The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1874-12-11
PRESIDENT GRANTS MESSAGE.
Delivered to the Forty.Third Con.
gress oal the Afternoon Of Decem.
Z, 1674-.A Review Of National AT.
fairs,


I, 1s74-.A Review Of National AT.
fairs.
To the Senate and House Of Representatives:
Since the convening Of Congress one year
PRosTRATIoN IN BUSINESS
and industries such as has not been wit.
messed with us for many years Specula.
might be INDUCED in without profit, because
as many theories would be advanced as
there would be independent writer's,
therefore will call your attention only to
the feet and to some questions as to which
1t would seem there should he no disagree
ment. During this prostration two essen-
tial elements Of prosperity have been abun-
ds4nt-labor and capital Both have been
largely unemployed. Where security has
been undoubted, capital has been attainable
at very moderate rates, and where labor has
at cheap rates compared with what
necessities and comforts of life could he
purchased with tie wages demanded. Two
great elements of prosperity, therefore, have
not been denied US. A third might lie
added. Our soil and climate are unequalled
within the limits Of any contiguous territory
under one nationality, for its variety Of
produce with which to feed and ;lothe
people and in amount OF surplus
to spare to feed less favored people. There
fore with these facts in view It seems to me
that wise statemanshiD at this session tf
Congress would dictate ignoring the past and
distributing in proper channels these great
elements Of prosperity to our people.
OUR DEBT
abroad is the only element that can with al
a onnnh or,<or int tTosa
to cause any continued depression in the
industries and prosperity Of our people A
great conflict for national existence made me-
oessary for temporary purposes, the raising
| Of large sums Of money from whatever
source attainable It was made necessary in
the wisdom OF Congress, and do not doubt
| their wisdom in the premises regarding the
necessity Of the time, to devise 4 system Of
NATIONAL CURRENCY
which proved to be impossible to keep on
. par with the recognized currency Of the
civilized world: This begota period Of spec.
ulation, involving an extravagance and lux.
ury. not required for the happiness and pros.
perlty, OF = people, and involving both
the currency being Of such fiuctuating value
as to be unsafe to hold for legitimate trans.
actions and requiring money to become .
subject Of speculation in ITSELF These two
causes, however, have involved us in a for.
eign Indebtedness contracted in good faith
by the borrower aud lender, which shoult
he paid in coin, and according to the bono
agreed upon when the debt was CONTRACTED
gold or its equivalent. The good faith O
the government cannot be violated toward
ts@eaito1s at the national disgrace.
Our commerce should be ENCOURAGED
American ship building and its carrying O.
markets sought for the products Of tho sei
and menufsctories: to the end that We ma,
be able to pay these debts. Where th;
market can be created for the sale of on
products, either Of the soil or mines. o
manufactures, Of a new means is discovere,
Of utilizing our idle capital and labor to th
advantage of the whole people.
But mmy Judgment the first step toward
accomplishing this object is&o secure 4 eur