Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-12-08
The Financial Question.

give the full text OF the message Oh That SUP
ject:
"Since the converting of Congress Que year
ago the nation has undergone prostratlou III
business and Industries such as has not been
witnessed with US for many years. y specula-
ton as to the causes for this pr0stratlon might
be iudul ged 10 without profit, because as many
theories would be advanced as there would he
independent wrlters-lhoSe who expressed their
own views without borrowing upon the sub.
jecl. Without lndulgiug 10 theories as to the
cause Of this prostratlon, therefore, will call
your attention only to the iact, aud 10 sOme
plain questions, as TO which, II would sccm,
there should be uo disagreement. During this
prostratlOn two essential clements OF prosperity
have beeu most abuudant-.abor and capital.
Both have been largely employed. here
security has been unduubted, capital has been
attainable at very moderate rates. here
labor has been wanted it has been found III
abundance, at cheap rates compared with what
of the pecessaries aud comforts Of HE could DC
purchased with the wages dcUauGed.
Two great el,meuts Of prosperity, therefore,
have not been denied us. a third might DC
added. Our soil and climate arc unequuled
within the limits of any contiguous territory
under one nationality Tor It's variety OF pro-
ducts to feed and cIothe people, and III the
amount OF surplus to spare to feed less favored
peoples. Therefore, with these facts ID view,
it seems to me that wise craftsmanship al this
session OF Congress would dictate legislation
| Ignoring the past, directing 10 proper chaunels
| these great elements OF prosperity to any pco-
! pie. Debt, debt abroad, is the 0uly element
that can, with always 4 sound currency, cutter
into our affairs 10 cause any continued dcpres-
sion 10 the industries and prosperity OF cur
| people a great conflict for rational existence
made necessary, for temporary purposes, the
| raising of large sums OF money, FROM whatever
source attalnable.
1T made necessary in the wisdom OF Congress
aud | do not doubt their wisdom 10 the
| premises, regarding the necessity OF the times
Ito devise system OF Datlonal currency,
| which it proved TO be Impossible To keep Oh
par with the recognized currency OF the CIVIL
lied world. This bcgvt spirit OF speculation
| involving an Extravaganza aud luxury not re-
quircd for the happiness or prosperity Ut pco-
Die, and involving, both directly and Indirectly,
| foreign Indebtedness. The currency being vi
| hucluating value. aud therefore, unsafe To
hold for legitimate TRANSACTIONS, requiring
money became sui ject OF speculation III Itself.
These Two causes, however, have involved US
| in foreign indebtedness, contracted IN good
paid 10 coin and according TO the bond agreed
upon when the debt Was coutractcd-go!d o.
| its equivalent. The goou faith OF the Govern
ment cannot be violated towards creditors With
out national disgrace. But our Commerce
| should be e1couragedi American ship building
aud carrying capacity Increased; forelgn mar
kets sought Tor products OF the soil and manu-.
| factories, TO the end that We may BIZ able 10
pay these debts Where ucT market eau be
created for the sale of our products, either OF
the soil, the mine or the manulactury, &c"
meaDs is discovered oil utilizing cur Idle capital
and labor to the advantage OF the whole peo
pie. But 10 NY judgment the first step towards
accomplishing this object is TO secure cur
rency OF fixed stable yaiuv; currency good
wherever civilization rclgDs one which, II It
becomes superabuudaut viii: one people will
find market with some Other; currency
which has as Its basis the labor necessary ~
produce it, which will give to Tits value. Croid
aud silver are now the recognized mediums OF
exchange the civilized world over, aud 10 tins
We should return with the least practicable de-
lay. In view of the plcdg,s OF the American
Congress, when our present. lcga! tender sys-
TEN Was adopted, and debt contracted, there
should be no delay certainly 40 unnecessary
delay--iu fixing, by legislation, uiethUd J
coulplishment Of this eud | invite your special
attention. | believe firmly that there eau be
no prosperous and permanent revival ot bust
ness and industries uuIil a policy is adopted,
with legislation to carry it out, looking to re-
turn to specie basis.
1T is easy to conceive that the debtor and
speculative classes may think it OF value to
them to make so-calIed money abundant uull
they can throw portion of their burdens upon
others. But even these, believe, would be
disappointed 10 the result If u course should
be pursued which will keep 10 doubt the value
of the legal tender medium of exchange
revival Of productive Industry is needed by all
classes by none more than the holders OF
property, of whatever sort, with debts to llqul-
date from realization upon Its sale. But ad-
hitting that these two classes OF citizens are
10 be benefited by expansion, would 1t be hon
eat to give it? Would not the general loss De
too great to justify such relief? Would 1t not
be lust as honest and prudent to authorize
each debtor to issue bis own legal tenders to
the extent of his liabilities? Than to do this
would it not be safer, for fear OF over-lssucs ~
upscrupulous creditors to say that all debt OBJ
legations are obiiterated in the Uulted States,
and now we commence anew, each possessing
all be has at the time, free from lncumbrance
These propositions are too absurd to be en-.
tertained for moment by thinking or honest
people. Yet every delay 10 preparation Tor
fnal resumption partakes Of this dishonesty,
and is only less in degree as the hope is held
out that convenient season will at last arrive
for the good work of redeemlng our pledges to
commence 1t will never come, ID my oplulon,
except by positive action by Congress, or by
national disasters which will destroy, for a
time at least, the credit Of the individual and
the State at large.
"a sound currency might be reached by total
bankruptcy and discrcdt of the integrity OF
the nation and of individuals
II believe it is 10 the power of Congress at
this session to devise such legislation as VIII
renew confidence, revive all the industries,
start us on career Of prosperity to last many
wears, and to save the credit of the nation and
Of the people. Steps towards the return 10
specie basis are the great requisites to this de-
voutly to be sought for END. There are others
which | may touch upon hereafter. \
"A nation dealing IN currency below that OF