, 1874-12-08

airlng money, became aubjocs Of speculation
il, itself. These two ca,isos, l,owoycr, haye it,
yoived us III a foreign indobtednoss, CONTRACTED
iu good faith By borrower and londer, which
SHOULD NJ rAIp IN COIN,
and according to tho bond agyaod upon Wien tic
t1obt wns contractod,- or Its oquivatout.
Tho good fnith Of thu Government cannot ho
yiolnted towards crcdttord without national dis
gvace.
Our con,n1otco Should lie encouraged Amor
can Bhpbnldipg anl carrying capacity bs III
cronscd foreign nlarkots sought for products
of tic roll md manufactures, the end TINT
no may bo able to pay theao debts. Where n
market oan he crented for tho salo OF o,lr
pfolucts, either Of tho soil, tho n,inc, or tho
manufactory, q now means ia discovered Of util-
izlug fdlo capital and labor, to tho advantage Of
tho whole people. nnt in my Judgment, th o
first slop towards accomplishing this object is
to acclre a currency
aoon WHEREVER CIVILIZATION nEtaxs:
ono which. If II becomes Huporabundant with
one people, will find market With soms other !;
currency Which has rs Its haaiB tho labor neces-
sary to produce It, which will give Its value
Gold and silver aro now tho recognized mediums
N o,,ou1d viii, .,a ,oost v ~
~ w., WIN sno 4uaa, pfse'cao.e "o@Y*
gross when our present. .legal-tender systom was
ndoptod and dcbt contracted, there should DO
no dolay-certaiuly no unnecessary da1aY-fn
4ring, by legisla tion, method by which wc viii
return to specie. 70 the accomplishment Of thts
ond, invite your special attention. 1bollovo
firmly that thero can be no proBporous and t}er-
,nannnt reviva1 of b,s;no.a nnt] ,n1nstrica ,,n,,
,,,1,.,~ ~ .1o,,to1 Iii. ,.<.;a,,t,.. =. x'' -
IT.. pos ~ aaop'e"' "'sH 'es'''"''on To oai'S
A RETURN 70 arrc1E nAsrs. 'e':'''
It is easy to copce,yc TINT tho debtor and aneur.
jntivo o,assea NAV t,,,nt. Il of yo1a IN n,a1I,
u,-ca,,od ,,,oro,, rn+;, t1,o,, ~ t~o,s
,'ar,a - s 10y a.a. .u' e"n .u1o"
these beltoyo, would DO disappointed in in the tho
rcsult II courso should be pursued which
will taen IN f7oubt I'm v,1pa or tbo 1ono1-
tn..,. s,s.7:,,.., - o .osAA
:e"uot um - o@e."ueo' .of4'a4 u p'o-
aaot1so industries nooaca oS oil classes' ~ mono
mora than tho holueYB Of DrppertT Of MhntoYer
sort. with debts to liouidato from roslzntou
unor Its snle, But, admitting TINT lilo two
claugos Of citizens arc to lo bouefltol by oxnau-
siou,
Would IT ne HONEST
to give It? Would not tho general loso DO too
great 10 justly sucll relief ? Would it not bo
juat as honest and ntutlout to authorize oocf,
debtor to iseta his of7n leRn-tenders to the OK
teat Of hIs liabilities as to do this? Would It
scrupnlo,,s creditors, to eny that ali debt
ob1tgationa arc obtoratea In tho United Stntcy.
and now We commence nuew,-cach posBogsjpr
Nil ho las At tho time, froo from itlcumb1anco3
Thcae propositions arc too absurd to ba ontec-
tanned for mou,ct1. by thinking pooplo. EYory
delay In preparation Tor tiual resumption
rAnrAEEs oP THIS DISHONESTY,
and is only less In decroo % tho hopo id held out
that convouiont soason will at last arrive for
the good work Of rcdeeming our pledges to COM
eeet by posltiyo action by Congress-, Of by
National disasters which will destroy, Tor q .in,o
at loast, tho credit Of individuals md the sta.a
ut largo. l. sound currency must be reached
By total bankruptcy, or tho credit and
integrity Of tho natton and Of individuals
believe 1t Is III the power OF Congress, at this
session. to devise ouch legislation as viii rouov
confidence, royiro all industries, start ,,s on !.
career Of prosperity to last for many years, arel
to save the credit Of tho nation and Of the
people, Steps toward tho return to spooie. basis
arc T..
TIE GREAT REQUISITES
to this tlevnutly to ha songt for end. There aro
others which may touch upon horcnftor.
4 nation dealing in ourrouoy Lalow that Of
specie in value. labors under two great dis
advantages. First, baylne no uHo for the worlds
acknowledged medium or exchange, gold and
SILVER, these are driven out OF the country be-
catlso theta iB no demand for their uae, Seqond
tho medium OF exchange In 1lse, bong Of q
flnosuating value. for,--after all, 1t ia
ouly worth Just what 1t will pnrchnso OF gold
and aiyer inotala having M intrinuic value jt1at
In proportion to the honoBt lnbor 1t takes to pro-
duce thcm-a large margin must be nllowci for
profit by tho manufacturer sud producer II is
months from the dnte OF production to tho date
Of realization. IntcrcHt upon capitnl must bo
charged, and risk Of tluctuatou in the value OF
that which is to be received i'll Payment added.
Honcs high prices, acting as a projection to tile
foreign producer. who receiycs nothing IN cx-
cllnngo for tho product " hla skill
and labor except n curroncy good ut
stable value the world over. II seems to mo
thar nothing iB clearer than tet tho greater mart
Of tho burden Of ths existing prostra!ion. for
tho want Of O. sound financial nystcm,
rA1Ia upoH THE WORKING MAN,
vim rnllBt, aftor all, produce tho wealth. and tho
ualaiicd man, wllo superntentls and conducts
buAinesa. Ths burden falla upon thom in
two ways: by tho deprivation Of omployn1ept,
and By tho decreased tl,clssiug power Of THAR
salaries.
1t is the duty OF Congress to tlovsc thu method
Of correcting tho evils which are acknowledged to
exist, and not n,iue Int will venture to suggest
two or three things which seem to mo as abao-
ntely necessary 10 a return to spec.o~payments.
Tho frat great requisite in return to pros
t..