Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-08
THE PRESIDENTS MESSAGE.

SION OF lll-d0ne, and the other half de-
tense. Opening with an acknowledge
ment of the universal industrial pros
tration that has marked the year, in
tensifying with the approach of winter,
the President insists that we are in full
possession of all the elements which
make prosperity. We have no scarcity
of either money or muscle. Where the
securities offered are undoubted, CAPT.
ital can be had in abundance. Where
labor is wanted, it offers plentifully at
cheaper rates than have prevailed since
the war. Besides these two elements,
we enjoy a rich virgin soil of varied
productions. And yet we are not hap
Ply! Why? Ah-that is question on
which the President does not care to
enter, though the tenor of his recon-
mendations shows plainly enough to the
most obtuse reader that something
has been fearfully wrong in the fnan-
cial legislation of the dominant party,
which the President invokes the dying
Radical Congress to remedy.
The arguments IN favor Of specie re-
sumption are sound enough. Gold for
all is the only means of securing the
same currency for rich and poor. So
long as we have paper or pauper money,
it will be palmed off on the poor, while
the wealthy Will take their own means
for preserving their wealth. But the
President fails to point out any other
means to regain specie basis, except
the impracticable one of increasing
taxes In order to accumulate gold In
the Treasury. The people will not car
~ out that programme, and it ought to
be understood that they have determin-
ed to take things in their own hands.
The proposed repeal of the legal
tender clause would makegold contracts
legal, as they should always have been,
but whether people would be permitted
to continue greenback contracts under
this repeal, wherever they wished to do
so, is not clear from the meagre refer
ence of the President to this culminat-
ing point in his financial argument.
Free banking on specie basis, the
President insists upon as an essential
condition to a normal, elastic currency.
Stripped of its novel verbiage, this
means simply areturn to the ante-bellum
system, with such additional safeguards |
as experience may suggest. The Pres
ident states very truly that it is unsafe !
to leave the volume of currency to the |
within of Congress, the Secretary of |
the Treasury or the Executive. Better
let it be determined, ike the quantity |
of any other commodity, at a given |
point, by the commercial laws of de-
mand and supply.
Among the nations, Japan seems to |
be favorite with the President, who |
recommends that some indemnity |
money received from the Oriental bar
barians should be devoted to preparing |
young Americans and Japanese for our |
diplomatic service. On the same prin-
ciple, the government might pay for |
teaching Bancroft Davis German, or
Washburne French, or Schenck the |
well of English undefiled. The same
hope expressed that Mexico willsecond |
our efforts to suppress the marauders
Of the Rio Grande, rather indicates the |
absence of any belligerent intentions on
the part of the administration. Refer
ence to Cuba is short, but suggestive,
and may be taken to mean a great deal. |
Sympathy is expressed for Spain, and
the hitch in the Virginius diplomacy is
alluded to, but left unexplained. At
ter the disgraceful manner In which |
our Radical rulers have failed to win |
dictate the American citizens, native |
and naturalized, slaughtered at Santi- |
ago, We think the Presidents represen-
tations about the multiplicity of fraud |
ulent naturahzations, is greatly exag-
gerated. American citizenship is no
longer the protecting @gis it once was
the world over.
The question of increasing taxes is
approached a second time, In view of |
the heavy deficiency of the sinking |
fund, which has fallen behind during
the past two years to the extent of |
$S4,OO0,0O0. The views enumerated on
tariff revision are notable for the es-
sentially protective, New England |
principle on which they are based.
The most striking feature of the
message however. by which it will here
after be remembered, is the undis-
guised attempt Of the President to de-
fend the recent course of himself and |
A4&o,--o, H,,o-ol IITs1I,o-.- - A.