The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1874-12-12
The Presidents Message.

Tothe Senate and House IF Representatives:
Since the converting Of Congress one yea
ago, the nation has undergone proslraiol
in business and industries such rs has no
been witnessed with us for many years. Spec
ulation as to the cause for this prostratioI
might be indnlgcd in without profit, becaus,
as many theories would be advanced as there
would be Independent wrters--those wht
expressed their own views Without borrow
ing upon the subject and without INDUCING
in theories as 20 the cause of this prostratiop
therefore, will call your attention only tC
the fact, and to some questions as to which II
would seem there should be no disagreement
During this prostration two essential elements
of prosperity have been most abundant la
Dor and capital. Both have been largely unem-
ployeu. Where security has been undoubted,
capital has been attaluable at very moderate
rates. Where labor has been wanted, it has
been found in abundance at cheap rates, com
pared with what of the necessaries ana COM
forts Of life could be purchased with the wages
demanded? Two great elements OF prosperity
therefore have not been denied us.
A third might be added. Our soil and
climate are unequaed within the limits OF
any contiguous territory under one natlonall.
w. for its varieties of products to feed and
clothe the people, and in the amount of sur
plus to spare to feed lessfavored people.
Therefore, with these facts in view, it seems
TO me that wise craftsmanship at this session
Congress would dictate ignoring the past and
DESTRUCTION IN PROPER CHANNELS
these great elements of prosperity to any peo.
Die. Debt abroad is the only element that
can, with al ways sound currency, enter into
our affairs to cause any continued depression
in the industries and prosperity OF our people.
A great conflict for national existence made
necessary, for temporary purposes, the raising
of large sums of money from whatever
source attainabe 1t made It necessary in
the wisdom Of Congress, and do not doubt
their wisdom in the premises, regarding the ne
cessity Of the limes to devise system of ma
tional currency which proved to be
IMPOSSIBLE TO KEEP ON PAR
with the recognized currency of the civilized
world. This begot spirit Of speculation,
involving an extravaganza and luxury not
required tor the happiness or property OF II
people, and involving, both directly and indi-
rectly, foreign Indebtedness The currency,
being of such fluctuating value as 70 be I'M
safe to hold for legitimate transactions re-
curing money, became subject OF spccula'
ton in itself These two causes, however,
nave lUNOlNtu US III Il lDItISh ib'NDtIuhNoCi
contracted in good faith by borrower and len
der, which
SHOULD BE PAID IN COIN,
and according to the bond agreed upon when
the debt was contracted, gold or its equiva.
lent The good faith Of the Government can.
not be violated toward creditors without ma.
tional disgrace.
Our commerce should be encouraged
American shipbuildlng and carrying capaci-
~ be increased; foreign markets sought for the
products of our soil and manutactories-to
the end that we may be able TO pay the debts.
Where market can be created for these sale
of our products, either OF the soil, the mine,
or the mandatory, new means Is discover
ed of utilizing idle capital and labor, to the
advantage of the whole people. But, in my
iudg mcnt, the first step towards accomplish
ing this object is to secure currency
GOOD WHEREVER CIVILIZATION REIGSs
one which, If il becomes superintendent with
one people, will find a market with some
other; Il currency which has as its basis the
labor necessary to produce it, which will give
its value. cold and silver are now the recog-
nized and mediums Of exchange the civilized
world over, and to this we should return with
the least practicable delay.
In view of the pledges of the American Con
EIBsb when OuI pIcbcul lcktl-tCuuCI BY StCul Wan
adopted and debt contracted, there should be
no delay-certainly no unnecessary delay-in
fixing, by Legislation, a method by which We
will return to specie. To the accomplish.
ment of this end. invite your special atten'
ton. | believe firmly that there can be no
prosperous and permanent revival of business
and industries until policy Is adopted, with |
legislation to carry ii out, looking to
A RETURN TO A SPECIE EAsIs
II is easy to conceive that the debtor and |
speculative classes may think il Of value to
make a so-called money abundant until they
can throw Il portion OF their burdens upon |
others; but even these, believe, would be
disappointed in the result if q course should
be pursued which will keep in doubt the value
of the legal-tcnder medium of exchange, "a
revival of productive industries needed by
all classes, by none more than the holders of
property Of whatever sort, with debts TO Ii
quidatc from realization upon its sale. But,
admitting that the two classes Of citizens are
TO be benefited by expansion,
WOULD IT BE HONEST
10 give it? Would not the general loss be
too great 10 justify such rclcfg Would it not
be just as honest and prudent to authorize
each debtort TO issue his own lcgal-tcnders to-
the extent of his liabilities as to do thiSyi
NOuii IL not DC saltf Tor lear Oh OVrr-lSsucs
by INSCRIPTIONS creditors, to say that all
dcbtobigations are oblitcrated in the United
States, and now we commence ancw,-caCh
possessing all he has at the time, free from
lncumbrance?
These propositions are too absurd to bc en-
tertaincd for a moment by thinking people
Every delay in preparation for final rcsump.
ton
pAETAkES OFF THE Di-IiDNI~Iy
and Is only less in degree "a the hope is held
out that convenient season will at last ar.
rive for the good work of redccming our
pledges 20 commerce. 1t will never come in
my opinion, except by positive action by Con.
gress, or by National disasters which will de-
stroy for time at least, the credit OF indWid
uals and the State nj large. \ sound currcn.
cy must be reached by Total bankruptcy, or
the credit and integrity Of The nation and OF
individuals.
| believe it is in the bower of Congress, at