Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-08
The District of Columbia Debt.
Reports of the Government De-
partmentS.

Reports of the Government De-
partments.
WASHINGTON, Dec. ITO the Senate
and Hou e Of Representatives: Since the
converting of Congress one year ago, the ma
ton has undergone a prOstratiOn in bust
ness and industries, such as has not been
witnessed with US for many years. Specu-
lation as TO the causes for this prOstratiOn
might be INDUCED in, without profit. be-
cause as many theories would be advanced
as there would be independent writer's,
those who expressed their own views with
out bearing upon the subject. Without
INDUCING IN theories 10 the cause of this
prostration, viii only call your attention
to the fact, and to one question as to which
it would seem there should be no disagree
ment. During this prostratiOn
Two Essential Elements
of prosperity have been most abundant
labor and capital. Both have been largely
unemployed. Where the security has been
undOubted, capital has been attainable at
very moderate rates. Where labor has been
wanted, it has been found in abundance at
cheap rates compared with what of the ne
cessities and comforts of life should be pur-
chased with the wages demanded. Two
great elements of prosperity, therefore, have
not been denied US. A third might be add
ed. Our soil and climate aIe unequaled
within the limits Of any contiguous terri
tory, under one nationality, for its varieties
of products to iced and clothe people, and
in the amount Of surplus to spare to feed
less favored people. Therefore, with these
facts in view, it seems to me that wise
craftsmanship at this session Of Congress
would dictate ignoring the past, and d.
recting in proper channels these great ele-
ments Of prosperity to any people. Our
debt abroad is the only element that can,
with always asound currency. enter into our
affairs to cause any continued depression
in the industries and prosperity Of our
people.
Origin OF GreenbRcks.
A great conflict for national existence
made necessary for temporary purposes the
raising Of a large sum Of money from what
ever source attainable. 1t may have been
necessary in the wisdom Of Congress, and
l do not doubt their wisdom 10 the premi-
ses regarding the necessity Of the times, TO
devise a system OF currency, which it proved
TO be impossible to keep on par with the
recognized currency of the civilized world.
This begat a spirit of speculation, invOlv-
ing an extravaganza and luxury not re-
quired for the happiness or prosperity of a
people, and involving both dinectly and in
directly foreign Indebtedness. This cur
rency being of a fuctuating value and,
therefore, unsafe to hold for legitimate
transactions requiring money, became a
subject Of speculation in Itself.
These two causes, however, have in
vOlved us in a foreign indebtedness, con
tracted in good faith by borrower and
lender, which should be paid in coin, and
according to the bond agreed upon when
the bebt was contracted, gold or its equiva-
lent. The good faith of the government
cannot be violated towards creditors with
out national disgrace. Our commerce
should be encouraged, American ship
building land carrying increased, and
foreign markets sought for the products of
the soil and manufactures, to the end that
We may be able to pay these debts. Where
q market can be created for the sale of our
products, either Of the soil, the mine or
the mandatory, new means is discover
ed Of utilizing our idle capital and labor,
10 the advantage of the whole people.
Gold Seeks Hts Level.
IN my judgment the first step toward this
object Is TO secure a currency good wherever
civilization reigns, one which, if it becomes
with one people, viii ind a
lndrset with some other; q currency which
las as its basis the labor Necessary to pro-
iUce 1t, which will give it value. Gold
and silver are now the recognized mediums /
Of exchange the world over, and to this We |
should return with the least psacl icable de- |
lay. In view Of the pledges Of the Ameri- |
;2n Congress when our pTesenL legal ten |
Ter system was adopted and tie debt con-
racted, there should be no delay, certainly 1
no Unnecessary delay, in fixing by legisla- 1
ion method by which we will return 10 /
specie. To the accomplishment Of this /
End i invite your special attention. l be- /
ieye firmly that there can be no prosperous
and permanent revival of business and'in-
iustries until a policy is adopted, with
legislation to carry it out, looking to a re-
urn TO the specie basis.
The Debtor Glass.
1t is easy to conceive that the debtor and
speculative classes may think Il of value %
hem TO make sO-called money abundant, /
until they can throw portion Of their bur
lens on Others. But even these, 1 believe,
would be disappointed in the result, if a
course should be pursued which will keep
n doubS the value Of the legal tender me-
lium Of exchange, and delay the revival Of
productive industries needed By all classes.
D. none more than by the hOltes If prop
,.ty, OF whatever sort, with deJts to iiGui-
late for realization upon It's sales. But ad-.
hitting that these two classes Of citizens |
re to be benefited by expansion, would it
e honest to gle il? Would not the GEN
rGl loss be too great to justify such relief? |
Would It not be rs honest and prudent to |
authorize each debtor to issue his own legal |
enderS 10 the extent Of his liabilities? !
han 10 10 this wOuid it not be safer, for
ear Of Oyer-isSues by INSCRIPTIONS debtors,
o say that all debt obligations are oblit-
ated in the United States, and now we 1
)mmence anew, each possessing all he
Ils at tee time free from iucumbrance?
Delay Dishonest.
These propositions are too absurd to be {
nteTtained for a moment by a thinking !
eOple. Every delay in the preparation for 1
nal resumption partakes of this dis I
onesty, and Is only less in degree rs the [
Ope is held out that a convenient season
I'll Il last arrive for the good work Of re- t
eeminS our pledges to commerce. 1t will '
ever come, in my opinion, except by posi- L
We action by Congress, or 10y national dis G
tiers, which will destroy for a time at I
ast, the credit of individuals and the e
ate at large, when a sound currency {
ould be reached by total bankruptcy Of {,
e credit and integrity of the nation and
dividuals. believe it is in the power Of
Ongress at this session, TO devise such leg O
ation as viii restore confidence. revive all | o.
e industries, start us on the career of | II
osperity, and to save the credit Of the 3