The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1874-12-17
PRESIDENTS MESSAGE
To THE SENATE AND HOUSE OF REP
RESENTATIvEs

II Since the convening of Congress OF
Il year ago the nation has undergone
II prostration in business and industri,
II such as has not been witnessed with [
II for many years Speculation as to til
II causes of the prOstratiOn might be il
= dulged in without profit, because .
n1Ang theorIss would Be advanced :
there woald be inde ependent writers
those who expressed their own view
WITHOUT b8ErDwIAg upon the asubjec
or without indulging in theories as
the cause of this prostration, therefore
[ will call your attention only to til
fact, and to some questions AS to Whicl
it would seem, there should be no dis
agreement.
During this prostratiOn the two es
sential elements of prosperity hav,
been most abundant-labor and capi
tai. Both have been largely unen
plOyed. Where security has been un
doubted, capital has been attainable a
very moderate rates where labor ha.
been wanted it has been found il
abundance at cheap rates compared
with what the necessaries aud com,
forts Of Life could be purchased with
the wages demanded
Two great elements i6f prosperity
thenefqre, have got been denied u.s. a
third might be added our soil and eli.
mate are unGquallGd within the limits
Of any contiguous territory, under one
nationality, for its varieties of products
to feed and clothe people, and in the
amount of surplus to spare to feed less
favored peoples.
Therefore, with these facts in view,
it seems to me that wise statesman
ship at this session of Congress would
dictate ignoring the past, directing III
the proper channels these great ele-
ments of prosperity. To any people a
debt abroad is the only element that
can, with always sound currency,
enter into our affairs to cause any con-
tinued depression in the Industries and
prosperity Of, our people, A great con-
f1ict for nAtionat ekiBtefee made neces.
sary, fprEsn pohary phrp0ses, the rais-
ing of large sums of money, from
whatever source attainable. 1t made
1t necessary, in the wisdom of Con-
gress, and L do not doubt their wisdom
in the premises, regarding the necessi-
ties of tne7 -, % Use "A - stem of
natEonalA Aenrrenty, aRhIeb, ft proved to
be an impossibility to keep on par
with the recognized currency of the
civilized world. This begot spirit of
speculation, involving an extrava-
gance and IuxuHvnot required for the
happiness and Prosperity of the people,
and involving both directly aud indi--
rectly foreign Indebtedness. The cur
rency being of fuctuating value and
therefore unsafe to hold for legitimate
transactions requiring money, became;
subject ofsp ation in itself.
These two causes, however, have in &
vOIved US in a foreign Indebtedness,
contracted in good firth by borrower
and lender which should be paid in
coin, and according to the bond agreed \
upon, when the debt was contracted,
in 70 ourrivyolont frhsa
faith of the governmentc cannot be vio-
lated towards the creditors without ma
tional disgrace.
Our commerce should be encouraged
American ship building and carrying
capacity increased, foreign markets
sought for products of the soil and
manufactures, to the end that We may |
be able to pay these debts, where mar /
kets can be created for the sale of our |
products, either of the Soil, mine or |
manufactures; lay9 y
A new means is discovered of util- !
izing our idle capital and labor to the
ad vantage of the whole people, but in
my judgment the first step towards ac-
this object. is to secure u
currency that will be good wherever
civilization reigns, and which, if it be-
comes superabundant with one people
will find a market with some other a
hLACAl has 11o AJo Ol1oAS InG |
labor necessary to produce it, which
will give its value. Gold and silver
are now the recognized mediums of
exchange the civilized world over, and
TO this we should return with the least
practicable delay. In view of the
pledges of the American Congress
when our present legal tender system
was adopted and the debt contracted,
ereisnUuld be no delay, eertaiuly no
delay, in fixing by, legis-
ion a method by which we will retttrn
% specie. Fl
To the accomplishment of this end 4
invite your special attention. L be-
ieve firmly that there can be no pros
lerous and permanent revival of busi-
less and the industries until a policy
$ adopted, with legislation to carry il
,ut, looking to a return to a specie ba-
is. 1t is easy to conceive that the
lebtor and speculative men may think
t of value to them TO make SO called El
money abundant until they can throw
portion of their burdens upon Others;
'ut even these, / believe, would be
in the result if a course
kould be pursued which will keep, in
lpqbt, the yalue. Of the, legal tender
Medium of exchanges. a4' ~ +AA- II
A revivahtofl the productive indus
ries is needed by all classes-by none II
more than the holders of property of
whatever sort with debts to lquldate
rom realization on it's sales. But ad-
hitting that these two classes of eiti- !
ems would be benefited by expansion,
you'd it be honest to give it? Would
lot the general loss be too great to JUS
ify such relief? Would it not be just
8 honest and prudent to authorize
ach debtor to issue his own legal ten
ers to the extent of his liabilities as
o do this? Would it not be safer, for ! !
ear of over issues by unscrupulous
reditors, to say that all debt obliga-
ions are obliterated in the United {
states, and now we commence anew, ~
Aeh possessing allrhe has aI the time 9
rec from incumbrance?
These propositions are too absurd to !
,e entertained for a moment by a l
linking people. Every delay in the !
of final resumption par-sbtt
axes for this dishonesty, and is oblyq4
ess in degree as the prop is held out.
convenient season will at last arrive |
or the good work of redeeming our &
pledges to commerce. 1t will never
ome in my opinion, except by the
,ositive action of Congress, or by ma
ionaI disasters, which will destroy for
time at least, the credit of individu- I
is and the state at large. A sound
currency must not be reached by a
otal bankruptcy or the discredit of the {
integrity of the nation and of individ- |
'a9fB believe il i3 IN the power of Con t
,ress, at this session, to devise such
egislation as will renew, confidence, 4.
evive all the industries, Start us on a
;areer of prosperity to last many years {
md to save the credit of the nation
md the people. Steps toward the re-
1Irn tn "a sDecie basis are the great re- |
Iuisites to this devoutly to be sought
or end. There are others which l I
nay touch upon hereafter.
A nation dealing in currency below
hat of specie in value, labors under
wO great disadvantages. First, have
ng no use for the worlds acknowledge u
ID medium of exchange, gold and sil-'l
rer, these are drived out of the country
because there is no demand for their