Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1874-12-12
PRESIDENTS MESSAGHI

3s tie Eeaass and HOufe Of R<prsseata-
IiPog::
Siaes the conFening Of Congress. one
yea- ago, The nation has undergone q
prossrsaion ie business aud industries
sush ss has not been witnessed with Us
for nary years Speculation as to the
eszses for this prostrstion might be in
dulseS n wilhoatpraft, because as many
tbeOrie, would be advanced as there were
fnueueudeat writers - those who ex.
rressed their own views without borrow
ing upon the subject, without indulgiDg
in theories SIS to the causes Of this pros.
trasion. Therefore I will call your at
teRfoa only to the fse!, and to some
questions as to which it it would seem
there A04ld be no disagreement Dur
ing this pTosiratioa two essential ele-
meats Of prosperity have been most
abEndant-laboz and capital. Both have
been larse,,T unemployed. Where secu-
rItE hss been uhSoubted capital has been
atiainaJs at very moderate rates. Where
labor has been wanted il has been found
in abzndauce at cheap rates, compared
with what necessaries and comforts OF
life could be purchased with the wsges
demanded. Two great elements OF pros
peritE, therefore, haYe not been denied
rs A third might be added; Oar soil
and 0imste are unequalcd within the
Limits Of any contiguous territory under
aae nationality for the varieties Of pro-
duets 10 feed and clothe g people, and In
the amount of surplus to spare to feed
less favored people. Therefore. with
these facts in view, 1t seems 10 me that
Wiss Craftsmanship at this session OF Con-
aFess would dictate, ignoring the past
and 6iheoling N proper channels these
CREST dement's OF prosperity 70 any
pesp1e. Debt abroad is the only element
tha5 csa, with always g sound currency,
enter mo ozr Affairs 10 cS1se any con-
tinzed depression in the industries and
pEDsperitT Of our people. A great con-
aicf for national existence made neces-
say for temporary purposes the raising
Of large sums Of money from whatever
sozros sitainable. 1t was made neces-
sa1y, in the wisdom of Congress, and /
DO nos doubt their wisdom in the pTemi-
ses regarding the necessity of the times,
TO devise system Of national currency,
which proved 70 be impossible 70 keep
on par With The recognized currency Of
the civilized world. This begot
RfsEz o. SPECULATION,
involving an exzavagance and luxury
not Repaired for the happiness or pros
.pesiiF of a people and involving, both d.
resig and indirectly, foreign indebted
ness. The currency being Of g fuctua-
ting value, and therefore unsafe to hold
fer legitimate transactions requiring
money, bGcame q subject of specula-
ton IN itself. These two causes, how.
ever, have involved Us ia a foreign in
dsbtedness, 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, IN gold or its equiv
ale1t The good faith Of the government
cannot be violated towards its creditors
without national disgrace. Our commerce
shoEld be encouraged, American ship build
ing and carrying capacity increased, foreign
markets sought fog the products Of our soil
and Ra11fsCtories, TO the end that we may
be skle to psy these debts. Where mar
ket ca be created for the sale of our pro-
dHcss, either Of the sol, the mine, OF the
mandatory, . new means Is discovered OF
utilizing our idle capital and labor, to the
advantage OF the whole people; but in my
Judgment the first step towards accomplish
nag this object IS to secure 9 currency good
wherever civilization reigns-one which i
It becomes surperabundRnt with one people
wiz End market with some other; q cur.
rsney which has as It's basis the labor
necessary to produce is and which will
give It's YAlue. Gold and silver are now
The recognized mediums of exchange the
civilized vsTld over, and to this we shozld
return with the least practicable delay. In
view of the pledges of the American Con-
gress Eihsn oar present legal tender system
was adopted and debt contracted, there
should be no delay; certainly no unneces-
sary delay, In fixing by legislation = method
by which we viii return to specie. To the
accomplishment Of this end invite yozr
special attention. believe firmly that
there can be no prosperous and per-
mansnt revival OF business and IN
dustriea until . policy Is adopted,
with legislation tocaCTy it oct, looking 70
A RETURN Te 4 gRE BAs1s.
1t is easy TO conceive that the debtor and
speculative classes may think il Of value
to make so-calsd money abundant unEil
theF can throw portion Of their burdens
Rpon others, but even these I believe
wo&d be disappointed IN the result If =
course should be pursued which viii keep
IN dSabt the valEe Of the legal tender me-
diua q exchanges. A revival Of pro-
ductiYe industries is needed by al classea;
BY none more than the holders of property
Of Whatever sort, with debts 70 hQuidate
from rsslisltion upon the sales. Bat adj
Hiisssi1g that these two classes Of citizens
are 10 be bene6sed By expGnsion, would u
be honest to give it, Would not the gen.
eral los be too great to jussifY saeh re-
lief Z Wonld It not be iust 6 honest, And
az prudent, 70 authoriEs each debtor to
issue his own legal tenders to the extent Of
b liabilities? Than to do this, vould It
not be sAfeE, for fear Of over issues by up-
seBnpu10Gs creditors, to say that all debs
Obligations are obliteEated in the United
states, and now We commenoe anew,
eaSh possessing al he has Rs the time,
free from eneumbranoe These pro.
poaitiens are too absurd to be enter.
tanned for . moment By sinking
people. Every delay IN preparS-
ton for fnd resumption partakes
Of this dishonesty, and is only less
in degree as the proposition is
hsld out. The convenient season vii ct
last arrive for the good work Of redeeming
our pledges 10 commerce. It viii never
conA, In my opinion, except by positive
action by Congress or by national disasters,
which viii destroy, for time ct least, the
credit Of individuals and the state at large.
A S0IEB cVERAEsg
must not be reached by total bankruptcy Of
the credit and integrity Of the nation and
of individuals. / believe it Is in the power
of Congress at this session to devise such
legislation as viii renew Confidence, revive
al the industries, atari as on career Of
prosperity TO last for many years, and 70
save the credit Of the nation and the peo-
pie. Steps toward the return to 9 specie
basis are the great requisites to this de-
vouHy-to- -be-sought-fo end. There are
others which may toueh upon hereafter
A nation dealing IN scurrenoy below that of
specie ID value labors under two great dis
adv -ges-frst, having no use for the
worlds acknowledged medium Of exchange,
gold and silver, these are driven out of the