The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1874-12-17
PRESIDENT GRANTS MESSAGE.

|
Delivered to the F0rty.Third Con.
gress ON the Afternoon of Decem.
Z, 1S74-.A Review Of National AT. I
fairs.
To the Senate and House Of Representatives.:
Since the converting of Congress one year
ago the nation has undergone season OF
PRosTRATIoN IN BUSINESS
and industries such as has not been wit
messed with Us for many years Specula-
ton as to the causes tor this prostration
might be INDUCED in without profit, because
as many theories would be advanced as
there would be independent writers,
therefore will call your attention only to
the fact and to some questions as to which |
it would seem there should be no disagree
tnent. During this prostration two essen |
tial elements Of prosperity have been album !
dant-labor and capital. Both have been
largely unemployed. Where security has
been undoubted, capital has been attainable
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
produce with which to iced and ,lothe a
to spare to feed less favored people. There
fore with these facts in view it seems to me
that wise statemanship at this session Ct
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
ceSsary for temporary purposes, the raising
of large sums of money from whatever
source attainable. 1t 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
a par with the recognized currency Of the
civilized world. This begota period of spec
ulation, involving an extravaganza and lux
ury not required for the happiness and pros
perity of people, and involving both
directly and indirectly foreign Indebtedness,
the currency Delng OF sucn nuctuatlnS value
as to be unsafe 10 noid lor leSitnhate trans
actions and requiring money 10 become
subject of speculation in itself These two
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
Ngolo or its equivalent. The good faith OF
ttc government cannot be violated towards
is creditors 1t the national disgrace
Our commerce should be encouraged
American ship building and its carrying Ca
pacity should be increased, and foreign
markets sought for the products OF the sol
and manufactures. to the end that we may
be able to gay these debts. Where thu
market can be created for the sale of ou
products, either of the soil or mines, o
: manufactures, Of = new means Is discoveret
of utilizing our id1o capital and l1bor to tn
. advantage of the whole people.
| But :, my jud9men3ss the tiEstStep toward
accomplishing this Object Is to secure cur
rency good where iviliznti0n reigns ON
which If IT oInceeuperAb0ndant with on
+. people will ma . M ~ With some other
f acurrency whish b. az shaGfs on the labo
& necessary 70 prodnces 1t, an
which VIII give 1t value
Gold and silver are nov the recognize
s mediums OF exchanges the civilized wori
S over, and TO this we should return with tn
. least practicable delay.
E In view OF the pledges OF the America
Congress when our present legai-tender sys
II tenn was adopted, and debt contracted, ther
y should be no delay, certainly no unnecessar
# delay in fixing, 10y legislation, method
J. which we Will return TO specie paymen
q For the accomplishment OF TINS end, INV,
your attention. beiieve nrinl
there can be no prosperot
S. and permanent revival OF business ana II
!. dustry until this pollcy Is adopted with iet
islation to carry it out looking to return
.. a specie basis. 1t Is easy to be conceive
L that the debtor and speculative classes ma
:. think it OF value TO make so-caiied none
le abundant until they can throw portlon
r. their burdens upon others Buteven ines
10 | believe, would pe disaPpoihpu III tlle :
~ suit ii course should De pursued "hie
u will keep in doubt the value OF the leg
n, tender medium OF exchange revival
re productive irdUgtl'es l. needed by al classe
;s by none more thsE me hoiders OF ProPert
:. OF whatever scrt. With oebts 70 llqiilda
~ from realiEzhfr rFcn lis sales. But adm
- ting that tie two classes o. citizens are
n he benefited ~ expansion, wouid II te no
H. est TO give NJ ~ouid no the genera &c
~ be too great 10 JUSTIFY such
i, lieff Would not he Jus, as no
~ est and prndent 70 auihorlze ca
u Debtor % Issue M o" iegAi 'ieIs ~ =,
All WOMB u MOI We SAFER ~. lea. VI o,ei lh.1
mr. by unscrupuious credl1ors, 70 say 1ia'
~ oeols ana oD!i5a'iois a'e oul' M ~ :
Ohied states anu no" W WIN coii'i =.
anew, each possessing All ne ha r., a. INC '.i'
Tree from Ihcuilp'aho p'o
ed osiuons are 700 a.. .t'i,
a en1sfaiiieu iof = ihoin-n' " =