The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-12-11
PRESIDENTS MESSAGE.
OF BUSINESS AND sUGGEs-
uoSs FOR ITS REVIVAL


To the Senate and House Of Rep
TeseniatiUes:
Since the converting Of Congress one
year ago, the nation has undergone a
lprostTatiOn in business and industries.
such as has not been witnessed with Us
for many years. Speculation as to the
cause for this pr0stration might be In
dulged IN without profit, because as
many theories would be advanced as
there would be writer's Independent OF
those who expressed their own views.
without borrowing, upon the subject.
Without IndulginG IN theories as to the
cause Of this prostration, therefore,
viii call your attention only to the fact
land to some questions as to which it
would seem there should be no disagree
Iment. During this prostration two es-
.sential clements Of prosperity have been
most abundant-labor and capital. Both
have been largely unemployed. Where
security has been undoubted capital has
been attainable at very moderate rates
Where labor has been wanted It has been
found in abundance at cheap rates com
pared with what necessaries and comforts
of Life could be purchased with the wages
demanded. Two great elements of pros
perity, therefore, have not been denied
us. A third might be added. Our soil
and climate are unequaled within the lin
its OF and contagious territory under one
nationality, for its varietion of products
to feed and clothe a people and the
amount Of surplus to spare to feed less
favored people. Therefore, with these
facts IN view, it seems to me that wise
craftsmanship at this sessionof Congress
would dictateignoring thep past, directing
IN proper channels these great elements
of prosperity. To any people debt
abroad is the only elementthat can. with
always a sound currency, enter into our
affairs to cause any continued depression
in the industries and prosperity of our
people. A great conflict for national ex-
istence made necessary for temporary
purposes, the raising of large sums Of
money from whatever source attainable.
It made necessary, in the wisdom of
Congress, and I do not doubt their wis!
dom In the premises regarding the ne
cessity of the times, to devise a system
Of national currency which it proved to
be impossible to keep on a par with rec
ognized currency of the civilized world.
lhis begot spirit Of speculationi involv-
ing an extraVagance and luxury not rel
quired for the happiness and prosperity
Of apeople, and involving, both dircctly
and Indirectly, foreign indebtedness.
The currency being ola huctuating value,
therefore, unsafe to hold for legitimate
requiring money, became a
subject of speculation IN itseIf. These
two causes, however, have involved US in
foreign Indebtedness, eontraetedin good
faith by borrower and lender, which
should be paid In coin and according to
the bond agreed upon when the debt
was contracted, gold OF its equivalent.
The good faith of thegovernment cannot
be violated towards creditors without ua-
dona disgrace.
Our commerce should be encouraged.
American ship building and carrying ca
pacity increased, foreign markets sought
for the products of the soil and manu-
Iactones to the end thatwe may be able
70 pay these debts where market can be |
sreated for the sale OF our products, 1
either of the soil, the mine OF the manu-
asoF s9 sffB99fsgEi
CURRHSCY-SPE Gle RESUMPTION.
A new means is discovered of utilizine1
,ur idle capital and labor to the advant-
.ge of the whole people, but In my
the first step toward accom-
1hshing this object Is to secure a curren-
y good wherever civilization reigns, one
which if it becomes superintendent with
me peopleSwil find q market with some
,ther-a currency which has had its ba-
rs the labor necessary to produce it,
which viii give its value. Gold and 81
7er are now the recognized mediums of I
Exchange the civilized world over, and
o this We should return with the least
practicable delay. In view of the pledges
# the American Congress when our
PRESENT legal tender system was adopted
nd the debt contracted, there should be
10 delay, certainly no unnecessary delay
n fixing by Legislation method byi
which we viii return to specie. To the
accomplishment of this end Invite your
pecial attention. believe firmly that H
here can be no permanent and prosper
,us revival of business and industries
Lntil a policy is adopted, with legislation
o carry it out, looking TO a return to a /
pecie basis. 1t is easy to conceive that
he debtor and speculative basis NAV
hink it Of value to them tomake the so
alled money abundant until they can
hrow a portion Of their burdens upon
thers, but even these, I believe. vould
,e disappointed In the result if a course
hould be pursued which Will keep inil
loubt the value of the legal tender me-
ium of exchange. A revival of thepro-
luctive industries is needed by all class
s, by none more than the holders oil
Of whatever sort, with debts to
lqmdate from realization upon its sales.
But admitting that these two classes of
itizens are to be benefited by expan-I
ion, would it be honest to give it?
Would not the general loss be too great
0 justify such relief! Would it not be
ust as honest and prudent to authorized
ach debtor to issue his own legal tender
0 the extent of his liabilities than to dol
hlsi Would it not be safer for fear of
ver issues by unscrupulous creditors to
az that all debts and obligations are OBJ
-terated In the United States and now t
re commence anew, free from encum-
rance! These propositions are too alb
urd to be entertained for a moment byl
linking people.
Every delay In the preparation offnalI
partakes of this dishonesty, A.
nd 1S only lac5 -, 3ao--oo o- A.