Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1874-12-10
NATIONAL AFFAIRS.
Annual Message Of President
Grant,
A Comprehensive Review Of all De-
partmentS Of the Government.
Specie Resumption Earnestly
Urged.
The Story of Southern Troubles
Plainly Told.
sundry Recommendations and Suggestions

I ldihAJ LNiOs
sundry Recommendations and Suggestion
10 tie Senate and House OF REPRESENTATIVES.
Since the converting of Congress one year
ago, the nation has undergone prostration in
business and industries such as has not been
witnessed with us Cor many years Speeula
ton as to the causes fo this prostrati on might
be INDUCED in without profit; because as manv
| theories would be advanced as there would he
independent writers, who expressed their own
views, without borrowing, upon The subject.
THE FINANCIAL CONDITION OF THE COUNTRY.
Without indulging in theories as to the cause
of the prostration, therefore, | will call your
attention only to the fact, and to the sole
question as to which it would seem there should
be'no disagreement. During this prostration.
two essential elements of prosperity have been
most standardization and capital Both have
been largely employed, and where security has
been undoubted capital has been attainable ut
| very moderate rates. Where labor has been
| wanted iJ has been found in abundance and AT
| cheap rates compared with what of necessaries
and comforts of life could be purchased with
the wages demanded. Two great elements OF
prosperity therefore have not been denied us,
| and third might be added: our soil and cl>
mate are onequalled within the elements of any
| contiguous territory under one nationality, for
its varieties OF products to feed and clio the a
| people, and in the amount of urplus to spare
to feed less favored people therefrom. With
| these facts in view, it seems to me that wise
craftsmanship at this session of Congress would
dictate ignoring the past and distributing in
proper channels these great elements of pros
perity to any people.
| The debt abroad is the only element that
| can, with always sound currency, enter into
our affairs to cause any continued depression
in the industries or prosperity of our people
A great conflict for national existence made
necessary for temporary purposes the raising
| OF large sums of money from whatever
| sources attainabe. 1t was made necessary In
| the wisdom of Congress, and | do not doubt
their wisdom in the premises, regarding the
| necessities of the times, to devise system of
national currency which IL proved to be i'm
possible to keep on par with the ccrrency Of
the civilized world. This begot a spirit of
| speculation involving an extravaganza and
luxury not required for the happiness or pros
perity of people, and involving both directly
and indirectly foreign indebtedness The cur
| Tency DelHS Ol Il Hucludtlnn character, was
| found to be unsafe to hold for legitimate trans
actions requiring money, and became subject
| of speculation in itself These two causes
| however have involved us in foreign indebt
edness, contracted in good faith by borrowers
| and lenders, 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 Government cannot be
violated toward creditors without national dis
| grace. Our commerce should be encouraged
American ship building and CARRYING capacity
| increased, foreign markets sought for the pro-
| ducts of the soil and manufactures to the end
| that we may be able to pay those debts, where
the market can be created for the sale of our
products either of the soil. the mine, or the
| mandatory. But in my judgment the first
| step toward accomplishing this object is to Sc
| cure a currency good wherever civilization
reigns-one which, if it becomes superabun-
| dant with one people, will find market with
some other; a currency which has its basis
the labor necessary to produce it.
| SPECIE PAYMENT.
| Cold and silver are now the recognized me
| diums 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 Congress when our present legal
/ tender system was adopted and the debt con-
| tracted, there should be TO delay certainly no
unnecessary delay, in fixing by legislation a
| method by which we return to specie. To the
accomplishment of this end invite your spe-
| cial attention. | believe firmly that there can
| be no prosperous and permanent return of bus
sness and industries until policy is adopted
| with legislation to cary it out, looking to re-
| turn to a specie basis 1t is easy to conceive
| that debtors and speculative classes may think
/ 4. pIa
until they can throw portion of their burdens
upon others But even these, believe, would
| be disappointed in the result of a course, shod
it be pursued, which will keep in doubt the le-
gal-tender medium of exchange. revival of
| the productive industries is needed by all class
es and by none more than the holders of prop.
| erty, of whatever sort, with debts to iquidate
from the realizations upon its sales. But ad-
hitting that these two classes 6f citizens are
to be benefited by expansion, would it be hon
est to give it-would not the general loss be
too great TO Justify such relief? Would it not
be lust as honest and pleasant to authorize
each debtor to issue his own legal tenders to
his liabilities as to do this? Would it not be
safer for fear of over issues by INSCRIPTIONS
debtors, to say that all debts and obligations
are obliterated in the United States and now
we commence al eS, each possessing all that
he has at the time free from incumbrance
These propositions are too absurd to be enter
| tanned for a moment by thinking people.
| Every DELAY in the preparation for final re-
| sumption makes it dishonesty. season will
at last arrive for the good work of redeeming
our pledges to commence. 1t will never come
in my opinion except by positive action by
Congress, or by national disasters which will
DESTROY for time at least the credit of indi-
viduals and the State at large A sound cur
| reney must be reached by total bankruptcy, OF
by the integrity of the nation and of individu-
ais. 1t is in the power of Congress, at this ses-
sion, to devise such legislation as will renew
] confidence, revive all the industries, start us
on g. career of prosperity to last for many years
; and to save the credit of the nation and the
people. Steps toward return to specie ba-
sis are the great requisites to this devoutly to
be wished for end. There are others which
NAV touch upon hereafter.
A nation dealing in currency below that OF
specie value labors under great disadvantages.
, Having no use for the worlds recognized medi-
ums Of exchange, gold and silver, these are
drawn from the country because there is no
demand for their use, and the medium of ex-
change in use fuctuates in value; for after all
II is only for lust what it will purchase of gold
, and silver metals, having an intrinsic value
lust In proportion to the honest labor 1t takes
to produce them. large margin must pe
! allowed for the manufacturer and producer
1t is months from the date of production to the
date of a realization. Interest upon the capital
invested must be charged, and the risk of fiuc-
| tuation in the value Of that which is to be re-
ceived in payment added hence the higt
prices act as protection to the foreign pro-
Queer, who receives nothing in exchange fol-
the product of his skill and labor except a cur
. rency good at stable value the world over,
1t seems to me that nothing is clearer than
that the greater part of the burden of the ex-
: isting prostration, for the want of a sound Il
! nancial system, falls upon working men, wht
must after all produce the wealth, and the sal
: aries of the men who superintend and conduc
. the business The burden falls upon them IL
two ways by the deprivation of employment
: and by the depressed purchasing power 0
. their salaries.
SUGGESTIONS