The home journal. (Winchester, Tenn.) 1858-188?, 1874-12-17
PRESIDENTS MESSAGE.


To me Se"di" ana Ho"Se oj HeP'rs''"'''$'
Since the colyening OF congress one
year ago, the nation has undergone. a
in business and industries
such as has not been witnessed WIN us
Tor many years Speculation 9s TO 'he
causes Tor this prostranoin m'8uv DC Nl-
tulged in, without pront, because hs
many theories would be advanced rs
there would be independent wy. .efS'
those who expressed their own views views
without bearing upon the suojtG'
Without lndulging III tneoflG9 AZ 10 'I'e
cause OF this prostratloh' l |il Gniy
call yonr attention 70 th9 l1c1 guu ,o,.,, ~
one qupS'lo9 us 10 ~i"cu ~ Mo,,t" .ISU"' n,,n
there should be no u15agreemenO' Dur-
ing this prostratlon
TWO ESSENTIAL EhAA'HNIS /
of prosperity have been most abundant
labor and capital. Both have been
largely unemployed. Where the ,se-
curity has been undoubted, capital has
been attaiDable at very moderate rates
Where labor has been wanted, II nav
been found in abundance at cheap races
compared with what OF the neGTessitleS
and comforts Of life should 6e Rnr-
chased with tho wages demaudGd' Two
great elements Of prosperity, therefore,
have not been denied us. Athmd miBh'
be added. Our soil and climate are
uueQualcd within the limits o1 any
contiguous territory. under one haloh-
ality, for its varieties 81 produces 70
feed and clotho a people, and III Tue
amount Of surplus TO spare W Icy t,oo" iooo
| favored people. Therefore, WIN these
facts in vieT, it seems to me thac WISE
statesmanfhip at this session CT con
gress would dictate ignoring the past,
and directing in proper channels these
great elements Of prosperity to any
people. Our debt abroad is the only
element that can, with always q sound
currency. enter into our affairs to cause
anv continued depression in the indus
tries and progperitv of our people.
ORIGIN OF GREENBAcKs.
A great conflict for national existence
made necessary for Temporary purposes
ID tro raising cf q large sum Of money
from whatever source a'taiuoblc. II
NAV have been necessary in the Ui1don
Of congress, and do not doubt theu
,vis3om in The premises regarding tht
necessity Of the times, to devise a sys
tenn of currency, which ii proved to b
;mnossible to keep on par with TN
ro6opniznd currency Of tho civilized
} ,,crid This bpaat q spirit of spccuIa
} tion. involving an extravaGNnce and luz
NV not reouircd for the happiness 0
} ,,y0e,,ority of q peoDlc. and involving
r jath d;yoctlv and Indirectly foreign in
) dohtedners, This currency being Of
Gnctnot;ra vaIue and, therefore, Unsol
, tn boid f,r legitimate transactions T,
, a,,;r;no W. ,noney became subject {
d. Ia,oooni'a,tinn I",c,,i', in Itself.
= Thcse two causes, however have j.
voIvpd us in foreign indebtedness
aortrootod in Good filth hv borr0wt
c ooI' oo1 iondo,. Which should he paid j
/ al';, : onI oooordiDa +o The hond agree
oo'a,, ,, ',,,t' ,nI',,, fbo debt wqs CONTRACTED
adtl5 NJ, ils onuivoleDt, The good tajt
4 sf ,'C'f tbo rovor1ront cannot be violat,
" =, 'l,a ~ |orod;tore without national di
" ~ ornca Nv n,,,N Orr commerce should bo c
.,,,ro,oI hmprican EhipbuliNlpg al
cou.'5o % o.,l' g., ircrnase1 md foreign markr
T. sa,,,bf sa,, ~, Ear the nroducts of the soil d
le oo"t u. tontrrcs o 70 the end that we IN
n Ia b,'i,,i'J,, nI,io to noy thcse debts. Where
IL o',I,ot 10 SD,p NJ, p M h3 created for the sale
at LA. nI,n HnY ,,rodncts either of the soil, t
ID oG, ;rd lor'tI w. tbo y1onnfactorv, O. new me0
is is''9% ,7;scov@rgd 20 eve Of utilizing our iilo cai
h to1 10 ',,TGT nn3 labor to The advantage of t
T. rr'I ,~ho,o ,l'l' o,onIo
70 ""''' ! eorD SEEKS ITS LEVEL.
D. Tn NV iudrmcpt the first step
-, uo.j +,,;%o C|hirct 10 70 secure Il cnrren
~, " %ooJ wherever civilization rcigns, o
'i 6JG 6sSGiob If Il becomes superabunda
u rnitb ono neonle, will find a market wi
@. anr,o "i,I ntbtr. \ currency which has as
oil I" hoais thn labor necessary to produce
UIT,' obicb Wv viii rive it value, Gold 8
rk ai,yor %i,,o ora " nav the recognized meair
" ot',rl os orohargo tbe world over, and to IL