Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1874-12-09

Since the converting VI Congress one year ago
| the nation has undergone prOstrion Ia business
and Industries such US has not been witnessed
with rs for many years Speculation rs to the
causes for this prostmtiun might be INDUCED IN
without profit, because as many theories
| would be advanced as there would be in
dependent writer's. Therefore Twin call yourattcn-
ton only to the fact aud 10 some questions as to
which Il would seem there would be no disagree
mcnt During this prostration, two SPECIAL elo-
mcnts Of prosperity have been most abundant
labor and capital Both have been largely uuem-
rloyed where security has been undouhtcd capi-
tai has been attainahle at very moderate rates
Where labor has been wanted IL ha, been found
in abundance at cheap rates. compared with what
IT the ueccseares ~ life could be purchased with
the wages demanded Two great 20
ELEMENTS or PROSPERITY.
Therefore. have not been dcuicd u.s. third
might be added our soil and climate are un-
riyalcd within the limits " any contiguous terri
tory under one nationality for it, variety Of pro-
ductst 10 feeda coth ca people and In the amount
NJ surplus 10 spare IN feed less favored people
/ Therefore. with these facts in view it seems Co
me that wise craftsmanship at this session ~
Congress would dictate legislation, iguoring the
past directing In proper channels these great clc-
ments Of prosperity TO any people
TIM pEBr ABROAD
Is the only element that can with always q sound
currency, enter into our Affairs to cause any con-
/ tinued depression In the industries and prosperity
/ Of our people great conflict for national oXis-
/ raising OF large sums Of money from whatever
source attdhahle Il made il necessary iu
| the wisdom of tongrCSs-nnd I do not doubt
/ their Wisdom In the premises regarding the
necessity OF the times, 10 devise r, stein Of ma
/ tional currency which proved to bee mpos-
| sihle to keep ou par with the recognized cur
] feuCN ut the civilized world THIS hcgut spirit
! of speculation involving au cXtutaguucc and
/ luxury not required for The happiness and the
prosperity of people and involving both directly
/ and Indirectly foreign Indebtedness iheeuucucy
/ being Of fuctuatng value, aud therefore unsafe
tohold fur legitimate transactions repairing money
| became q subject of speculation in itself These
I two causes. however have involved MS ia a for
! eigu Indebtedness, contracted iu good faith hy
borrower and lender. which should hepaid va coin,
and according To the bond agreed upon when the
debt was cuutmctcd-gold. or It's equivalent The
[ good faith of the Government cannot bc violated
/ towards creditors without national disgrace, but
or commerce should hc encouraged, American
shpbuilding and carrying capacity Increased for
I eigu markets sought for products of the soil and
[ manufactures, 20 the end that We may hc able tp
pay these debts where a new market can Toe ere
atcd for the sale of our products either of the
I soil tie ultuc or the nanuincturN, new means
/ il discovered Of utilizing our idle capital and labor
/ To the ad, autlge of the whole people but in my
judgment the first step toward accomplishing this
object is tu secure q currency good wherever civil
ization rcigus. one which, 10 10 becomes superb
bundant with one people, viii find market with
some other 4 currency which has as lbs hasi.
the labor necessary to produce il, which will give
7
nzed mediums Of exchange the civilized world
over and 10 this we should return with thp least
practicable delay IN view Of the pledges of the
American Congress, wlfcn our present legal tender
system was adopted and debt contracted. there
should be no delay, certainly mo- unnecessary de-
lay in fixing hy legislation. n method 10y which
We will return specie To the accomplishment of
this end invite your special attention believe
firmly that there can be no prosperous and perna-
ncnt revival of business and Industries until 20
policy is adopted with legislation 90 carr, 1t ont.
looking to "a return tn a specie basis II is easy 90
conceive that the debtor and speculative classes
may think il of value to them To make the 500
called money abundant until they throw portion
Of their burdens upon others but even these. ]
believe would he disappointed In the result n n
course should be pursued which will keep In
doubt the value of the legal tender medium OF cN-
change, revival Of the productive industries D..
needed 10y all classes. and 10y none more than the
holders Of property. of whatever sort, with debts
to liQuidate from the realization upon It's sale
But admitting that these two CLASSES Of citizens
are To be benefited by expansion, would il be
. honest tO give ltN Would not the general loss
DE too great To justify such relief? Would it not
be inst rs honest aud prudent 60 authorize each
debtor tn issue his own legal tender 20 the extent
Of his liabilities as to do this? Would it not be
safer, for fear Of an overssue hy INSCRIPTIONS
creditors to say that all debt obligations are oblit
Grated IN The nltcd States, aud uow We commence
anew each possessing an he has at the time free
from enrumbmnco. These propositions are too
absurd 90 he entertained Tor moment by thinking
or honest people I et every decay ma UrCfarst IOI
for final resumption partakcs of this dishonesty
, and is only ese IN degree rs the hope is held out
that convenient season i'll at last arrive for thu
good work Of redecming our pledges to commence
! Il will never COME ia my opinion except hy posi-
tive action by Congress or by national disaster
] which will destroy for 70 time nj least tho credit oil
= the individual and the State at large
sound currency might be reached by tota
bankruptcy and dscrcdt of the integrity OF the ma
ton and Of individuals 1beliove it is in the powe
Of Congress No this session TO devise such legsla
ton rs Will renew confidence revive All the in
dustrics start us ON career of prosperity to last fo
many years, and TO the credit Of the nation am
D Of the people. Steps toward tho return 90 q spc
Gle basis are the great requisites 70 this devouty
; be sought for end There are Others which may
Y touch upon hereafter 4 nation dealing ia cur
rency below that of spcce in value, laburs unde
+ two great disadvantages First Having no usi
4 for the worlds Acknowledged mediums Of cX
change. gold aud silver, these ule driven out %
p the country, BECAUSE there is no demand for thci
: use second-Ihe medium Of exchange in lis,
being Of iuctuatng value, for after all it is onll
j. worth the price that il will purchase of gold am,
l. silver metals has an intrinsic value just in pro
portion IN the honest labor It takes a. produce
= them. larger margin must he allowed for pro
fit by the manufacturer and producer Il d
months from the date Of production to the date %
+ realization Interest upon capital must be charged
4 and the risk Of iluetuaton ia the value Of thu
- which is tn be received IN payment added Hcuc
h high prices act As protection 10 the foregl
,, producer, who receives nothing in exchange TO
"a
Pc rcncy good at staple value the world over
Y THE ruRpEN os THE wonKiNG CLASSES
D, II seeu, tumcthat nothing is clearer than that I'm
greater lau ofthe burden of existing prostration
% for the want Of q sound financial system fall
!, upon me working man, who must, after an, pro
duce tie Wealth' and the -aared man WHO super
D. inter 's aud conducts the business The buric
l. falls upon them in two waVs-hv the deprivation
of employment and by the decreased purchasin
power of their salaries ltls the duty Of Congfes
Ia devise the method Of correcting the evils Whic
are acknowledged to exist and not mine. but
i VAL Nensuie 10 suggest tNu three things whic
- seem 90 me as absolutely necessary to return 4
u specie payments.
REQUIREMENTS FoR srIcE rAYAENrs
e The frs great requirement in return to prosper
s ity is that the legal tender clause 20 the law author
izing the issue of currency bv the national govern
ment should be repealed to take effect as tua con
o tracts cptered into after day set IN the repealin
act not to apply, however, to the payment d
salaries by government, or for other expenditure
now provided by law to be paid in currency In Oh
. interval pending between the repeal and final "a
II sumption, provision should be made by whic
e. the secretary Of the treasury can obtain gold
may become necessary from time 10 time from th
l. date when specie redemption commences To thi
,, might and should be added Rfeyenue suffcieni
IN excess Of the expenses to insure an accumua
ton Of gold in the treasury 10 sustain redemption
,. commend this subject 70 Your careful consideru
tion, believing that favorable solution is attain
u able, and, II reached by this Congress- tina
the present and future generations will ever crate
u fully remember 1t as their deliyerer from thra
If dom of evil and disgrace. With RESUMPTION frc
banking may be authorized with safety givin
+, full protection TO billhoders, which they hav
II under existing laws Indeed, would regard fre
banking as essential. II would give proper elias
&c ticty TO the currency. Ashore currency should b
X required for the Transaction OF legitimate business
\ new banks would be started, and in turn bank
- would wind up their business when it was fonn
l. that there was superahundance of currency
The experience and judgment Of the people ca
a. best decide just how much currency is required f.
T. the transaction OF the business Of the country
is unsafe TO leayt the settlement Of this questio
II TO Congress the secretary of the treasury or Ia
s. executive. Congress should make the regulation
under which the banks may exist but should nc
n make banking monopoly by limiting the amour
81 redeemable paper currency that shall be author
: lied. Such importance do | attach TO this sui
n ject and so earnestly do commend il TO your a
N tention, that give it prominence by introducin
D" II at the beginning of this message
" FOREIGN POWERS
i During the past year nothing has occurred
e disturb the general friendly and ccIdia relation
Of the United States with other powers
u The correspondence submitted herewith betwee
n. this government and its diplomatic representative
also with the representatives of other countries
u shows satisfactory condition of all questions b
i tween the United States and the most OF tho.
countries, and with few exceptions, TO whc
d reference Is hereafter made, the absence of an
e points OF difference 10 be adj usted.