The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1874-12-17

he foreign producer VINO receives mourning
n exchange for the product of his skill and
abor, except a currency good at staple
vaIue the world over.
1t seems to me that nothing is clearer than
hat the greater part of the burden of the
existing prOstration for the want Of
sound financial system falls upon the
who must after all produce
the wealth, and the salaried man who su-
perintends and conducts the business. The
burden falls upon them in two ways-by
the deprivation of employment and by the
decrease Of the purchasing power of their
salaries
1t is the duty of Congress to devise the
methods of correcting the evils which are
acknowledged to exist, and not mine. But
will venture to suggest tv o or three things
which seem to me as absolutely necessary to
return to specie payments, the first 1 reat
requisite a Ill in return to prosperity:
law authorizing the issue Il
currency by the national government should
be repealed, to take effect as to all contracts
after day fixed on, the repeating act not to
apply, however, to payments OF salaries by
the government Or iOr other expenses now
provided by law to be paid in currency In
the interval pending between repeal and
final resumption. provision should be made
by which the Secretary OF the Treasury can
obtain gold as 1t may become nee
essary from time to time from
the date when specie resumption
commences To this might and should be
| added revenue sufficiently in excess OF ex-
penses to insure an accumulation Of gold in
the Treasury to sustain redemption. Icom-
mend this subject to your careful considera-
| ton, believing that a favorable solution il
| attainable, and that if reached by this Con-
gress that the present and future generations
will ever gratefully remember it ac the do
livery from the thraldom of evil and dis
grace.
FREE BANKING.
With resumption free banking may be au-
thorized with safety, giving full protection
| to bill holders, which they have under ex-
listing laws. Indeed | would regard tree
banking as essential. 1t would give a deeper
elasticity to the currency. As more currency
would be required for the transaction of Re
gitlmate business, new banks would be start
ed, and in turn banks would wind up their
business when it was found there was q SUI
perabundance of currency.
The experience and judgment of the peo-
PIE can best decide just how much currency
is required for the transaction of the bust
ness of the country. 1t is unsafe to leave
the settlement of this question to Congress,
tie Secretary of the Treasury or the Execu-
tive. Congress should make the regulation
under which banks may exist, but should
not make banking monopoly by limiting
that shall be authorized. Such
importance do l attach to this subject
and so earnestly d. commend it to your
attention that give it prominence by intro
ducng it at the beginning of this message.
FRIENDLY RELATIONS WITH FOREIGN POW
| nurin,y tho ,,ocf yoar not bin.y hoo o..curroC
to disturb the general friendly and cordia
relations OF the United States with Other
J powers. The correspondence herewith sub
United between this government and its di-
! plomatlc representatives to other cOun
e tries shows a satisfactory condition O
r all questions between the United Statei
r and other countries, and with few eX
1 ceptlons to which reference is hereafte
e made, the absence of any points of differ
ence to be adjusted.
S The notice directed by the resolution o
Congress OF June II, 1874, to be given Z
e terminate the convention of July II, 1858
e between the United States and Belgium, Ia
!; been given, and the treaty will accordingl,
y terminate on the LIST day of July, 1875. Thi
d convention would retain to Belgium vessel
:; entering the ports of the United State
soss1ssS privileges which are Veuse
re Other features of the convention hav
proved satisfactory and have lad to cult
n vation OF mutually beneficial cOmmercis
= intercourse and friendly relations betwee
e the two countries. hope that negotiation
y which have been instituted will result i
y the celebration of another treaty which INA
l. tend to the interest OF both countries.
te Our relations with China continue trienc
" ly. During the past year the fear Of hostil
is ties between Japan and China, growing OF
4 OF the landing of an armed force upon tt
{ Island OF ForInosa by the latter, has occ,
20 stoned uneasiness It is earnestly hoped II
II difficulties arising from this cause, wi
y he adjusted, and that the az
y vance OF civilization in tact
OF empires may not he retarded nv state
e, war. In consequence ofthe part taken by ce
e. tain citizens OF the United States In this el
Ia petition, our representatives, in tho
al countries have been instructed 10 impre
OF upon the governments of China and Japs
q, the firm intention Of this country to mai
Y, tain strict neutrality in the event Of hostil
tie ties, and carefully prevent any infraction
IT. the law Oh the part OF our citizens.
10 CHINESE IMMIGRATION.
~ In connection with this subject | call Il
. attention OF Congress TO a generally conced
n fact, that the great proportion of Chine
ch immigrants who come TO our shores, do z
he come voluntarily 10 make their homes wi
: ? us, and their labor productive OF genel
es prosperity, but come under contract wi
ali head men v no own them almost absolute
he In aworse form does itapply to Chinese "
ce men. Hardly a perceptibie per cent OF the
10 perform any honorable labor; they 9
ID brought for shameful purposes to tn" d
fs grace TO the communities where settled a
20. to the great decentralization OF the youth
Of those localities. II this evil practice can
ast legislated against, il will he my pleasure
,ur well az duty TO enforce any regulation TO
ne. cure 80 desirable An end
" INTERCOURSE WITH JAPAN.
-; ~ It is hoped that negotiations between
government of Japan and the treaty pow
The looking 70 the further opening Of the Z
49, pire and To the removal Of serious resti
~. ~ tons upon trade and travel may soon .
~, duce the result desired, which cannot fail
~ enure 70 the beneft Of all tue parties Ii
- ing ON previous occasions submitted to
INV consideration Of Congress the propriety
md the release OF the Japanese governm
r. : from the further paymen' Of indemr
III. under the convention Of October. u
are and as no action had been tai
ter therein it became my duty to regard the
80 legations OF the convention as in force,
az a. the other powers interested have
ceived their portion OF the indemnity in I
la. the minister OF the United States in ia
"a has, in behalf OF this government, reeei
a. the remainder OF the amount due 70
e. United States under the convention OF
''' nonsekv. submit the propriety Of apI
ing the income or part, il not the VII
/ !, OF THIS fund. To the edues
in the Japanese language ofanumber OF 70
80. government TOR specified time a. inter
~ he ~