Bradford opinion. [volume] (Bradford, Vt.) 1874-1881, 1874-12-12
Message of the President.

speaking Of tho great prostration il,
business during the past year, and
then continues: During this pros
tratiOn, two special elements OF
prosperity have been most abundant
labor aud capital. Both have been
largely unemployed; where Securi-
~ has been undonbted, capital has
been attainable at very moderate
rates. Where labor has been want.
ed it has been found IN abundance
ut cheap rates, compared with what
of the necessaries Of life could be
purchased with the wages demand.
ed. Two great elements of pros.
perity, therefore, have not been de,
MED us. A third might he added
Our soil and climate are unrivalle,l
within the limits OF any contiguous
territory, under one nationality for
it's variety Of products to iced and
clothe people, aud in the amount of
surplus to spare to feed less favored
people.
Therefore, with these facts in view
it seems to me that wise statesman
ship at this session of Congress
would dictate legislation, ignoring
the past and directing in proper
channels these great elements of
prosperity. The first step toward
accomplishing this object is to sc
cure a currency good wherever civ
iizatiOn rcigns, one OF which, if it
becomes superintendent with one
people, will find market with some
other; n currency which has as its
basis the labor necessary to produce
it, which will give to it its value.
Gold and silver are now the rccOg-
nized mediums of exchange the civ,
ilized world over, and to this we
should return with the least practi.
cable delay. In 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 unnecessary delay, in fixing by
legislation a method by which we
shall return to specie. To the &C.
complishment of this end / invite
your special attention. believe
firmly that there can be no prosper
GUS and permanent revival Of bust
ness and industries until a policy il
adopted. with legislation to carry it
out. looking to il return to u specie
basis. l believe it is in the power
Of Congress at this session to de-
wise such legislation as shall renew
revive all the industries,
start the country OIL career of
prosperity to last for many years.
and to save the credit of the nation
and of the people. Steps toward
the return to a specie basis are the
great requisites to this devotedly to
I've sought for end.
1t seems to me that nothing is
clearer than the greater part of the
burden of existing prostration for
the want OF a sound financial sys.
tenn falls upon the workingman, who
must, after all, produce the wealth,
and the salaried man who surerin-
lends and conducts the business.
The burden falls upon them in two
the deprivation of EN-.
,loyment and by the decreased pur-
power Of their salaries.
1t is the duty OF Congress to de.
rise the method of correcting the
evils which are acknowledged to ex.
8, but l will venture TO suggest two
,r three things which seem to me AS
absolutely necessary to return to
specie payments. The first great
equirement is a return to prOsperi-
~. The legal-tender clause to the
aw authorizing the issue of curren-
~ by the National Government
should be repealed, to take effect as
o all contracts entered into after a
certain day in the repeating act not
o apply however, to payment of
salaries by the Government. or for
,ther expenditures now provided by
aw to be paid in currency in the
interval pending between the re-
zeal and final resumption. PrOvi-
sion should be made by which the
Secretary of the Treasury can Oh
ain gold as it may become nccessa.
y from time to time from the date
when specie payment begins. TO
his might and should be- added a
'evenue sufficiently in excess of the
expenses to ensure an accumulation
If gold in the Treasury to sustain
redemption. I commend this sub.
ect to your careful consideration,
that favorable solution
$ attainable, and that, if reached
~ this Congress, present and future
will ever gratefully re.
it as their delivery from u
hraldom of evil and disgrace.
With resumption, free banking may
,e authorized with safety, giving
'ull protection to hill.holders, which
hey have not under existing laws.
indeed, 1 should regard free bank
ng as essential. 1t would give
proper elasticitytO the currency, as
more currency should he required
or the transaction Of legitimate
BUSINESS. New banks would he
tarted, and in turn the banks
would wind up their business when
t was found that there was Il su.
'erabundance of currency. The ex,
erience and Judgment Of the peO-
lie only can decide just how much
urrency is required for the trans.
ction of the business of the country.
I, il unSafa tO leave tho settlamput