The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-12-08

Hahge, Bolu anu silver, these are drive
out Of the country, because there il no do
mand for their use; second, the medium
OF exchange in use being of luctu
ating value-(or, after all, II really
onl y worth just what It will purchase c
gold and silver metals, having Jan intrlnsl
value Just In proportion 10 the honest Ia
Dor Il takes 10 produce them, a large
margin must be allowed for profit BY Iii
manufacturer and producer. Ills month
from the date Of production 10 the date d
realization; interest upon capital must b
charged and the risk Of iluCluatioD in IN
value Of that which is to be received i
payment added. Hence high prices &C
as o protection 10 the foreign produce
who receives nothing In exchange for IN
products OF his skill and labor excent 10
currency good at o stable value tn
world over. It seems 10 me that nothiu,
IS clearer than that the greater part Of tht
burden Of tho existing prostration Is for
THE WANT OF A SOUND FINANCIALs SYSTEM
tho evil Of which falls upon III,
working man. who must after all pro
duce the wealth and the salaried mar
who superinlends and conducts bust
ness. The burden falls upon them
In two ways, by the deprivation of en-.
poyment and the decreased purchasing
power OF their salaries. Its the duty Of
Congress to devise the method OF correct
ting the evils which are acknowledged "a
exist and not mine, but will venture 10
suggest two or three things which seem
to me as absolutely necessary TO return
to specie payments. AS a first great re-
qnisite TO II return TO prosperity, the legal
tender clause to the law authorizing the
issue Of currency by the National Govern.
ment should be repealed, TO take elect as
TO all contracts entered into after day
liked by the repeating act, not to apply,
however to the payment Of salaries by the
Government, or Tor other expenditures
now provided by law to be paid in cur
rency In the interval pending between the
repeal and the final resumption. Provision
should be made by which the Secretary
Of the Treasury can obtain gold as 1t may
become necessary from time TO time
from the date when specie redemp.
tion commences. To this'might and should
be added revenue sufficiently in excess
OF the expenses to insure an accumulation
Of gold in tho Treasury TO sustain the re :
demption. l commend this subject to
your careful consideration, believing that
a favorable solution is attaiuable, and
that il reached by this Congress the pres
Gnt and future generations will ever CRATE.
fully remember it as their dcliyerer
from thraldom OF evil and disgrace
With resumption, 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 as essential
Il would give proper elasticity to the
currency, as more currency should be re-
CURED for the transaction Of legitimate
business New banks would be started,
and in turn the old banks would wind up
their business, when it WAS Iuund that
there was q superabundance OF currency.
The experience and Judgment Of the PEG
pie can best decide Just how much
currency is required for the transaction OF
the business OF the country. 1t is unsafe
to leave the settlement Of this question TO
Congress, the Secretary Of the Treasury,
and the Executive Congress should
make the regulations under which banks
may exist, but should not make banking
a monopoly by limiting the amount OF
rCdeemaUIe pBpcr currency that shall be
authorized. Such Importance do nj
taCh 10 this subject, and soearnestly Go
commend il 10 your attention, that give
il prominence by introducing it Of the
beginning Ci the message.
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 correspondence sub
mitted herewith between this government
and lis diplomatic representatives, as also
with the representatives Ui other COun-
tries, shows satisfactory condition OF all
questions between the United States and
The most Of these countries, and with lew
exceptions, 10 which reference will here.
alter be made, there is an absence oil any
points OF difference 10 h. adjusted. The
notice directed by the resolution of Con.
gress o! June l7th, 1874, to be given 10
terminate the convention Of July 18th,
1853, between the United States and Bel.
GUM, has been given, and the treaty &C.
Corti1gly terminates on the lst day Of
July, 1876 The convention secured to
certain Belgian vessels entering the ports
Of the United States exceptional privil-
eyes which are not accorded to our
own vessels. Other features oil the
have proved satisfactory, and
have tended 10 the cultivation OF
OF mutual. beneficial, commercial inter-
course and friendly relations between the
two countries. hope that the negoIia.
tons which have been invited willresult
in the celebration Of another treaty which
may tend 10 the interests oil both coun-
tries. Our relations with China continue
to be friendly during the past year, and
the fear Of hostilitics between China and
Japsn, growing out of the landing of an
armed force upon the Island Of Formorsa,
by the latter, has oCcssioned much un-
easiness. II Is earnestly hoped, however,
that the difficulties arising from this
cause will be adjusted, and that tho ad-
vance of civilization in these Empires
mGy not be retarded by state o! war. In
consequence Of the part taken by certain
citizens Of the United States in this cx-
padition our representatives in those
countries have been instructed to impress
upon the governments of China and
Japan tho firm intention Of this country
to maintain strict neutrality in the event
Of hostilities, and to carefully prevent any
iniraction OF law on the part OF our cit
izens.
CHINESE IMMIGRATION.
In connection with this subject | call
the attention Of Congress to generally
conceded lAct that the great proportion OF
the Chinese immigrants who have come TO
our shores do not come voluntarily to
make their homes with us and their LABOR
productive Of general prosperity, but come
under contract with head men who own