The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-12-07

devise such legislation AS will rene" conn
6ence. revive nil the Industries, and staff
Ms on a career of prosperity to last ior
manv wears and to save the credit OF 'he
nation and Of the people. Steps toward
the return 10 specie basis are tie great
10 tins devoudy to De s9ugh'
for end There are others which may
tonch unop hereafter. A nation deating
in a currency below that OF specie III value
jahors under two grsat disadvantages
E,rst having no use for the worlds &C
knnaleGged medium OF exchange, goiu
and silver, these are driven out Oh Tue
country because there Is no demano ioi
their use; second, the medium OF OK
change in use being OF fiuctuatlhg Vaiuei
far, after all, it is only worth just what II
vii puroha3e Of gold and silver metals
having IA ntrlnio value just In oropor-
t;on to the honest labor 1t takes to pro-
duce them. u large margin allowed LOT
profit by the manufacturer ana pFouucef'
II is monthS from the date OF production
10 the date Of reallzauon. Interest upon
can,tal NUT be charged and risk OF uactu
alton ia the value of that which Is 10 DC
received ia payment added, hence high
prices acting Is
PROTECTION TO THE FOREIGN PRODUCER
who RECEIVES nothing in exchange TOR the
nroduct Of his skill and labor except
currency. good at stable value the World
aver Il seems to me that moth ne Is
clearer than that the greater part OF the
| burden of existing prostratioh LOT .ne
want Of sound financial system 1a'is
upon the working man who must atter
ali produce the wealth, and the saiarleu
man. who superintenas and conducts BUS
mess The burden falls upon them IN
two ways: by the deprivation OF EN-
nloymenr and by the decreased purenas-
Ing power of their salaries. Is the duty
of Congress, not mine, to devise the
method OF Directing the evils wblch
i, are acknowledged to exist OUT
!, | will venture - suggest TWO OF three
. things which seem to me as absolutely
NECESSARY to a re urn 70 specie payment
the first great requisite to return 10
nrosperlty Tie legal tender clause to
rhe law Authorizing the issue OF cure 10y
, hy che national government should De re-
! naaled ia take effect as TO all contracts
entered INTO after a day fixed in the re
healing act, lot to apply, however to pay
meuts of salaries by the governments Iol
other EXPENSES now provided ny law 10 "
| maid in currency in the interval penang
p bafueen repeal and final resumption
# proyision should be made by which tn
It Secretary OF the Treasury can obtain goi'
e as it NAV become necessary from time
IS time from the date when specie resump
IL tion commences. TO this might an
y should be added a revenue suflolentiy II
t excess Of expenses TO insure an accuInuIa
% ton OF gold in the treasury 70 sustain r.
5, demption. recommend tnia sno|sct
a vour careful conslde alton, believing tina
Sc a favorable solution is attaluaoIe, ana ina
n # reached by this Congress that the pre-
ID ent and future generations will ever gra G
h tnuv ,omen,e it as their deiiYeranc
10 f.om
az TuRAIpOM OF EVIL AND DISGRACE.
no With resumption free lanking may b
N. authorized with safety, giving the III
na nr,te.,ion TO bii,-ho.icrs which they hay
~ under the existing laws. lndead, 1 woul
~. regard fee tauking rs essential. Ii Woul
Al give prorer elasticity to The currency, 4
no more currency should lie required for Il
y transaction OF legitimate business, nc
-, karka- would be started, and in turn bani
nr would wind up their pusIro7 s7r4aseN y WI
~ tound there was a superabundance OF cu'
"a rency. TIE experience aud judgment
~. the people can best decide just bow niue
-. currency is required for the transaction
to the business o. the country. At Is unsaI
"a. TO 'eave the settlement OF this question
~. Congress-. The Secretary vi the Ileasur
M on the assembling Of Congress. shoul
cy make the regulation under which bank
~ ~ may exist. but should not make bankin
p a monopoly by limiting the amount OF r.
ed deemable paper currency that shall /
Ia authorized. So much Importance do
III attach to this suhje3', and 80 earnestly
Of | commend II to your attention, that
.ss give it prominence by introducing II
as the beginning OF this message.
i'd FOREIGN RELATIONS.
Oh During the past year nothing has 0
m. Cured to disturb the general friendly ar
,sl cordial relations Of the United States wit
an other powers The correspondence su
Of United here With, between this goVernme
IL and its diplomatic representatives. In 9th
,t countries, shows satisfactory conditiC
of all questions between the United Stat
and the most Of those countries, and wi
few exceptions to which reference is her
nd after made. the absence of any points
ue difference to be adjusted. The mott
I'll directed BY the resolution of CongIess
ms June IL, 1874, TO be given to termiDa
We the convention of July II, 1855, betwe,
a the United States and Belgium has BET
ep given, AMI the treaty will accordingly te
Ter inmate on the first day of July, 1877
ic- This convention secured to certain b
by GUM vessels catering the ports OF Il
.y United States exceptional privilege
IA which are not accorded to our own VI
It's sells. Other features OF the conventic
he have proved satisfactory and have tendt
lre 10 the cultivation of mutually beDefci
De commercial intercourse and friendly rel
er, tons between the TWO countries. | bol
j that the negotiations which have be-
III invited Will result in the celebration
lis another treaty which may tend TO the j
his terests OF both countries.
lot
m. CHINA.
.bt Our relations with China continue TO
ed friendly During the past year, the fe
ch of hostllities between China and Japa
I 81 .la I,,.l,..