The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-12-08
THE PRESIDENTS MESSAGE,
A Birds Eye View Of Matters
in General.
The Financial Problem Dis
cussed.
Specie Payments---The Pan
acea.
Foreign and Domestic Affairs
Foreign and Domestic Affairs


Since the convening Of Congress one
year ago, the nation has undergone n
prostration in business and industries
such US has not been witnessed with us
for many years.
! Speculation as to the causes for this
pro.tratiOn might be INDUCED in with
out profit, because, rs many theories
would be advanced as there would be in
| dependent writers-those who expressed
their own views. Without borrowing
upon the subject, without indulging III
| theories US to the cause of this prostra-
| ton, therefore, ] will call your attention
only to the fact, and to some plain ques-
tons, as to which it would seem there
should be no disagreement.
During this prostration two essential
elements of prosperity have been most
abundant: labor and capital. Both have
been largely employed, and where Sc
curity has been undoubted, capital has been
attainable at very moderate rates, and
! where labor has been wanted it has been
| found in abundance, at cheap rates, COM
pared with what of the necessaries and
! comforts of life could be purchased with
the wages demanded. Two great ele-
ments of prosperity, therefore, have not
been denied us. a third might be added.
! Our soil is uncqualed within the limits
of any contiguous territory under one
nation. for its rarity of produce, to feed
and clothe people, a4Apn the amount
of surplus to spare tce3eed less favored
peoples. Therefore with these facts in
| view it seems that wise craftsmanship at
this session of Congress, would dictate
legislation ignoring the past and d"cld-
ing in the proper channels these great
elements of prosperity. TO any people
debt and credit are the only elements
that can. with always sound currency,
enter into our affairs 10 cause any
continued depression in the industries
and prosperity Of our people.
The Currency Question.
A great conflict for the national exist
cncc made necessary for temporary
purposes, raising of large sums Of money
| from whatever source attainablc,
in the wisdom of Congress, and
| do not doubt their wisdom in the
premises regarding the necessity Of the
/ times to devise system of National cur
rency, which, has proved to be impossible,
to keep on a par with the recognized
currency Of the civilized world.
This begot spirit Of speculation and
extravaganza and luxury, not required
for the happiness or prosperity of peo-
| pie, aud involving both directly and in
| directly foreign Indebtedness. The cur
rency, being of fuctuatiRg value, and
therefore unsafe to hold for legitimate
TRANSACTIONS requiring money, became n
subject of speculation in itself.
These two causes, however, have in
volvcd us in a foreign Indebtedness con-
tracted in good faith by borrower and
lender, which should be paid in certain
and according to the bond agreed upon
when the debt was Contractcd-go!d or
its equivalent
| The good faith Of the government can
not be lnviolatcd towards creditors with
out national disgrace; but our
Commerce should be Encouraged.
American ship building ana carrying
capacity increased in foreign markets
sought for products of the soil and man
ufacturcs, to the end that we may b"
able to pay these debts. Where new
market can be created for tn" sale of our
products, either Of the soil, the mine or
the manufaCtorv. a new means Is discOv-
cred of utilizing our idle capital and
labor, to the advantage Of the whole pcO-
pie. But, in my judgment. the first step
towards accomplishing this object is 10
secure a currency good wherever civiiza-
tion reign-; one which, when 1t becOmrs
superabundant with one people will
find u market with some other; a cur
rency which has a. it, basis the labor
necessary to produce it. which will give
10 it its value. Gold and silver, are now
the recognized mediums of exchange, the
civilized world over, and to this We should
return with the least practicable delay, III
view of the pledges of the American Con-
gress, when our present legal tender sys-
TEN was adopted. There should be no
delay, certainly no unnecessary delay in
! fixing. bv legislation, method by which
we shall return TO specie, and 10 the ac-
| complement of this end | invite yonr
/ special attention. ! believe, firmly, there
I can be no prosperous and permanent re-
vival Of the business and industries until
a policy is adopted, with legislation TO
carry it out, looking 10 return 70 specie
/ basis.
/ 1t is easy 70 conceive that the specula-
! tive classes NAV think il OF value 10 them
to make 50 called money abundant until
thev can throw Il portion Of their busi-
ness on 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 ten
I der medium Of exchange.
/ Needed
pv all classes, and by none more than
holders Of property Of whatever sort,
with debts 70 liquidate for the realization
upon its sale, but admitting that these
two classes Of citizens are 10 be benefited
/ by expansion, would not the general loss
Be too great to justify such relie?
Would il not BE- Just a. honest and
prudent 10 authorize each debtor 20 issue
his own legal tenders 70 the extent Of hu
liabilities than 10 DO this, would il not BE-
safer fJr fear Of over issues BY unscrupu.
lous creditors TO say that all debt and
obligations are OblIierSted in the United
State, and now are we 20 commenct
anew, each possessing al be has st The
time free from incumberanee? These
positions are too absurd TO be entertained
for a moment by thinking Of honest peO-
pie. Yet every delay in the preparation
for q final resumption partAkes Of this
dishonesty and Is only less in the hop.
that q convenient DAY will At ieas'
arrive for the good work Of redeemine
our pledges to commence. Il will neve'
come, in my opinion, except by pcsitiV'
action BY Congress, or by nstionsl disas
ters which will destroy, for time a
least, the credit Of individuals and th'
sists 8, large. A sound currency nigh