The Albany register. [volume] (Albany, Or.) 1868-18??, 1874-12-18
Albany Register.
Presidents Message.

u
for many years Speculation as 10 causes for this
because many theories would be advanced as
expressed their own views Without borrowing upon
the subject Without indulging in theories to
your attention only to the TACT, and to some ques-
lions to which it would seem there should be no
disagreement.
BOTH LABOR AND cAprrAI. UNEMPLOYED.
Dnring this proStration Two essential clements of
prosperity have been most abnndant-labor and
Where security has been undouGted, capital has
isbor 3as been wanted Il has been found in sban re
dance at cheap rates compared with those at which
chased with the wages demanded. Two great ele-
me4ts men OF pr9sReFty a tnerei9F have not been de-
AN ELEMENT THAT ISN'T IDLE
Our soil and climate unequalled within the
% Of m eny @ If prc dsF to eG Sne ana ma
clothe people, and in the amount of surplus to
Rs IN view s Il to ne wse
ship that this session of Congress would dictate
channels these great elements OF prosperity TO any
people.
The debt abroad is the only element that can,
with always sound currency enter into our affairs
to cause any continued depression in the industries
prosperity great conflict for national exist
raising large SIM OF money from "hAteEer source
attainable- 1t was made necessary in the wisdom
premises regarding the necessities of the times to
devise system of national currency which it
resoSniled currrnry "i The civilizrd world. This
begot , spirit Of sslati%n sISin m iI an n sS%T
or prosperity OF pSLle and iiiH4iiHldg boin M, ~,
currency being of Iluctuating value. proved to be
unsafe hold for legitimate transactions requiring
self. These two causes. however, have involved us
by borrower s'd lender which should be paid in
coin and according II the bond agreed upon when
The good faith of the Government cannot be vio-
lated towards its creditors without national dis
fhf1F pfhen1 Sft IR nj FaFFnt
American ship bnil,iing and carrying capacity in
creased foreign markets sought for products OF the
soil and manufactures, TO the end that we may be
able pay these debts. Where market is created
for the sale of the produces either of the soil mine
or the manufactory. new means is discovered of
utilizing idle capital and labor to the advans
tage of the whole people.
THE CURRENCY
But, in my Judgment, the first step towards ac-
good wherever civilization reigns one which if
It becomes. superintendent with one people win
find market with some other; currency which
has as its basis the labor necessary to produce it,
the recognized mediums of exchange the civilized
world over, and to this we should return with the
American Congress " hen our present legal tender
system was adopted aud our debt contracted
There should be no delay certainly no unnecessary
delay. in fixing by legislation method by which
To the Accomplishment of this end invite your
especial attention. believe firmly that there can
and industries until policy adopted. with lcgis-
lation carry it out, looking return TO specie
speculative classes may think it of value TO make
SO-cailCd
portion of their burdens upon others but even
these believe. would be disappointed i'll the
in doubt the value Of legal tender medium Of
change and prevent revival OF productive indus
tries needed by all classes by none more than the
holders of property, of whatever sort, with debts to
liquidate from realization upon its sale But ad-
benefited by expansion, would il be honest TO give
ttffy such relief Would it not be H6re just and
honest and prudent TO authorize each debtor to
issue his legal tenders 70 extent of his liabili
ties than do this: Would it not be safer for fear
Of oyer ISSUES by unSeruqi9nS eteli2Fs TO 10 say h
States and commence anew. each possess
brance? The propositions are too absurd to be en-
tertained for moment by thinking people. Every
Of tiifs Dishonesty y season will III last arrive
menee. The time viii never come in my opinion
except by positive action by Congress and national
disasters which will destroy fer time at least the
credit of individuals and the state ut large \
sound currency must be reached by total bankrupt
cy and credit OF nation and OF individuals III be-
eve it is in the power of Congress at this session
devise such legislation will renew confidence
revive all industries send us on career OF pros
peTty last for many years and to SaYethe credit
return to a specie basis are the great requisites to
this end, devoutly 10 be sought for, and Others %
ing in currency below that of specie in value,
no use for the worlds acknowledged medium Of
exchange gold and silver these are driven ont of
use. Second, the mediums of exchange in use be-
ing of fuctuatng value flor after all, it is only
metals having intrinsic value just in proportion
the honest labor II produce them
margin must be allowed tor profit by the 1nanuac-
turers and producers. 1t is months from the date
capital must be charged, and risk of fuctuaton in
the Eaue OF 1 % 5rcs 70 De acp IN
protection to the foreign producer who receives
nothing in exchange for the product of his skill
and labor except currency, good at stable value,
the world over, il seems 10 me that nothing is
clearer than that the greater part of the burden OF
existing prostration the want of a sound finan-
ciaI system, falls upon the workngman, who must.
who superintends and conducts business. The bur
den falls them in two ways: by the deprivation
of employment and by the decreased purchasing
power of their salary.
method of correcting the evils which acknow-
ledged to exist but will venture to suggest two
three things which seem to me as absolutely neces
sary to return to specie payment As first great
requisite in return to Pr9spettty t the legal tender
by the national Government should be repealed to
daY fixed in the repeating act, not to apply, how
ever 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 re
peal and final resumption, provision should he
made by which the Secretary of the Treasury can
obtain gold it becomes necessary from time to
s rTSle e TO this might and should Be added
revenue sufficiently in excess of expenses to insure
redemption. recommend this subject to your
Is attainabIe and that if reached by this Congress
the present and future generations Will ever CRATE
fully remember 1t their delivery from thral
of evil and disgrace. With resumption free bank
ing may be authorized with safety. giving full pro
lection to bill holders which. they have under
listing laws Indeed would regard free banking as
essential. It would give proper elasticity to tho
currency as more currency should be required fol
the transaction of legitimate business. New banks
would be started in turn. Banks would wind up
their business when it was found there super
abundance of currency. The ex perience and judg.
ment of the people can best decide just how much
currency is required for the transaction of the
business of this country 1t is unsafe leave the
settlement of this question TO Congress, the Sec
retary of the Treasury, or the Executive. Congress
should make the regulation under which banks
may exist, but should not make banking Inonop
oily by limiting the amount of redeemable papel
currency that shall be authorized such import
ance attach to this subject and earnestly do
commend it to your at ention give il prominence
by introducing at the beginning of this message
FOREIGN RELATIONS.
During the past year nothing has occurred to dis
turb the general friendly and cordial relations o.
the United States with other powers. The core
spondence submitted herewith, between the Gov
eminent and its diplomatic representatives in othe
countries. shows satisfactory condition of all ques
tfons between the United States and most of thost
countries, and with few exceptions-to which refer
ence is hereafter made-the absence of any point
Of difference to be adjusted. The notice directed