Connecticut western news., 1874-12-11
The Presidents Message


 pressed by him in his Sixth Annual mes sage to Congress, on the cause or ana Ie'h- edy for the present prostration of the bus mess of the country, will be read by most people with far more interest than any other part of bis message. Below we give these views, which we think will be ac- cepted by people of all shades of political
 belief, as sound Since the convening of Congress, one ] year ago. the nation has undergone pros ! tration in business and industries such as has not been witnessed with us for many years. Speculation as to the causes Tor the prostration might be in6ulged in with, ont profit, because as many theories would
 he advanced as there would be independent
 writer's-those who express their own
 views without borrowing upon the sub feet. Without indulging in theories as to
 the cause of this prostration therefore
 will call your attention only to the fact
 and to the same questions as to which Il
 would seem there should be no disagree
 ment. During this prostration two es-
 sential elements of prosperity have been
 most abundant-labor and capital. Both
 have been largely unemployed. Where
 security has been undoubted. capital has
 
 where labor has been wanted it has been
 found in abundance at cheap rates con-
 pared with what necessaries and comforts of life could be purchased with the wages demanded. Two great elements of pros perity, therefore, have not been denied us. A third, it might be added, that our soil . and climate are unequaled within the lim- it's of any contagious territory under one
 nationality for it's variety of products to f clothe and ferd 8 people, and in the E amount of surplus to spare to feed less l. favored peoples. Therefore, with these facts in view, it seems to me that wise statesmanshlp at this session of Congress would dictate legislation ignoring the past, r. directing into proper channels these great g elements of prosperity to any people. l. DEBT.
 e Debt abroad is the only element that u can, with always sound currency, ente l. into our affairs to cause any continued de- e pression to the industries and prosperities of our people. A great conflict for na- u tional existence, made necessary for tenn n' porary purposes the raising of large sums 'e of money from whatever source attainable tt It made it necessary in the wisdom of Con . gress, and I do not doubt their wisdom ir UT the premises regarding the necessity of the tim"s, to devise system of national cur n rency, which proved to be impossible t, O. keep on par with the recognized currenc, y of the civilized world. This begot spiri ne ot speculation, involving extravaganza Vs and luxury not required for the happiness 'r' or prosperity of the people, and involving ID both directly and indirectly, foreign in e. debtedness. The currency being of fuc ne tuating value, and therefore unsafe to hol g. for legitimate transactions requiring mon al' ey, became subject of speculation in il ed self. These two causes, however, hay C. involved us in foreign indebtedness, con D. tracted in good faith by borrower an er lender, which should be paid in coin, an
 according to the bond agreed upon whel the debt was contracted, gold or it's equivu ed lent. The good faith of the governmen on cannot be violated towards creditors with m out national disgrace. But our commerc
 
 ed building and carrying capacity increased ds foreign markets sought for products of th Of soil and manufacturies, be the end that ", in may be able to pay these debts. Where CT new market can be created for the sale O lie our products, either of the soil, the min ed or the manufactorY, new means is dis ry covered of utilizing our idle capital an' as labor, to the advantage of the whole pet m pie.
 II DEMAND FOR SPECIE PAYMENTS 's But in my estimation, the first step to
 wards accomplishing this object, is to SC ., cure currency good wherever civilization - oa reigns; one which. if 1t becomes supera
 bundant with one people will find a mar o, ket with some others, a currency whic ,;o has as it's basis the labor necessary to pro ,s duce it, which will give to it it's value m. Gold and silver are now the recognize ,r mediums of exchange in the civilize o, world, and to this we should return wit :. the least practical delay. In$ view of tn ,.,, pledges of the American Congress whe od our present legal tender system was adopt nd ed and debt contracted, there should be n o delay, certainly no unnecessary delay, il
 fixing by legislation method by which W . will return to specie. To the accomplish
 ment of this end euvite your special al +o tention. believe firmly that there can b ;~ no prosperous and permanent revival 0 .s. business and industries, until policy -. adopted, with legislation to carry it out , looking to a return of specie basis. It S easy to conceive that the debtor and spec
 ulative classes may think it of value t l., them to use paper money until they ca :-; throw portion of their burdens upon ott CTS. But even these I believe would b .. disappointed in the result, If a cours -, should be pursued which will keep D. doubt the value of the legal tender med
 um of exchange, revival of busine ~. needed by all classes, by none more ths h.. the holders of property of whatever sor .o, with debts to liquidate from realizatic ;,a upon it's sale. But admitting that the two classes of citizens are to be benefite
 by expansion, would it be honest to gi,
 it? Would not the general loss be tc
 great to justify such relief Would it n
 be just as honest and prudent to authori,
 each debtor to issue his own legal tende ., to the extent of his liabilities, as to this Would it not be safer, for fear
 over issue by interruptions creditors,