The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1874-12-17

? the foreign pTOuuccFi WHO FScelN'
nothing in exchange for his skill an
labor except currency good at ST
: BILE value the world over. 1t seems
me that nothing is clearer than tn;
the greater part of the burden of th
2 existing prOstration. for the want of
4 sound financial system, falls upon th
5 workingman, who must, after all, prt
) duce the wealth, aud the salaried ma
who superintends aud conducts th
business. The burden falls upod theI
, in two ways: by the deprivation {
employment and by the decreased pul
chasing power of their salaries. 1t
the duty of Congress to devise tn
method of correcting the evils Whlci
are acknowledged to exist, and no
mine; but I will venture 10 sugges
two or three things, which seem To IN
absolutely necessary to a return tlspe
tcfe payments. The first great requisite
in return to prosperity Is, that TN
legal tender clause To the law author
izing the issue of currency by the na
tional government should be repealed
TO take effect as to all contracts entered
| into after day fixed in the repeating
act, not to apply, however, to the pay
ment of salaries by the government ol
for other expenses now provided DS
| law TO be paid in currency. In the IN
terval pending between the repeal ano
the final resumption Sprovision should
be made by which the Secretary of the
Treasury can obtain gold, as it may be-
come necessary from time to time,
from the date when specie resumption
commences. To this might and should
be added revenue sufficiently in RX-
cess of expenses to insure an accumu-
lation of gold i'll the Treasury to sus-
tain redemption. ,l
commend this subject to your care
full consideration, believing that a IA
vorable solution is attainable, and that
if reached by this Congress, that the
present and future generations will
ever gratefully rememberit as their de-
iverance from u thralldom of evil and
disgrace. With resumption, free bank
ing may be authorized with safety, CIV
ing full protection to the bill holders,
which Indeed they have under existing
laws. Indeed l would regard free
banking as essential, it would give
proper elasticity to currency, as more
currency should be required for the
transaction of legitimate business.
New banks would be started, and in
turn banks would wind up their busi-
ness when it was found there was
superabuHuauce or currency,
The experience and judgment of the
people can best decide just how much
currency is required for the transaction
of the business of the country. 1t is
Unsafe to leave the settlement of the
question to Congress, the Secretary
of the Treasury or the Executive. Con-
gress should make the regulation uil-
der which banks may exist, but should
not make banking monopoly, by lin
iting the amoumG, of redeemable paper
currency that shall be authorized
Such importance do / attach to this
subject, aud so earnestly do / commend
it to your attention, that / give it
prominence by Introducing it at the
of this message. 5
During the past year nothing has
secured TO disturb the general friendly
and cordial relations Of the United
states with other powers, The cores
pondence submitted herewith, between
This government and its diplomatic
tatives of other countries show
4 satiifactory condition of all questions
tie United States and the
most OF these Countries, and with few
exceptions. toIwhich reference is. here |
Lfter made, the absence OF any points |
If difference to- be adjusted. = The no.
ice direeted blythe resolution OF Con-
,ress of June 18th, 1864, to be given to |
convention of July 18th |
S58, bstweeu The United States and |
Belgium, has been given, and the |
reaty will accordingly be terminated i
N the lst day of July, 1875. This con-
'ention secured to certain Belgian ves-
els entering the ports of the United
States exceptional privileges, which
re not accorded to our own vessels
)ther features of the convention have |
roved satisfactory and have tended to
be cultivation of naturally beneficial
Intercourse and friendly
between the two countries. [ /
ope that the negotiations which have
cen invited will result III the celebra-
IoIt,of another treaty which may tend
, the interests of both countries. Our
elations with China continue TO be
-iendIy. During the last year the fear
f hostilities between China and Japan
rowing out of the landing OF an arm
4 force on the island of Formosa by
lie latter, had Occasioned umeasiness.
t is earnestly hoped, however, that
ne difficulties arising from this cause
ill be adjusted, and that the advance
civilization in these empires may
otbe retaIded bYza state of Mar.la / II
Onsequence of tie part taken by GER |
lin citizens Of-the United States in !
lis expedition our representatives in
lose counties have been instructed
impress upon the Govern ments of
hina and Japan the firm intention of
he country to maintain d strict neu- 1
,ality in the event of hostilities, and l.
preveutany infraeeion ofthe j
IWrOn the part sOf ourg eitiZens. In
q with this subject. I call lsat- /:
,ntIbn Of Congress to gen orally con- {
3tied fact, that the great prop ortion gof
hin ese Immigrants who come to our I
lores, do not come voluntarily to {
lake their homes with Use Their la
Or is productive Of no general pros {
Gritty but they come under contract 1
it'll their head2men, who OWL them
Osolutely. In a worse form does it I
oply to Chinese women hardly a If
efeeptible gpercen tage of them per-. q
,T1n any honorable labor, but they are I
Fought here for Shameful purposes, to 5,
le disgrace of the communities where 4
,ttled, and to the great decentralization !
the youth of those localities. IF !
lis evil practice can be legislated !
yainst, it will be my pleasure as well :
my duty, to enforce any regulations {
secure so desirable an end, 1t is !
0ped that negotiations between the
of Japan and the treaty of 7
le great powers, looking to the fur-1 :
Ter openiD 6 Of the great empire, and Z
the removal of various restrictions3s !
pom trade and travel, may soon pro- tiT
lces the results desired, and which +
Ennot fail to insure to the benefit of Ii
L parties. {
Having on previous occasions sub s
lifted to, the consideration of Congress :
le propriety of the release of the Ja- Z
anese government from the further
4ymeut of the indemnity under the i
of october -. 1856, and as
D action has been taken therein, it,
ecomes my duty to regard the obliga- I
ons of the convention III force, and :
the other powers Interested have rel J
eved their portions of the indemnityd, a
full, the Minister. of the United
tates in japan has in behalf of the !
)vernment, received the amount due .I
thefUilited States under the cohven- :
oneof' Simousky. 8. 5iia .2'inSs G
L submit the proprietyG of applying !
le income of pact; ifDnoG the whole, of !
lis fund, to the education in the Ja- /
anese language of anumber of young +
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