Whig and tribune. [volume] (Jackson, Tenn.) 1870-1877, 1874-12-12
The Presidents Message.

We give below a synopsis OF the
Presidents message:
WAsHNGToN, Dec. TO the SEN
ate and Heuse of Representatives:
Since the converting of Congress one
year ago, the nation has undergone a
PRosrRArIOS II BUSINESS ASD INDUS
TRIES
such as has not been witnessed with
us for many years. Speculation as TO
the causes for this prostration might
be INDUCED in without profit, because.
as many theories would be advanced
as there would be Independent wri-
fers-those who expressed their own
views without bearing upon the sub
ject. Without INDUCING in theories
as to the cause of this prostitution, l
will only cell your attention to the
fact, and one question as to which it
would seem there should be no dis
greement during this pros tratiOn.
Two essential elements of prosperity
have been most abundant-labor and
capital. Both have been largely uu-
employed. Where security has been
undoubted, capital has been aitaina-
bic at very moderate rates. Where
labor has been wanted, il has been
found in abundance at cheap rates,
eompared with what necessarics and
comforts of life could be purchased
with the wages demanded. Two
great elements Of prosperity, there
fore, have not beeu denied us. a
third might be added-our soil and
climate are unequaled within the lin
its of any contiguous territory under
one nationality, for its variety of pro-
ducts to feed and clothe q people, aud
in the amount of surplus to spare to
feed less favored people; therefore,
with these facts, 1t seems TO me that
wise craftsmanship at this session Of
Congress would dictate ignoring the
past and directing IN proper channels
these great elements of prosperity
TO any people. n
great conflict for national existence
made necessary for temporary pur-
poses, the raising OF large sum OF
money from whatever source attaina-
bic It became necessary in the wis
dom Of Congress, and | do not donbt
their wisdom in the premises, regard
ing the necessity Of the times, to de-
wise n system OF national currency,
which it proved to be impossible to
keep on a par with the recognized
currency of the civilized world. This
begot a spirit of speculation, involv-
ing an extravaganza aud luxury not
required for the happiness or prosper
ity Of a people, and involving, both
directly aud indirectly, foreign in
debtedness. The currency being of
huctuating value, and therefore I'M
safe to hold for legitimate transac-
tiOns, requiring money, became sub
iect of speculation in itself. These
two causes, however, have involved
us in foreign indebtedness, contract
ed in good faith by borrowers and
lenders, which should be paid In coin
and according TO the bond agreed up
on wheu the debt was contracted
gold or its equivalent. The good
faith OF the government can not be
violated toward creditors at the ma
/ tional disgrace. Our commerce should
be encouraged, American ship build
ing and carrying partly increased, for
eign markets sought for products of
the soil and manufacturers to the end
that we may be able to pay these
debts. Where market can be created
for the sale of our products, either
of the soil, the mine or mandatory,
q new means is discovered of utiliz-
ing our idle capital and labor to the
advantage of the whole people. But
IA my Judgment the FIRST step toward
this object is to secure
A CURRENCY GOOD WHEREVER CIVIL
zATIoN REIGNs;
one which, if it becomes superabun-
dant with one people, viii find mar
! ket with other. j currency which
has as its basis the labor necessary to
produce it which will give its value.
Gold and silver are now the recogniz-
ed mediums of exchange the world
over, and TO this We should return
with the least practicable delay, in
view of the pledges of the American