Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1874-12-17

of prosperity to last for many year
and to save the credit of this natio
and OF this people. Steps toward
return to specie basis are the gres
requisite devoutedly to be sought fo
and there are others, which l ma
touch upon hereafter. A nation deal
ing in currency below that of speci
in value, labors under two great di;
advantages. First, having no use 70
the worlds acknowledged medium q
exchange, gold and silver, these ar
driven out of the country, because ther
is 10 demand for their use second, tn
medium of exchange in use being o
fuctuating value-for, after all. it resll
is only worth just what il will pur
chase of gold and silver metals, hav
ing, an Intrinsic value just in proper
tion to the honest labor it txkes t,
be allowed for profit by the mann
facturer and producer. 1t is month
from the date of production to the dat,
of production to the date of realization
interest upon capital must be charged
and the rick OF fuctustion in the valu,
of that which is to be received in pay
ment added. Hence high prices act al
a protection to the foreign producer
who receives nothing in exchange fol
the products of his skill and labor OK,
cept for currency good at stable
value the world over. It seems to me
that nothing is clearer than that the
greater part of the burden of the exist.
ing pi ostration is for
THE WANT OF A SOUND FINANCIAL sYs.
the evil of which falls upon the work.
ing man, who must after all produce
the wealth and the sslaried man, who
superiBteuds and conducts business
The burden falls upon them in two
ways, by the deprivation of employ
ment and the decreased purchasing z
power oil their salaries. 1t is the duty
of Congress to devise the method OF
edged to exist aud not mine, but will
venture to suggest two or three things
which seem to me as absolutely necessa-
ry to return to specie payments AS
a first great requisite to a return to
prosperity, the legal tender clause to
the law authorizing the issue of curren-
cy by the National Government should
be repealed, to take effect as to all con-
tracts entered into after day fixed by
the repeating act, not to apply, however
to the payment of salaries by the Gov
ernment, or for other expenditures
now provided by law to be paid ia cur
rency in the interval pending between
the repeal aud the final resumptiOp.-
provia;on abonId ha xaaIa hy 80 h;ob fh n
Secretary Of the Treasury can obtain
gold - it may become necessary from
time to time from the date when specie
commences. TO this might
and should be added 8 revenue suffi-
GENTLY in excess of the expenses to in-
'ure an accumulation of gold in the
Treasury TO sustain the redemption. l
this subject to your careful
believing that favorable
,olutiOn is attainable, and that If reach
Il 6y'L this Congress the present and fu-
,ure generations will ever gratefully
Der it 40 their deliverer from a
.hraldom of evil and disgrace. With
free banking may be au-
horized with safety, giving the full
protection to bill holders which they
nave uader the existing laws. Indeed
would regard free banking as essential.
It would give proper elasticity to the
as more currency should be
'equired for the transaction of legiti-
nate business. New banks would be
Itsrted, and in turn the old banks would
wind up their business, when it was
ouud that there was superabundanes
If currency. The experience and judg-
nent of the people can best decide just
low much currency is required for the
of the business of the coUn-
ry. 1t is unsafe to leave the settle
nent of tnis question to Congress, the
Secretary of the Treasury and the Ex-
,cutive. Congress should make the
equations under which banks may ex-
ct, but should not make banking a mo-
lopoly by limiting the amount of re-
paper currency that shall be
Such importance do at
ach to this subject, and so earnstly do
commend it to your attention, that 1
i've it prominence by introducing it at
he beginning of the message.
+ Y
THE DEPLoRABLE STRIFE IN CUBA
continues without any marked change
q the relative advantages of the con-
ending forces, and the insurrectiou still
continues. But Spain has gained no
uperiority in six years of strife, and
hus gives the insurrection a signifi-
snce which cannot be denied. Its du-
alton and the tendency of its advance
ogether with the absence of the mani
ested power or suppression on the
part of Spain cannot be cOntroverted
md may take some positive steps on
he part of other powers a matter of
necessity. had confidently hoped at
his time to be able to announce the ar
of some of the important
Iuestions between this government and
hat of Spain, but the negotiations have
'een protracted. The unhappy intes-
inc dissentions of Spain command our
profound sympathy and must be ac-
epted as perhaps cause of some de-
ay. An early settlement in part, at
east, of the questions between the gov
rnments is hoped. In the meantime,
waiting the result of Immediately
'ending negotiations, l defer further
nd full communication on the subject
# the relations of this country and
|pain.
+
TREASURY MATTERS
The report of the Secretary of the
Treasury, which is made directly to
congress and which forms no part of
his message. will show the receipts and
of the Government for
he last fiscal year, the amount receiv-
ID from each source of revenue, and
he amount paid out for each of the
departments of the Government. 1t
will be observed from this report that
he amoLnt Of receipts over the expeud-
lures has been but $2,344,SS2 for the
iscsl year ending June 30th, 1874, and
hat for the current year The estim sted
eceipts over the expenditures will not
much exceed S9,00O,OO0. In view Of the
arge national debt existing and the
obligations to add one per cent per
2nnum f0 tna ain krinu fnnd-a ann