The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1874-12-18
PRESIDENTS MESSAGE.

there would be independent writers,
those who expressed their own views
without a bearing upon the subject.
Without indulging in theories as to the
cause of this prostration, will only
call your attention to the fact, and to
one question as to which it would seem
there should be no disagreement. Dur
ing this prostratiOn
TWO ESSENTIAL ELEMENTS
of prosperity have been most abundant
labor and capital. Both have been
largely unemployed. Where the Sc
curity has been undoubted, capital has
been attainable at very moderate rates.
Where labor has been wanted, it has
been found In abundance at cheap rates
compared with what of the necessities
and comforts of life should be pur-
chased with the wages demanded. Two
great elements Of prosperity, therefore,
have not been denied us. third might
be added. Our soil and climate are
uneQualed within the limits Of any
contiguous territory, under one nation
ality, for its varieties of products to
feed and clOthe a people, and in the
amount Of surplus TO spare to feed less !
f1vOred people. Therefore, with these |
facts in view, IL seems to me that wise |
craftsmanship at this session of con- |
gress would dictate ignoring the past, |
aud directing IL proper channels these |
great elements OF prosperity to any |
people. Our debt abroad is the only |
element that can, with always a sound |
currency, enter into our affairs to cause |
any continued depression In the indus |
tries and prosperity of our people.
ORIGIN OF GREESBACKs.
A great conflict for national existence |
Fr,-
is the raising Of o large sum of money |
from whatever source attainable. 1t |
may have been necessary In the wisdom |
of congress, and / 90 not doubt their |
wisdom in the premises regarding the |
necessity Of the times, to devise a sys-
tenn of currency, which it proved to be
impossible to keep on a par with the !
recognized currency of the civilized !
world. This begat a spirit of specula-
tiOn, involving an extravaganza and lux
ury not required for the happiness or
prosperity of n people, and involving
both directly and indirectly foreign in
debtedness. This currency being of a
fiuctuatiDg value and, therefore, unsafe
to hold for legitimate transactions re-
quiring money, became a subject of
speculation in itself.
These two causes, however, have in
volved rs in a foreign indebtedness,
contracted in good faith by borrower
and lender, which should be paid in
coin, and according to the bond agreed
upon when the debt was contracted,
gold or it's equivalent. The good faith
of the government cannot be violated
toward creditors without national dis
grace. Our commerce should be en-
cOuraged, American shipbuilding and
carrying increased, and foreign markets
sought for the products Of the soil and
manufactures, to the end that We may
be able to pay these debts. Where a
market can be created for the sale of
our products, either of the soil, the
mine or the mauufnctOry, a new means
is discovered of utilizing our idle capi-
tai aud labor, to the advantage of the
whole people.
GOLD SEEKS IT'S LEVEL.
In my Judgment the first step to-
ward this object is to secure a currency
good wherever civilization reigns, one
which, if IL becomes superabundant
with one people. will find market with
some other a currency which has as it's
basis the labor necessary to produce 1t, {
which viii give it value Gold and E
silver are now the recognized medium j
Of exchange the world over, and to this ,
we should return with the least prac- {
ticable delay. In view of the pledges f
of the American congress when our t
present legal tender system was adopted G
aud debt contracted, there should be {
no delay, certainly no unnecessary de- c
Law, In fixing by legislation a method I
by which we will return to specie. To /
the accomplishment Of this end / invite :
yOur special attention. I believe firmly l
that there can be 10 prosperous and
permanent revival of business and in t
dustries until policy is adopted, with !
legislation to carry it out, looking to a c
return to the specie basis. l
THE DEBTOR CLASS.
1t ia easy to conceive that the debtor
and speculative classes may think il of |
value TO them to make so called money G
abundant, until they can throw a pOr- Q
tion Of their burdens on others. But +
even these, I believe, wOuld be disap- +
pointed IN the result, if a course should | 7
be pursued which will keep in doubt f
the vaiue of the legal tender medium of q
exchange, and delay the revival of pro- ?
Guctive industries needed by all classes, Il
by none more than By the holders of
property, of whatever sort, with debts c
TO liduidate for realization upon its +
sales. But admitting that these two 4
classes of citizens are to be benefited !,
D q
give it? Would not the general loss be a
too great to justify such relief? Would d
il not be as honest and prudent to au- n
thorize each debtor to issue his own n
legal tenders to the extent of his liabili- 4
ties Than to co this would IL not be
safer, for fear of Over-issues by upscru-
pulous debtors, to say that all debt OBJ &
legations are obliteTated in the United k
States, aud now we commence anew, {
each possessing all he has at the time s
free from incumbTance? t
DELAY DISHONEST. ?
These propositions are too absurd to :.
be entertained for a moment by think :
ing people. Every delay in the pre- :,
paration for final resumption partakes :,
of this dishonesty, and is only less in +
degree as the hope is held out that a g
convenient season will at last arrive for =
the good work of redecming our pledges =
to commerce. Il will never come, :
in my opinion, except by positive action y
by congress. or by national disasters, +
which will destroy for a time at least, =,
the credit of individuals and the state !,
at large, when a sound currency would "
be reached bv total bankruptcy of the
credit and integrity of the nation and
individuals. I believe it is in the pow &
er of congress at this session, to 2
devise such legislation as will re- Q
store confidence, revive all the indus r
tries, start us on the career of n
prosperity, and to save the credit of the Y
nation and the people. Steps toward f
the return to a specie basis, are steps to
this end devontly to be sought for, and n
there are others which 1 may touch on u
hereafter. j
A BONUS TO FOREIGNERS. n
A nation dealing in a currency below h
that of specie in value, labors under 4
two great advantages : First, having =
no use for the worlds acknowledged =
medium of exchange, gold and silver, Z
these are driven out of the country :
because there is no demand for their =
use. Secondly, the medium of exchange 4
being of a fuctatinq value, for it is n
only worth Just what it will purchase $,
Of gold and silver metals, having an !,