The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-12-07
The Presidents Message.
WASHINGTON, Dec. 7, 1874.

this pfostration might be INDUCED III
without profit, because As many theories
would be advanced as there would. Uc IN
dependent wrltcrs-thosa who expressed
their own views without borrowing npon
the subject Without INDUCING in thee
RES a. TO the cause OF this Drostra ION,
therefore, will call your attention O %
the fact, and to some questions as to "hi'h
it would seem there should be no ai'a
greement, and Guring this prostration t"u
essential elements OF prosperity have
been most abundant
LABOR AND CAPITAL
Both have been largely unempo Dyed
- here security has been uDiou0ted cap
,tal has been attainable at very moderate
rates, Where labor has been wanted II
has been found ia abundance at cheap
rates compared with what the neces-
saries and comforts OF life could be pur-
chased with the wages demanded. Two
great elements OF prosperity thereio[e'
have nor been denied US, A thiro hisu'
be added. Our soil and climate are uo'
eaualed within the limits OF any cont gu
GUS territory under one nationality
ests. varieties OF products TO ieeu anu
clothe people. aud IN the amount OF sur
Mus to spare to feed less favored people.
Therefore, with these facts IN view, IL
seems to me that wise statesmahsnip az
this session of Congress would dictate
;gnoring the past, and stribulng III
nronnr channels these great elements OF
prosperity to any people Inc ocp'
ahroad is the oaly element that can, with
always a sound currency. enter into our
affairs tn cause only continued depression
m tbe Industries and prosperity OF our
people. :..a,
A great, conflict for national existence
made necessary, for temporary purposes
the raising Of large sums OF money ifo1l
wha,evar source attainable. L. was maze
NECESSARY ia the wisdom OF Congress, anu
don't doubt their wisdom IN the prem
sps. regarding the necessity OF the unies'
to advise
SYSTEM OF NATIONAL CURRENCY
which proved to be impossible TO keep
ON a mar with tue recognized currency OF
the civilized world. This begat spirit
of sneculaton, involving an extravaganza
and luxury not required for the happiness
or prosperity Of people, and involving
both directly and indirectly, foreign 10
debtedness. The currency being OF huet
uatng value, proved to DC unsafe =
hold Tor legitimate, TRANSACTIONS
recurring money and become
sutiect of speculation in Itself. ines
two causes, however, have involved US II
n foreign indebtedness, cont acted ID GOO
faith by borrower and lender, ,Whic
should be paid in coin, and, according
the bond agreed upon whea The deht wa
contracted, in gold or its equivalent IN
good faith of the Government cannot D
violated towards creditors without nauo!
al disgrace. Our commerce should b
encouraged, American shIpbuIdlDs an
carrying capacity increased, ioreign ma,
kets sought tor the product OF the 50
ard manufactures, to the end that
may be able to pay these oeo't, where
.,,axl-A az. DC -oiI ~ rC . 80 OF
products, either OF the SOL, the mlae
the mandatory. A new means Is al
covered of utilizing our idle capIthi an
labor to the advantage Of the WhOte PEI
pic. but in my Judgment the hrst step Il
yards accomplishing this Object Is |
secure a currency, good wherever cIVl!iz'
ton reigns, one which If 1t becomes supe
abundant with one people viii i'm
a market with some other, cIIrehc
which has as its basis the labor necessar
to produce 1t, which will give 1t value
Gold and SILVER are now the recognize
mediums Of exchange the civilized worl
over, aud to this We should return wit
the least practicable delay. La view
the pledges of the American Congres
when our present legal tender system wa
adopted debt contracted, there shout
be no delay, certainly 10 necessary de!a
in fixing by legislation method by who
we will return 20 specie. To the accom-
plishmcnt of this end | invite your speel
attention. [ believe firmly that there ca
be no prosperous or permanent revival (
business and industries until policy
adopted, with legislation - carry It on
looking TO
RETURN TO A SPECIE BASIS,
it is easy 10 conceive that the debtor az
speculative classes, may think 1t of valu
to make a SC called money abundant unt
they can throw portion o! their burden
upon others, but even these 1 belle,
would be Disappointed 10 the result If
course should be pursued which will kee
IN doubt the value Of the legal tend,
medium of exchange, revival of produ
tive industries, needed by all classes, /
none more than the holders of DrOpeIt
of whatever sort, with debts to Ii
uidate from realization upon i
sales. But admitting that tt
two classes of citizens 81
to be benefited by expansion, would it
honest to give It2 Would rot the gene
al loss be too great to justify such reliei
Would it not be just as honest and pr
dent to authorize each debtor to issue b
own legal tenders to the extent of h
liabilities, than to do this? Would it n
be safer, for fear of over-issues by u
scrupulous creditors, to say that all de-
obligations are obll,erated in the Unite
States, and now we commence anew, eaC
possessing all he has at the time free TIC
encumbrance. These propositions are 4
absurd to be entertained for a moment
thinking people. Every delay in prep
ration of final resumption psrtskes
this dishonesty. The sea.on will az la
arrive TOR the good work of redeeming Of
pledges to commence. Ii will never con
10 my opinion except by positive action
Congress or By national disasters Wink