Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-12-16
THE PRESIDENTS MESSAGE.

o'al question he says:
The debt abroad is the only element that
"Gn, with always sound currency, enter
INTO our affairs To- cause any continued de
preston in the industries and prosperity Of
oar people A great conflict for national
existence made necessary for temporary
purposes the raising OF large sums Of money
rom whatever source Rttainable. 1t he
came necessary. in the wisdom Of Congress
and do not doubt their wisdom in the
premises, regarding the necessities Cf the
timesl, to- devise a system Of national cur
tency which II proved to be impossible TO
Eeep on a par with the recognized currency
u the civilized world. This begat a spirit
- speculation involving an extravaganza
md luxury not required for the happiness
md prosperity Of people and involving,
10Th directly and indirectly, foreign indebt-
n1ncss. The currency being of iiuctuRting
,alue, and therefore unsafe to hold for
legitimate transactions requiring money, it
'scame subject of sJecu alton in itself
These two causes. however, have involved
- in a foreign Indebtedness contracted in
GOOD faith by the borrower and lender,
which should be paid in coin, snd accord
.0g to the bond agreed upon when the debt
AS contracted, in gold or its equivalent.
Tho good faith of the government can not
1e violated toward creditors At the national
-isgrace. Our commerce should be encOur-
AGe0, american knlnOuliulUE anu GRITTY NIX
greatly increased, foreign markets sought
i0r the products of the soil and manufac-
ares, to the end that we may be able topay
these debts Where a market can be Great
I'd for the sale of our products either ofthe
eoil, the mine, or the mandatory, = new
means ;s discovered of utilizing our idle
1spital and labor to the advantage of the
whole people but in my judgment the First
step toward this object Is TO secure n cur
rsncy good wherever civilization reigns,
one which if it becomes superintendent
with one people will find market with
acme other; currency which has as its
basis the labor necessary to produce it,
which will will give II its value Gold and
,lver are now the recognized mediums OF
exchange tho civilized world over, and TO
his we should return with the least practi-
cable delay. In view of the pledges of the
American Congress when our present legal
tender system was adopted and our debt
contracted there should be no delay-cer-
tainly no unnecessary delay-in fixing by
legislation a method by which We will re-
arm to specie. To the accomplishment Of
this end, Invite your special att ntion. /
believe firmly that there can be no prosper
Us and permanent revival of business and
industries until a policy is adopted with
legislation to to carry it out Looking 10 a
-eturn to specie basis tits easy 10 conceive
bat tho debtor and speculative classes may
mink il Is of value to them TO make So
,allcd money abundant until they can
throw a portion of their burden upon 9TH
.;s but even these, believe, would be dis
appointed in the result if a course should
cspursued which will keep in doubt the
value of the legal tender medium of eN
"hanPe; a revival of productive industries
aeeded by ali classes, by none more than
no holders of property of whatever sort
with debts TO liquidate for realization up
- ID. ttr,sv h,.f haa ftr,n
classes of citizens are to be benefited 10y
expansion, would il be honest To give it?
Would not the general loss be too great to
Justify such relief? Would II not he just
- honest and prudent to authorize each
labtor to issue his own legal tenders t. the
aXtcnt of his liabilities than To do this .?
Would il not be safer, for fear of over issues
~ INSCRIPTIONS creditors, to say that all
Iebt obligations are obliterated in the Uni
ed States, and now wo commence anew,
Zach possessing all he has ut the time free
rom incumbrance? These propositions
are too absurd to be entertained for mo
.Ient by thinking people. Every delay
: the preparation Of final resumption par-
axes Of this dishonesty, and Is only less in
egree as the proposition is held out
"A convenient season will at last arrive
.Jr the good work Of redspming our pledges
. commence. 1t will never come. ia my
piniOn, except by positive action by Con-
.;ress, or by national disasters which will
?estroy for time, at least, the credit of in
div duals and the State at large. A sound
.urrency must not be reached by the total
Bankruptcy of the credit and integrity of
:ae nation and individuals 1 believe it is
Il the power of Congress at this session to
levise such legislation as will confidently
-9vive all the industries, start US on the
career of prosperity, and to save the credit
Il the nation and OF the people. Steps to-
ward the return TO specie basis are the
Great requisites to this devoutly to be
sought for, and there are others which l
-aay touch upon hereafter. A nation deal>
5oP in currency below that Of specie in
vsluc, lsbors under two great disadvan-
ages First. having no use for the world :
a5knowledged medium of exchange, gold
sd silver; thee arc driven out of the
aolntry because there Is DO demand Tor
;aeir use. Second, the medium OF cN-
change boirc Of fluctuating value; for It
Is ou'y worth what IL will purchase of gold
md siiv,r mtals, having an intrinsic value
i.st in Proportion 20 the honest labor II
axes TO produce them. A large margin
must be nllowr for profit by the manufnc-
-lrerand producer. 1t is months from the
late Of production to the date of realization:
interest upon capital must be charged and
7lsk OF huct alton in the value of that
v7hich is D. be received in payment added,
tence the high prices acting as protection
20 the foreign producer, who receives moth
.Hg in exchange for the product ofhis skill
snd labor except a currency good at stable
-slue the world over 1t seems TO me that
-9thing ia clearer than that the greater part
{ the burden Of existing prostration, for
ne want Of sound financial system, falls
..pon the working man, who must after a
r-oducp. the wealth, and the salaried man,
no supprirtcnds and conducts business
ae burden falls upon them in two WAYS
~ the deprivation Of employment aud by
lie decreased purchasing power Of their
salaries. 1t is the duty of Congress to de-
v'se the method of correcting the evils
shich arc acknowledged to exist, aud not
line, but / will venture To suggest two or
.nree things which seems 10 me n absolute
necessary 10 "A return tospeoic payments.
The first great requisite in return to pros
rority. the legal-tender clause to the law
aIthOrizing the issue of currency by the
-stioHal government should be repealed,
ID take effect as to all contracts entered into
.ter day fixed in the repeating act, not to
.pply, however, 20 the payments Of salaries
y the government or other expenses now
rrovided by law to be paid in currency.
n the interval pending between the repeal
A 4 IL. s.u.ll l.,