New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-12-08
PRICE FOUR CENTS.
THEPRESIDENT'S MESSAGE.
A RTyIEW OF THE YEAR.


THE CENTENNIAL--IOUIsIANA AND CUBA-N0
RELAXATION or FEDERAL INrEEFEEENcE TO III
HOPED FORA THREAT That CiFit-sEHVi's
REFORM WILL DE- ABANDONED"
WASHINGTON. d. g.. Dec. 7.
To The Senate and House Of LeprcSe'.iat'ref:
Since the conycning of Congress ono year ago, ths
nation has undergone pro,trdti0n IN business ana
industries which las not been witnessed "lih ~ it
many years. Speculation a. to the cad-'' iC7 'hIt
prcstration might be INDUCED in viod' pfoht' DEE
cause as many theories would be advanced as there
would be independent writeTs-those Who expressed
their own views without borrowing upon the sub
ject. without inducing in theories I'D to tho
cause OF this prostrGiion, Therefore. | will call
your attention only to the fact and 20 some ques-
tons as to which 1t would ihere should be 40
disagreement. During this prostitution two essen-
tal elements Of prosperity have been most abund-
ant-labor and capital. Both hayo been largely TN
employed. Where s,oIrlty bias Or'a uh I'uDtc",
capital has been attd,nabie at Ytry moderate rat,
Where labor has been wanted, it has been found IA
abundance at cheap rates compared with what OK
necessanes and comforts OF life could Do purchased
with the wages demanded. Two great clements of
prosperity, therefore, have not been deaf us.
third might b. added. oar soil and climate are Un-
equaled wi,hln tho Limits OF any contiguous
territory under one nationality fJr tae variety OF
amount Of surplus TO spare to feed far less favored
peoples. Therefore, with these facts ia view, 1t
seems to ne that craftsmanship at th,5 session
of Congress wOdld dictate LEGISLATION ignoiing tia
past directing IA proper channels these great e.e-
ments of prosperity to any people. DcDt abroad ~
the only element that can, with always sonnd car
rency. enter into affairs to cause any continued
depression in the ind lstIies and prosperity Of our
people.
AN HONEST CURRENCY TIE NATIONS FIRST Ned
great conflict for National existence made neees-
sary for temporary purposes the RAISING Of laI+3
sums Of money f,om Whatever source attaInabir.
1t made necessary ia ile wisdom ol Congre.3-and
do not doubt their wisdom in the premises regard
inn tho necessity OF the tines ID devise a system
of National currency which proved to De- impossible
to keep on par with tic recognized currency %
the civilized world. This bcgOt a spirit of specula-
ton involving an extrayag1uce and luxury
not required iOr tie happiness OF pros
perity Of q people. and involving both
directly and indirectly foreign indebtedness.
The currency, being Of huctuatng value, and
therefore unsafe to hold for legitimate transactions
requiring money, became subject OF speculation IA
itself. These two causes, however, have involved ~
in foreign inLei tcGues3 contracted IN good ial'h
by borrow 2r aud lender, which should DC paid n
! coin and according to the bond ag1ced upon when
the uCDU was C'ulldCC'i, III gnu VI 80 ''''''"'''
The good faith Of the Government cannot be yio-
lated towards creditors without national disgrace.
But our commerce should be encouraged, American
shp-bui,ding and carrying capacity increased, for
eign markets sought for the products Of the soil
and manufact tories, 30 the end that may be able
to pay these deb.s. Where Il new mal6ct can ID
created for the sale OF our products, either Of tho
SOIL the mine, OF tie mandatory, nv means il
discovered Of utilizing our idle capital aud labor to
the advantage Of the whole people. Bat in my
Judgment the first step toward accom- }saing this
object - to secure currency GOOD WAcr., ,r cni2-
ton r,igns, ono winch, if IL becomes
superintendent with ono people. VA find
market with some Other; currency
which has a. its basis tie labor uec sal, to produce
it. which will give to it It's value. Gold md silver
are now the recognized mediums of exchange tho
civilized world over, aul to this Should rc:aru
with the least practicable delay. IL view Of tho
pledges of The american Congress when our present
lcgal-tendor system was adopted ana "fbt con-
tracted there should b. no dtldy-cerC!aiy no I'M
necessary doay--in fixing by leg.-l. IoA method
by which We will return to specie. 1. The accom-
llshmeAt of tai end invite your aptciai attention.
INITIATION NEITHER HONEST N)E PA DENT.
believe firmly tiat there can DO pros er0us
and permanent revival Of business and industries
until policy is adopted. with legislation to carry
easy 10 conceive that tie debtor aud speculative
classes may think it Of value to them 10 make So
called money abundant until they can throw por-
ton Of their burdens upon others; Ld C.ch tECe,
| believe, would b3 Disappointed in tho
result if a course shoIld be pursued Vi! viii keep
in doubt the value Of the legal tender medium OF
exchange. i revival Of productive .ab.stues IL
needed by all classes, and by none Marc than tho
holders Of property, of whatever sort, TA debts 10
iqudate from the realization upon It's sale. Bat.
admitting that these two classes OF CZ rs are To DO
benefited by expansion would II be honest to giveHf
Would not the general loss be too great 20 justify
such relief Would it not be just as boacst AID pra-
dent TO authorize each debtor to issue lis own legal
tenders to the extent Of his liabitics TEan to do
this would il not be safer for fear OF oy'sNaue by
INSCRIPTIONS creditors. to say that al i bt obhGa-
lions are oLliteratcd III the United states, AID now
we commence anew, each possessing al Lo has at
the time free from incumhrance'
These propositions ar5 too absurd 10 be entertained
for a moment by thinking or honest people. Yet
every delay in preparation for final resumption par
takes of this dishonesty and is only less III degree
os the hope is held ont chat convenient season VIII
ot last arrive for the good work of rodcemng our
pledecs to commence. 1t will never come, IN my
opinion except by positive action OF Congress, or
by national disasters which will destroy Tor
a time at least the credit OF the lldNiuuai
and the State at large. sonnd currency
might be reached by total bankruptcy and dscredIt
of the integrity OF the Nation and Of l4t,y.auaIs
| believe it is in the power of Congress ut TINS
session to devise such legislation will renew CONN
dence, revive all tho industries, start Us on career
of prosperity to last for many years. and to save inc
credit of the nation and of the people Steps toward
the return to specie basis are tine great requisites
TO this devoutly to be sought for end lhefe arc
others which NAV touch upon hereafter.