
pared with what necessaries and comforts
of life could be purchased with the wages
demanded. Two great elements of pros
perIty, therefore, have not been denied
Us. A third might be added. Our soil
and climate are unequaled within the linn
its Of and contiguous territory under one
nationality, for its varietion of products
to feed and clOthe a people and the
amount Of surplus to spare to feed less
n1 I.
facts In view, It seems to me that wise
craftsmanship at this session of Congress
would dictate ignoring the past, directing
IN proper channels these great elements
Of prosperity. To any people debt
abroad is the only element that can, with
always q sound currency, enter into our
affairs to cause any continued depression
In the industries and prosperity of our
people, A great conflict for national ex-
istence made necessary for temporary
purposes, the raising Of large sums Of
money froE1 whatever source attaiEable
It made necessary, IN the wisdom Of
Congress, and 90 not doubt their Wis
dom In The premises regarding the ne
cessitv Of the times, to devise 4 system
Of national currency which it proved to
be impossible to keep on a par with rec
OgniZed currency of the civilized world.
This begot spirit Of speculation Iryolv-
ing an extravaganza and luxury not re
Quiped for the happiness and prosperity
Of apeo2le, and involving, both directly
and indirectly, foreign indebtedness
The currency being Cfa huctuating Talue,
therefore, unsafe to hold for legitimate
Transactions requiring money, became a
subject OE speculation II itself. These
two causes, however, have involved US IN
foreign Indebtedness, cortTactedin good
faith by borrower and lender, which
should be naid IN coin and according to
the bond agreed upon when the debt
was contracted, gold OF its equivalent.
The good faith Of the government cannot
be violated towards creditors without na-
tional disgrace.
Our commerce should be encouraged.
American ship building and carrying ca
pacity increased, foreign markets sought
for the products Of the soil and manu-
factories to the end that We may be able
to pay these debts where's market can be
created for the sale Of our products.
either Of the soil, the mine or the manu-
factory.
CURRENCY RECOMMENDATION
A new means Is discovered of utilizing
our Idle capital and labor to the advant-
age Of the whole people, but In my
Judgment the first step toward accom-
plishing this object IS to secure a curren-
cy good wherever civilization reigns, one.
which If It becomes supeTabundant with
one people. VIII find a market with some
other-a currency which has had its ba-
sis the labor necessary to produce It,
which VIII give its value. Gold and sill
yer are now the recognized mediums Of
exchange the civilized world over, and
to this we should return with the least
practicable delay. IL view Of the pledges
Of the American Congress when our
present legal tender system was adopted
and the debt contracted, there should be
no delay, certainly no unnecessary delay
IN fixing by Legislation a method by
which we VIII return to specie. To the
accomplishment Of this end IinviteyouT
special attention. / believe firmly that
there can be no permanent and prosper
ous revival of business and industries
until policy is adopted, with legislation
to carry it out, looking to a return to a
specie basis. It is easy to conceive that
the debtor and speculative basis may
think If OF value to them tomake the so
called money abundant until they can
throw a portion of their burdens upon
others, but even these, I believe, would
be disappointed In the result If q course
should be-pursued which Will keep III
doubt the value of the legal tender me ?
dunn of exchange. A revival of thepro- I
ductive industries IS needed by all class I
es, by none more than the holders of
property Of whatever sort, with debts TO
liquidate from realization upon its sales .
But admitting that these two classes of /.
citizens are to be benefited by expan-
sion, would It be honest 70 give it?
Would not the general loss be too great
TO Justify such relief Would it not be !
Just as honest and prudent TO authorize
each debtor toissue his own legal tender
10 the extent Of his liabilities than to do :,
this2 Would it not be safer for fear of
over issues by. unscrupulous creditors -to! |.
say that all debts and obligations are OBJ
liberated In the United States and now
we Commence anew, free from encum-
branee3 These propositions are too ab-ii
s7Ird to be entertained fOr moment by /.
thinking people. .t. e- -s-- a
Every delay in the preparation of final
resumption paTtakes of this dishonesty, =
andis only less IN degree as the prop Is
held tOUtthat convenient season viii at