The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1874-12-16

the good WOrk OF retiecmlng UGl
pledges to commence. 1t will neyel
come, ia nay opinion, except by posi-
tive action by Congress, or hy pa
tioual disasters which viii destroy
for time at least the credit Of th,
iadivilnaI and the state at large. 4
sound currency might be reached by
total bankruptcy aud discredit of ID.
integrity Of The nation and Of indi
viduaIS.
| believe it is the duty Of Congress
at this session u devise such legisla
tion as will renew confidence, revive
industries, start US on career ol
prosperity TO last for many years,
aud to sa5e The credit Of the nation
and Of the people. Steps toward the
return to a specie basis are great
requisites deyoutly to be sought for.
and there are others which | may
touch upon hereafter A nation deaf.
ing in currency below that ol
specie In value laboFs under two
great disadvantages: First, having
no use for the worlds acknowledged
medtums Of exchange, gold and sill
yer. these are driven out of the eoun-
try becauseSthere Is no demand for
their use: second, the medium Of ex-
change IN use being Of flciuating
value, for after all it is only worth
just wha; it will purchase OF GOLD
and silver-metals having an in
trinsic value just in proportion to
the honest labor it takes TO produce
them.
4 larger margin must be allowed
Tor profit by The manufacturer and
producera It IS months from the
date of production tothe date Of real
izaiion, Interests upon capital must
he charged, and risk Of aaetuati0a
IN the value Of that which is to be
received in payment added. hence
high prices acting as protection to
the foreign producer. who receives
nothing in exchange for the products
Of his skill and labor except curren.
cy good It z stable value the world
over, Ii seemsto me that nothing Is
clearer than that the greatest part OF
the burden Of existing pras.raiion,
for lbe want of sound financial
system, falls upon the working man,
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 employ.
ment aud by the decreased pprchas
ing power Of their salaries.
REPEAL or TEE LEGAL TENDER ACT
RECOMMENDED.
Il is the duty of Congress to de-
wise tue method Of correcting the
evils which are acknowledged to ex-
ist, and no more; butt will venture
TO suggest two or three things which
seem 10 me as absolutely necessary
to a return to specie payments, the
Grst great requisite in return to
prosperity. The legal tender clause
to ihc law authorizing tie isSae OF
currency by the National Govern
NEXT should be repealed, to take ef-
feet as to all contracts entered into
after a day fixed 10 the repealing act,
not to apply, however, to payment Of
salaries by Government or for other
expenditures now provided by law
to be paid in currency in the inter
val pending between repeal and Gnal
resumption. Provision should be
made by which the Secretary Of the
Treasury can obtain gold as il may
become necessary from time TO time,
from the date when specie redemption
commences. To this might and
should be added revenue safiic ent-
IL in excess of expenses to insure an
accumulation Of gold in the Treasury
to sustain redemption. ! commend
this subject to your careful eonsid-
Grafton, believing that favorable
solution is atiainable, and that if
reached by this Congress, that the
present and future generations will
ever gratefully remember it as their
deliverer from athraldom of evil and
disgrace.
FREX BANKING.