The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1874-12-10

flizsn WOflC. MS Degdt spirit o. fpeCu'
lstion, involving an exuavagance and luxury
not required for the hap ,.ipe-- or p-o perry
Of people, sni involving both dir-c,iy End
indirectly. foreign Indebtedness. Tne cnr-
rency, being of a fuctuating value. and
Therefore unsafe to hold for hgi innate tran
actions requiring money, became a subject
IT .r-culsfio. in it-elf. Tfese two causes
have involved Us in . foreign Indeb,ed
less, c,utrsct-d in good faith by borrower
nd leoder, which should he paid in coin,
and according TO the bond sgr.ed upon when
The debt wss contracted, gold or its eqnival
ent. The good faith Of the Government
cannot be violated towards creditors, at the
risk of National disgrace.
OUR COMMERCE
should be encouraged, American ship-builc-
ing and Carrying, partly increased, foreign
markets sought for, products of the soil, and
manufactures, to the end that We may be
able t. pay these debts. Where a market
can be created for the sale of our products.
either of the soil or mandatory, a new
means ia discovered of utilizing our idle ca
pital and labor to the advantage Of the whole
people; but. in my judgment, the frs, step
toward this object il 10 secure currency
good wherever civilization reigns, one which.
ii it comes superintendent with one people,
will fiud a market with some others;a cur
fency which has as Its basis the labor neces-
gary to produce it, which will give its value.
Gold and silver are now the recognized me-
diums OF exchange, the civilized world over.
and to this we should return with the ieas.
practicable delay.
M
In view OF the pledges of the American
Congress when our present legal tender sys-
TEN wac adopted and our debt contracted,
there ehould be no delay, certainly no un-
necessary deIsy in fixing by legislation a
method BY which We will return to specie.
To the accomplishment OF this end l invite
YOUR srecial attention. j believe firmly that
there can be no prosperous and permanent
revival of business and industries until a
policy lie adopted with the legislation to car
~ it out.
Locking to return TO specie basic, it is
essy to conceive that the debtor and spscu-
la,ivs clae-es may think it Of value TO them
to make the so-called money abundant, un-
Ill they can throw portion oftheir burdens
upon others. But even il a cOurse should
be pursued which will keep in doubt the
value OF the iegsl tender medium Of ex-
change, a revival of the production and in
5us,ries lie needed by all classes, BY none
more than the holders Of proper Of Whist
EVER sort. with debts to Iiqnidats, for a
realization upon its sales But admitting
that these two classes IF citizens are to BE-
benefited by expansion, would it be honest
to give it; would not the gsnerel los, be too
great TO Justify such relief? Would II not be
Just az honest and prudent 10 authorize each
.btor TO issue his own legal tenders TO the
extent of his liabilities, than to do It thns?
Would it not be ssfer for fear of over-issnes,
~ interruptions CREDITOR, to say that all
d. bt obligations are obliierated in the United
States, and now We commence anew; each
possereing all that he has a. the time, free
from incumberance? Thesa propositions are
too absurd to he entertained for a moment,
by thinking people. Every delay in prepar-
alton for 6nal resumption partakes Of this
dishonesty, and is only less in degree, IS the
proposion is held out. A convenient season
will at last arrive for the good work OF re.
deeming our pledges TO commerce. 1t will
never come, in my opinion, except by posi-
tive action Of Congress, or BY national dis
asters, which will destroy, for a time at
least. the credit OF individuals and the State at
large. A sound currency must not be reached
Nv total bankruptcy and credit Of integrity
Of the nation and individuals. believe it
is in the power:.oi Congress, at this session, to
devise such legislation as will restore con-
fidence, revive all the industries, and start
us on the career of prosperity; and to save
the credit of the nation and of the people,
steps toward the return to q specie basis, are
the great requisites to ihis, devoutly 10 be
sought for, and there are others which may
touch upon hereafter. A nation dealing in a
currency below that of specie in value, labors
un Ter two great disadvantages /: First, hav-
ing no use for the worlds acknowledged
medium of exchange-sold ard ailser.
These are
DRIVEN OUT OF THE COUNTRY,
because there is no demand for their use.
The medium Of exchange being of a fuctua-
ting value, for it is only worth just what it
will purchase of gold and silver metals,
having an intrinsic value just in proportion
to the honest labor it takes to produce it
here. A large 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 cap
ital must be charged, and risk of fluctuation
in the value of that which is to be received
added; hence high prices, acting as pro-
lection TO the foreign producer, who re-
ceives nothing in exchange for tine product
of his skill and labor except currency good
at staple value the world over. 1t seems
to me that nothing is clearer than that the
greater part of the burden of exciting proc
tratiOn for the want Of q sOund financial
system falls upon the working man, who
must, after all, produce the wealth and the
sslaried man who superintends and con-
ducts business. The burden falls upon them
in two ways: by the depreciation OF en-
ployment, and BY the decreased purchasing
power ct their salaries. 1t is the duty Of
Congres, to devise the method of correcting
the evils which are acknowledged to exist,
and not mine. Bet will venture TO eug-
gest two or three things which seem to me
as absolutely necessary to
RETURN TO SPECIE PAYMENTS.
The first great requisite in return 10
prosperity is, that the legal tender clause to
the Law authorizing the issue of currency BY
the National Government should be repeal
ed, to take effect as to all contracts entered
into after day fixed in the repeating act, not
to apply, however, to the payment of sala-
ries BY the Government, or other expensss
COW provided by the Law to be paid in cur
rency. In the interim pending between the
repeal sid final resumption, provision
should be made by which the Secretary Of
the Treasury can obtain gold, as it may be
necessary from time to time, from the date
when specie resumption commenced. To
this might, and ehould be added, q revenue
sufficiently in excess of expenses, to insure
an accumulation OF gold in the Treasury to
sustain redemption. l commend this sub
iect to your careful confederation, believing
that favorable eolltion is attainable, and
that if reached by this Congress, that The
present and future generations will ever
gratefully remember it a. their deliverer
from . thraldom of evil and disgrace.
With resumption,
FREE BANKING
may be authorized with safety, giving full
projection 70 bill-holders which they have
under existing LAVE. Indeed, would re-
gard free banking ae essential. 1t would
give proper elasticity to the currency. As
more currency should be required for the
transaction Of legitimate businees, new
banks would be etar,ed, and in turn banks
would wind up their bu.inese, when it was
found there was superabundance Of cur
rency.
THE PEOPLE TO DECIDE.
The experience and judgment Of the poo
pie can best decide just how much currency
Is required for the transaction Of the bust