Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-12-08
The Financial Question.


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''Siuce the converting Of Congress ort year
ago the uatlon has Undergone prootralon III
business aud Industries sucG is has not been
witnessed with US tor many years. 4 specua
ton as TO the causes for this prustrstuu might
be INDUCED Ia without profit, because as many
theories would be advanced as there would he
independent Wrlters-ihOse who Expressed their
owe views without borrowing upon the SUB
jrct. Without lndulglng III theories a. To the
cause OF this prUstrallou, therefore,, will call
your attention ouly to the fact, aud 10 sume
plain questions, as 10 winch, 1t would seem,
| there should be 40 disagreement. During this
prustratlon two essentia! i ments vi prosperity
have been most abundant labor aud capital
| Both have been laTgcy employed. here
| security has been uud0ubtcd, caplta! has been
atlanabe at very moderate rates. here
| labor has been waited it has been 'iuund Iii
| abundance, 1T cheap rates omparcd With what
| OF the nccessares aud comforts Ut life could be
| purchased with the wages demunicd
| Two great elements OF prosperity. therefore,
have not been denied US. \ third might DC
added. Our soil and climate are uEcqulled
within the limits OF any contiguous territory
uudcr one nationality tor It's variety OF pro-
ducts to feed and cothe people, and III the
amount OF surplus to spare to iced less favored
peoples. Therefore, with these facts IN view,
it seems to me that Wise craftsmanship IL this
session of Congress would dictate legislation
ignoriug the past, directing III proper channels
these great elements OF prosperity To any peo-
pIe Debt debt abroad, Is the only element
| that can, with always sound currency, cutter
into our affairs to cause any continued deprcs
sion in the industries aud prosperity of our
people. A great coufct fur natioual existence
made necessary, for temporary purposes, the
raising Of large sums oil mouey from whatever
source attalnabe.
1T made necessary in the wisdom of Congress
and | do not doubt their wisdom III the
premises, regarding the necessity OF the times
| to devise system OF Datonal currency,
which it proved to be impossible to keep on a
par with the recognized currency OF the civil
lied world This begot spirit OF speculation
involving 40 extravaganza and luxury lot re-
quired Tor the happiness or prosperity ct peo-
pie, and involving, both directly aud Indirectly,
foreign Indebtedness The currency being OF
huctuating value, and, therefore, unsafe to
hold for Legitimate transactions. requiring
money, became subj cct OF speculation III Itself.
These TWO causes, however, have involved Us
10 tore gu Indebtedness contracted IN good
faith by borrower and lender, which should be
paid 10 coin and according 10 the bond agreed
upon when the debt Was coutractei-god OF
lis equivalent. The good faith Of the Govern
meDt cannot be violated towards creditors with
out national disgrace. But our commerce
should be encouraged; American ship building
aud carrying capacity Increased; foreign mar
kcts sought for products OF the soil and manu-
factories, to the end that We may be able to
pay these debts. Where a new market eau be
created for the sale OF our products, either VI
the soil, the mine or the manutactory, a rc#
means is discovered OF utilizing our idle capital
| and labor to the advantage OF the whole pco-
ple But in my judgment the first step towards
accomplishing this object is to secure a cur
rency of fixed, stable value; currency good
wherever civilization reigu>; one which, II II
becomes superabuEdant WITH one people will
| find a market with some other; u currency
which has as Its basis the labor necessary 10
produce it, which will give to tits value. Gold
and silver are now the recognized mediums Ut
exchange the civilized world over, and to tins
we should return with the least practicable de-
| lay. ln view of the pledges OF the Ancricau
Congress, when our present legal tender >ys-
tenn was adopted, and debt contracted, there
should be no delay certainly no unnecessary
delay-in fixing, by legislation, method ly
|
compli.hmeut Of this end invite your special
attention. believe firmly that there can be
! no prosperous aud permanent revival Of bus-
ness and Industries until policy is adopted,
with legislation to carry it out, looking to re-
| turn TO a specie basis.
1T is easy to conceive that the debtor and
speculative classes may thluk 1t of value to
| them to make so-called money abundant uur
a nt b,.ir
| Others. But even these, believe, would be
disappointed 10 the result if course should
| be pursued which will keep 10 doubt the value
| of the legal teuder medium Of exchange.
revival Of productive Industry Is needed by al!
| classes by nome more than the holders OF
property, of whatever sort, with debts to llqul'
| date from realization upon It's sale. But adj
hitting that these TWO classes 81 citizens are
| to be benefited by e1ran,lon would 1t be hon
est TO give it? Would not the general loss be
too great to justify such relief? Would it not
be lust as honest aud prudent to authorize
each debtor to issue his owu legal tenders 10
| the extent OF his liabilities? Than TO do this
would it not be safer, for lear OF ove!-l>sues ty
INSCRIPTIONS creditors, TO say that ali dsbt Oh
| legations are obterated IN the United States,
| and now We commence anew, each possessing
| all he has at the time, free iron lncumbrancc
these prOpoSlllouS are too duSu'u " w ="
tertalued for moment by thiuk;ug or honest
| people. Yet every delay in preparation Tor
| final resumption partakes of this dishonesty,
and is only less in degree as the hope is held
ont that convenient season will at last arrive
for the good work OF redecmlUg our pledges to
commence. 1t will never come, III my opinion,
except by positive action BY Congress, or by
national disasters which will destroy, for a
time at least, the credit Of the Individual and
the State at large.
"a sound currency might be reached by to'a
bankruptcy aud discredlt Of the Integrity OF
the patton and of individuals.
Il believe it is 10 the power of Congress at
this session to devise such legislation as vii
renew confidence, revive all the Industries,
start US CD a career Of prosperity to last many
years, and to save the credit Of the nation and
OF the people. Steps towards the return 70
specie basis are the great requisites to THIS de-