Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1874-12-10

gold and silver, these are driven out of the
country, because there is no demand for their
use; second, the medium of exchange in use
being of fuctuating value, for, after all, it is
only worth just what it viii purcha'e of gold
and silver, metals having an intrinsic value
just in proportion to the nest labor it takes
to produce them. A large margin must be
allowed for profit by tho manufacturer and
producer. 1t is months from the date CT pro-
duction to the date of realization: In
terest upon capital must be charged
and risk of fuctuation in the value of that
which is to be received in payment added;
hence high prices, acting as a protection to
the foreign producer, who received nothing
in exchange for the product of his skill and
labor except a currency good at d stable value
the world over. 1t seems to me that nothing
is clearer than that the greater part of the
burden of existing prostration for the want of
a sound financial system falls upon the work
ingman, who must after all produce the
wealth, and the salaried man, who superin-
ten Is and conducts business. The burden
falls upon them two ways-by the depriva-
ton of employment. and by the decreased
purchasing power of their salaries. 1t Is the
duty of Congress to devise the method of cor
recting the evils which are acknowledged to
exist and not mine but / will venture to
suggest two or three Things which seem to
me as absolutely necessary to return
to specie payments-the first great requi-
site in return to prosperity. The
izing the issue of currency by the national
government should be repealed, to take eff
feet as to all contracts entered into after a
day fixed by the repeating act, not to apply,
however. to the payment of salaries by the
government, or for other expenses now pro-
vided by law to be paid in currency. In the
interval pending between the repeal and final
resumption provision should be made by
which the Secretary of the Treasury can OBJ
tain gold as ii may become necessary from
time to time, from the date when specie re-
sumption commences. To this might and
should be added a revenue sufficiently IN ex-
cess of expenses to insure an accumulation OF
gold in the Treasury to sustain redemption.
commend this subject to your careful con-
sideration, believing that favorable solution
is atta;nable and that if reached by this
Congress, the present and future gen.
erations will ever gratefully remem-
Der it as their delivery from tbralldom
banking may be authorized with safety, CIV
ing full protection to billholders, which they
have not under the existing laws. Indeed, L
would regard free banking essential 1t
would give proper elasticity to the currency.
AS more currency should be required for the
transaction of legitimate business, new banks
would be started and in turn banks would
wind ND their business when it was found
there was a superabundance OF currency. The
experience and Judgment of the people can
best decide just how much currency Is re-
quired for the transaction of the business OF
tue country. 1t is unsafe to leave the settle
ment of this question TO Congress, the Secre-
tary of the Treasury or the Executive. Con-
gress should make the regulations under
which banks may exist, but should not make
banking q monopoly by limiting the amount
of redeemable paper currency that shall DC
authorized. Such Importance do attach to
this subject, and so earnestly do l commend
it to your attention that give it prominence
by introducing it at the beginning OF this
message.
During the past year nothing has occurred
to disturb the geuial,. friendly and cordial re-
lations of the United States with other pow
ers.
TIE correspondence submitted herewith be-
tween this government and its diplomatic
representatives In other countries ST. VS. q
satisfactory condition of all questions between
the United States and the most of those coun-
tries, and with few exceptions, to which reft r
ence is hereafter made, the absence of any
points of difference to be adjusted.
The notice directed by the resolution OF
Congress, Of June H. 1874, to be given to ter
inmate the convention Of July II, 1858, be-
tween the United States and Belgium, has
been given, and the trea'y will accordingly
terminate on the first day of July,
1875. This convention secures to GER
tain Belgian vessels entering the ports
privileges which are not accorded to our
own. vessels. The other features of the
convention have proved satisfactory and have
tended to the GUILTY. stioon of beneficial COM
merclal intercourse and friendly relations be-
tween the two countries. 1 hope that the
negotiations which have been invited will
result III the celebration of another treaty
oh frt In of both
tries. Our relations with China continue to
be friendly. During the past year the fear of
hostilities between China and Japan, growing
out of the landing of an armed force upon the
island of Formosa by the latter, has occa-
stoned uneasiness. 1t is earnestly hoped,
however, that the difficulties arising from this
cause will be adjusted, and that the advance
of civilization in these empires my not be
retarded by a state of war. In consequence
of the part taken by certain citizens of
the United States in this expedition, our rep
resentatives in those countries have Teen
instructed to impress upon the Governments
of China and japan the firm intention
of the country to MAINTAIN strict neutrality in
the event of hostilities, and carefully prevent
any infraction of law on the part of our citi-
zens. In connection with this subject | call
the attention Of Congress to generally con-
ceded fact that the great proportion Of Chi
nese emigrants who come to our shores do
uOL COtuc w mdkc tuclT uOHtc
with US. and their labor is not productive, but
they come under contract with head men, who
own them almost absolutely. In worse
form does this apply to Chinese women.
Hardly perceptible percentage of them per-
form any honorable labor. They are brought
for shameful purposes, to the disgrace of the
communities where they have settled, and to
the great Generalization of the youths of
those localities. II this evil practice can be
legislatcd against, it will be my pleasure as
well as duty to enforce any regulation to Be-
cure 60 desirable an end.
1t is hoped that negotiations between the
government of Japan and the treaty powers
looking to the further opening of the Empire
and to the removal of various restrictions
upon trade and travel may soon produce the
result desired, which cannot fail to Inure to
the benefit of all the parties.
Having on previous occasions submitted to
the consideration Of Congress the propriety
of the release of the Japanese government
from the further payment of indemnity under
the Convention of October 90, 1864, and as no
action had been taken therein, it becomes my
duty to regard the obligations Of the conven-
ton force, and as the other powers inter-
ested have obtained their portion of the in
demnity in full, the Minister of the United
States in Japan has, il, behalf OF this
government, received the remainder of the
amount due to the United States, under the
convention of Simorseky. / submit the pro-