The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1874-12-10


people. Steps toward the return to a specie
basis are the great requisites to this devoutly-
tO-be-sought-for end. There are other points
] may touch upon hereafter.
A nation dealing in a currency below that of
specie in value labors under two great disad-
vantages. First, having no use for the world s
acknowledged medium of exchange, gold and
silver, these are driven out Of the country be-
cause there is no demand for their use; Sec
ond, the medium of exchange in use being OF
fuctuating value, for, after all it is
only worth just what it will purchase of gold
and silver, metals having an intrinsic value
just in proportion to the honest labor it takes
to produce them large margin must be al
lowed for profit by the manufacturer and pro-
Queer 1t is months from ssthe date of pro-
duction to the date of realization. Interest
upon capital must be charged and risk of
fuctuation in the value Of that which is
to be received i'll payment added; hence
high prices, acting SIS protection to the for
eign producer, who received nothing in
exchange for the product of his skill and
labor excerpts currency good at stable value
the world over. It seems to me that nothing
is clearer than that the greater part Of the
burden of existing prostration for the want
Of sound financial system falls upon the
workingman who must, after all, produce the
wealth, and the salaried man, who superin-
tends and conducts business. The burden
falls upon them two ways--by deprivation of
employment and by the decreased purchasing
power of their salaries. It is the duty of
Congress to devise the method of correcting
the evils which are acknowledged to exist,
and not mine; but will venture to suggest
two or three things which seem to me as alb
sOlutely necessary to q return to specie pay
ments-the first great requisite in return to
prosperity. The legal-tender clause to the
| law authorizing the issue Of currency by the
national government should be repealed, to
| take effect as to all contracts entered into
after the day fixed in the repeating act,
not to apply, however, to payments
of salaries by the government, or for
other expenses now provided by law to be
paid in currency. In the interval pending
| between the repeal and final resumption, pro-
vision should be made by which The Secretary
of the Treasury can obtain gold, as it may be-
come necessary from time to time, from the
date when specie resumption commences.
| To this might and should be added revenue
sufficiently in excess eff expenses to insure an
accumulation of gold in the Treasury to sus-
tain redemption. commend this subject to
your careful consideration, believing that a
| favorable solution is attainable and that if
reached by this Congress the present and flu
ture generations will ever gratefully remem-
Der it as their deliverer from thraldom of
evil and disgrace. With resumption free
banking may be authorized with safety, CIV
ing full protection to billholders, which they
have not under the existing laws. ldeed,
would regard free bar king as essential 1t
would give proper elasticity to the currency.
AS more currency should be required for the
j transaction of legitimate business, new banks
would be started, and in turn banks
would wind up their business when it
was found there was a superabundance of
currency. The experience and Judgment OF
haC& laa 40 l,
rency is required for the transaction of the
business of the country. It is unsafe to
leave the settlement of this question to Con.
gress, the Secretary of the Treasury, or the
Executive. Congress should make the regu-
lations under which banks may exist, but
should not make banking monopoly by linn.
iting the amount of redeemable paper cur
rency that shall be authorized Such impor
lance do attach to this subject and so earn
estly do 1 commend it to your attention, thai
I give it prominence by introducing it at the
beginning of this message.
During the past year nothing has occurred
to disturb the genial, friendly and cordial re
lations of the United States with othel
powers.
The correspondence submitted herewith be-
tween this government and it's diplomatic
representatives in other countries shows
satisfactory condition of all questions be-
tween the United States and the most of those
countries, and with few exceptions, to which
reference is hereafter made, the absence oil
any points of difference to be adjusted
The notice directed by the resolution OF
Congress, of June II, 1874, to be given to
terminate the convention of July II, 1858,
between the United States and Belgium, has
been given, and the treaty will accordingly
terminate on the first day of July, 1876. This
convention secured to certain Belgian vessels
entering the ports of the United States ex-
ceptiOnal privileges which are not accorded to
our own vessels. The other features of the
convention have proved satisfactory and have
tended to the cultivation of beneficial COM
| mercial intercourse and friendly relations be-
| tween the two countries. hope that the ne
gotiations which have been invited will result
In the celebration of another treaty which
may tend to the interests of both countries
Our relations with China continue to be
hostlllties between China and Japan, growing
out of the landing Of an armed force upon
the Island of Formosa by the latter has oc-
| casloned uneasiness. It is earnestly hoped
however, that the difficulties arising from this
cause will be adjusted, and that the
advance OF civilization in these empires may
not be retarded by state of war. In conse-
sequence of the part taken by certain citizens
OF the United States in this expedition our
representatives in those countries have been
instructed to impress upon the governments
of China and Japan the intention of the coun-
try to maintain strict neutrality in the event
of hostilities, and carefully prevent any in
fraction of law on the part of our citizens. In
connection with this subject call the atten-
ton of Congress to a generally conceded fact
that the great proportion of Chinese immi-
grants who come to our shores do not come
voluntarily to make their homes with us and
their labor productive of general prosperity,
but they come under contract with head men,
who own them almost absolutely. In a worse
form does this apply to the Chinese women
Hardly perceptible percentage of them per-
form any honorable labor. They are brought
for shameful purposes, to the disgrace of the
communities where they have settled, and to
the great decentralization of the youths of
those localities II this evil practice can be
legislated against, it will be my pleasure as
well as duty to enforce any regulation to Sc
cure so desirable an end
1t is hoped that negotiations between the
government Of Japan and the treaty powers
looking to the further opening OF the empire
and to the removal of various restrictions
upon trade and travel may soon produce the
result desired, which cannot fail to inure to
the benefit of all the parties