The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-12-08
THE PRESIDENTS MESSAGE.

THE PRESIDENTS MESSAGE.
To tic Senate anil House IF Representatives:
Since the convcning of Congress- one
year ago, the nation has undergone pros
| tra,ion in business and industries such as
has not been witnessed with us for many
years. Speculation as to the causes for
this prostraton might be INDUCED in with
out profit because as many theories would
| be advanced as there would be Independent
writer's. those who expressed their own
views without borrowing upon the subject,
without indulging in theories as to the
cause. To this prostration therefore | will
call your attention carly to the fact and to
some questions as to which it would seem
there should be no disagreement
TIE PRosTRATloS OF BUSINESS.
During this prostratlon two essential
elements of prosperity have been most
abundant labor and capital. Both have
been largely unemployed where security
has been undoubted; capital has been at
tainable at very moderate rates, and where
labor has been wanted it has been found in
abundance Of cheap rates, compared with
what of necessaries and comforts of life
could be purchased with the wages demand
ed. Two great clements of prosperity
therefore have not been denied us. A
third might be added; us our soil and eli
mate are unequalcd within limit Of any
contiguous territory, under one nationality,
| for its variety of products to feed and
clothe people and in the amount of sur
plus to spare to feed less favored people.
| Therefore, with these facts in view, it
seems to me that wise craftsmanship at this
session of Congress would dictate legisla-
ton ignoring the past and directing in
proper channels these great elements of
prosperity.
OUR PUBLIC DEBT.
To any people, debt abroad is the only
element that can with always a sound cur
rcncy enter into our affairs, 20 cause any
continued depression in the industries and
prosperity of our people. \ great conflict
for national existence made it necessary for
temporary purposes the raising of large
sums of money from whatever source at
tainable. 1t was made necessary in the
wisdom of congress, and ] do not doubt
their wisdom in the premises, regarding
the necessity of the times to devise sys-
} tenn of national currency, which it proved
: to be impossible to keep on par with the
recognized currency Of the civilized world
OUR EXTEAvAGANcE.
This begot spirit of speculation involv-
ing an extravaganza and luxury not requir-
|
pie, and involving both directly and indi-
rectly foreign indebtedness. The currency
being of tluctuating value, and therefore
, unsafe to hold for legitimate transactions
requiring money. because Il subject OF
, speculation in itself.
"oUR DEBTS SHOULD BE PAID IN COIN.
These two causes, however, have involv
ed us in foreign Indebtedness, contracted il
good faith by borrower and lender which
should be paid in coin and according tC
bond agreed upon when the debt was con
tracted, gold or its equivalent. The goot
! faith of the government cannot be violated
, towards creditors without national dis
grace. But our commerce should be en-
Outraged, American ship-bnlding and car
+ rying capacity increased, foreign market
- sought for our products of the soil ant
@ manufactures to the end that we may b
able to pay these debts where new worlC
u can be created for the sale of our products
re either of the soil, the mine or the manufac
It tory. A new means is discovered of utiliz
w ing our idle capital and labor TO the advar
~ tagc of the whole people.
sorND CURRENCY.
But III my judgment the first step tc
is wards accomplishing this object is to SC
r cure a currency, good wherever civilizatio
70 reigns, over which, if it becomes super
:. abundant with our people, will find maj
=" kct with some other. a currency whic
ii has as its basis the labor necessary to Pre-
&c duce it which will give to its value, COL
no and silver are now the recognized medium
of exchange the civilized world over, an
III to this we should return with the lea'
is practicable delay. In view of the pledge
Is of the American congress, when our pre-
an ent legal tender system was adopted an
.. debt contracted, there should be no della,
al certainly no unnecessary delay in fiXir
sc by legislation method by which we wi
nd return to specie TO the accomplishing
mr. of this end i invite your special attention
% | believe firmly that there can be no pro
H. porous and permanent revival Of busine
IS, and industries until policy is adopte
he with legislation to carry it out, looking to
return to specie basis. 1t is easy to co
'e- ceive that the debtor and speculative class
m, may think it Of value to them to make s
a called money abundant until they can thro
portion of their burden upon others, b
even these | believe would he disappoint
81 in the result, if course should he pursue
on which will keep in doubt the value of t
re- legal tender medium of exchange "A reviy
ire of productive industries needed by all elias
~ es, by none more than the holders of pro
'h- erty of whatever sort with debts to liql
NC date from realization upon its sale.
we But admitting that these two classes
citizens are to be benefited by eXpansi
=. would it be honest to give it ? would II
81 the general loss be too great to justify SUI
y; relief would it not be just as honest a
IKE prudent to authorize each debtor to ISIS
his own legal tenders TO the extent of
OF liabilities? Than to do this would it Il
be safer for fear of over issues by unscl
,N,,lx, fa anu lnto oil dol al
cations are obliteratcd in the United Sta
rs and now we commence anew, each posse
ing all he has at the time free from cncu
ny brancc
Ike THE DELAY IN RESUMPTION.
md These propositions are too absurd to
entertained for n moment by thinking
Ak. honest people. Yet every day in prepa
mt, ton for final resumption paTtakes Of t
y. dishonesty and is only less in degree as
lers hope is.held out that convenient seas
will at last arrive for the good work of
G. deeming our pledges to commerce. 1t v
y; never come, in my opinion, except by pr
tive action by congress or by national {
list aster. which Will destroy, for time
'ey. least, the credit Of the individual and
pit state at large. sound currency might
iact reached by total bankruptcy and dlscrt
lere of the Integrity OF the nation and of II
viduals. believe IL is in the power of C
ms gress, at this session, To devise such lcgi
kee, ton as will renew confidence revise all
]. industries, start us on n career of prosp
ty to last for many years and TO save
credit of the nation and of the peo
ajor Steps towards the return to specie b
are the great requisites for this deyoutl.
|. ]. be.sought-for end. There are others wi
| may touch upon hereafter. A ma
iern dealing in currency below that of sp
ich, in value labors under two great disadv