Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1874-12-11
The Presidents Message.
To the Senate and House Of Representa-
tires:

tSCeS
Since the converting Of Congress, one yea
ago, the nation has undergone prostratIor
in business and industries such as has no
been witnessed with us for many years
Speculation as to the causes for this prostri
ton 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 borrowing, upon the subject. without
indulging in theories as to the cause oil tins
prostration, therefore, will call your at
tention only TO the fact and to some ques-
tons as to which it would seem there
should not be disagreement. During this
prostration two essential elements of pros
perity have been most abundant: labor and
capital Both have been largely unem-
ployed where security has been undoubted
Capital has been attainable at very moder-
ate rates. Where labor has been wanted /;
has been found in abundance, at cheap
rates compared with what of the necessarles
and comforts of life could be purchased with
the wages demanded. Two great elements
of prosperity, therefore, have not been de-
MED US A third might be added our s)il
and climate are uneq ualled within the limit
of any contiguous territory, under one ma
tionality. for its variety of products to feed
and clothe people, and in the amount of
surplus to spare to feed less favored people.
| Therefore, with these facts n view, 1t seems
TO me that wise craftsmanship at this session
Of Congress would dictate legislation ignO-
ring the past, directing in proper channels
these great elements Of prosperity TO any
people.
TIE FINANCIAL QUESTION.
Debt, debt abroad, is the only element
that can, with always a sound currency,
enter into our affairs TO cause any contlu-
ued depression in the industries and pros
perity Of our people. A great conflict for
national existence made necessary for tenn
porary purposes the raising of large sums
of money from whatever source attainable.
1t made it necessary. in the isdom of Con-
gress-and | do not doubt their wisdom in
the premises, regarding the necessity of the
tlmes-to devise a system OF national cur
rency which it proved to be impossible to
keep on par with the recognized currency
of the civilized world. This begot spirit
Of speculation, involving an extravaganza
and luxury not required for the happiness
or prosperity of people, and involving
both directly and indirectly foreign indebt-
edness.
The currency being of fuetuating value
and therefore unsafe 10 hold fer legitimate
transactions requiring money, became
subject OF speculation In itself These TWO
causes, however. have involved u IN Tor
egn Indebtedness. contracted in good faith
By borrower and lender. which should be-
paid in coin and according to the bond
agreed upon when the debt was contracted,
gold or its equivalent. The good faith o..
the government cannot be violated towards
creditors without national disgrace. But
our
COMMERCE SHOULD EE ENCOURAGED,
American ship-bullding and carrying
capacity increased, foreign markets SOU ht
Tor products OF the soil and manufactures,
to the end that we NAV be able to pay these
debts. where q new market can be created
for the sale Of our products, either OF the
soil, the mine or the mandatory. new
means i discovered OF utilizing our Idle
capital and labor TO the advantage vi the
whole poop c. But IN my judgement the
first step towards accomplishing this object
i to secure currency good wherever civil
iz4tiou relgus which, II II becomes super
abundant with one people, will ind mar
ket with some other-a currency which has
a. its basis the labor necessary to produce
il, which will give 10 1t IT. value Gold
and silver are BOW the recognized mediums
Of exchange the civilized world over, and to
this We should return with the least psactlc-
able delay 10 view Of the pledges OF the
American Congress when our present legal
tender system was adopted and debt con-
tracted. there should be 10 delay, certainly
no unnecessary delay, in fixing by lesi>la-
ton j method by which We viii
RETURN To sPEClE.
To the accomplishment Of this end, l
wish YOUR special attention. hellcTe
firmly that there can be no prosperous and
permanent revival Of business and INDUS
tries until policy Is adopted, with legis-
lati1n t. carry it cut, looking % return
10 a specie basis. Ii l. easy TO coucelye
that the debtor and speculative classes may
think II Of value to them 10 make sJ-called
money abundant. until they can throw
portion Of their burdens Upon others, bat
even these. believe. woald be disappointed
in the result. j. course should
be pursued which Will keep in
doubt the value OF the legal tender
medium Of exchange. \ revival OF pr0dlc-
tive industries l. needed by all classes, by
none more than the holders of property. OF
sort, with debts to ll4uIdate from F.
realization upon Its sale. But admitting 7
that these two classes OF citizens are u be /
benefited by expansion. would 1t be honest (
to give it Would not the genera. los be /
too great 10 justify such relief Would u |
not be lust as honest and prudent to I
authorize each debtor 10 issue hls own legal T
tender to the exten; Of his liabilities as -
10 this Would 1t not be safer, for fear OF
over issues BY Inscriptions creditors. to
say that
,LL DEBT OBLIGATIONS ARR oBLirERATED n
The UNITED STATES.
and now We commence anew. each posses
ing all he has at the time, rec from en-
'umbTance. These propositions are too ab
,urd 10 be entertained for a moment by
linking or honest people. Yet every delay
n preparation for final resumption partakes
# this dishonesty, and l. only les in &c
,ree a. the hope J. held out that couve-
iient season Will at last arrive tor the good
work of redeemlng our pledges to con-
nencc. Ii viii never come. IN my opinion,
kept by positive action by Congress or by
rational disasters which Will destroy for
line. al least, the credit of the individual
md the state at large. \ sound currency
1ight be reached by total bankruptcy ana
iscredi. of the integrity Of the nation OF
Individuals. | believe it l. IN the power Of
congress at this session 10 devise such le-
Il the industries, start Us on a career of
rosperity to last for many years and to 9
AVE THE CREDIT OF The NATION AND OF The
PEOPLE.
teps towards the return TO a specie basis !
re the great requisites TO this dey0utly to ,
e sought for end. There are others winch ,
may touch upon hereafter. \ nation !
ealing in a currency below that of specie =
! value labors under two great disadyan- :
.ges first, having no use Tor the worlds !
,knOwledgei mediums OF exchange. gold !,
I'D silver these are driven out the country ;
scause there is no demand for their use. =
,cond, the
MEDIUM or EXCHANGE >
use being of huctuating yalue-f0- B
ter all it Is only worth just what it viii a
lrchase OF gold and silver, metals having o
! intrinsic value just in proportion to the il
NEST labor 1t takes to produce them-a
rger margin must be allowed for profit
: the manufacturer and producer. IL i
onths from the date of production 10 the
tie Of realization. Interest upon capital 81
ust be changed, and risk Of fuctuation in a.
c value OF that which is to be received in 4 z
yment added; hence, high prices. acting tC
protection 20 the foreign producer. who Il
ct of his skill and labor, except a curren-
good at a stable value the world over.
seems to me that nothing Is clearer than -
at the greater part of the burden of exist !.
: proSiratiOn for want Of a sound iinan- d
u system falls upon the working man, "a
10 must, alter all. produce the wealth, -
d the salaried man, who superintends
d conducts business. The burden falls 10
on them in two ways by the depriva- Ia Ia
n OF employment, and by the decreased "a "a
rchasing power OF their salaries IL
SOME SUGGESTIONS.
Il is the duty Of Congress to devise the -
thod of correcting the evils which are
to exist, and not mine WI
I | VIII venture - suggest two or three ~
ngs which seem to me as absolutely va
'essary to a return to specie payment pa
G first great requisite in return to pros i IN,
ity is that the legal tender clause to the IN
: authorizing the issue of currency by IA
national government should be repeal as