The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1874-12-18
PRESIDENTS MESSAGE.

dulgcd IN without prOnt. because as many theor-
les would be advanced ne there would be indie
pendent writer's, aud those who expressed their
own views without bearing upon the subject.
Without indul ging in theories a. 10 the cause Of
this prostratIon will only call your attention to
the fact, and one question as Ia which II would
seem there should be no disagreement.
ELEMENTS OF PROSPERITY.
During this prosiration two essential elements
OF prosperity have been most abundant-labor
and capital. Both have been largely unempoy.
ed. Where security has been undoubtcd. capital
has been attainable at very moderate rates where
labor has been wanted, II has been found in
abundance, at cheap rates, compared with what
of the nectsssries and comforts of life could be
purchased with the wages demanded Two
great elements Of prosperity therefore have
not been denied US. \ thru might be add,
within the limits Of any contiguous territory,
under one nationality, for its variety of pro-
ducts Ia feed and clothe the people, and in the
amount Of surplus 10 spare 10 feed less favored
people. Therefore, with these facts in view il
seems "a me that wise craftsmanship at this SEES
sion of Congress would dictate, ignoring the past,
the directing i'm the proper channels Of those great
elements OF prosperity To- any people.
The debt abroad Is the only element that can,
with always sound currency, enter into our NJ
fairs to cause any continued depression in the in
dustrie- and prosperity of our people. \ great
conflict for national existence made necessary for
temporary purposes the raising of large sums Of
money, from whatever source attainable. II
may haze been necessary In the wisdom Of Cor
gress Wnd do not doubt their wisdom i'm the
premises regarding the necessity Of the times
To devise a ~ stem of national currency, which
proved To be impossible To- keep on par with the
recognized currency of the civilized world This
begot spirit OF speculation, living an eNtray
agance and luxury not required for the Happiness
orprosperity II the people, and Involving both II
rectly and Indirectly foreign indebtedness. The
currency being Of nuctuating value, Il was there
fore unsafe 10 hold for Legitimate transactions re-.
curing money, and became subject OF specula-
ton in itseh. These two causes however, have in
vOlyed us IN ign indebtedness, contracted in
good faith by the borrower and lender, which
should be paid in coin, and according 10 the bond
et1 mn "A hon Ia GsAl
gold or its equivalent. The good faith of the
Government cannot be violated towards creditors
without national disgrace
Our commerce should bc encouraged Aneri-
can ship building and carrying facilities increas-
ed foreign markets sought for products of the
soil and manuiact tories, a. the end that we may be
able Ia pay these debts. Where market can be
created for the sale Of products, either of the
soil, the mine or manufactory, new means Is
discovered of utilizing our idle capital and labor
90 the advantage of the whole people hut i'm my
judgment the first step toward this object q 10 Sc
cure currency good wherever civilization
reigns which, II it becomes superintendent
with one people. will find market with
some othcr-a currency which has "a lie basis the
labor necessary To produce II, which will give II
A RETURN TO SPECIE PAYMENT.
Gold and silver are now the recognized
mediums of exchange the civilized world over,
and this we should return tO with the least
practical delay. i'm view of the pledges of the
american Congress when our present legal tender
system was adopted and the debt Contracted.
There should be no delay-certainly no un-
necessary delay - in fixing by legislation
method by which will return To specie.
To the accomplishment Of this end
invite your special attention. | believe firm
~ that there can be- no prosperous and perma-
nent revival Of business and industries until a
policy j. adopted, with Legislation to carry IL out,
looking To return 10 specie basis. II j. easy %
conceive that the debtor and speculative cla -ses
may think it Of value 10 them 10 make so-called
money abundant until they can throw portion
of their burdens upon others, but even these,
believe. would be disappointed in the result If
-laul1 lie nIIr-tpl that Will Keen In don lt
the value OF the legal tender Medium of exchange.
a revival Of productive industries Is needed by all
classes, by none more than the holders Of prop
erty, Of whatever sort, with debts a. hguidate
for realization upon IL sales. But admitting but
these two classes Of citizens are TO be benefited by
expansion, would n be honest 10 give u; would
not the general loss be too great 10 justify such
relief. Would il not he Just az honest and prudent
10 authorize each debtor To issue his own legal
tenders "a the extent Of his liabilities. Than Ia no
this would II not be safer for fear of over issue 10y
interruptions creditors to say that all debt obliga
tions obliterated In the United States and now
We commence anew, each possessing all he has at
the time free from incumbrance; These PROPOSE.
tions are too absurd 10 be entertained for mo.
ment by thinking people.
Every delay in the preparation Of final resump-
ton partskcs OF this dishonesty, and IL only less
in degree as the proposition il held out. con.
yencnt season will at last arrive for the good
work OF rcdeeming our pledges 10 commerce. IL
will never come, in my opinion, except by posi-
tive action by Congress, or by NATIONAL disasters.
which will destroy for a time at least the credit of
individuals and the state at large. A sound cur
rency must not be reached by total ban kruptcy OF
the ereit and integrity OF the nation and ofindivid
uals. believe Il l. in the power Of Congress at
this session 10 devise snch legislation "a viii
restore confidence, revive all the indus
tries. start us the OF prosperity and save
the credit of the Nation and Of the people. steps
toward the return 10 specie basis are the great
requisites to this devoutly Ia be sought for re
suit, and there others which may touch
upon hereafter. nation dealing in a currency
below that Of specie In value labors under two
great disadvantages First, having no use for the
sltanp "A
and silver. these driven out OF the country,
because there is no demand for their use. sec
ond, the medium Of exchange being OF
nucuating value for IL IL only worth
just what II will purchase Of gold
and silver metals having an intrinsic value just
in proportion 10 the honest labor Il takes 10 pro
duoe them. A large margin must be allowed for
profit by the manufacturer and producer IL -
months from the date Of production To the date OF
realization. Interest upon capital must lie
charged, and risk of nuctuation In the value of
that which b. 20 be received In payment added,
hence high prices acting as protection TO the for
eign producer, who receives nothing In exchange
Tor the PREDICTION Of his skill and labor except "a
currency good AT staple value the world over.
~ seems TO me that nothing Is clearer than
that the greater part Of the burden Of the
existing prostraton, for the want of sound
financial system, falls upon the working
man, who must after all produce the wealth,
and the salaricd man who superintends and
conducts business. The burden falls upon
them IN two ways by the deprivation of employ
ment and by the decreased purchasing power Of
their salaries II Is the duty Of Congress TO de-
wise the method " correcting the evils which
acknowledged 10 exist, and not mine, but | will
venture 10 suggest two or three things, which seem
70 me rs absolutely necessary To return 10 specie
payments.
As the first great requisite to return TO pros
perity the legal tender clause To the law authcriz
ing the issue of currency by the National Govern
ment should be repealed, to take effect as 10 all
contracts entered into after day fixed in the re-
pealing act not 81 apply, however, 10 payment
Of salaries by Government. or other expenses
now provided by law TO he paid In currency. In
The interval pending between repeal and final re-
sumption. provision should he made 10y which
The SECRETARY of the Treasury can obtain gold n
y may become necessary from time TO time from
the date when speci, rpgumption commenced