The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1874-12-11
Return to q Specie ea-
Slo Advised.
Expatriation aud tn. Tariff
Questions.

INV wv 'blNfIlNlE W 'NVEffNN WV
year ago the Nation has undergone
Prostration in business aud industric
such ~ had not been witnessed with "
for many years. Speculation ~ to th'
causes for this prp-tration might be in
dulged In without profit, because n
many theories would bc advanced n
there would bc independent. writers
tho-c who expressed their own views
Without dwelling upon the subject
without indulging in theories n to III,
cause Of this prostration, will only cal
your attention To t~ fact, aud on,
question n to which il would seem their
should he M disagreement. During thi,
prustration two essential elements al
prosperity have been most abundant
labor and capital. Both have bcer
largely unemployed. Where security
has been undoubicd, capital has been at
tainable at very moderate rates; whc,
labor has been wanted, IL has been found
IN abundance, at cheap rates compared
with what neccsarics and comforts oI
lie could h. purchased with the wage,
demanded. Two great elements Of pos
pcrity Therefore have not been denied Us
a third might bc added. Our soil and
Ultimate are uncqualcd within III,
limits of any contiguous territory
under one nationality, for its varictic.
Of produce To feed and sclothe a
people, and In the amount Of surplus "a
sparc TO feed less favored people. There
fore, with these facts in view il seems "a
me that wise craftsmanship at this ~es.
sion of Congress would dictate ignoring
the past, the directing In proper chan.
nel- these grest elements of prosperity Ia
any people. Debt abroad is the only cl-
ement that ean, with always sound
currency enrr into our Affairs 10 cause
any conttnucd depression in the indus
tri'S ana prosperity OF our people. A
great conflict Tor National existence
made necessary for temporary purposes
The raising OF large sums Of money from
Whatever source attainable. IL was nee
cSS',ry IN the wisdom of Congress, and !
do not doubt their wisdom in the prem
i-s, regarding the necessity of the times,
To devise system Of national currency,
Whlch u proved To lie impossible 10 keep
on par with the recognized currency
~ the civilized world. This bcgot n
,pnt OF speculation, involving an cx.
itavagance and luxury not required for
the happiness or prosperity of people,
anu involving, both directly and indi.
rcctly, foreign Indebtedness.
The currency being of huctuating
value, therefore unsafe 20 hold for leriti.
mate transactions requiring money. be-
came subject Of speculation in itself
The- two causes, however, have involved
us IN foreign Indebtedness contracted
in good faith by borrower and lender.
which should he paid in coin, and nc
cording To the bond agreed upon when
tue debt ~ss contracted, in gold OF it,
equivalent. The good faith of the Gov
ernment can not be violated toward cred
itors without National disgrace. Our
commerce should he encouraged, -hip-
huiiulnS ana carrying greatly increased,
foreign markets sought for the products
ui the SOL and manufactures, Ia the end
mat We may he able 10 pay these debts.
W mere market cab bc created for the
silc OF our products, either OF the soil,
the mine, or the manuiactory, new
means = discovered Of utilizing our idle
capital and labor, to the advantage Of
W" Whui' lV"ple' hui ~ my Judgment,
the hr-t step toward this object is TO So
curc a currency good whenever ciyiliza-
''on rc'gnS one which, IL II bccon~s
with one p'ople, will find
a market with some other; currency
which has ~ It's basis the labor necessary
To produce II, which will give il value.
TOLD AMI silver are now the recognized
mediums OF exchange the civilized
w"rld over, and this we should re-
'urn To with the least practicable delay.
In view Of the pledges of the American
Congress when our present legal-tcnder
-ystcm was adopted and debt contracted,
there should hc no delay, certainly no
unnecessary delay, in fixing by legisla.
lion u method by which we will return to
specie. To the accomplishment Of this
end ! invite your special attcntion. |
believe firmly that there can bc no pru--
Tcnus aud permanent revival of business
pr industries until policy is adopted,
with legislation Ia carry il out, looking
IN return Ia a specie basis. II is easy
10 conceive shat the debtor and spec
i'ntOr may think il of value to them To
make so-called money abundant until
" WI AhA'N I''iAihh VI Antli huf-
lens upon Others; hut even these be-
1--we would he Disappointed in the result
ia course should be- pursued which will
Keep in doubt the values of the legal
ender medium of exchange. A revival
pt productive industries is needed by all
'lasses by more than the holders of
lroperty, Of whatever sort, with debts 10
i1uidate, BY realization upon its sales,
|'ut, admitting that these two classes of
'itizens are To be- benefited by expansion,
would il be honest To give it? Would
lot the general loss be too great 10 Justify
uch relief? Would il not be Just as honest
md prudent Ia authorize each debtor to
ssuc his own legal tenders 10 the extent
# his liabilities than to do thisl Would
F, not he safer, for fear of over issucs by
lnscrupulous creditors, To say that ali
lebt obligations are obliterated in the
.'nitcd States and now we commence
new, each possessing all he has at the
ime free from incumbmnce. These
'ropositions are too absurd To be enter.
aimed for moment 10y thinking people
Every delay in the preparation OF final
al - 4 A.