The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1874-12-10
Repeal Of the Legal Tender Act
Advised.

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Since the converting of Congress one year
ago the nation has undergone prostration
in business and the industries such as has not
been witnessed with us for many years.
Speculation as to the causes for this prostra-
ton might be INDUCED in without profit, be-
cause as many theories would be advanced as
there would be independent writer's who
should express their own views upon the sub
ject. Without indulging in theories as to the
cause of this prostration, therefore, will call
your attention only to the fact, and to some
questions as to which it would seem there
should be no disagreement. During this pros
tration two essential elements of prosperity
have been most abundant-labor and capital .
Both have been largely unemployed. Where
security has been undoubted, capital has been
attainable at very moderate rates. Where labor
has been wanted, it has been found in abund-
ance at cheap rates, compared with what of
the necessaries and comforts of life could be
purchased with the wages demanded. Two
great elements of prosperity, therefore, have
not been denied US; a third might be added.
Our soil and climate are unequaled within
the limits of any contiguous territory under
one nationality for it's varieties of products to
feed and clothe people and in the amount
of surplus to spare to feed less-fayored peo-
pie. Therefore, with these facts in view, it
seems to me that wise statesmanship at this
the Notwithstanding in proper channels
these great elements of prosperity to any
people.
Debt abroad is the only element that can.
with always sound currency enter into our
affairs to cause any continued depression in
the industries and prosperity of our people.
A great conflict for national existence made
necessary, for temporary purposes, the rails
ing of large sums of money from whatever
source attalnable. It was made necessary in
the wisdom of Congress, and do not doubt
their wisdom in the premises regarding the
necessity Of the times, to devise system of
national currency, which, it is proved to be
impossible to keep on q par with the recog-
nized currency of the civilized world. This
begot spirit of speculation, involving an ex-
travagance and luxury not required for the
happiness or prosperity of people, and IN
volving, both directly and indirectly, foreign
indebtedness. The currency, being of fuc-
tuatlng value, and unsafe to hold for legiti-
mate transactions requiring money became a
subject of speculation in itself. These two
causes, however. have involved us In a foreign
Indebtedness contracted in good faith by the
borrower and the lender, which should be
paid in coin and according to the bond agreed
upon when the debt was contracted-gold or
Its equivalent. The good faith of the gov
eminent cannot be violated toward creditors
at the national disgrace. Our commerce
should be encouraged; American ship build
ing 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 market can be
created for the sale of our products, either of
the soil, the mine or the mandatory new
means discovered of utilizing our idle capt.
tai and labor to the advantage of the whole
people; but, in my judgment, the first
step toward accomplishing this object
1s to secure a currency good wherever
civilization reigns-one which, if it becomes
superabundant with one people, will find q
market with some other-a currency which
has as it's basis the labor necessary to pro-
duce it, which will give it's value. Gold and
silver are now the recognized medium of ex-
change 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, there should BIO
no delay, certainly no unnecessary delay in
liking by legislation a method by which we
Will return to specie. To the accomplishment
OF this end l invite your special attention. I
believe firmly that there can be no prosper
GUS and permanent revival of business and
the industries until a policy is adopted, with
legislation to carry it out, looking to return
to specie basis. 1t is easy to conceive that
CHo uoDIOr anu speculative classes may think
it of value to make a so-called money album
dant until they can throw portion of their
burdens upon others; but even these be-
ieve, would be disappointed by the result, if
course should be pursued which will
keep in doubt the value of the legal tender
medium of exchange. A revival of the pro-
ductive industries Is needed by all classes,
and by none more than the holders of prop
erty, of whatever sort, with Debts to liquidate
from the real cation upon it's sales. But, ad
uniting that the two classes of citizens refer
red to are to be benefited by expansion,
would it be honest to give it? Would not the
general loss be too great to justify such relief?
Would 1t not be just as honest and prudent
to authorize each debtor to issue his own
legal-tenders to the extent of his liabilities as
to do this? Would it not be safer
for fear of over-issues by unscrupu-
lous creditors, to say that all debt
and obligations are obliterated in the
United States, and now we commence anew,
each possessing all he has ct the time free
from incumbrance? These propositions are
too absurd to be entertained for moment by
thinking people. Every delay in the prepare
ton OF final resumption partakes of this dis