The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-12-11

purchase Of gold and silver metals, hay
ing an intrinsic va.ue Just in proportion
to the honest labor it takes to produce
them. i large margin must be allowed
for profit by The manufacturer and pro
ducer. It IS months from the date OF
production to the date of realization
Interest u1on capital must be charged
land risk Of fiuctJa5ion in the value of
that which IS to be received in payment
added, hence high prices, acting as a
protection to tie iJr3ign producer, who
receives nothing IN eZchangefor the pro
duct Of his skill and labor, except a cur
rency good at q staple value the world
over. It seems to me that nothing is
clearer than that the greater part Of the
burden OF the existing prOstration for
the want Of a sound financial system falls
upon the working man, who must, after
all, produce tine wealth, and the salaried
man who suDeriUtends and conducts
business. The burden falls upon them
in two ways: by the deprivation Of en-
and by the decreased purcha5-
ing power OF their salaries. 1t is the
duty of Congress TO devise themethod of
correcting the evils which are acAnowl-
edged to exist and not mine, but I viii
venture to suggest two or three things
which seem to meas absolutely necessary
to return TO specie payments, the first
great reqJIsits I5 a return to prosperity.
The legal tender clause tothe law author
izing the issue of currency by the ma
tional government should be repealed, to
take effect as to all contracts entered into
after a day fixed in the repeating act,
not to apply, however, to payments of
salaries by the government, or for other
expenses now provided by law to be paid
in currency. In the interval pending be-
tween repeal and final resumption, pro
vision should be made by which the sec
retary can obtain gold as it may become
Necessary from time to time, from the
date when specie resumption commences.
To this might and should be added a
revenue sufficiently IN excess of expenses
to insure an accumulation of gold in the
treasury to sustain redemption. com
mend this subject to your careful con-
believing that favorable So
luton is sttainable, and that if reached
by this Congress, that the present and
future generations viii ever gratefully
remember it as their dehverer from a
thraldom Of evil and disgrace.
BANKING.
With the resumption of specie pay
ment free banking may be authorized
with safety, giving the full protection to
bill holders which they have under ex-
isting laws; indeed [ would regard free
banking as essential. It would give
proper elasticity to the currency. As
more currency should be required for
the transaction oflegitimate business, new
banks would be started, and, In turn,
banks would wind up their business
when it was found there was a supera-
Oundance Of currency. The experience
and Judgment of the people can best de-
eide Just how much currency Is required
Tor the transaction of the business of the
country, It IS unsafe to leave the set
lement Of this question to Congress, theI
secretary Of the treasury, or the executive
Congress should have the regulation un- |
der which hanks nay exist, butt should
not make banking monopoly by limit |
ng the amount Of fredeenable paper cur
'ency that shall be authorized. Such |
do I attach to this subject
md so earnestly doIcomnend ito your
attention, that 1 give it prominence by
Introducing it at the beginning of this
message. JE-Jts 0Hsr1 |
To be copcludednext week.