Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1874-12-10
The Presidents MESSAGE.
CONDITION OF TUE COUNTRY.

a
tration in business and industries, such As
has not been witnessed with us for many
years. Speculation as to the causes for
this prost-atioa might be INDUCED in with
out profit. because as many theories would
be advanced "a there would be independ-
ent writers. those who expressed their own
views without borrowing upon the subject.
Without INDUCING theories as to the cause
of this prostration, therefore. I will call
your attention only to the fact and to some
questions as to which il would seem there
would be no disagreement.
During this prostratiOn, two special ele-
ments of prosperity have beea most album
dant, labor and capital. Both have been
largely unemployed. Where security has
been undoubted, capital has been attain
able at very moderate rates: where labor
has been wanted it has been found In
abundance. at cheap rates, compared with
what of the necessaries of life could be
purchased with the wages demanded. Two
great elements of prosperity. therefore,
have not been denied. A third might be
added-our soil and climate are unrivaled
within the limits of contiguous territory
under one nationality. for the variety of
products to feed and clothe our own peo-
pie, and in the amount of surplus to spare
TO feed less favored people. Therefore.
with these facts in view il seems TO me
that wise craftsmanship at this session of
Congress would dictate legislation ignor-
my the past, directing in proper channels
these great elements OF prosperity TO anv
people.
THE NATIONAL DEBT.
The debt abroad is the only element tina,
can with otherwise a sound currency. en-
ter into our affairs to cause any continued
depression In the industries and prosperity
OF our people. A great conflict for nation
al existence made necessary Tor temporary
purposes. the raising of large sums of
money from whatever source attainable
IL was made necessary in the wisdom of
Congress-and do not donbt their wis
dom IN the premises. regarding the neces-
siiy OF the times-io devise a system of
national currency which II proved 10 be
impossible TO keep on a par with the re-
cognized Ct rrency of the civilized world.
This begot n spirit of speculation involy-
I'M all extravaganza and luxury not re-
CURED for the happiness or prosperity OF a
people and involving both directly and in
directly foreign Indebtedness
The currency being of fluctuatiny value
and therefore unsafe TO hold for legitimate
transactions requiring money, became a
subject OF speculation in itself These two
causes, however, have involved US in a for
tiSh Indebtedness contracted in good faith
by borrower and lender which should be
PAD IN com, and according TO the bond
agreed upon when the debt was contracted.
gold or lis equivalent. The good faith of
the Government cannot be violated to-
wards creditors without national disgrace
but our commerce should De ENCOURAGED.
American shipbuiding and carving cana
CIT! Increased: foreign markets sought for
products OF cur soil aud manufactures To
lle end that we may be able TO paw these
debts. here new market can be created
p for the sale OF products either of the soil.
the mine or the manutactory a new means
is discovered OF utilizing our idle capital
and labor 10 the advantage OF the whole
people.
SOUND CURRENCY-sPECIE PAYMENTS,
Bat in my judgment the first step to-
wards accomplishing this object is 10
secure currency, good wherever civtlza-
tion reigns; one which il il become ssuper-
abundant with one people will find a mar
ket with some other; a currency which has
as lis basis the labor necessary to produce
II. which Will give to il value. Gold and
silver are now the recognized mediums of
exchange the civilized world over, and TO
this we should return with the least prac-
ticabe delay. In view of the pledges of
legal tender system was adopted and the
debt contracted, there should be no de.
lay, certainly not unnecessary DELAY. in
hNlnS by legislation 4 method by which We
VIII return 10 specie. To the accomplish
ment of this end l invite your special At
tention. believe firmly that there can he
no prosperous and permanent revival of
business and industries until a policy /.
adopted, with legislation TO carry it out,
looking TO return 10 specie basis.
FALLACY OF IMITATION
Ii is easy 10 conceive that the debtors
and speculative Glasses NAV think il of
value 10 them TO make the so-called money
abundant until they throw portion OF
their burdens upon others, but even these.
| believe, would be disappointed in the re-
suit if course should be pursued which
viii keep in doubt the value OF the legal
tender medium of exchange. A revival of
the productive industries is Needed by all
classes and by none more than the holders
of property of whatever sort with debts
TO Hquldate from tie realization upon IL
sale. But admitting that these two classes
oi citizens are 10 be benefited by the ex-
pansion. would it be honest TO give il a?
Would not the general loss be too great TO
justify such relief? Would il not be iust
a. honest and prudent TO authorize each
debtor TO issue his own legal tender TO the
extent of his liabilities as TO do this +?
Would il not be safer. for fear of an over
issue by INSCRIPTIONS creditors, TO saw
that all debt obligations are obliterated in
the United States and now we commence
anew. each possessing all he has al the
time free from encumbrance? These prop
ositions are too absurd to be entertained
for moment by thinking or honest peo-
pie.
Yet every delay in preparation for final
resumption partakes OF this dishonesty and
Is only less in degree, and the hope is held
out that convenient season will a. last
arrive for the good work of redeemny our
pledges. This will never come. in my
opinion. except by positive action by Con-
gress. or by national disaster which will
destroy. for a time at least, the credit Of
the individual and the state at large A
sound currency might be reached by total
bankruptcy and discredit of the integrity
OF the nation and OF individuals. | believe
il is in the power of Congress at this ses-
sion 10 devise such legislation as will re-
new confidence, revive all the industries,
start us on career of prosperity to last
for many years. and TO save the credit OF
the nation and OF the people. Steps to-
ward return 10 specie basis are the great
requisites to this devoutly to be sought fo-
. end. There are others which may touch
upon hereafter.
a nation dealing in a currency below
that of specie in value. labors under two
great Disadvantages: first, having no Use
for the worlds acknowledged mediums of
exchange gold aud silver. these are drives
ont of the country because there Is no de-
maud for their use. Second, the medium
of exchange in use being OF fiuctuatiny
value. Tor after all, it is only worth the
price OF what it will purchase of gold and
silver. metals having an intrinsic value.
just in proportion to the honest labor it
takes to produce them. A larger margin
must be allowed tor profit by the manu-.
facturer and producer. 1t is months from
the date of production to the date of reali-
zatioD; interest upon capital must be
,.ha III a