The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1874-12-17

[ence the high price acting as protection to
he foreign producer who receives nothing
d exchange for the product of his skill and
abor, except . currency good at staple
,aiue the world over
] 1t seems to me that nothing is clearer than
hat the greater part OF the burden OF the
existing prostration for the want Of
sound financial system falls upon the
who must after all produce
The wealth. and the salaried man who SUI
perintends and conducts the business. The
burden falls upon them in two ways-by
the deprivation Of employment and by the
decrease Of the purchasing power Of their
salaries
It IS the duty Of Congress to devise the
methods Of correcting the evils which are
acknowledged to exist, and not mine. But
will venture to suggest tu or three things
which seem to me as absolutely necessary to
return to specie payments, the first rest
requisite in return to prosperity.
The legal tender clause to the
law authorizing. the issue =
be repealed, to take effect as to all contracts
after day fixed on, the repeating act not to
apply, however, to payments OF salaries BY
the government or for other expenses now
provided by law to be paid in currency. In
the interval pending between repeal and
final resumption. provision should be made
by which the Secretary of the Treasury can
obtain gold As it may become nee
the date when specie resumption
commences. To this might and should be
added q revenue sufficiently in excess of ex-
penses to insure an accumulation Of gold in
the Treasury to sustain redemption. Icom-
mend this subject to your careful considera-
ton, believing that a favorable solution j.
attainable, and that Preached by this Con-
gress that the present and future generations
will ever gratefully remember it as the de-
livery from the thraldom Of evil and dis
grace.
FREE BANKING.
With resumption free banking may be au-
thorized with safety, giving full protection
to bull holders, which they have under ex-
isting laws. Indeed | would regard free
bankingas essential. It would give deeper
elasticity to the currency. As more currency
would be required for the transaction of he
ultimate business, new banks would be start
ed, and in turn banks would wind up their
| business when it was found there was q su.
perabundance of currency.
The experience and judgment Of the peo-
PIE can best decide just how much currency
is required for the transaction of the bust
ness Of the country. It is unsafe to leave
the settlement of this question to Congress,
tie Secretary of the Treasury or the Execu-
, tive Congress should make the regulation
under which banks may exist, but should
: the amount Of redeemable currency
: that shall be authorized Such
importance do l attach to this subject
and SO earnestly d, commend it to your
!, attention that give it prominence by intro
! ducing it at the beginning of this message.
f FRIENDLY RELATIONS WITH FOREIGN POW.
S Frs.
During the past year nothing has occurred
|. to disturb the general friendly and cordia
! relations OF the United States with Othel
n powers, The correspondence herewith sub
Il Initted between this government and its di
y plematlc representatives to other coun
e tries shows satisfactory condition o
II all questions between the United State
q ceptlons to which reference is hereafte
e made, the absence Of any points Of differ
ence to be adjusted.
Is The notice directed by the resolution Q
+ Congress Of June II, 1874, to be given +
le terminate the convention of July II, 1856
le between the United States and Belgium, ha
7; been given, and the treaty will accordingl
Or terminate on the LIST day Of July, 1875. Thi
ID convention would retain to Belgium vessel
e. entering the ports Of the United State
d exceptional privileges which are ne
Id accorded to our own vessel
he Other features of the convention hav
proved satisfactory and have lad to cult
an walton Of mutually beneficial oommerci
e. intercourse and friendly relations betwee
re the two countries. hope that negotiaticI
ry which have been instituted will result
by the celebration Of another treaty which ms
IT. tend to the interest Of both countries.
tie Our relations with China continue frien'
ly ". During the past year the fear Of hOstil
US ties between Japan and China, growing o.
n Of the landing Of an armed force upon Il
g. Island OF Formosa by the latter, has occ
TO stoned uneasiness. It is earnestly hoped Il
ed difficulties arising from, this cause, W
ey vance OF civilization in TIE
OF empires may not be retarded by state
se, war. In consequence Of the part taken by &c
re- tain citizens OF the United States in this e
ch petition, our representatives in tho
gal countries have been instructed TO impre
Of upon the governments Of China and Jap
es, the firm intention Of this country TO mai
ate ties, and carefully prevent any infraction
it the law ON the part Of our citizens.
70 CHINESE IMMInRATIoN.
&c. In connection with this subject call
re- attention OF Congress TO generally conced
nm fact, that the great proportion Of Chin
ach immigrants who come TO our shores, do ,
fhe come voluntarily TO make their homes "
lis US, ana their iAuoI PIouuclsc VI ecHe
nes prosperity, but come under contract "
ali head men who own them almost absolute
the In worse form does itapply to Chinese '
nee men Hardly perceptible per cent. Of tn
me. perform any honorable labor; they
On, brought for shameful purposes to the d
t. grace to the communities where settled q
-. 70 the great Generalization Of the yout
Z ~ those Localities. II this evil practice can
last legislated against, it will he my pleasure
our well ~ duty 70 enforce any regulation to
M. cure 10 desirable an end
w INTERCOURSE WITH JAPAN.
-; fits hoped tllAt negotiations between
government Of Japan and the treaty pow
-. looking TO the further opening Of the
80. pire and to the removal Of serious rest
~ lions upon trade and travel may soon !
IN, duce the result desired, which cannot IA
~, enure 70 the beneft Of ali the parties.
49, ing on previous occasions submitted to
en- consideration Of Congress the proprietJ
snd the release Of the Japanese governn
81 : from the further paymen. Of indem
III under the convention Of October, ]
, 80 and - no action had been "a
.fasr therein ii became my dnty to regard the
atpf leaohs -. ~ LIZ cons rn. . = 90 ivfc-,
ceived their portion Of the indemnity in
.,s,- the minister u the United States in il
gold 80 -a-n.;..d.- 20 Il a..... H.. N
the $3.50 csas-~ III "'o ..:-.s. :,
: W monsekv. submit the propriety Of az
-. ing the income or part, il not the wi
m !, Of this fund. 70 the educ
- in the Japanese language ofanumber Of y
1 krxG e f. kS <tyA