New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1874-12-08
THE PRESIDENTS MESSAGE
WASHINGTON, December 7, 1874.

IktE fNESAOENI"S N4ESSAGE
WARRINGTON, December 7, 1874.
10 the Senate and House Of Representatives:
Since the converting of Congress one year
ago the natiOp has undergone
PRosrRATrox IN BUSINESS
And industries such a. has not been wit
messed with US for many years. Speculation
rs 10 the causes for this prostration might be
INDUCED in without profit. because as many
theories would be advanced AZ there would
be independent writer's who expressed their
own views. Without borrowing upon tho
subject. without indulging in theories as 60
the cause of this prOstratiOn, therefore, l
will call your attention only to the fact, and
to some plain questions, as to which it
would seem there should be no disagree.
ment. During this prostration two essen.
tial elements OF prosperity have been most
abundant.
LABOR AND CAPITAL.
Both have been largely unemployed.
Where security has been undOubted, CAPT.
tai has been Obtainable at very moderate
rates. Where labor has been wanted it has
been found in abundance at cheap rates
compared with what of accessories and
comforts Of life could be purchased with
the wages demanded. Two great elements
OF prosperity, therefore, have not been de.
MED us. third might be added. Our
soil and climate are unequaled within the
limits of any contiguous territory under one
nationality for its variety of products to
feed and clothe people, and in the amount
of surplus to spare to feed less favored peO-
Piles. Therefore, with these facts in view,
it seems to me that wise craftsmanship at
this session Of Congress would dictate legis.
lstion. ignoring the past.
DIRECTING IN PROPER CHANNELS
These great elements Of prosperity to any
people.
THE NATIONAL DEBT.
Debt abroad is the only element that can,
with always q sound currency, enter into
our affairs to cause a continued depression
in the industries and prosperity Of our
people. A great conflict for national exist
ence made necessary tor temporary pur-
whatever source Obtainable. 1t was made
necessary, in the wisdom Of Congress, and
I do not doubt their wisdom in the prem
ises, regarding the necessity Of the times. to
devise
SYSTEM OF NATIONAL CURRENCY.
Which 10 proved to be impossible 60
keep on par with the recognized currency
of the civilized world. This begot spirit
of speculation, involving an extravaganza
and luxury not required for the happiness
or prosperity of . people. and involving
both directly and indirectly foreign indebt-
edness. The currency, being of fuctuating
value, and therefore unsafe to hold for leg
itimate transactions requiring money, be-
came subject of speculation in itself.
These two causes, however, have involved
US in q foreign indebtedness contracted in
good faith by borrower and lender, which
should be
PAID IN COIN,
And according to the bond agreed upon
when the debt was contracted.gold or its
equivalent. The good faith of the govern
ment can not be- violated toward creditors
without national disgrace. But our
COMMERCE SHOULD BE ENCOURAGED
By American ship building, carrying capa-
products of the soil and manufactures, to
the end that we may be able to pay these
debts. Where q new market can be Gre
ated for the sale Of our products. either Of
the soil, the mine or the mandatory. q
new means 10 discovered of utilizing our
idle capital and labor to the advantage of
the whole people. But in my judgment
tho first step toward accomplishing this
object ia to secure
CURRENCY OF FIXED STAPLE VALUE.
A currency good wherever civilization
IclSns, OUo "HlCup IL hJ OcCOUeb bupors
abundant with one people, will find q mar
ket with some other; q currency which has
as its basis the labor necessary 70 produce
it which will give to it it's value. Gold and
silver are now the recognized mediums Of
exchange the civilized 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 debt con.
h., IL ~
tainly no unnecessary delay. in fixing by
legislation a method by which we will re-
turn to specie. To the accomplishment Of
this end invite your special attention.
believe firmly that there can De no prosper
GUS and permanent revival of business and
industries until a policy is adopted, with
legislation to carry it out, looking to . re.
turn to specie basis.
1t is easy to conceive that the debtor and
speculative classes may think it of value
to them to make sucalled money abundant
until they can throw q portion of their
burdens upon others; but even these, he.
lieve. would be disappointed in tie result if q
course should DO pursued which will keep
in doubt the value Of the legal tender
medium Of exchange.
AREvIvAL OF PRODUCTIVE INDUSTRY
Is needed by all classes, by none moro than
the holders OF property Of whatever sort
with debts to lquidate from realization
upon it's sale. But admitting that these
two classes of citizens are benefited by ex,
pansion, would it be honest to give it!
Would not the general loss be too great to
Justify such relief! Would it not be Just as
honest and prudent to authorize each debtor
to issue his own legal tenders to the extent
of his liabilities! Than to do this would it
not be safer, for fear OF over issues by I'M
ecrupulOus creditors, to say that all debt
obligations are Obliterated in the United
States, and now we commence anew, each
possessing all he has at the time, free from
incumbrance! These propositions are too
absurd to be entertained for a moment by
thinking or honest people; yet every delay
in preparation for final resumption par
takes Of this dishonesty. and is only less in
degree as the hope is held ont that con.
venient season will ct last arrive tOs the
good work OF
REDEEMiNC OUR PLEDGES TO COMMENCE.
1t will never come, in my opinion, except
by positive action by Congress, or by ma
tiOnal disasters, which will destroy, for a
time, at least, the credit of the individual
and the State at large. 4 sound currency
might be reached by total bankruptcy and
discredit Of the integrity OF the nation and
of individuals. ! believe ii is in the power
Of Congress. at this session, 20 devise such
legislation as will renew confidence. revive
all the industries, start us on career of
prosperity to last for many years, and to
save the credit of the nation and of the
people. Step. toward the return to a specie
basis are the great requisites to this de-
youtly to be sought for end. There are
others which may touch upon hereafter
A nation dealing in currency below
tina, of specie in value, labors under two
great disadvantages. First, having no use
tor che worlds acknowledged mediums
of exchange, gold and silver. These are
driven out of the county because there lie