The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1874-12-12
THE PRESIDENTS MESSAGE.

ceived by Congress at noon on Monday
last, and is pronounced without division
Of opinion, strong, sensible document,
couched in plain, direct language.
Beginning with brief mention of the
prostration in business and industry which
has been felt so severely during the past
year, the President calls attention to the
fact that this depression has occurred when
the country is in the full enjoyment of
three great elements of prosperity, viz: an
abundance of capital to be had at moderate
rates of interest on good security; labor in
abundance at reasonable rates of wages
and agricultural resources so far beyond
our own wants as to yield a large surplus
for other less favored people. The message
then, in plain, but strong way, proceeds
to trace the causes of this homogeneous
condition of affairs, coupling it with the
habits of speculation, luxury and extrava-
gance in al! expenditures, individual and
national, which have involved us in heavy
foreign Indebtedness; and then connecting
this with system of currency which it is
impossible to keep on a par with the recog-
nizcd currency of the world, and referring
to the constant fluctuations in the coin
value Of this currency, and the disturbance
and uncertainty which these fluctuations
cause in all business, and the losses which
such fluctuations in values bring to the
working people and saared people, who,
according to the view taken in the message,
suffer the greater part of the burden caused
by the existing prostration-the President
would make an advance towards certainty
and steadiness in values, and towards uti!-
izing our idle capital and unemployed labor,
we must take immediate steps towards
returning to specie basis.
On the subject of finance we give the
words Of the message:
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. In view of the
pledges of the American Congress when
our present legal tender system was adopt
ed, there should be no delay-certainy no
unnecessary delay-in fixing by legislation
a method by which we will return to specie.
To the accomplishment of this end invite
your special attention. | believe firmly
there can be no prosperous and permanent
revival of business and industries until a
policy is adopted with legislation to carry
it out, looking to return to a specie basis.
1t is easy to conceive that the debt and
speculative classes may think it of value to
them to make so-called money abundant
until they can throw a portion of their
burdens 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 tender
medium of exchange. A revival of pro-
ductive industry is needed by all classes,
by none more than holders of property of
whatever sort with debts to lquidate for
realization upon its sale. But admitting
that these two classes of citizens are to be
benefited by expansion, would it be honest
to give it? Would not the genera! loss be
too great to justify such relief? Would it
not be just as honest and prudent to
authorize each debtor to issue his own legal
tenders to the extent of his liabilities?
Than to do this, would it not be safer, for
fear of over issues by INSCRIPTIONS crcdi-
tors, to say that all debt obligations are
obliterated in the United States and now
we commence anew, each possessing all he
has at the time free from incumbrance?
These positions are too absurd to be enter
tanned for moment by thinking or honest
people. Yet every delay in preparation for
final resumption partakes of this dishonesty
and is only less in the hope that convent
ent time will at least arrive for the good
work of redeeming our pledges to COM
mence. 1t will never come, in my opinion,
except by positive action by Congress or
by national disasters, which will destroy
for time at least the credit of individuals
and the State at large. A sound currency
might be reached by total bankruptcy and
discredit Of integrity of the nation and Of
individuals. | believe it is the duty of
Congress at this session to devise such leg
islatioD as will renew confidence, revive
industries, start us on career of prosperity
to last for many years, and to save the
credit of the nation and of the people.
Steps towards the return to specie basis are
great requisites to the devoutly to be sought
for end. There are others which l may
touch upon hereafter. A nation dealing
in a currency below that of specie in value
labors under two great disadvantages
First. Having no use for the worlds &C
knowledged mediums of exchange, gold
and silver, these are driven out of the
country because there is no demand for
their use. Second. The medium of ex-
change in use being of a tiuctuating value,
for after all it is only worth Just what it
will purchase of gold and silver metals
having an intrinsic value just i'll proportion
to the honest labor it takes to produce
them, larger margin must be allowed for
profit by the manufacturer and producer.
1t is months from the date of production
to the date of realization. Interest upon
capital must be charged and risk of tiuctu-
alton 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, ex
cept 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
working man, who must, after all, produce
the wealth, and the salaried man who super
intends and conducts business. The bur
den falls upon them in two ways-by the
deprivation of employment and by the
increased purchasing power Of their sala-
ries. 1t is the duty Of Congress to devise
the method of correcting the evils which
are acknowledged to exist, and not mine
But will venture to suggest two or three
things which seem to me as absolutely
necessary to return to specie payments
The first great requisite is a return to pros
perity. The legal tender clause to the law
authorizing 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,