The Grange advance., 1874-12-08

at very moderate rates, and where labor has
been wanted it has been found in abundance,
at cheap rates compared with what
necessities and comforts of life could be
purchased with tie wages demanded. Two
great elements Of prosperity, therefore, have
not been denied US. A third might be
added. Our soil and climate are unequalled
within the limits Of any contiguous territory
under one nationality, for its variety OF
people and in amount Of surplus
to spare to feed less favored people. There
fore with these facts in view it seems to me
that wise statemanshiD at this session IF
Congress would dictate ignoring the past and
distributing in proper channels these great
elements Of prosperity to our people.
OUR DEBT
abroad is the only element that can with al
ways sound currency enter into our affairs
to cause any continued depression in the
industries and prosperity Of our people. A
great conflict for national existence made ne
sessary for temporary purposes, the raising
Of large sums of money from whatever
source attainable. It was made necessary in
the wisdom OF Congress, and do not doubt
their wisdom in the premises regarding the
necessity Of the time, to devise system Of
NATIONAL CURRENCY
which proved to be impossible to keep on
par with the recognized currency Of the
civilized world. This begota period of spec
ulation, involving an extravagance and lux
ury not required Tor the happiness and pros
perity of q people, and Involving both
directly and Indirectly foreign indebtedness,
the currency being of such fuctuating value
as to be unsafe to hold for legitimate trans
actions and requiring money to become a
causes, however, have involved us in for
eign indebtedness contracted in good faith,
by he borrower and lender, which should
he paid in coin, and according to the bond
agreed upon when the debt was contracted
gold or its equivalent. The good faith of
the government cannot be violated towards
it's creditors 1t the national disgrace.
Our commerce should be encouraged
American ship building and it's carrying ca
pacity should be increased, and foreign
markets sought fer the products Of the soil
and manufactures: to the end that we may
be able to pay these debts. Where the
products, either of the soil or mines, or
manufactures, ofa new means is discovered
of utilizing our idle capital and labor to the
advantage of the whole people.
But in my judgment the FIRST step towards
accomplishing this object is to secure cur
rency good where civilization reigns; one
which II it becomes superabundant with one
people will lind a market with some other !;
currency which has its basis on the labor
nS:as Necessary ,,, to produce it, and
S6Isn Sod and VI" silver .! give eo The ,soo.m1sa vaas
mediums OF exchange the civilized world
least practicable delay.
In view Of the pledges OF the American
Congress when our present legal-tender sys-
tenn was adopted, and debt contracted, there
should be no delay. certainly no unnecessary
delay in fixing, by legislation, method by
which we will return to specie payment.
For the accomplishment Of this end, invite
your attention. believe firmly
there can be no prosperous
and permanent revival Of business and in
dustry until this policy is adopted with leg
islation to carry it out looking to return to
specie basis. It is easy to be conceived
that the debtor and speculative classes may
think it OF value to make so-called money
abundant until they can throw portion OF
their burdens upon others. Buteven these,
believe, would be disappointed in the re.
suit if q course should Ee pursued which
will keep in doubt the value OF the legal
tender medium Of exchange. A revival OF
productive industries is needed by all classes,
by none more than the holders Of property,
Of whatever sort, with debts to iquidate
from realization upon its sales. But adm it.
ting that these two classes Of citizens are to
est to give it! Would moi the general loss
be too great to justify such re-
left Would it not be Just as hon
est and prudent to authorize each
debtor to issue his own legal tenders to the
extent of his liabilities than to do this
Would it not be safer for fear Of over-issues
by unscrupulous creditors, to say that all
debts and obligations are obliterated in the
United States and now we will commence
anew, each possessing all he has at the time,
free from incumbranoe. These prop
entertained for moment by thinking peo-
pie. Every delayto of resumption partakes Of
this dishonesty. But the time now at last
arrives for the good work of redeeming our
pledges to commence. It will never come.
in my opinion, except BY positive action by
Congress or by national disasters which wilt
destroy, for time at least, the credit OF in
dividuals and the States atlsrge..
A sound currency must be reached or the
total bankruptcy Of the credit and integrity
Of the nation and of individuals. / believe
it is in the power Of Congress at this session
TO devise snch legislation as will renew con-
idence, revive all the industries, and start
us on career of prosperity to last for many
years AMI save thu credit Of the nation and
Of the people. Steps toward return to a
specie basis are the great requisites to this
devoutly to be sought for end. There are
others, which I may touch upon hereafter.
A nation dealing in currency below that,of
specie in value, lAbors under two great dis.
advantages ~--rs 80 a
First In having no use for the worlds
acknowledged medium of exchange, aold
and silver. These are driven out Of the
country because there Is no demand for
their 1se. IS Gsa IS . sls s IS S.
&eoond - medium Of exclange II use
(ang of : fustua ting q Is adSes n 4