The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1874-12-11
The Presidents Message.


such as has not been witnessed with Us
for many years. Speculation as TO the
causes fot this prostration might be in
dalged in without profit, because as ma
ny theories would be advanced as there
would be independent writers-those
who expressed their own views. With
out dwelling upon the subject,-without
indulging in theories as to the cause of
this prostration, will only call your at
tention to the fact, and one question as
to which it would seem there should be
no disagreement. During this prostra-
tion two essential elements of prosperity
have been most abuRdant-labor and
capital. Both have been largely unem-
ployed Where security has been un-
doubted, capital has been attainable at
very moderate rates; where labor has
been wanted, it has been found in abun-
dance, at cheap rates compared with
what necessaries and comforts of life
could be purchased with the wages de-
manded. Two great elements of pros
perity therefore have not been denied US.
A third might be added. Our soil and
climate are unequaled within the limits
of any contiguous territory under one
nationality, for its varieties of products
to feed and clothe a people, and in the
amount of surplus to spare to feed less
favored people. Therefore, with these
facts in view it seems to me that wise
craftsmanship at this session of Congress
would dictate, ignoring the past, the di-
recting in proper channels these great
elements of prosperity to any people.
Debt abroad is the only element that
can, with always a sound currency, enter
into our affairs to cause any continued
depression in the industries and prosper
ity of our people. A great conflict for
National existence made necessary for
temporary purposes the raising of large
sums of money from whatever source at
tainable. 1t was necessary in the wis
dom of Congress, and / do not doubt
their wisdom in the premises, regarding
the necessity of the times, to devise a
system of National currency which it
proved to be impossible to keep on par
with the recognized currency of the civ
ilized world This begot spirit of spec
ulation, involving an extravaganza and
luxury not required for the happiness
or prosperity of people, and involving
both directly and indirectly foreign in
debtedness.
THE CURRENCY
Being of fnctuating value, therefore I'M
safe to hold for legitimate transactions
requiring money, became a subject OF
speculation in itself. These two causes,
however, have involved US in foreign
Indebtedness contracted in good faith by
borrower and lender, which should be
paid in coin and according to the bond
agreed upon when the debt was contract
led, in gold or its equivalent. The good
faith of the Government cannot be vio-
lated toward creditors without National
disgrace. Our commerce should be en-
couraged, American ship-building and
carrying greatly increased, foreign mar
kets sought for the products of the soil
and manufactures, to the end that we
may be able to pay these debts. Where
a market can be created for the sale OF
our products, either of the soil, the mine
or mandatory, new means is discov-
cred of utilizing our idle capital and Ia
Dor, to the advantage of the whole peo-
pie. But, in my judgment, the first step
toward this object is to secure currency
good wherever civilization reigns; one
which, if it becomes ssuperabundant with
one people, will find market with some
other; currency which has as its basis
the labor necessary to produce it, which
will give it value. Gold and silver are
row the recognized mediums of exchange
the civilized world over, and this we
should return to with the least practical
delay.
In view of the pledges of the Ameri-
can Congress when our present legal
tender system was adopted and debtcon-
tracted, there should be no delay, GER
tainiy no unnecessary delay, in fixing by
legislation a method by which we will
return to specie. To the accomplishment
of this end l invite your special atten-
tion. l believe firmly that there can be
no prosperous and permanent revival of
business or industries until policy is
adopted. with legislation to carry it out,
looking to a return to a specie basis. 1t
is easy to conceive that the debtor and
speculator may think it of value to them
to make so-called money abundant until
they can throw a portion of their bur-
dens upon others, but even these l be-
lieve would be disappointed in the re-
suit if a course should be pursued which
will keep in doubt the values of the le-
gal. tender medium of exchange. A re-
vival of productive industries is needed
by all classes,-by none more than the
holders of property, of whatever sort,
with debts to iquidate, by realization
upon its sales. But, admitting that these
two classes of citizens are to be benefit
ed by expansion, would it be honest to
give it? Would not she general loss be
too great to justify such relief? Would
it not be just as honest and prudent to
authorize each debtor to issue his own
legal-tenders to the extent of his liabili-
ties than to do this? Would it not be
safer, for fear of over-issues by unscru-
lous creditors. to say that all debt obli-
cations are obliterated in the United
States and now we commence anew, each
possessing all he has at the time free
from incumbrance. These propositions
are too absurd to be entertained for a
moment by thinking people. Every de-
lay in the preparation of final resump-
ton partakes of this dishonesty, and is
only less in degree as the hope is held
out that the convenient season will at
last arrive for the good work of redeem