The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1874-12-17
PRESIDENTS MESSAGE.

suOu o9 has not Deen Witnessed Will =,
ior many years. Speculation as e. - az -
causes tor this prostration nigbt h Gil' ="
dulged IN without profit, becanse - =.
many many theorIes would be advanced .,
mere would be independent wy;to,a 80 =
tnose VINO expressed their own v;e,1,
yM.ii W1.nous a bearing upon the snbieot
WlChous lndulging in theories as fo AZ.
oanSo ,u OI inns prostration, will onIy
eau yeur attention to the fact ava IA =
Uno qusstlon as to which it would sae1-
mere should be no disagreement. Dn-,
g this prostration OuI
TWO ESSENTIAL ELEMENTS
OI prosperity have been most abundant
I-,IcS1 ana capital. Both have beer
IaieeIy unemployed. Where the 81,
LIus'y mas oeen undoubted, capital has
I5ts 1gen atJainable at very moderate rates
49, f,.i5 iagor mas been wanted, it has
Deel Doen Iou9o "a abundance at cheap rates
I Pared with what of the necesgities
and comforts of life sbonld Sa0I.ies Lo la.us
chased with the wages denoonda5 H Rur-
great elements of prosperitv t6a.,of,.e' = ~
have not been denied us. Afbi~J na;o,,s;
be added. Our soil and ciimata ~ -
unequaled within the limits of o. a.
contiguous territory, under one nat;o-'
allty, for its varieties of prod1cts -
iced and clothe a people. and in tbo
amount Of surplus TO spare to feed les
favored people. Therefore. witb tbese
facts In view, IL seems to me that wise
statesmanship at this session of con
gress would dictate ignoring the past
ana airecting in proper channels these
great elements of prosperity to any
people. Our debt abroad is the oDIv
eiement that can, with always a soup3
currency, enter into our affairs TO cause
any continued depression in the indus
'rles ana prosperity of our people.
ORIGIN OF GREENBACKs.
A great conflict for national existence
maze necessary for temporary purposes
lS tire raising of a large sum of money
from whatever source attainabIe II
may have been necessary in the wisdom
o. congress, and do not doubt Their
wisdom IN the premises regarding the
necessity of the times, to devise a svs.
sem OF currency, which it proved to be
impossible to keep on par with the
recognized currency of the civilized
world. This beRat q spirit of specula-
tion, involving an extravaQance and Ink
ury not required for the happiness or
prosperity of a people, and involving
both directly and Indirectly foreign in
debtedness. This currency being of q
huctuating value and, therefore, unsafe
to hold for legitimate transactions re-
quiring money, became a subject of
speculation in itself.
These two causes, however, have in
volved 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. The good faith
OF the government cannot be violated
toward creditors without national dis
grace. Our commerce should be en-
couraged, American shipbuildiug and
carrying increased, and foreign markets
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 the mandatory, a new means
is discovered of utilizing our idle capi-
tai and labor, to the advantage of the
whole people.
GOLD SEEKS ITS LEVEL.
In my Judgment the first step to-
ward this object is TO secure a currency
good wherever civilization reigns, one
which, if it becomes superabUndant
with one people, will fiud a market with
some other a currency which has as its
basis the labor necessary to produce it,
which will give it value. Gold and
silver are now the recognized medium
of exchange the world over, and to this
we should return with the least prac-
ticable delay. In view of the pledges
of the American congress when our
present legal tender system was adopted
and debt contracted, there should be
no delay, certainly no unnecessary de-
lay, ia fixing by legislation a method
by which we will return to specie. To
the accomplishment of this end 1 invite
your special attention. believe firmly
that there can be no prosperous and
permanent revival of business and in
dustries until policy is adopted, with
legislation to carry it out, looking to a
return TO the specie basis.
THE DEBTOR CLASS.
It is easy to conceive that the debtor
and speculative classes may think 1t OF
value to them to make so called money
abundant, until they can throw por-
sion of their burdens on others. But
even these, believe, would be disap-
pointed in the result, if course should
be pursued which will keep in doubt
the value of the legal tender medium OF
exchange, and delay the revival of pro-
Ciuctive industries needed by all classes,
by none more than by the holders OF
property, of whatever sort, with debts
to liquidate for realization upon It's
sales. But admitting that these two
classes of citizens are to be benefited
by expansion, would it. be honest TO
give it? Would not the general loss be
too great to Justify such relief ? Would
It not be as honest and prudent to au-
thorize each debtor to issue his own
legal tenders to the extent of his liaolll-
ties Than to Go this would 1t not be
safer, for fear of over-issues by unscru-
pulous debtors, to say that all debt OBJ
legations are obliterated in the United
States, and now we commence ant W,
each possessing all he has at the time
free from incumbrance?
DELAY DISHONEST.
These propositions are too absurd 70
be entertained for a moment by think-
ing people. Every delay in the pre-
Iaration for final resumption partakes
of this dishonesty, and is only less IN
depree as the hope is held out that a
convenient season will at last arrive Tor
the good work of redeeming our pledges
20 commerce. It will never come,
in my opinion, except by posiave actloh
by congress, or by national disasters
which will destroy for time at least,
the credit of individuals and the state
Mt large. when sound currency would
he reached by total bankruptcy OF the
credit and integrity of the nation and
individuals. I believe it is IN the pow
er of congress at this session, 70
devise such legislation as Will re-
store confidence, revive all the indus,
tries, start us on the cereer OF
prosperity, aud TO save the credit OF the
nation and the people. Steps toward
the return to a specie basis, are steps tC
this end devoutly to be sought for, ano
there are others which may touch Oh
hereafter.
BONUS TO FOREIGNERS.
A nation dealing in currency below
that of specie in value, labors undel
two great advantages First, having
no use for the worlds acknowledges
medium of exchange, gold and SILVER
these are driven out of the country
because there is no demand Tor theil
use. Secondly, the medium of exchang'
being of a fuctatinR value, for It Il
a.