The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1874-12-11
VOLUME III.--NUMBER 3S.


acting ns a protection to the foreign pro-
ducer, who receives nothing in exchange
for the product of his skill and labor, ex-
cept a currency good at a staple value
the world over. II seems to me that
nothing is clearer than the greater part
of the burden Of the existing prostration,
for the want ola sound financial system,
falls upon the working man, who
must, after all, produce the wealth, and
the salaried man who supcrintcnds and
| conducts business. The burden falls up
on them in two ways-by the depriya-
ton of employment and by the decreased
/ purchasing power Of their salaries. u
| j. the duty ~ Congress to devise n meth
od Of correcting the evils which are ac-
knowledgcd ~ exist, and not mine, but
/ will venture to suggest two or three
! things which seem 10 me absolutely nee.
e,-ary to n return to specie payments.
I The first great requisite in u return to
Z prosperity j. that the legal tender clause
/ ~ the law authorizing the issue of cur
rcncy by the National Government
should bc repealed, to take effect ~ To
/ all contracts entered into after day
fixed in the repealing act, but not to ap-
N
/ the government, or other expenses now
provided by law to bc paid in currency.
/ In the interval pending between the re-
peal and final resumption, provision
should bc made by which the Secretary
of the Treasury can obtain gold rs IL may
become necessary from time 10 time from
the date when specie resumption COM
menced. To this might and should he
added n revenue sufficiently in excess Of
expenses To insure an accumulation of
gold in the Tusssury to sustain rcdemp-
tion.
commend this subject to your careful
consideration, bcliving that favorable
solution Is attainable, and that IL reached
by this Congress the present and future
generations will ever gratefully y remember
IL as their dcliyerer from a thraldom Of
evil and disgrace. With redemption
free banking may be authorized with
safety, giving the full protection 10 bill
holders which they have under the ex-
isting laws. Indeed, would regard free
banking as essential. II would give
proper elasticity to the currency. As
more currency should be required for the
transaction Of legitimate business, new
bank. would be started, and in turn
banks would wind up their business
when il was found that there was n super
abundance of currency. The experience
and Judgment Of the people can best
decide Just how much currency is re-
quircd for the transaction Of the business
of the country. II is unsafe To leave
the settlement Of this question 10 Con
grcs, the Secretary Of the Treasury, or
the Executive. Congress should make
the regulation under which banks may
exist, but should not make banking a
monopoly by limiting the amount of
redeemable paper currency that shall be
authorized. Such Importance do | at
tach TO this subject, and 80 earnestly do
] commend 1t To your attention, that
give it prominence by introducing il at
the beginning Of this message.
During the past year nothing has oc.
CURED To- disturb the general friendly
and cordial relations of the United States
with other Powers. The correspondence
submitted herewith, sbetwecn this Gov
crnmcnt and its diplomatic represent
ativcs of other countries shows u salts
factory condition of all questions be-
tween the United States and most of those
countries aud. with few exceptions, To
which reference is hereafter made, the
absence of any points of difference To be
adjusted.
The notice directed by the resolution
of Congress Of June IL, 1874 to be given
Ia terminate the Convention of July IL,
1858, between the United States and
Belgium, has been given. and the treaty
will accordingly terminate ON the first
day Of July, 1873. This convention So
cured 10 certain Belgian vessels entering
the ports Of the United States excep-
tional privileges which are not accorded !
to our own vessels. Other features Of the |
convention have proved satisfactory, and |
have tended to the cultivation Of the |
mutually beneficial commercial inter |
coursc and friendly relations between |
the two countries. hope that negotia- /
tions which have been invited will result /
in the celebration ofanother treaty which !
may tend to the interest of both |
countries.
our relations with China continue to |
hc friendly. During the past year the I
fear of hostiltcs between China aud /.
japan, growing out of the landing of an 1
armed force upon the Island of Formos,,
by the latter, has occasioned uneasiness. /
II is earnestly hoped, however, that the .
difficulties arising from this cause will /
I've adjusted, and that the advance of civ
ilization in these Empires may not he I
retarded by n state of war. In conse-
quence Of the part taken by certain citi.
zcns Of the United States in this expe.
dition, our representatives in those coun-
tries have been instructed 10 impress up
ON the Governments of China and japan
the firm intention of this country Ia
maintain strict neutrality in the event
of hostilitics, and carefully prevent any
infHction of law nl the part of our citi-
zens. In connection with this subject, |
call the attention of Congress 10 the gen
orally conceded fact that the great pro
portion of ChineSe immigrants who have
come Ia our shores, do not come yOlun
tarily, to make their homes with Us and
their labor productive Of general prosper
ity, hut come under contract with head
men who own them almost absolutely.
In worse form does this apply to Chi
nese women. Hardly u perceptible PEP
centagc of them perform amy household
labor, but they are brought for shameful
purposes, To the disgrace of communi-
ties where settled, and To the great de-
of the youth of thoSe local
itics. II this bad practice can he legis-
lated against, it will he my pleasure as
well as duty To enforce any regulation IL
secure ~ desirable an end.
Ii is hoped that the negotiations be-
tween the Governments of Japan aud the
other Powers looking to the further open