Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1874-12-17

$500 s1sssIss55 'sIi'
duction TO the date OF realization. Interest
upon capital must be charged and risk OF
iiuctuation in the value of that which Is TO
be receive in payment added; hence high
prices, acting as protection to the
foreign producer, who received nothing
in exchange for the product of his
skill and labor except a currency
good at stable value the world over.
1t seems to me that nothing is clearer than
that the greater part of the burden of 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 superintends and conducts business.
The burden falls upon them two ways: by the
deprivation Of employment and by the de-
creased purchasing power OF their salaries.
1t is the duty of Congress to devise the method
of correcting the evils which are acknowl-
edged to exist and not mine; but will ven
ture to suggest two or three things which
seem to me as absolutely necessary to re-
turn to specie payments--the first great
requisite in return to prosperity.
The lega-tend clause to the law au-
thorizing the issue of currency BY
the national Government should be repealed,
to take effect as to all contracts entered into
after day fixed in 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
the repeal and final resumption, provision
should be made by which the Secretary of the
Treasury can obtain gold, as it may become
necessary from time to time, from the date
when specie resumption commences. To this
might and should be addedi a revenue sufii-
ciently in excess OF expenses TO insure an ac-
emulation of gold in the Treasury to sustain
redemption.
\
sderation, believing that favorable solution
is attainable, and that If reached by this Con
gress the present and future generations will
ever gratefully remember ii as their delvcrer
from thralldom of evil and disgrace. With
resumption free banking may be authorized
with safety, giving full protection to bill-hold-
ers, which they have not under the existing
laws. Indeed, would regard free banking
rs essential. 1t would give II proper elasticity
to the currency. Us more currency should
be esquired for the transaction of legiti-
mate business, new banks would be
started and in turn banks would
wind up their business when it
was found there was Il superabundancc Of
currency. The experience and Judgment of
the people can best decide Just how much
currency is required Tor the transaction Of
the business of the coantry. 1t is unsafe to
leave the settlement of The question to Con-
gress, the Secretary of the Treasury, or the
Executive. Congress should make the regula-
tions under which banks may exist but
should not make banking monopoly by
limiting the amount Of redeemable paper cur
rency that shall be authorized Such impor-
lance do attack TO this subject and so ear
nestly do commend 1t to your attention, that
| give prominence by introducing it at the
beginning OF this message.
FOREIGN RELATIONS.
During the past year nothing has occurred
TO disturb the general, friendly and cordial re-
lations of the United States with other pow
crs.
The correspondence submitted herewith be-
tween this Government and its diplomatic
representatives in other countries shows
satisfactory condition of all questions be-
tween the United States and most of those
countries, and with few exceptions, IL which
reference is hereafter made, the absence of
any points of difference to be adjusted.
The notice directed by the resolution of
| Congress Of June II, 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 accordingly
terminate on the LIST day OF July 1879. This
convention secured to certain Belgian vessels
| entering the ports of the United States ex-
| ceptional privileges which are not accorded
to our own vessels The ether features of
| the convention have proved satisfactory and
| have tended 10 the cultivation OF beneficial
| commercial intercourse and friendly rela-
! tions between the two countries hope that
the negotiations which have been invited will
result in the conclusion of another treaty
which may tend to the interests OF both coun.
tries.
Our relations with China continue To be
| friendly During the past year the fear of
hostltities between China and Japan, growing
out of the landing of an armed force upon the
island OF Formosa by the latter, has occa-
stoned uneasiness. II is earnestly hoped,
however, that the difficulties arising from this
cause win be adjusted, and that the advance
Of civilization in these Empires may not be
retarded by state of war. In con-
sequence OF the part taken by GER
tain citizens of the United States in this
! expedition our representatives in those coun-
! tries have been instructed to impress upon
the Governments of China and Japan the firm
intention of this country to maintain strict
neutrality in the event OF hostilities and care
iuiiy prevent any iniraction of the law on the
part Of our citizens. In connection with this
subject ! call the attention of Congress to a
generally conceded fact that the great proper
| ton of Chinese immigrants who come to our
| shores do not come voluntarily to make
| their homes with us and their labor pro.
ductivc OF general prosperity, but they come
under contract with head men, who own them
almost absolutely. In worse form does this
apply to the Chinese women. Hardly Il per
ceptible percentage of them perform any
honorable labor They are brought for
shameful purposes, to the disgrace of the
communities whore they have settled, aud to
the great Generalization of the youths Of
those localities If this evil practice can be
! legislsted against ii will be my pleasure rs
well rs duty To enforce any regulation to Sc
cure SO desirable an end,
II is hoped that negotiations between the
Government Of Japan and the treaty powers
looking 20 the further opening of the Empire
and the removal of various restrictions upon