Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1874-12-10

ne uUCuIlleut Will IeleStuCo 10 ule
present depressed condition of the country, and
without the suggestion Of any plans for its mod
ifca'ion or removal, the President simply calls
attention to the fact that both capital and labor
have been abundant and largely unemployed.
Debt abroad he regards as the only element that
can, with sound currency, produce continued
depression i'll iudnstry and prosperity but he
deems It obligatory upon us to pay on orr for
eign indebtedpoas rs cnntracted-in gold or its
equivalent. Commerce, he says, shoud be en-
couraeed, American ship building aud carrying
capacity increased, forsign markets sought for
products OF the soil, and manufactures, to the
end that We may be able to pay these debts.
RESUMPTION OF SPECIE PAYMENTS.
believe firmly there can BIO no prosperous
and permanent revival OF business and indus
tries until policy ia adopted with legislation to
carry il out looking TO n return to specie basis.
A revival OF productive industry is needed by all
classes ; by none more than holders OF property
Of whatever sort with debts to li1uiaate for re-
Alzation upon its sale. But admitting that these
two classes of citizens are to be benefited by
expansion, would it be honest to give II? Wonld
not the general loss. be too great to Justify such
relief? Would 1t not be just ss honest aud pr,l-
dent to authorize each debtor to issue his own
legal tenders to the extent OF his liabilities I
Than to do this would 1t not DO safer, for fear
OF over issues by INSCRIPTIONS creditors, to say
| that all obligations obterated in the Unted
| States, and now we commence anew, each pos.
essins all he ha, at That time free from ia,in.
brance?
Yetevery delay in preparation for final re.
| sumption
rARrAREs OF THIS DISHONESTY,
and is only less in the hope that a convenient
time will at last arrive for the good work OF 70.
deeming our pledges to commence it will
never come, in my opinion, except by positive
action by Congress, or by national disasters
| which will destroy for time at least the credi,
I OF individuals and the State at large. A sound
| currency might be made by total ban ruptcy and
dscredit Of integi ily Of the nation aud OF inai
viduals. A nation dealing in a currency below
that OF specie in value labor, under two great
disadvantages First having no nse for the
worlds acknowledged mediums OF exchange
| gold and siiver--these are driven out OF the
country because there ls no demand for their use,
Second. The medium Of exchange in use being of
huctuatlDg value for after al, il ID only worth
jusr what it will purchase Of gold aud
| silver metals, having an intrinsic value Just in
proportion to the honest labor it takes to produce
them, larger margin must be allowed for profit
by the manufacturer and producer 1t il months
from the date of prodntion to the date Of reali-
cation. Interest upon capital must lie charged
and risk OF tluctuaton IN the value of that which
is to be received in payment added hence high
prices acting ~ protection t, the foreign prod.
Ger who receives nothing in exchange for the
production Of his skill and labor except a cur.
TeUCy buDu ~ sIaple NhllD tilt word over,
1t seems to me that nothing is clearer than that
the greater part If the burden Of existing pros-
traton for the want OF q sound financial system
falls upon the woraingrnan who must, after all,
produce the wealth, aud the salared mau who
snperntends and conducts business
THE BURDEN FALLS UPON THEM
in two ways-by the deprivation of employment,
and by the decreased purchasing power Of their
salaries. II is the duty of Congress to devise
the method Of correcting the evils which are
acknowledged to,exist and not mine. But /
Will venture to suggest two or three things
which seem to me as absolutely necessary to a e.
turn to specie payments the first great requisite
in return to prosperity. The legal tender clause
to the law authorizing the isrue of currency by
tho National Government should be repealed,
to take effect a. TO all contracts entered into af
ter day fixed in the repeating act not to apply
however to the payment Of salaries by Govern
ment or for other expenditures now provided by
law to be paid in currency in the interval pending
between repea! and final resumption. Provision
should be made by which the Secretary can OBJ
tain gold as it may become necessary from time
to tins from the date when specie redemption
commences. To this might and should be ad-
dcd revenue sufficiently in excess of expenses
to insure an accumulation OF gold in the Trea-
sury to sustain redemption. With resumption,
free banking may BIO authorized with safety Civ.
ing full protection to the holders which they
have under existing laws Indeed | would re-
gard free banking as essential It would give
proper elasticity to the currency Az more cur
rency should be required for the transaction of
legitimate business, new banks would be started,
| and in turn banks would wind up their busines 50
when 1t was found that there was a superabun-
dance of currency.
SOUTHERN TROUBLES
With regard to the political situation in the
South, the message rscites the disturbances
arising out OF the rival claims to the Safe Gov.
eminent IN LOUISIANA, and while stating that, on
account of the election frauds and forgories
committed at the Gubernatoral election there
III 1872, 1t is impossible to tell who was elected,
the President had always believed that the pres
ent State officials had received a majority OF the
| legal votes, ana had recognized them; and he
repeats the notification in his message of Feb
fnary, 1873, that il Congress tskes action to
the contrary. lie must continue to recognize
, them as the lawful Government OF that
State. Referring to the dispute in Arkan-
sas, the President rccltes tho causes which
led ~ the rival CLAIMS for the Governorshp
there, aud says that AZ Congress is now inyest-
eating the political affairs OF that State he has
declined TO interfere. Preceding this there il a
reference to the White Leagues and bands of
masked aud armed men with their military drills
and menacing demonstrations and outrages
which spread terror among those of the opposite
political party, AMI inundated the cDIoTed vo-
tefs- Further Oh in the message it il intimated
That the rel ot- OF these oltrages NAV have
been understa'ed by one side. and NAV be over
stated OR exaggerated by the other. and that it
may be worth while for Congress to inquire and
ascertain by means OF committee " whether
the alleged wrongs To coored citizens for pollti-
cal purposes are real, or the reports thereof
manufactured for the OCCASION" The President
then invites the attention of the people of the
United States to the canses and effects Of
THESE UNHAPPY EVENTS,
suggesting that there may be disposition on
one side to magnify wrongs and outragcs, and
hal In tt,.-tf f..t =
really exist. He further suggests that il cor
fected public opinion were 20 directed as TO re-
Duke wrong where it exists, aud not TO assert ID
where II does not exist, we would the sooner
nave That condition OF peace in the southern
country which would leave the States there free
indeed to regulate their own domestic affairs,
he believes that the better part of the citizens
OF the southern States are disposed to be law.
abiding, but asks II they do right in ignoring
violence aud bloodshed. He svmpathizes will
their prostrate condition in the trying times they
have had under bad State Governments in the
oppressive taxes that have been imposed on
them Tor wastelnl purposes, and would do all in
hir power to relieve them, but he thinks thew
are not without their responsibility for their con
diton The whole subject of Executive inter.
ference with the affairs of State il repugnant
to public opinion and to his own feelings I'm.
less most clearly on the side Of the law such in
terieGtnce becomes n crime and with the law
on Its side IL is condemned without a hearing
He earnestly desires. therefore that all naces-
sity Tor Executive direction in local affairs NAV
become obsolete.
THE FINANCES.
Tue amount OF receipts over expenditures has
been ut s2,3ii $50 20 for the fiscal year en- ling
June 30, 1874. and that for the current fiscal
year the estimated receipts ever expenditures
VIII not much exceed nine millions of dollars
IN view Of the large national debt existing and
ohiigations TO add per cent per anuum TO the
s rNslo ngo inhd, sum amounting TO now over
900, 900 per annum l submit whether revenues
shond not be increased or expenditures dimin.
ished to reach this amount Of surplus. Not 10
PROVIDE Tor the sinking fund is partial failure
70 comply with the contracts and obligations of
the Government. At the last session of Congress
very considerable reduction was made IN rate
OF taxation and in the number of articles sub
united to taxation. The question may well
DO asked whether or not it wgs nor i'm
some INSTANCES nwise. The Secretary of the
treasury recommends economy in appropria-
ions, calls attention to the loss of reyeuue from
fepeuling the tax on tea and coffee, without ben
emu To the consumer, recommends an Increase Of
ten cents gallon ON whiskey, aud further, that
no modification be made in the banking and cnr-
rency bill passed at the last session of Congress-
unless nndificafion shond become necessary bv |
reason OF the adoption of measures for returnin9
to specie payments. In these recommeudatious !
! cordially JON. 1 would suggest TO Congress
the proprety OF readjusting tho tariff SO Ss In |
increase the revenue and at the same time de- |
crease the humber of articles upon which dutics |
urtt, Ia, a.