The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1874-12-11

plus to spare to feed fess favored people
| Therefore. with these facts in view. II
seems TO me that wise craftsmanship al
this session OF Congress would indicate
ignoring the past, directing In proper
channels these great elements of pros
perIty. To any people debt abroad i,
the only clement that can, with always
a sound currency, enter into our affairs
10 cause any continued depression in the
industries and prosperity of our people.
4 great conflict fer national existence
made necessary for temporary purposes.
the raising Of large SUMS of money from
| whatever source attainable It made
necessary. In the wisdom of Congress.
and / do i.Ot doubt their wisdom in the
premises regarding the necessity of the
times, TO devise a system of national
currency, which it proved to be i:npOssi-
bic to keep on par with recognized
currency of the civilized world. This
begot a spirit OF speculation involving
an extravaganza and luxury not required
| for the happiness and prosperity of a
! people, and involving both directly and
indirectly, foreign indebtedness. The
currency being of fuctuating value,
| therefore. unsafe TO hold for legitimate
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 in coin and ac-
cording to the bond agreed upon when
the debt was contracted, gold or its
equivalent. The good faith of the gov
ernment cannot be violated towards
creditors without national 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-
facturies to the end that we may be able
10 pay these debts where a market can
be created for the sale of our products,
either OF the soil, the mine or the manu-
factory.
CURRENCY-SPECIE RESUMPTION
A new means is discovered of utilizing
our idle capital and labor to the advan-
tage of the whole people, but in my
Judgment the first step toward accom-
plisling This object is to secure a cur
rency good wherever civilization reigns.
one, which II it becomes superintendent
with one people, will find a market with
some otler-a currency which has as
its basis the labor necessary to produce
it, which VIII give it value. Gold and
silver are NOW the recognized mediums
of exchange the civilized world over.
ana to this we should return with the
least practicable delay. la 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 unnec-
essary delay in fixing by legislation Il
method hy Which we will return to
specie. To the accomplishment of this
end | invite your special attention. !
believe firmly that there can be no per
manent and prosperous revival of busi-
nesss aud industries until a policy is
adopted, with legislation to carry it out,
looking to "A return to specie basis 1t
is easy to conceive that the debtor and
speculative basis may think it of value
to them to make the so-called money
abundant until they can throw portion
of their burdens upon others, but even
these, believe, would be disappointed
in the result If a course should be pur-
sued which will keep in doubt the value
of the legal tender medium of exchange.
\ revival os the productive industries is
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 bene-
fitted by expansion, would it be honest
to give it: Would not the general loss
be too great to justify such relief!
Would it not be just as honest and pru-
dent to GUt iGpriZe each debtor TO issue
his own legal tender to the extent of his
liabilities than to do this. Would it not
be safer for fear Of over issues by uu-
scrupuioas creditors TO say that all debts
and obligations are obliterated in the |
United States and now we commerce |
anew, free from circumference! These |
are too absurd TO be enter |
tanned for moment by thinking people.
Every delay in the preparation of final |
resumption partakes of this dishonesty, |
and is only less in degree as the prop is |
held out that convenient season Will
at last arrive for the good work of re-
deeming our pledges to commence. 1t |
viii never come, in my opinion, except
by positive action of Congress, or by ma
Iional disasters which will destroy, for
time OF least, the credit of individuals
and the state at large. 4 sound curren-
~ must be reached by total bankruptcy
1I the credit, of the integrity of the ma
ion and of individuals. | believe it is in
he power of Congress at this session to
ievise such legislation as will renew con-
idence, revive all the industries, start us
)n q career of prosperity TO last for many
-ears, and 70 save the credit of the ma
ion and OF the people. Steps toward
he return 70 a specie basis are the great
to this devoutly to be sought
or end; there are Others which | may
ouch upon hereafter. 4 nation dealing
II a currency below that of specie in val
Ie labors under two great disadvantages:
'Irst. having no use for the worlds ac-
medium of exchange-gold
nd silver-these are driven out of the
ountry because there is no demand for
heir use. Second, the medium of eX-
hange being of a tluctuating value-for,
liter all, IL is only worth just what it will
purchase Of gold and silver metals. hay-
nS an intrinsic value just in proportion
o the honest labor it takes to produce
hem y large margin must be allowed
or profit by the manufacturer and pro-
iucer- Its months from the date of pro
.uctlon 70 the date of realization. In
crest upon capital must be charged and |
isk OF tiuctuation in the value of that
Which Is to be received in payment add
d, hence higher prices, acting as a pro-
ectloA 10 the foreign producer, who re-
ewes nothing in eXceange for the prod
ict OF lis skill and labor, except a cur
ency good at a staple value the world
'Yer- Ii seems to lie that nothing is
nearer than that the greater part of the
,ordea OF the existing prostration for
he want OF a sound financial system falls
lpoh The working man, who must. after
al, produce the wealth. and the salaried
nan who superintends and conducts
business. The burden falls upon them
a q TWO ways: BY the deprivation of EN-
'ioyment, and by the decreased purchas-
nS power Of their salaries. 1t is the duty
Il Congress TO devise the method of cor
eettng Tire evils which are acknowIedead
o exist, ami not mine, but will y,utT,ra
o suSgeSt two or three thin.-S yvl,i.l,
eem 10 uie as absolutely necessary to !,
eturn TO specie payments, the first great
equlslte Ia a return to prosperity
he legal tender clause to the law an
horizing the issue of currency by the
j