Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1874-12-12
THE TELEGRAPH.
AsHTABULA. OHIO
Saturday Morning, Dec. IL, 1874

SaGurQay MOfhlngI Deo' 40i ~
TEE MESSAGE OF the President at th'
onening of the second session Of the 4SC
Congress, is given inan extra, as in the
crowded state of our columns with ad
vertisements, it required a little hardI-
hood to further impose upon our readers
by inserting this document IN our regu
lar edition.
The message is Characteristic OF It's au
thor. Wha tever may be said of the wan
or stafesmanship of the President, be ha'
a way Of going directly at bis o1jec
whether in word or action. Verbiage is NJ
mart of his style. He is terse and forcible
Neither are his convictions easily chang
ed The opinion heretofore expressed by
b,m on the fnances-which is his lead
ing topic-are those now repealed. Du
ring tn past year, he says that labOl
and ca piial have been abundant, and at
tent ion Is called to the factihat in the face
of these Two essential elements OF pros
periiy, ard an actual surplus of the p ro-
ducts Of The soil, business industry has
presented the anomaly of apathy and
prosiation.
He adheres 10 the opinion, that for
eign indebie dn ess-a necessity of the
war-contracted in good faith, should be
paid in gold, or its equivalent. To this
end, commerce should be encouraged
and our shipbuildlng and carrying ca
pacity increased, and new markets sought
and opened but the first step in this di-
rection is to secure currency good
wherever civilization reigns, and one that
win low wherever it is wanted. He thinks
there should be no delay in fixing, by
legislation, the mode of return to spe-
Gle payments, he declares that, in his
judgment, there can be no osperous
and permanent revival of business and
Industries until policy is adopted, with
legislation to carry it out, looking 10 a
return 10 specie basis. A revival of
productive industries is needed by all
classes. Even the debtor and speculating
classes, who may think it an advantage
to have cheap money. will, in the end, be
disappointed if the value of the legal-len-
der medium orexchanges be always kept
in doubt. He regards any expansion or
permanent depreciation of the currency,
as little better than any other form of re-
pudisting debts, public and private. De-
lay in The preparation for final resump-
iion partskes OF this dishonesty. A sea
son must at last arrive for the work
Of redeeming our pledges. That season
will never come. except by positive ac-
.tion. of Congress or National disasters. It
must be reached by general bankruptcy
or by maintaining the credit and integrity
of the nation and of individuals.
The. President believes it IS possible
for Congress to devise such legislation as
will start the nation afresh on a career Of
prosperity. A nation dealing in eurren-
cy below that ofspecie labors, under the
disadvantage, thai having no use of the
worlds currency the latter is driven out /;
and the currency in use being OF fl1ctua-
ting and uncertain value, worth only just
Whatit will purchase of gold, a large
margin must be left to cover this fuctua-
tion, The foreign producer, subjected to
no such uncertainty, is protected in his
dealings with us, and thus the great hard
ships of deprecated currency falls upon
the working and producing classes. The
plan proposed by the President and the
Secretary OF the Treasury for resumption
70 specie payments embraces the follow
ing measures:
1. The repeal of the Legal-Tender act
to take effect on a certain dale, and to
apply to all contracts made after that
date.
2. The Secretary OF the Treasury to be
authorized to sell bonds for gold as it
may become necessary, and the establish.
ment of a revenue sufficiently in excess
of expenditures to insure an abundance
ofgold to sustain reJempuon.
3. Free banking, allowing the utmost
to the currency in the trans
action of business. He regards it unsafe
to leave to Congress OF to the Executive
ts fix the amount of currency in circula-
ton. The banking monopoly should
cease, and a redeemable currency be au-
thorized to any extent that business
should demand
These nre briefly and substantially the
Presidents ideas and recommendations
Neither the President or Secretary
name any date at which the repeal of the
Legal Tender Act should take effect
The whole tone of the message is of that
character which cannot fail to have an
assuring effect upon the national credit
at home and abroad.