The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1874-12-03
Tip|on Advertiser Supplement
PRGSIDBNq'S MESSAGE.


Since the converting Of Congress. on
year ago, the nation has undergone
rnosrRATIoS IN BUSINESS
and industries, such Is has not been viii
messed with Us for many years. Specula
zion a to the causes for this prosiratioi
might be unduly INDUCED In without pro6'
because - many theories would be sdvanc
cd IS there might be independent writers
those who express their own views with
out borrowing upon the subject, withou
indulging In theories as to the cause o.
this prostration. Therefore I will call YOU
attention only to the fact and to some ques
tions e. to which Il would seem there
ahould be no disagreement During
this prostration two essen tial elements oil
prosperity have been most abundant
labor and capital. Both have been largely
unemployed. Where security has been
undoubted, capital has been attain.
able NJ very moderate rates, and
where labor has been found In abundance
at cheap rates, compared with what OF ne
cessariss and comforts of life could be pur
chased with The wages demanded. The
great elements of prosperity, therefore, have
Not been denied US, and n third might be
added. Our soil and climate are unequal
led within the limits of any contiguous
territory, under one nationality, for its va.
rieties og products 10 feed and clothe peo-
pie, and in the amount Of surplus to spare,
tot feed less favored people. Therefore.
with these facts in view II seems to me that
wise craftsmanship at this session Of Con
gress, would dictate the ignoring Of the
pas. and distributing In proper channels,
these great elements Of prosperity.
THE PUBLIC DEBT.
To any people their debt is the only Gle
mens that can, with always . sound cur
rency, enter into threir affairs and cause
continued depression in their industries and
prosperity.
A great conflict for national existence
made necessary, for temporary purposes,
the raising Of large sums Of money from
whatever source attsinable. II was made
necessary in the wisdom Of Congress. and
! do not doubt their wisdom in the prem
Uses, regarding the necessity OF the times,
to devise 9 system of national currency.
which il proved to be impossible 10 keep
on par with the recognized currency Of
the civilized world.
THIS begot spirit Of speculation involv-
ing an extravagance and luxury not re-
quired for the happiness or prosperity of
people, and involving both directly and in
directly, a foreign Indebtedness. The cur.
.eccy, being Of a duciuating value, proved
to be unsafe to hold for legitimate transac-
tions requiring money, and became sub
ject of speculation In itself
These two causes, however, have in
volved Us in foreign Indebtedness, con-
uacted in good faith by borrower and
lender, which should be paid in coin, and
according 10 the bond agreed upon when
the debt was contracted, I'm gold or its
equivalent The good faith of the
government cannot be violated to-
wards Its creditors without nation
he encouraged; American ship building
carrying capacity increased; foreign mar.
kets sought for the products of the soil and
manufactures TO the end that we may be
able to pay ihese debts. Where q market
can be created for The sale of our products,
either OF the soil, the mine or the manutac.
tory.a new means is discovered Of utilizing
our idle capital and labor TO the advantage
Of the whole people. But in my judgment,
the frs, step towards accomplishing this
object - to secure . currency good where.
ever civilization reigns, one which IL il be-
comes supersbundant with one people will
ind market with some other, q currency,
which has As its basis the labor neces-
Sary 70 produce IL, and which will
gives its vaiue. Gold and silver are now
The recognized mediums Of exchange The
civilized world over, and 10 this we should
return with the least practicable delay. In
view Of the pledges of the American Con-
gress. when our present legal tender system
was adopted and debt contracted, there
should be no delay certainly no unnecessary
delay, In fixing BY legislation method by
which We will return 10 specie.
To the accomplishment Of this end in.
wife your attention. | believe firmly that
there can be no prosperous and permanent
revival Of business aad industries until q
policy is adopted, with legislation 10 carry
j. ouL, looking TO return 70 q specie basis.
II IL easy 10 conceive that the debtor and
speculaiive classes may think it of value to
make SO called money abundant, until
they can throw portion Of their burdens
upon Others; but even these, | believe,
would be disappointed in the result if a
course should be pursued which will keep
In doubt the value of the legal tender medi.
um Of exchange. A revival of productive
industries is needed by alI classes; by more
more than the holders of property, of what.
ever sort, with debts to liquidate from the
realization upon its sales. But admitting
that the two classes Of citizens are to be
benefited by expansion. would 1t be honest
to give III Would not the general
Loss be too great to justify such reliefs
Would 1t not be just as honest and prudent
10 authorize each debtor to issue his own
legal tenders to the extent of his liabilities,
Us to do this? Would it not be safer, for
fear Of over issues by INSCRIPTIONS credl-
tors, TO say that all debt obligations are
obliterated In the United States, and that
now we will commence anew, each person
with all he has at the time, free from en-
eumbrance?
These propositions are too absurd to be
entertained for moment, by thinking
people. Every delay, in the preparation OF
nnal resumption, partakes of this dishon.
esty. The season will at last arrive for the
good work Of redeeming our pledges. To
commence i. will never come, in nv
opinion, except by positive action, by
Congress or by national disaster which
will destroy, for a time at least, the credit
Of the individuals and the state a; large
A sound currency must be reached by a
total revival of the credit and integrity OF
the nation and individuals. l believe 1t is
in the power OF Congress in session to de
wise such legislation as will renew con
hdence, revive all the industries and star
US on career of prosperity to last fol
many years To save the credit of the ma
ton and Of the people steps toward the re
turn to a specie basis are the great requi
sites. To this devoutly to be sought for
end there are others which | may touch
upon hereafter. A nation, dealing in
currency below that of specie i,
value, labors under two great disad
vantages first, having no currenc
for the worlds acknowledged medium O
exchange, gold and silver. These ar
drawn out of the country because there j
no demand for their use secondly, the IN,
dunn of exchange in use being Of fluct,
ating value, for after all it is only wort
just what 1t will purchase Of gold and silve
metals-has an intrinsic value just
proportion to the honest labor it takes |
produce them. A large margin must b
allowed for profit by the manufacturer an
producer. 1t Is months from date of pr
duction to date of realization. Interest upo
capital must be changed and the risk I
1uciuation in the value of that which is
be reserved In payment added; henc
high prices, acting as a protection to tn
foreign producer who receives nothin
in exchange for the product Of his skill ar
labor, except at a stable value the worl
over, it seems to me that nothing is clear,
than that the greater part Of the burden
the existing prostration, 10. the want of
sound financial system, falls upon the worl
ing man, who must after all produce Il
wealth and the salaried man who superb
tends and conducts business. The burde
talls upon them 10 two ways, By the depr
walton of employ ment, and by the decrease
purchasing power Of their salaries. 1t
the duty of Congress, not mine, to Gevi
the method af coyvertjpp tho euile uhif