River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1874-12-18
NATIONAL AFFAIRS
Annual Message Of Presi-
dent Grant.
Specie Resumption Earnestly
Urged.
su1dry Recommendations and Sug-
gestions.

H. H. N.tsalf Gt.d House ~ Representatives.
since tie conveuiug % Congress one year
ago the nation las undergone q prnstratiun in
business aud industries smell ar has not been
Witnessed with us for niahy wears Specula-
ton a. tn che cauzeA for this prnetrafiou might
De iuduiged Ia without profit. because a. many
theories would ~ advanced a. there would be
Independent writer. those who expressed
their own views, without borrowing upon the
subject, without indulging in theories AZ 70 the
cause % THIS pro=tratIun. Therefore ! viii
call your attention. oHiv t0 the fact and TO
some questions as 70 which If would seem there
should be 40 disagreement. During this pros
tfatlon two essential elements 81 prosperity
have been most abuudant-labor and capital
Both have been largely unemployed. Where
security has been undoubted, capital has been
atfanable az very moderate rates. Where labor
las been wanted. il has heen found ia abundance
at cheap rates. compared with what of M ces-
sarles and comforts Of life could be purchased
with the wages demanded. Two great ee-
nents Of prosperity, therefore. have not been
aauled ". A third might be added Our soil ard
climate ale unequalled within the limits Of any
contiguous territory under one nationality. for
IS varieties Of produce to feed and clothe a
eople. and an amount of surplus 10 spare to
eed less favored people. Therefore. with
these facts IN view, it seems time that wise
-taternlauhiIp at this session Of Congress
would dictate ignoring the past, distributing in
prosperity 70 any people Debt abroad il the
MY element that can. with always a sound
currency, enter into our affairs To cause any
continued depression in the industries aud
prosperity Of our people. general conflict
for national existence made necessary.
Tor temporary purposes, the raising
OF large sums of money from what
ever source attainable. 1t made necessary.
IN the wisdom Of Congress. and / do not
doubt their " sdOm in the premises. regarding
the necessity of tie times, to devise system
OF national currency which proved to be inn
possible 70 keep on par with the recognized
currency Of the civilized world. This begot
spirit ofspeculation. involving an extravaganza
and luxury not required for the happiness or
prosperity Of people. and involving both di-
rectly and Indirectly. foreign indebtedness
Inc currency, being of too fiuctuating a value to
tie unsafe to hold for legitimate transactions
re iulnug money became subject of specula-
tion IN itself. Those two causes. however
have involved us IN a foreign indebtedness
contracted IN good faith by borrower and lend
er, which should be paid in coin and according
10 the bond agreed upon when the debt was
cuutfaeted-gold. or its equivalent. The good
iaith Of the government cannot be violated to-
wards creditors az the expense of national dis
grace. Our commerce should be encouraged
American ship-building anu carving capacity
increased. foreign markets sought for the pro-
ducts of the soil aud manufactures. to the
Stt1 via We may be able To pay these
debs. Where a market can be created for the
sale Of our products, either of the soil. the
MINIS or the monufactory, a new means IL dis
covered of utilizing our idle capital and labor
70 the advantage Of the whole country.
SPECIE RESUMPTION.
But, ia my Judgment. the first step towards
accomplishing this object i 70 secure a cur
rencx good wherever civilization reigns. aud
which. II Il becomes superabundant with one
people. viii find market with some other: a
currency which has as its basis tine labor nee
cssaTy to produce it which Will give its value
tod ana silver are now the recognized medi-
inns Of exchange the civilized world over. and
10 TINS We should return with the least praeti
cable delay. In view of the pledges of the
American Congress when our present legal ten
der system was adopted and debts contracted
there should he no delay certainly no unnec-
easary delay, m fixing by Legislation method
by which we viii return to specie. To the ac-
of this end invite your atten-
non- l believe firmly there can be no pros
porous and permanent revival of business and
until policy il adopted. with legis-
alton 70 carry It out. looking to a return to a
specie basis. II Is ea@y to Conceive that the
iettor and speculator may think it of
value to make a so-caled money abundant nm
II they can throw a portion of their burdens
upon others. But even these l believe would
be disappointed IN the result if course should
be pursued which will keep in doubt the value
~ the legal-tender medium Of exchange A
revival OF productive industries is needed bv
ali classes-by none more than the holders or
property Of whatever sort with debts TO ligui-
late from realization upon its sales. But adj
hitting that the two classes of citizens are to
be benefited by expansion, would IL be honest
10 give il : Would not the general loss he too
great 20 Justify such relief: Would it not be
inst n honest aud prudent to authorize each
debtor to tissue his own legal-tenders TO the ex-
tent Of his liabilities as TODD this Would
1t not he safer. for fear of over issues bv I'M
-2Inpulous creditors, to say that all debt obi
CATIONS are obliterated in the United States,
and now we commence anew. and each possess
ing all he has at the time free from ineumb-
hrances
These propositions are too absurd to he en-
tertained for a moment by thinking peo-
Isle Every delay in the preparation OF final
resumption parfake- of tins dishonesty and Il
only less IN degree as the hope is held out that
a convenient season will at last arrive for the
good work of redeeming our pledges to COM
meuce. 1t will never come. in my opinion.
except 10y positive action by Congress. or by
national disaster. which will destroy for a time
at least, the credit of individuals and the state
at large. sound currency must be reached
or the total bankruptcy of the credit and in
tegr1ty Of the nation, aud of individuals may en-
sue. believe it Is IN the power of Congress at
this session to devise such legislation as
VIII renew confidence, revive all industries
start Us ON a career of prosperitv. to last for
many years, and save the credit of the nation;
and the proper steps toward return to a
specie basis are the great requisites to this de-
devoutly to be sought for end There are
others which may touch upon hereafter
nation dealing IN a currency below that of
specie m value, labors under two great disad-
yantages.
First, having no use for the worlds acknowl-
edged medium of exchange, gold and silver.
these are driven ont of the country because
there is no demand for their use.
Second. the medium OF exchange in use be-
ing Of huctuating value for after all il is only
worth Iast what i will purchase Of gold and
silver metals, la wing an intrinsic yaluo Just in
proportion to the honest labor it takes to pro-
duce them, large margin must be allowed for
profit % the manufacturer aud producer Ii is
months from the date Of production to the date
OF realization. Interest upon capital must be
ehargtb. and risk Of fluctuation IN the value of
that which Is to be received in payment added
Hence high prices acting a. protection to
the fOlSign producer. who receives nothing in
exchange for the product of his skill aud labor
except currency good at staple value the
world over 1t seems to me that nothing Is
clearer than the greater mart Of the burden 81
existing prostration. for the want of a sound
financial system. falls upon the workingman
who must after all produce the wealth. and
saiaried men who superintends and conduct
business Tue burden falls upon them IN two
Ways-by the deprivation of employment
ami ~ the decreased purchasing power of
their salaries 1t j. the duty Of Congress to
devise the method Of correcting the evils
which are ckn0wiedged to exist. and not mine:
hut will venture to suggest two or three
Things which seem to me a. absolutely nee
essary TO retain % specie payments: The first
great requisite IN a return To prosperity. the
legal tender clause to the law authorizing the
issue Of currency by the national government
should he repealed, 10 take effect A. TO all
contracts after day fixed IN the repeating act
not 20 apply. however, 20 payments Of salaries
10y the government, or f0r other expenses now