The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1874-12-17
PRESIDENT GRANTS MESSAGE.

RESIDENT GRANTS MESSAGE. 3
Delivered to the F0rty.Third Con.
xress ON the Afternoon Of Decem-
fairs.
70 the Senate and House Of Representatives.: : :
Since the converting Of Congress one year t
40 the nation has undergone season OF II
PRosrRAr1oK IN BUSINESS
md industries such as has not been wit
messed with Us for many years Specnla-
ton az to the causes tor this prostration
might be INDUCED in without profit, because
as many theories would be advanced as
there would be independent writer's,
therefore will call your attention only to
the fact and to some questions as to which
it would seem there should be no disagree
hnent. During this prostration two essen
tial elements Of prosperity have been album
dant-labor and capital. Both have been
largely unemployed. Where security has
been undoubted, capital has been attainable
at very moderate rates, and where labor has
been wanted it has been found in abundance,
at cheap rates compared with what |
necessities and comforts Of life could be |
purchased with tie wages demanded. Two
great elements Of prosperity, therefore, have
not been denied us. A third might be
added. Our soil and climate are unequalled |
within the limits Of any contiguous territory
under one nationality, for its variety OF
produce with which to iced and ,lothe
people and in amount OF surplus
to spare to feed less favored people. There
fore with these facts in view it seems to me
that wise statemanship at this session Gf
Congress would dictate ignoring the past and
distributing in proper channels these great
elements Of prosperity to our people
OUR DEBT
abroad is the only element that can with al
ways sound currency enter INTO our aHairs
to cause any continued depression in the
| industries and prosperity of our people.
great conflict for national existence made ne
oessary for temporary purposes, the raising
| of large sums Of money from whatever
source attainable. It was made necessary in
the wisdom OF Congress, and do not doubt
their wisdom in the premises regarding the
necessity OF the time, to devise system OF
NATIONAL CURRENCY
which proved to be impossible to keep on
a par with the recognized currency Of the
civilized world This begota period of spec
ulation. involving an extravaganza and lux
ury not required for the happiness and pros
perrity Of people, and involving both
directly and Indirectly foreign Indebtedness,
the currency being of such f1uctuatinng value
as to be unsafe to hold for legitimate trans
actions and requiring money to become a
subject of speculation in itself. These two
, causes. however, have involved us in q for
eign Indebtedness contracted in good faith,
by he borrower and lender, which should
he paid in coin, and according to the bond
agreed upon when the debt was contracted
gold or its equivalent. The good faith q
e the naons dsarsoe
: tlur commerce should be encourag I'd
American shin buildinr and its carving ca
e nac;+v shonld he Increased. and foreign
2 rmark.fs snnoht for the products Of the sol
y and ynarufactnries 70 the end that we ma,
ha able "a nav ilsae debts. Where tn
:. market can he cree - the sale Of on
nrodncts either MI 3he MI ~ mines. o
:. mannfacfnres. AZ 1411r r. SSS n r sglovere,
j. Of utilizing our 1T MI DSr to tn
o advantaor Of tt t6Acn ~ itc7oasn
! Rnt !; nv ira1lmrlS y 7 10 toward
occn,nr, ;shin. 2kfr' ~ ~ rScalre q cur
rencv Good s7ff75 ri + 1fnn reions: on
which r Il *f7 ID Y 1t y Int with on
). neonle Nh i2Si 80 i1li some other
e fcnrrencrs 5sh - NJ on the labc
= necessarJs sss,s5Es. 1|nE = - it, an
u which wnir lvs it valu,
J. Gold and silver al - The recognize
IS mediums Of exchanges civilized worl
ls over. and 70 fhis We should return with Il
least practicable delay.
In view of the pledges OF the America
d Congress when our present legal tender syl
m tenn was adopted. and debt contracted, thel
=. shnn,a "a NJ delav certainly no unnecessa,
re delay in fixing, by legislation, method
! which we will return to specie paymen
nor the accomplishment of this end, invi
ne your attention. believe firm
there can be no prospero'
IS and permanent revIsal " uuslns au - !.
n ;slat;on To carry it out looking u return
n q snecie basis. Il is easy to be conceiv,
it. that the debtor and speculative classes I'M
r. think Il AT value to make a so-called mon
" abundant until they can throw q portion
nc Their burdens upoli others. But even thes
r. believe. would he disappointed in the !
he snI, If q course should lie pursued viii
m will keep in doubt the value OF the les
IN. tender medium Of exchange A revival
~ PRODUCTIVE irdcstI;es is needed by all class
by none more thsn the holders Of propert
ms Of whatever sort, with debts to liquid,
II from realization Iren its sales. But adm
o.. t;n, flat the : tyf, classes OF citizens are
IN. 10 fenefited ~ EXPANSION. would it be he
- est to rive IT Would no, the general i
Al 10 too great to Justify such
Try lief, Wonld il not he lust as ht
dill est and prudent to authorize e
IN debtor TO issue his own legal tenders to
,ns extent Of his liabilities than to do tn
ali Would it not be safer for fear OF over-lssi
90 by INSCRIPTIONS creditors, to say that
NJ ueu.a az 80. oo' 81 -. - Iii s<.,o,ne,
onioeu 49, ' Anu III =, 10. a. ~. Il,
free from ncumbrance. These pr'