The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1874-12-15
THE PRESIDENTS MESSAGE.
To the Senate aud House Of Representatives.


Since the converting Of Congress, one
year ago, the nation has undergone q
prostration in business and industries,
such as has not been witnessed with US
for many years, Speculation as to the
causes of this prostratior might be in.
dulged IN without profit, because as many
theories would be advanced as there
would be Independent writer's, those who
expressed their own views without Dor.
rowing upon tho subject, without indulg.
ing in theories as to the cause. To this
prostration. therefore, l will call your
attention early to the fact, aud to some
questions as to which it would seem there
should be no disagreement.
During this prostration two essential
elements Of prosperity have been most
abundsnt-labor and capital. Both have
been largely unemployed where security
has been undoubted capital has been
attainable at very moderate rates, and
where labor has been wanted it has been
found in abundance at cheap rates. com.
pared with what Of pecessaries and com.
forts Of life could be purchased with the
wages demanded. Two great elements
of prosperity, therefore, have not been
denied us. A third might be added /;
as our soil ond climate are unequalled
within limit Of any contiguous territory,
under one nationality, for its variety Of
products to feed and clothe people. and
in the smount Of surplus to spare to feed
less favored people. Therefore, with
these facts in view, it seems to me that
wise statemanship at this session oc Con-
gress would dictate legislation ignoring
the past and directing in proper channels
these great elements Of prosperity.
To any people. debt abroad is the only
element that can, with always . sound
currency, enter into our affairs, to cause
any continued depression in the industries
and prosperity Of our people. A great
conflict for national existence made it
necessary for temporary purposes the
raising Of large sums Of money from
whatever source attainable. 1t was made
necessary in the wisdom Of Congress, and
l do not doubt their wisdom in the prem.
ises, regarding the necessity Of the times
to devise system Of nstional currency
which it proved to be impossible to keep
on par with the recognized currency Of
the civilized world.
This begot q spirit Of speculation in
volving an extravaganco and luxury not
required for the happiness and prosperity
Of q people. and involving both directly
and indirectly foreign Indebtedness. The
currency being Of Auctuatiug value, and
therefore unsafe to hold for legitimate
transactions requiring money, because .
subject Of speculation 10 itself.
These two CAUSES. however, have in.
volved us in foreign indebtedness, CON.
tracted in good faith by borrower and
lender. which should be paid in coin and
according to bond agreed upon when the
debt wss contracted, gold or its equiva.
lent. The good faith Of the government
cannot be violated toward creditors with.
out national disgrace. But our com.
merce should be encouraged. American
ship.building aud carrying capacity be
increased, foreign markets sought for our
products Of the soil and msnufactures to
the end that We may be able to pay these
debts. Where new market can be GREAT.
ed for the sale of.epri products, either oi
the soil, the mines, Or the manufactory, q
new means is discovered for utilizing our
idle capital aud labor to the advantage
Of the whole people.
But, in my judgment, the FIRST step TO-
ward accomplishing this object is to &C.
cure currency, good wherever civiliza
ton reigns, over which, if it becomes gu.
psrabundant with our people. will 6od ,
market with some other; . currency
which has as its basis the labor necessary
to produce it which will give to its value
Gold and silver arc now the recognized
mediums Of exchange tho world over and
to this We should return with the least
practicable delay. 10 view Of the pledges
Of the American Congress, when our
present legal tender system Was adopted
and debt contracted, there sh ould be nc
delay, certainly no unnecessary delay ir
fixing BY legislation a method by which
We shall return to specie. To the 40
comrlishment OF this end invite youl
especial attention. l believe firmly ths
there eau be no prosperous and perms
nent revival Of business and industriel
until policy is adopted. with Legislation
to carry it out, looking to return to 9
specie basis. Ii is easy to conceive tha
the debtor and speculative classes MAY
think it OF value to them, to make 90
called money abundant until they cal
throw u portion of their burden upol
others, but even these l believe would b,
disappointed in the result. if . oours,
should be pursued which will keep il
doubt the value Of the legal tender me
dium Of exchange q revival Of productiv
industries needed by all classes. by non
more than the holders of property o
whatever sort with debts to liquidat
from realization upon its sale.
But admitting that these two classe
Of citizens are to be benefited BY expau
sion. would it be honest to give it
would not the general loss be too great t
justify such relief would it not be jus
as honest and prudent to authorize eac
debtor to issue his own legal tenders I
the extent of his liabilities7 Than to d
this would it not be safer for fear of owe
issues BY unscrupulous creditors, to 50
that debt obligations are obliterated i
the United States and now we commene
anew, each possessing all he has At th
time free from enoumbranoes
These propositions are too absurd to
entertained for moment by thinking {
honest people. Yet every day 10 preps
alton for final resumption partakss of th
dishonesty, and is only less in degree
this hope is held out that . conveniel
season will at last arrive for the goc
work Of redeeming our pledges to COT
mepce. 1t will never come, 10 my opi
ion, except by positive action by Congrs
or by national disaster. which will
strov for n tina At laa.t III. crad;t