The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1874-12-16

TlGSluGlll VI illG Ullll6l DldsG.
TO the Seaaie and House Of Repre-
seRtofires:
Since the cOnyening Of Congress
one year ago, the nation has under
gone a
PRosTRATloN IN BUSINESS ANplNDUs-
TRIEs
Such As has not been Witnessed with
US for many years Speculation as
to the cause for this prostration
might be INDUCED ia without profit.
because as many theories would be
advanced as there would be iadepen-
dent writer's among those who ex-
pressed heir own views without
borrowing upon the subject With
outsindulging ia theories as to the
cause Of this prestra.ion, therefore,
] viii cali your attention only to the
fact, and to some plain questions as
TO which il would seem there should
be no disa greenseDt Dariag this
prostration two essential elements of
prosperity have been most abundant
labor and capital Both have been
lsrgely unemployed Where securi-
ty has been andouh,ed, capital has
been attainable at. ,ery moderate
rates; where labor has been wanted,
it has been found in abundance at
very cheap rates, compared With
what of the necesssries and COM
forts Of life could be purchased with
the wages demanded. Two great
elements ofprosperity, therefore, have
not been denied rs; third might be
added our soil, unequalled within
d limits OF any contiguous terrific
ry under one nation for its variety
Of produce to feed and cloihe peo-
pie, aud in the amount Of surplus TO
spare to feed less favored people
Therefore, with these facts in view,
it seem that wise craftsmanship at
this session Of Congress would die
tate legislation ignoring the past, di-
recting 10 the proper channel these
great elements of prosperity to any
people.
DEBT.
Debt abroad is the only element
that Gan, with always a sound cur
renev. enter into our affairs to cause
any continued depression on the in
dustri, and prosperity Of our people.
4 great conflict for national existence,
made necessary, for temporary pur-
poses, the raising Of large sums Of
money from whatever source attain
able. 1t seemed necessary in the
wisdom of Congress,-and do not
doubt their wisdom in the premises.
regarding be necessity Of the times
to devise a system of national cur
reney, which, it proved TO be impos-
sible to keep on par with The secog-
nized euFEency Of the civilized world
This begot spirit of speculation and
extravaganza and luxury not requir-
ed for the happiness and prosperity
of people, and Involving both d.
rectIy aud indirectly foreign indebt-
edness, the currency being Of Auctu-
aiing value, and therefore unsafe to
hold for legitimate transactions re-
qairiDg money, because 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
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 Government cannot be
violated towards creditors without
national disgrace; but our commerce
should be encouraged, American ship
building and carrying capacity in
creased, and foreign markets sought
for the products of the soil and the
manufactures, to the end that we
may be able to paw these debts.
Where new market can be created
for the sale Of our products, either Of
the soil, the mine or the mandatory,
new means is discovered utilizing
our idle capital and labor to the ad-
vantage Of The whole people.
AN EARLY RETURN TO SPECIE PAY
MENT URGED.
Bat, in my Judgment, The 6Fst step
towards accomplishing this object is
to secure a currency good wherever
civilization reigus-one which. when
ever IL becomes superahnndant with
one people, win end a market with
some others-a currency which has as
its basis the labor necessary to pro-
duee it, which will give to it 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 practical
bic delay Ia view of the pledges
OF the American Congress when our.
present legal tender system was
adopted, there should be no DELAY,
certainly no unnecessary delay in
fixing by legislation a method by