St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1874-12-11
The Presidents Message.

SPHfdtir6S:
Since the converting of Congress, one
year ago, the nation has undergone
proStration i'll business and industries
such as has not been witnessed with It's
for many Years. Speculation lis to the
tor this proStIation might he i'll
obliged without profit, because as many
would bc advanced as there
would he independent views by those
who expressed their views without Dor
rowing upon the subject. Without in
in theories Us to the cause of
this proStr;ltion. therefore, will call
attention only to the fact and tn some
questions as to which it would seem
there would bc no disagreement. Dur
ing this proStIation two essential ele-
mcnts of prosperity have been most
abundant, labor and capital. Both
have been largely unemployed. Where
security has been undoubted, capital
has been attainahle at very moderate
rates. Where labor has been wanted.
it has been found in abundance at cheap
rates, compared with what of the ncceS-
>;IIicS and comforts of life could he
purchased with the wages demanded
Two great elements of prosperity, there
y
might he added. Our soil and climate
are uncquallcd within the limits of any
'nh'iS""uS TERRITORY under one nation
alitN for It's variety of products to feed
and clothr Il people. and l.. the amount
of surplus to spare to feed less favored
people. Therefore. with these facts III
view. 1t seems 10 me lll'l' wise states
llGhil,nll III tnl> session "l '"h%lcNS
""'''" ui''h't SiSii''I"l' Sh"I iI% llc
past dl''ilhS III proper chiil1'lS These
great elements "l prosperity To amy
people
olr dcht abroad l. the only element
'ii't cam WIN an aIMa\ sound cHrIrh-
'N' enter mt" our aillilH !" 'lllsr ANY
continued depression t" the Industries
ANA prosperity "i our people. great
conflict for national existence made
necessary for temporary purposes the
raising al Idl%" sums col nh"hc\ ff"ln
Whatever source ohtdlhdhlt. IL hiadr
u necessary III me Nl>u"ili "l "h"''>H'
and ! ii" not doubt Their Wisdom III
the premises. regarding I'll" necessity OF
the times. to devise Il ~ stem of nation
III currency. which 1t has proved +" he
inr">>Ihic I" keep ON Il pan with the
recognized currency of the civilized
world. lh~ hcgot Il spirit of Spccula
tl"n. involving IN "\tlHNI%ahc" and
luxury not required for the happiness
81 the prosperity of the people. and in
v"l\img. both directly and indirectly.
foreign Indebtedness. The currency.
being of ituctuating value. amd there
fore unsafe +" hold t"r legitimate trade
requiring money became Il subject "t
speculation IN itself. These tW" causes
have involved us III Il foreign Indebted
ness. contracted III good talth 10y Dor
rover and lender. which should he pIld
IN com. and according I" til" bond
agreed upon when the debt was con
/ tIartcd gold az us equivalent. ne
good ialth 81 the government cannot ne
Violated toward creditors without hA.
ti"nal disgrace. hut "ilr commerce >il"nId
he encouraged. American ship building
and carry ing capacity increased. foreign
ma; kctS sought t"l the products ot The
soil and manufacturers. I" the chd thA'
We may h" able I" pay thr>" debts
| W here Il new market can he created
for the sale "t our pr"duct>. either "i
the soil. The NINE. or the mandatory
Il new m'sIlS l. discovered at utilizing
our IDLE capital an" Labor I" the "dNah
ta%' ct the whole people.
A DEMAND FOR SPECIE PAYMENTS.
Eut in my indictment. The. first stcl
,,v,rd ,,cnupIi>hiur this object is +,
s.,ur, :, ,uIr.u,y rood wherever civ
ililnrinn rcirns; one which. if it he
comes srprrnLundaut with one uropIr
will find i market with others "a cur
rcucy which ha, the basis of the lahn
necessary to produce il. and which vii
uiy,. to il lis ynIilr. Gold and sil\c
are row the recognized mediums of cx