Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-08

/ AA~aSA auO u JIG fCOpAcs O&ckc tOHttu
the return TO a specie basis, are steps to
this end deyoutly to be sought for, and
there are Others which | may touch on
hereafter.
A BOnus te Foreigners.
A nation dealing in a currency below
that of specie in value, labors under two
great advantages: First, having no use for
the worlds acknowledged medium of ex-
change, gold and silver, these are driven
out of the country because there is no de-
mand foi their use. Secondly, the medium
| Of exchange being-of Auctuating value,
for it is only worth just what it will pur-
chase Of gold and silver metals, having an
intrinsic value just in proportion to the
honest labor 1t takes to produce them,
large margin must be allowed for profit
by the manufacturer and producer. In the
months from the date of production TO the
date Of realization, interest upon capital
must be charged, and the risk Of fluctuation
in the value of that which is to be received
| IN payment added. Hence high prices, act
as protection to the foreign producer,
who receives nothing in exchange for the
product of his skill and labor, except cur
rency good at a stable value the world over.
The Poor Man Bears the BrunL.
1t seems to me that nothing is clearer
than that the greater part of the burden of
the existing proStration, for the want of a
sound financial system, falls upon the
workingman, 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 decreased purchasing power of their
salaries. 1t is the duty of Congress to de-
wise the method of correcting the evils
which are acknowledged to exist, and not
mine. But will venture to suggest two
O. three things which seem to me as abso-
iutely necessary to return to specie pay
ments.
Repeal Of the Legal Tender Clause
Urged.
The first great requisite in a return to
prosperity is, that the legal tender clause
TO the law authorizing the issue of curren-
CIV by the National Government, should be |
repealed, to take effect, as to all contracts |
entered into after day fixed in the repeal |
| ing act, not TO apply, however, to the pay |
ments Of salaries by the government, or
other expenses now provided by law to be |
paid in currency. In the interval and pend |
ing between repeal and final resumption, |
provision should be made by which the |
as it NAV become necessary, from time 10 |
time, from the date when specie resump-
tion commenced. To this might and |
should be added revenue sufficiently in
excess of expenses to insure an accumula-
ton Of gold in the treasury to sustain re-
demptiOn. l commend this subject to |
your careful consideration, believing that a
favorable solution is attainable, and that if
reached by this Congress, present and fu-
ture generations will ever gratefully re-
member it as their deliverer from
a thraldom of toll and disgrace.
Free Banking Essential.
With resumption free banking may be
authorized with safety, giving full prOtec-
ton to bill-hOlders which they have under
existing laws. Indeed, would regard free
banking essential. 1t would give proper elas-
ticIty to the currency. As more currency
should be required for the transaction of
legitimate business, new banks would be
started and in turn banks would wind up
their business when it was found there was
a superabundance of currency. The ex-
perience and judgment Of the people can
best decide Just how much currency is re-
Quired for the transaction of the business
of the country. 1t is unsafe to leave the
settlement of this question to Congress,
the Secretary Of The Treasury or the Ex-
ecutive. Congress should make the regula-
IatiOn under which banks may exist, but
should not make banking a monopoly by
limiting the amount of redeemable paper
currency that shall be authorized. Such
importance do l attach 10 this subject and
so earnestly do l commend il TO your atien-
ton, that give it prominence by introdu-
cling it at the beginning Of this message.
Our Foreign Relations.
During the past year nothing has oc-
CURED to disturb the general, friendly and
cordial relations Of the United States with !
other powers. The correspondence sub
mitted herewith between this Government |
and its diplomatic representatives in other
countries, show a satisfactory condition of |
all questions between the United States
and the most of those countries, and, with
a few exceptions, to which reference is
hereafter made, the absence Of any points
Of difference to be adjusted.
Belgium.
The notice directed by the resolution of
Congress Of June IS, 1874, to be given to |
terminate the convention of July Il, 1858,
between the United States and Belgium, |
has been given, and the treaty will accord
ingly terminate on the first day of July,
1915. This convention secured to certain |
Belgian vessels entering the ports of the ,
United States, exceptional privileges which
are not accorded to cur own vessels. Other
features of the convention have proved sat
and have tended 10 the cultiva- {
ton Of the mutually beneficial commercial [
intercourse and friendly relations between (
the two countries. hope that the negotia- I
tons which have been instituted will re- q
no an Of |
which may tend to the interests of both {
countries.
China. Z
Our relations with China continue to be
friendly. During the past year fear of hos
tIlities between China and Japan, growing +
ont of the landing of an armed force upon {
tue island Of Formosa by the latter, has oc- a
casioned uneasiness. 1t is earnestly hoped. S
however, the difficulties arising from this il
cause will be adjusted, and that the ad- a
vance of civilization in those empires may u
not be retarded by a state Of war. o
In consequence Of the part taken by Ger Z
tain citizens Of the United States in this o
our representatives in those n
countries have been Instructed to imDress Ii
upon the governments Of China and japan q
the firm intention Of this country to main d
tain strict neutrality in the event Of HOSTILE
les, and carefully prevent any infraction
Of law on the part Of our citizens. It
Ah-Sia. a
In connection with this subject, / call | II
he attention Of Congress to a generally | o;
known fact that the great proportion of q
Chinese emigrants who come to our shores | c:
10 not come voluntarily to make their | Re
homes with us and their labor productive al
# the general prosperity, but come under ST
'Ontract with head men, who own them al II
most absolutely. IL a worse form does this ST
.pply to the Chinese women. Hardly a Re
,erceptible percentage Of them perform any
labor, but they are brought here
or shameful purposes, to the disgrace of bs
he communities where they settle, and to e.
he great Generalization Of the youth of N
heSe localities. Ii this bad practice can be nt
agislatsd against, it viii be my pleasure, n,
S well as duty, to enforce any regulation m
D secure 50 desirable an end. ac
5apan4 Al
It is hoped that negotiations between the qU
Government Of japan and the other pow he
rs, looking to the further opening of the su
mpire and to the removal Of various res l,
-iCtions upon trade and travel, may soon on
reduce the results desired, which cannot Try