The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-12-18

purchase 81 gold and silver metals, hav-
ing an intrinsic value Just in propofion
to the honest labor it takes to produce
them. A large margin must be allowed
for profit By the manufacturer and pro
ducer. 1t Is months from the date oi
production to the date of realization.
Interest upon capital must be charged
and risk Of fuctuation In the value Of
that which is to be received in payment
added, hence high prices, acting as g
protection to the foreign producer, who
receives nothing In exchangefor the pro
duct of his skill and labor, except a cur.
rency good at a staple value the world
over. It seems to me that nothing is
clearer than that the greater part of the
burden of the existing prostra6on fol
the want of a sound financial system falls
upon the working man, who must, after
iall, produce the wealth, and the salaried
man who superintends and conducts
business. The burden falls upon them
in two ways: By the deprivation of en-
lployment and by the decreased purchas-
ing power of their salaries. It is the
duty Of Congress to devise themethod OF
correcting the evils which are acknowl
edged to exist and not mine, but ! vii
venture to suggest two or three things
which seem to meas absolutely necessary
to return to specie payments, the frs
igreat requisite is q return to prosperity
The legal tender clausetoth the law author.
izing the issue of currency by the ma
tional government should be repealed, tc
take effect as to all contracts entered into
after day fixed In the repeating act
not to apply, however, to payments Of
salaries by the government, or for Other
expenses now provided by law to bepaid
In currency. In the interval pending be
tween repeal and final resumption, pro
vision should be made by which the sec
iretary can obtain gold as It may become
necessary from time to time,. from the
date when specie resumption commences.
To this might and should be added a
irevenue sufficiently In excess of expenses
to insure an accumulation of gold in the
treasury to sustain redemption. I com
mend this subject to your careful con
isideration, believing that favorable so
luton is attaiRsble, and that if reached
/ by this Congress, that the present and
future generations vii ever gratefully
remember it as their dsliyerer from a
thraldom Of eviland disgrace.
BANKING.
; With the resumption Of specie pay
ment free banking may be authorized
with safety, giving the full protection to
bill holders which they have, under ex-
listing laws; indeed I would regard free
banking as essential 1t would give
proper elasticity to the currency. As
more currency should be required for
: the transaction oflegitimate business new
banks would be started, and, IN t1rn.
banks would wind up their business
when II was found there was a supera-
bGndance Of currency. The experience
and judgment Of the people can best de
eide Just how much currency Is required
for the transaction of the business Of the
country, 1t IS unsafe TO leave the set
tlement Otthis question to,s Congress, the
/ secretary CT the treasury, ofthe executive.
+ Congress should have the regulation Qn-
der which banks may exist, but should
not make banking a monopoly by limit
ing the amount ofredeemable paper cur
rency that shall be authorized. Such
importance do attach to this subject
and so earnestly 90 Ic0mmend It to your
attention, that give It prominence by
Introducing 1t at the beginning of this
message, ~ -7
FOREIGN RELATIONS.
During the past year nothing. has oe-
CURED to disturbe the general friendly
and cordial relations of the United States
with other powers. The correspondence
submitted herewith between this GOV
eminent and its diplomatic representa-
tives of other countries shows a satisfac-
tory condition of all questions between
the United States and the most OF those
countries, and, with few exceptions, to
which reference is hereafter made, the
absence of any points Of difference to be
adjusted. The notice directed by the
resolution of Congress, of June 18th,
1874, to be given to terminate the CON
vention of July 18th, 1880, between the
United States and. Belgium, has been
given, and the treaty VIII accordingly
terminate on the first day of July, 1875.
LAAAo ND4A fGAAeAC4 cGItA4CAl ~ CCIl-tAl DEL
gian vessels entering the ports of the
United States exceptional privileges
which are not accorded to Ol1r own YES
sels. Other features OF the convention
have proved satisfactory, and have tend
ed to the cultivation of mutual beneficial
commercial intercourse, and friendly re-
latiOns between the two countries. I
hope that the negotiations which have
been invited will result in the contraction
OF another treaty which may tend to the
interests Of both countries. 4
Our relations with China continue to
be friendly. During the past wear the
fear of hostlties between China and Ja-i
pan, growing ont of the landing Of an
armed force upon the Island OF Fornaosat
by the latter, has -occasioned uneasiness. 4
1t is earnestly hoped, however, that the
difficulties arising from this cause Will
be adjusted, and that the advances of
civilization In these empires may not be
by a state Of war. In. conse-
quence of the part taken by certain citi- I
zens of the United States in this expedi-
ton, our representatives, IN these coun-
tries have been instructed toimpressup-
on the governments Of China and Japan
the firm intention of the country to1
strict neutrality in the event of I
hQstilities, and carefully to prevent any
infraction Of law on the part Of our citi-
zens. IncoHnection with this subject I {
call the attention of Congress TO a geners
ally conceded fact that the, great propor
ton OF Chinese immigrants who come to (
our shores do not come voluntarily TO .
no l-a thsi1 l.orr,as rilI al aho;..- Y. II