The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1874-12-08
PRESIDENTS MESSAGE.
WASHINGTON, Dec. 7, 1874.

Since the converting Of Congress one year
ago the nation has undergone prostraticn in
business and indu stries such as has not been
witnessed with us for many years. Specula-
ton 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 writers-those who ex-
pressed their own views, without borrowing,
upon the subject.
Notwithstanding in theories as to the cause
of this prostraton, therefore, will call your at
tention only to the fact, and to some plain ques-
tons as to which it would seem there should
be no disagreement During this prostration
| two essential elements Of prosperity have been
most abundant-labor and capital both have
been largely unemployed, where security has
been undoubted. Capital has been attainable
at very moderate rates where labor has been
| wanted it has been found in abundance at
cheap rates compared with what OF necessaries
and comforts OF life could be purchased with
| the wages demanded.
Two great elements Of prosperity Their fore
| have not been denied us. third might be
added-our soil and climate are unequalled
within the limits of any contiguous territory
under one nationality tor its variety OF pro-
ducts to feed and clothe people, and in the
amount of surplus to spare to feed less IA
vored peoples. Therefore, with these facts IN
view, it seems to me that wise craftsmanship
at this session of Congress would dictate legls-
lation ignoring the past, directing Ill 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
aff,irs to cause continued depression in the
industries and prosperity OF our people.
great conflict for national existence made it
necessary for temporary purposes-the rails
ing OF large sums OF money from whatever
source attainable.
1t was necessary in the wisdom of Congress,
and do not doubt their wisdom in the pre-
misses, regarding the necessity OF the times,
to devise system Of national currency which
proved to be impossible to keep on par with
the recognized currency of the civilized world.
This begot a spirit OF speculation. involving
an extravaganza and luxury not required TOR
the happiness or prosperity OF people. and
involving both directly Or indirectly foreign
Indebtedness. The currency being OF tluc-
tuating value, and therefore unsafe to hold tor
legitimate transactions requiring money, be-
came a subject Of speculation in ITSELF These
two causes, however, have involved us in a
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 contracted, gold or
its equivalent
Tue good faith of the Government cannot
be violated toward creditors without national
disgrace, but our commerce should be en-
Outraged, American shipbuilding carrying
capacity increased, foreign markets sought
for products of the soil and manufactures, to
the end that we may be able to pay these
debts. Where a new market can be created
Tor the sale Of our products either OF the soil.
the mine or the mandatory, new means is
discovered OF utilizing our idle capital and
labor to the advantage OF the whole people.
But in my Judgment the first steps toward
accomplishing this object is to secure cur
rency OF fixed stable value; currency. good
wherever civilization reigns; one which, ii II
| becomes superintendent with one people will
find market with some other; currency
which las as its basis the labor necessary to
produce it, which will give to it its value.
Gold and silver are nov the recognized
mediums Of exchange the civilized world
over and to this we should return with the
least practicable delay in view Of the pledges
of the American Congress when our present
legal tender system was adopted and deb,
contracted. There should be no delay, Ger
tainly no unnecessary delay. in fixing, by
legislation, method by which We will return
to specie. To the accomplishment OF this END
invite your special attention. 1believe firmly
that there can be no prosperous and perma-
nent revival of business and industries until 6
policy is adopted, with legislation to carry II
out, looking to return to specie basis.
It is easy to conceive that the debtor and
speculative classes may think it OF value tG
them to make so-called money abundant, UNI
til they can throw a portion OF their burdens
upon others: but even these l believe would
be disappointed in the result If course
should be pursued which will keep in doubt
the value OF the legal tender medium OF ex
change. A revival Of productive industry Is
needed by all classes-by none more than the
holders of property OF whatever sort, witt
debts to liq uidate from realization upon it:
SALE But admitting that these two classes O.
citizens are benefited by expansion, would Il
be honest to give it? Would not the genera
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 liabilities
Than to do this, would it not be safer. fol
fear OF over issues by INSCRIPTIONS creditors
to say that all debt obligations are obliterateC
in the United States, and now we commence
anew, each possessing all he has at the time
free from incnmbrance? These propositions
are too absurd to be entertained for a momen
by thinking or honest people; yet every della!
in preparation for final resumption partake
OF this dishonesty, and 1t is only less III de
gree as the hope is held out that convenien
season will at last arrive for the good work
redeem:ng our pledges to commence. 1t viii
never come, in my opinion, except by positive
action by Congress, or by national disasters
which will dest, oy, for q time at least tn
credit of the individual and the State at large
A sound currency might be reached by tota
bankruptcy and discredit of the integrity O
the nation and of individuals l believe 1t i
in the power OF Congress at this session, t
devise such legislation as will renew conf
dence, 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 tn
people. Steps toward the return to speci
basis are the great requisites to this devoutly
to-be-sought-tor end. There are other
which may touch upon hereafter. A ma
ton dealing in currency below specie il
value labors under two great disadvantages
First. Having no use for the worlds &C
knowledsed mediums of exchange, goli ant