The Cambria freeman. [volume] (Ebensburg, Pa.) 1867-1938, 1874-12-11

opens by referring 10 tne pfOsITdtiou Ol
business.
LABOR AND CAPITAL
have been largely unemployed, yet certain
cheering signs have not been wanting. The
debt abroad is the only thing that can
cause continued depression in the Ameri-
can industries and prosperity. Legislation
in this connection is urged.
THE CURRENCY
. being of fluctuating character and there
fore unsafe to hold for legitimate transac-
tions requiring money, became the subject
of speculation itself. The two causes, how
ever. have involved us in a foreign indebt-
edness. contracted in good faith by borrow
er aud lender, which should be paid in
J coin and according to the bond agreed up
on when the debts were contracted, gold
or its equivalent; but our commerce should
be encouraged TO the advantage of the
whole peorie, but in my Judgment the first
/ step towards accomplishing this object is
to secure currency of a fixed and stable
/ value, good wherever civilization reigns.
/ This should return to with the least
! practicable delay. There should certainlybe
| NO INFLATION.
He doubts the honesty OF expanding the
| currency as entailing general loss, while
/ bensfiting the few. Every delay in resu-
ming specie payment partakes of dishones-
! ty. redemption Will never come except
! by Congress, or by a national disaster,
! which will destroy temporarily the credit
of the individual and the state. a sound
! currency might be reached by total bank
ruptcy. | believe in the power of Congress
! this session to devise such legislation as
will renew confidence, revive industries
I and start career of prosperity. Steps
! toward a return to n specie basis are the
! great requisites to this end. There are
| others which | may touch upon hereafter.
! A nation dealing in currency below that Of
| specie, labors under great disadvantage.
! The prostration most affects workingmcn.
| He suggests certain things as absolutely
J necessary to return to specie; first, the re-
| peal Of the legal-tender clause on fixed
I day, but not to apply to the currency for
salaries until resumption takes place. A
| provision should he made fUl. the Secretary
/ Of tie Treasury's obtaining gold when tho
resum ,,tion commences. Also, an increase
! of revouue to cover expenses and insure an
/ accumulation of gold in the treasury. |
would regard
! FREE BANKING
as essential. It woold give the proper
! elasticity to the currency. The experience
/ and judgment of the people can best decide
! Just how much currency is required. The
Secretary Of the Treasury or the executive
/ Congress should make regulation under
! which banks may exist, but shou!G not
make banking monopoly by limiting tbe
amount of redeemable paper currency thai
| shall be authorized.
! FOREIGN RELATIONS.
| During the past year nothing has occur
red to disturb the general friendly and cor
! dial relations OF the United States with
/ other powers.
He calls attention to the
| CHINESE IMMIGRATION QUESTION.
| Many are brought here for shameful pur-
! poses, and nearly all are brought invoiun-
| tariiy. He reviews his recommendations
| for a special court to hear the claims of the
! 81
/ acts during insurrection. lie calls atten-
! tion to the
FREQUENT RAIDS.
! on the Mexican frontier, aud urges the CO.
! operation of the United States and Mexico
! for their suppression, and says negotiations
| are progressing 2 favorably in the American
Mexican joint claims commission.
THE CUBAN RESURRECTION
! continues bat Spain has gained no superb
/ GRITTY The relations between the United
| States and Spain still unsettled He
defers further communication on this sub
| .iect.
STANDARDIZATION LAWS.
| have again 10 call the attention of Con
gress to the unsatisfactory condition of our
laws with reference 10 expatIiation and the
selection of Nationality. In some cases the
provisions OF treaties furnish some guide:
in others, it seemed left to the persous
claiming citizenship, while in q foreign
&
the performance Of the duties of eitizeE. Of
the United States, and without an inten-
ton a. any time TO return and undertake
those duties. The status Of children born
OF American parents residing in a foreign
country, of American women who have
married Aliens and of American sitizcns
residing abroad, where such question is
not regulated by treaty, are all sources of
frequent difficulty. Legislation on this and
similar questions can be accom- plished. In
this connection | will call the attention of
Congress to
FRAUDULENT SAFURALIZATION.
I earnestly recommend further icgisla-
tiou to punish fraudulent naturalization
and to secure the ready cancellation of
every record of every naturalization of
frauds.
RECEIPTs AND EXPENDITURES.
The roCsipts for the current year exceed
the expenditures only nine millions. He
submits whether the revenue ought not to
be increased, Or the expenditures dimiu-
! ished Not to provide for a sinking fund
is political failure to comply with the
! contracts .and obligations of the govern
mcnt. He suggests improvement in the
collecting of the revenue. The Secretary
of the Treasury favors
RETURN TO SPECIE PAYMENT
early; also economical appropriations
He calls attention to a loss of revenue from
the repeal of the tax Oh tea and coffee, and
recommends an increase of ten cents per
gallon on whisky, and modification of
the banking and currency bill passed last
session. Tho President ndorses these re-
commendations. He suggests the read
justmeu. OF the tariff to increase the rev.
euue and decreasing the number ef arti-
cleS taxed.
The report of the Secretary of War gives
all the information concerning the opera
tIons and necessities of the army, and con-
tn ms many suggestions and recommeuda-
tiohs, which | commend ts your especial
attention.
The efficiency Of the navy has been large
! ly Increased under the impulse of foreign
complications. He recommends an in
crease in the maritime service, and draws
attention to the unsettled condition OF the