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

FIRST. having no use for the worlds ac-
mediums of exchange, gold
and silver, these are driven out of the
country, because there is no demand
for then use. Second. the medium of
exchange in Use being of ttuctuatlng
yalup-for. after all, it is only worth
what it will purchase of gold or silver
metals, having no intrinsic value Just
IN proportion To the honest labor 1t
takes to produce thcm-a larger margin
must I've allowed for profit by the man-
ufacturer and the producer. 1t is months
from the date of production to the date
of realization, interest upon the capital
must he charged, and the risk of tiuc
tuation in the value of that which is to
he received i'll payment added. Hence
high prices, acting as protection to
the foreign producer, who receives moth
ing in exchange for the product of his
skill and labor except currency good
at IL staple value the world over. 1t
seems to me that nothing is clearer than
that the greater part of the burden of
existing proStration for the want of il
sound financial system falls upon the
working man. who must after all pro-
ducc the wealth, and the salaried man.
who sIperintrnds and conducts bust
ness The burden falls upon them in
two ways-by the deprivation OF en-
ployment and 10y the decreased power
of their salaries.
1t is the duty of Congress to devise il
method of correcting the evils which
are acknowledged To exist, and not
mine: but | will venture to suggest
two or three things, which seem to me
absolutely necessary to IL return to
specie payments the first great rcqui-
site i'll IL return to prosperity. The
legal tender clause to the law authorlz-
ing the issue of currency by the nation
al government should he repealed. to
take effect aS to all contracts entered
intn after Il day fixed i'll tn" repeating
act : not to apply. however. to the pay
mcntS of salaries 10y the government
III for other expenditures now provided
by law To he paid i'll currency. In the
interval pending between tn" repeal
and final resumption. provision should
he made hN which the secretary of the
treasury can obtain gold as ii may I've
come necessary. from time To time. from
the date when specie redemption com
mcmccS. T." this might and should he
added IL revenue sufficiently III excess
of expenses to insure an accumulation
OF gold in the treasury to sustain re
dcmptinn. | commend this subject tn
Your careful consideration. believing
that Il favorable solution Is attaimahlc.
and that. if reached 10y this Congress.
the present and future generations will
ever gratefully remember II a. IL then
dclivcrcr from Il thrald"m of evil and
disgrace.
With resumption. free banking may
Ice authorized with safety. giving the
full protection to hill holders which
they have under the existing laws. In
deed | would regard tIcc banking a.
essential 1t would give proper elastic
itN Ia the currency. rs more currency
>honld he required for the transaction
Of legitimate business. new banks would
he started. and III turn hlmN> would
wind mp their business when II Wa
found there Wa~ Il abundance al
currency. The experience and ludg
mrnt of the people can best drrld,
lust how much currency l. required t"I
the transaction uf the business of the
ruuutrN 1t is unsafe To leave the set
Element of ;hi> question To Congress
the secretary at the treasury 81 cNrcu-
tive. Congress should make the rc"I-
latiunS under which banks may exist
but should not make banking u monop
DIV hN limiting the amount "I redeem
able paper CURRENCY that shall he an
thoIiIcd. such Importance do | al
tnch to this subject. and :" earnestly d'
commend IL tu Your attention.. that
rive il prominence 10y Introducing 1t al
the beginning of this message.
RELATIONS WITH FOREIGN POWERS.
-Dur foreign relations are shown Il
IL, generally satisfactory. ! Their" viii h,
general approval "t the policy OF strict
neutrality laid down 10y the admiui>
untiun To the Governments of CHINA ano
japan, a. the course to hc pursued N
the event of hn>tiliticS between th">'
countries The defects of nUr rNpatii
alton and nationality laws arc c"n~I'lrl-
eel with reference to the need at lcgIS
lation on this subject. a. we'll ~ L" pr"
vent fraudulent naturalization.
OBJECTS OF THE NATIRALIZNrIoN LAWS
have again to call the attention q
Congress to the unsatisfactory condition
of the existing law with reference t"rN
patIiation and election of nationality
Formerly. amid the conflicting "pn
ions and decisions. il WIS difficult Il
exactly determine how tar the doctrine
-! perpetual allegiance was appllcahl'
to the citizens of the United States
Congress hN the act of the 9TH ot July
I~6-. asserted the abstract night of cN
patriation as Il fundamental principle
of this government. notwithstanding:
such assertion and the necessity ni fire.
uurnt applicatinn of the principle. N
LEGISLATION has been had defining wha
acts or tnlmllitirs shall work rNpatIiI
ton. OF when Il citizen shall he dccmc'
, to have rcm"rlnccd or to have lost hi
, citizenship. The imp"rtanc" of sue
=. definition i obvious. The represent
= a!ivrS of the United States i'll tnrri@
countries are continually called apo
to lend their aid and the protection q
= the United States to persons concern
= iug the good faith or the reality {
: whose citizenship there is ut least grcl
- uu,.stion. In some cases the condition
% the treaties furnish some guide. |
others it seems left to the persons claim
! in. the benefits of citizenship. Will
e liz inc in "A foreign country. contIibut
M III no way 10 the performance
u thc duties of citizen of the Unite
- states. and without intentions at an
!, time TO return and undertake. those dI
= ties, tn lISr the claim of citizenship {
u the United States simply as Il shiel
y from the performance of the obligation
u of Il citizen elsewhere. The status I
" children born of American parents /,
siding in IL foreign country. of Amer
can women who have married alien
or of American citizens residing ahroa'
y where such question is not regulate
" LIZ. tr,..ilN .lrl. all snIIIuIS of trrunel