Evening star. [volume] (Washington, D.C.) 1854-1972, 1874-12-07
PRESIDENTS MESSAGE.
T.Hc Er,s crE

uess and industries sJ.E As Las not been Wit
ness q, with u, for many years. Speculation
IS 90 the causes tor this prOstTaion might be i1-
dalged II without profs, te,auss as many tuso-
rI-- ssCu.1 a. ~ Fz1Cstt A. there would be i-te-
Te1dCnt writsrs-tcOse who eN ,Tessst their own
views without bgs-Ow.ug-upOu tn5 suai sC..
without iEdUlFtng IN ths theories n 70 the cl1-5
q Z ls frCsirslion- tesrofOso VIII call your az
re-ticI only 20 the fa-t, a-d 90 svms plain GUs=-
u0us, IS 70 which, it H0ud seem there should
During tets pros-atfon two essential elements
a. prosperity have been most abundant; labor
and CaYt+s-- Both have been largely unsm-
Yl1yCI- Where 81 ruritv has been Uut1ubtei,
CeUi a. Rae been attain able a. vsry m0dsrate
rates Where labor has been wanted It has
been fCvnd II abundance, a. Clss0 rates com
pared with those OF usCessaTies ard comforts OF
hfe-cCuld De purcnassd with ths wages de-
man I'D Two great elements Of prosperity,
theI-rcEe, have not been denied us. third
I'll II hG AIDED, or SOL and climate sre Un-
tGu@,ed. vltain the limits ot any c1n:,glous
territory uu.leT one n2t,On2lity5 Tor It's variety
Cf PRODUCTS t0 feed and clOths people, and in
tie amount OF surplus 70 spare - feed less IA
NoT7d people Therefore, VITA these facts In
view, II seems 70 me thzt wise s.atesman-
Shiu ~ this session OF Congress would
dietate legislation; 81 Ignoring last, direct
elements Of prosperity % any people Debt,
debt sUrOa1, = the only element Jnat cln, with
slWSys sound currency, enter into our affairs
20 caHSe a.y continued depres- ion N the indus
trief and -OspeTlty Of Our people. A great con-
fict Tor ustlCnal existence N 4de IL Necessary,
tcT tcI2pcrsr purposes, the raising o. large
sUUs OF money rom whatever sOarce attain
BILE It vs. made necessary, 10 the wisdom Of
CGnSress-and 10 not dJ1bE their wisdom In
TIE p-smises-rssaTdi1g ths necessity Of the
times, % CsylsS q system Of national currency,
wbi-h proved 70 be OF \ qlai " impossible u
fCsE par with the recognized currency of
the civilized world. This got sp rit OF
speculation involving an eNrsvaSance and
luyusy rot required = the happiness
,r prosperity OF a peOP. and Involving
EOrf- directly and indirectly. reign indebted
ness. The currency being Cf tuctuatiug value,
and, therefore, unsafe 10 h0,3 Tor legitimate
transactions, requiring money, became SUB
ject 0f spsr rul aLlOn in itself. These two causes
however have involved US IN A foreign indeb--
ECness, contracted N good faith by borrower
and tender. which should be paid in coin, ant
according % the bond agreed upon when ths
debt was contracted, gold OF It's equivalent.
The good faith OF ths Government can
rot be violated towards creditors without
should b. encouraged. American sAip5uiId-
ing and Carrying capacity i1Creasedi tJr-
eisr maxi els sOushJ fOr products OF the soil
aIc nanutact0Tiss7 20 the end that We m Iv he
able TO pay these debts. Where 2 new marset
Cen he ere aJed Tor the sale OF eur p-Oi ICts,
Jitl Pr Of lie soil, the mine OF toe manutsCtOTy,
new means Is discovered OF utilizing our idle
capital ard labor tie advantage 9. the whole
people. B15 . M Judgment the trst steptl-
currency OF fixed, stable =. ne 2 currency gOOd
wherever civilization Tr- Us; one Ili-n, iflt
becc mes sUPeTabuud41r vita one people viii
md market with some Ocler currency
Which has - Its basis the labor necessary to pro-
tuce II which will give % II IJs value
Gold and silver are n0w the -eCO gLized mediam
Cf exchange the civilized world over, and ID
tNis We should return with the least practica-
bic delay.
In view cf the pledges OF the American Con-
gress when our resent iegal-tsnder system WAS
adopted, ald Gebr contracted, there should be
To CelSy-ceEts.niy N unnecessary dslay-in
tAiug, b! legislation, method by which
w5il return 70 specie To the acccmpiishmen-
% tLis enc invite youT spsciai attention. /
beuaVc hTtily that there can be no prosperous
and ysrDa lent revival Of BIZ finess and iutus
TIE until policy is adopted, with legislation
20 csrIy it cat, looking 70 return 70 specie
g. ~ a. h,a doh
arc speculative classes may think 1t Of
val-e to tren 70 make s]-6aiief money
5cI oY 0 tbsr hiy Ey-dszs es {n5OT B5ST a, P2E
But even these, l believe, would be d,s4p-
IolI tea IN The result If course should be pur-
slto which viii keep in doubt the value OF tue
t@gT. teHdev medium Ct exchange. A revival OF
productive industry Is needed By all classes
By none more tan the holders OF property. OF
Ehs.ever eOrt with debts 20 liquid ate from real
tZatlOD upon its sale. Bat admitting thst these
two classes Of citizens are to be benoii ed by
pauslOn, would be be honest u give it? WJuli
not the general loss be too great 20 justify s1ch
relief would IL not be Just IS honest aud pru-
dent TO authorize each debtor to issue his own
lSgci tenGers 70 the extent OF his liabilities?
a1sn 70 10 this would it not be ssfer-fOr fear
OF over lssaes b uDscrupulOus creditors TO say
that, all debt Obligations are Obliterated ia
the United States, sud now we commence
anew each possessing ali he h4d at the time free
from tucUmhTauce. These propositions are too
uTd % be entertained for a moment bv
1llL Eirg OF honest people. Yet every DELAY
lnIreI aration tcr final resumption PsrtaSes OF
a
hOfs il held out that a cOE-snisnt season will az
last arTivc for the good work Of redeeming our
IleCEes 70 commence. Ii will never come. In
my opinion, except by positive action by Con
Eress,or by national disasters which will destroy,
Ior TINE at lesst, the credit OF the individual
and tie ste at large. AsOuudcuTrency m ght
he reached cy total bankruptcy and discFe1t of
the integrity OF the nation aud OF Ind viduais.
believe it l. IN the power OF Congress AZ this
session @ devise suCB legislation as gtlI renew
col IEdSnce, revive al tie Industries, start u on
career Ci prosperity 70 last Tor many years,
ard 20 save the credit o. the nation ana o. tao
people. steps towards the return to 4 specie
rssl are tie great rec IisiUs - this GevJuriv %
u7 sought i0T enc. There ara others WA.cG 1
may t-Lct EIcu hereafter.
nation dealing IN currency bsiOE tAlt OF
specie ID vai1e, labOrs under two great dis
advantage. FIRST, having no uss for ths
void ackncWiedged MEDIUMS Of exchange,
fcid aio Siiyer. There ara driven cut OF tue
country Lecsuse there is 10 dsmgnJ f0r their
use. SccCu1, tue medium OF exchange in us8
ctlHg o. & d rsctUafllE ziGe-fOr after al 10 Il
only worth Just s-at &c vii purchase OF gold
ard silver metals having 8n intrinsic value
5ust n lrcf fOIton TO tie honest labor il takes -
Arccuce lle u=a argrr margin muSt be allowed
ICT print ~ the IaaHufactI ITer ard producer.
~ : months irJu the Gate OF production 70
the d@Je c. realization Int rest upon capital
1nutt be c4arged, end risk OF iuCtaatIOn in the
VsiCe % taat ~hich : % be received in pay
UeNt ADDED Hence high prices. acting as
protection 20 the foreign producer, no receives
ECttinE in exchange fJs tie products OF his
sklll aLd labor eNcctt q cGTrenCy, good at a
stable value the world over.
IL seems % me thsE nothing is clearer than
thar the greater part OF the burden OF existin
prCstTatiCu, for the want OF a sound financial
system, falls upon the working m An, who must,
aftrr all, produce the wealth, and the salsriei
man who superintends and conducts business.
The burden falls upon them in two ways, by
the deIriv alton o1 employment, and by the de-
creased purchasing power OF their salaries. IL
IL tie cuty OF Congress TO devise the method OF
connecting the evils which are acknowledged
70 exit, and lot mine. But viii venture u
suggest tso or three things which sc I'm to m
a. absolutely Necessary 70 return to specie pay
ments, the mt great requisite in q return ID
IrcsPerty. The legal tender cltu e 10 the Law
eut o. lzir the issue Of currency by the M
fioI Al government, should be repealed 70 take
eject as 70 all contracts entered into afCsr
cay hNed in the repeating act not to
apply, however, tc payments OF salaries By
government or for other expenditures now
prov ided by Law 70 be paid 10 currency in tue
Interval peIding betwesn repeal and hnal re-
sumption. Provision should be m sde by which
the secretary OF the Treasury can obtain gold,