Wilmington daily commercial., 1874-12-08
FIRST EDITION.
The Presidents Message.

Upon the re assembling of Congress-, yester-
day, the President sont in his annual message.
The document opens with reference to the
present depressed condition of the country, and
without the suggestion Of any plans for its mod
ification or removal, the President simply calls |
attention 10 the fact that both capital and labor
have been abundant and largely unemployed. |
Debt abroad he regards RI the only element that |
can, with sound currency, produce continued |
depression in industry and prosperity, but he
deems it obligatory upon us to pay off our for |
eign indebtedness as contracted-in gold or its |
equivalent. Commerce, he says, should be en- |
conraged, American ship building and carrying
capacity increased, foreign markets sought for
products of the soil, and manufactures, to the
end that we may he able to pay these debts.
RESUMPTION OF SPECIE PAYMENTS.
I believe firmly there can be no prosperous
and permanent revival of business and indus
tries until policy ia adopted with legislation to
carry it out looking to return to specie basis
revival OF productive industry is needed by all
classics ; by none more than holders Of property
of whatever sort with debts to lquidate for re-
alZation upon its sale But admitting that these
two classes Of citizens are to be benefited by
expansion, would 1t be honest to give it? Would
not the general loss be too great to justify such
relief2 Would it not be just as honest and pru-
dent 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 Dy unhcTupuiOub cftulbOlbt W say
that all obligations obterated in the United
States, and now we commence anew, each pos
essing all he has at that time free from incum-
brance?
Yet every delay in preparation for final re-
sumption
pARrAKEs OF THIS DISHONESTY,
and is only less in the hope that a convenient
time will at last arrive for the good work of re-
deeming our pledges to commence. 1t will
never come in my opinion, except by positive
4 aV.a1
which will destroy for time at least the credit
of individuals and the State at large. sound
| currency might be made by total bankruptcy and
discredit of Integrity of the nation and OF ndi-
viduals A nation dealing in a currency below
that Of specie in value labors under two great
disadvantages First having no use for the
worlds acknowledged mediums OF exchange
| gold and silver-these are driven out OF the
country because there is no demand for their use:
Second The medium of exchange in use being OF
huctuatng value, for after all it s only worth
just what it will purchase of gold and
silver metals, having All intrinsic value just in
proportion to the honest labor it takes to produce
| them, larger margin must be allowed Tor pront
by the manufacturer and producer. 1t is months
! from the date of prodution to the date OF reali-
cation. Interest upon capital must be charged
and risk of fuctuation in the value or that winch
| ia to be received in payment added hence hlgh
prices acting AZ protection to the foreign prod
Ger who receives nothing in exchange for the
production of his skill and labor except a cur
rency good at a staple value the world over.
| II seems to me that nothing il clearer than that
the greater part of the burden of existing pros
tration for the want of a sound financial system
falls upon the worhingman who must, after ALL
produce the wealth, and the salaried man who
superintends and conducts business.
THE BURDEN FALLS UPON THEM
in two ways-by the deprivation of employment,
and by the decreased purchasing power Of their
salaries. 1t is the duty of Congress to devise
the method of correcting the evils which are
acknowledged to exist and not mine. But l
will venture to suggest two or three things
which seem to me as absolutely necessary to re-
turn to specie payments, the first great requisite
in return to prosperity. The legal tender clause
TO the law authorizing the issue OF currency by
the National Government should be repealed,
to take effect to all contracts entered into az
ter day fixed in the repeating act, not to apply
however to the payment of salaries by Govern
ment or for other expenditures now provided by
law to be paid in currency in the interval penuine
between repeal and iinalresumption. Provision
should be made by which the Secretary can OBJ
tain gold aa it may become necessary from time
to tins from the date when specie redemption
commences. TO this might and should be adj
ded n revenue sufficiently in excess OF expenses
to insure an accumulation OF gold in the Trea'
sury to sustain redemption. With resumption
free banking may be authorized with safety CIV
, ing full protection to the holders which they
have under existing laws. Indeed l would re-
Q gard free banking essential 1t would give
4 proper elasticity to the currency. AS more cur
' rency should be required for the transaction Of
4 legitimate business, new banks would be started
and in turn banks would wind up their business
d when it WAS found that there was a superabun
dance of currency.
n SOUTHERN TROUBLES.
With regard to the political situation In tn
: South, the message recites the disturbance
= arising out of the rival claims to the State Gov
ernment in Louisiana, and while stating that, Of
account of the election frauds and forgerie
: committed at the Gubernatorial election ther
d in 1872, it is impossible to tell who was elected
:, the President had always believed that the pres
\ ent State officials had received majority OF tn
" " legal votes, and had recognized them; and h
!, repeats the notification in his message Of Feb
= e ruary. 1873, that if Congress takes no action
|, the contrary, he must continue to recogniz
= them as the lawful Government OF tina
> State. Referring to the dispute in Arkan
u sas the President recites the causes whic
y = led to the rival CLAIMS for the Goyernorshi
!; there, and says that as Congress is now invest
= eating the political affairs of that State he ha
4 declined to interfere. Preceding this there is
u reference to the White Leagues and bands {
:, masked aud armed men with their military drill
" and menacng demonstrations and outrage
W which spread terror among those OF the opposit
:" political party, and intlmidatod the colored "
Y iers. Further on in the message it is intimate
y that the reports of these outrages may hay
u been understated by one side, and may be owe
W stated OF exaggerated by the other, and that
!, may be worth while for Congress to inquire al
ou the alleged wrongs to coored citizens for poli
il, cal purposes are real, the reports there
u, manufactured for the OCCASION" The Preside
" then invites the attention of the people of Il
m mie United States to the causes and effects OF
's- THESE UNHAPPY EVENTS
lis suggesting that there may be a disposition
,al one side to magnify wrongs and outrages, al
,s- on the other to belitte or Justify those whi
ty really exist He further suggests thai. If &C
rected public opinion were 30 directed as to !
| l..I.. x.,. xtata and
al where it does not exist, we would the soon
ng have that condition of peace in the Southe
ia, country which would leave the States there Fl
o. indeed to regulate their own domestic aifal
IN He believes that the better part of the ctize
are of the Southern States are disposed to be la
ter abiding, but asks if they do right in gnori
violence and bloodshed. He sympathizes W
their PROSTATE condition i'll the trying times tn
have had under bad State Governments, In
oppressive taxes that have been imposed
on them for wastoful purposes, and would do all
ger his power to relieve them, but he thinks tl
yer are not without their responsibility for their &C
ur- J,tiou Tho ,phnla auhiect of Executive Int