The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1874-12-11

by the manufacturer and producer. 1t
is months from the date of a production
to the date of realization. Interest upon
capital must be charged; a risk of fuc-
tuation in the value of that which is to
be received in payment added. Hence
foreign producer, who receives nothing
in exchange for the product of his skill
and labor, except 4 currency good at
staple value the world over. 1t seems
to me that nothing is clearer than the
greater part of the burden of the exist
ing prostration, for the want of a sound
financial system, falls upon the working
man, who must, after ali, produce the
wealth, and the salaried man who super
intends and conducts business. The bur-
den falls upon them in two ways-by the
deprivation of employment and by the
decreased purchasing. power of their sal
aries. 1t is the duty of Congress to de-
wise a method of correcting the evils
which are acknowledged to exist, and
not mine, but 1 will venture to suggest
two or three things which seem 70 me
absolutely necessary to return to specie
payments. The first great requisite in a
return TO prosperity is that the legal
tender clause to the law authorizing the
issue of currency BY the National Gov
ernment should be repealed, TO take eff
feet as to all contracts entered into after
a day fixed in the repeating act, but not
to apply, however, to payments of salar-
les by the Government, or other expen-
ses now provided by law to be paid in
currency. In the interval pending be-
tween the repeal and final resumption,
provision should be made by which the
Secretary of the Treasury can obtain
gold as it may become necessary from
time to time from the date when specie
resumption commenced. To this might
and should be added revenue sufficient
ly in excess of expenses to insure an ac-
cumulation of gold in the Treasury to
sustain redemption.
With redemption, free banking may
be authorized with safety, giving the full
protection to bill holders which they
have under the existing laws. Indeed
/ would regard free banking an essential.
1t would give proper elasticity to the
currency. As more currency should be
required for the transaction of legitimate
ho0 xr-o,,lI ho cfa faA
and in turn banks would wind up their
business, when it was found there was a
superabundance of currency, The ex-
perience and judgment of the people
can best decide just how much currency
is required for the transaction of the bu-
siness of the country. 1t is unsafe to
leave the settlement of this question to
Congress, the Secretary of the Treasury
or the Executive. Congress should
make the regulation under which banks
may exist, but should not make banking
monopoly by limiting the amount OF
redeemable paper currency that shall be
authorized.
FOREIGN RELATIONS.
During the past year nothing has oc-
Cured to disturb the general friendly
and cordial relations of the United
States with other Powers. The cores
pondence submitted, between this Gov
ernment and its diplomatic representa-
tives of other countries shows satisfac-
tory condition of all questions between
the United States and most of those
countries, and, with few exceptions to
which reference is hereafter made, the
absence of any points of difference to be
adjusted. =
The amount awarded to the Govern
ment of Great Britain by the mixed
Commission organized under the acts of
the Treaties of Washington in the set
tlement of the claims of British subjects
arising from acts committed between
April IS, 1S41, and April 9, 1865, be-
came practicable under terms of treaty
within the past year, and was paid upon
the 21st day of September, 1874. In this
connection l renew my recommendation
made at the opening of the last session
of Congress, that special Court be Gre
ated to hear and determine all claims
of aliens against the United States, aris-
ing from acts committed against their
persons or property during the insurrec-
ton. 1t appears equitable that oppor-
tunity should be offered for persons of
other States to present their claims as
we'll as to those British subjects whose
claims were not admissible under the
late Commission, to the early decision of
a competent tribunal, and 1 recommend
the necessary legislation to organize a
Court to dispose of those claims of aliens
who are referred to, in an equitable and
satisfactory manner, and to relieve Con-
gress and the departments from the con-
sideration of these questions.
THE DEPLoRALE STRIFE IN CUBA
Continues without any marked change
in the relative advantages of the con-
tending forces. The insurrection con
tinues, but Spain has gained no superior
ity. Six years of strife give the insur-
rectian significance which cannot be
denied. Its duration and the tenacity
of its adherents, together with the ab-
sence of manifested power of suppression
on the part of Spain, cannot be cJntro-
verted, and may make some positive
steps on the part of the other Powers a
matter of self-necessity.
had confidently hoped at this time
to be able to announce the arrangement
of some important questions between
this Government and that of Spain, bu
the negotiations have been protracted.
The unhappy intestine dissensions of
Spain command our profound sympathy,
and must be accepted as, perhaps, cause
of some delay. An early settlement in
part, at least, of the questions between
the Governments is hoped. In the mean
time, awaiting the results of Immediate
ly pending negotiations, defer furth-
er and full communication on the sub
E Al l.. 81.