The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-12-08

be reached by total bankruptcy ana ois
credit of the integrity of the nation and
of individuals.
I believe it is the duty Of Congress at
this session to devise such legislation as
will renew confidence. revive industries,
start US on a career of prosperity to last
for many years, and to save the credit OF
this nation and of this people. Steps to
ward the return to specie basis are the
great requisites to be devotedly sought
for. and there are others which / may
touch upon henceforth.
A nation dealing in currency below
that of specie in value labors under two
great disadvantages. First, having no
use for the worlds acknowledged me-
dunn of exchange, 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 will purchase
of gold and silver metals, having an in
trinsic value just in proportion to the
honest labor it takes to produce them-a
larger margin must be allowed for profit
by the manufacturer and producer. 1t
is months from the date of production To
the date of realization. Interest must
be changed, and the risk of iuctuatlon
in the value of that which is received in
payment, added. Hence high prices
acting as protection to the foreign
producer, who receives nothing in e1-
change for the products of his skill and
labor, except currency good at staple
value, the world over.
1t seems to me that nothing is clearer
than that the greater part o. the burdep
of existing prostration tor the want of Il
sound financial system, falls upon the
working man, who must, after all pro
duce the wealth, and the salaried man who
superintends and conducts business. The
burden falls upon them in two ways, by
the deprivation Of employment and the
decreased purchasing power OF their sails
ries. 1t is the duty of Congress to
devise the method of correcting the evils
which are acknowledged to exist, and not
mine; but | will venture to suggest two
or three things which seem Ia me as
absolutely necessary to n return tospecie
payment:
Two or Three Necessary Suggestions.
The first great requisite in n return TO
prosperity, the legal tender clause to the
law authorizing the issue of currency by
the National government, should be re-
pealed, to take effect as to all contracts
entered into after day fixed in the re-
pealing act; not to apply, however, to the
payment of salaries blythe government,
or for other expenditures now provided
for 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 obtain gold rs 1t may
become necessary from time 10 time.
From the date when specie resumption
commences toths, there nigh and should
b. added n revenue sufficiently in excess
of the expenses to insure al aCcumula-
ton of gold in the Treasury To sustain
the redemption. commend this subject
TO YOUR careful consideration, believing
that favorable solution is obtainablc,
and that, if reached by this Congress,
that the present and future generations
will ever gratefully remember It rs their
deliverancc from thraldom of evil and
disgrace.
Free Banking.
With resumption, free banking may be
authorized with safety, giving full pro-
lection to bill holders, which they have
under existing laws. Indeed, | would
regard free banking as essential. II
would give proper elasticity to the cur
rencv, as more currency should be re-
quired for the transaction OF lcgIti-
mate business. New banks would
be started, and in the towns
banks would bring up their business,
when 1t was found.tnat there WAS asuper-
ABUNDANCE of currency.
The experience and judgment Of the
people can best decide just how much
currency is required for the transa tion
of the business Of the country. IL is un-
safe to leave the settlement Of this qucs-
ton To- Congress, the Secretary of the
Treasury or the Executive. Congress
should make the regulations under which
banks may exist, but should rot make
banking monopoly by limiting the
amount of rcdcemablc paper currency
that ,hall be authorized. Such Impor.
tance do attach TO this subject. and 80
earnestly do commend it TO your atten-
ton that ! give it prominence by intro
ducing it at the beginning Of the mes.
sage.
The United states at Peace with
other Powers.
During the past year nothing has oc-
CURED to disturb the general friendly
and cordial relations of the United States
with other powers.
The correspondence submitted here
with between this government
and its diplomatic representative, as also
with the representations Of other coun'
tries. shows satisfactory condition
of all questions between the United
States and the most Of those countries,
and with few exceptions To which refer
ence il hereafter maed, the absence Of
ANY difference TO be adjusted.
The notice directed by the resolution
Of June 18th, 1874, TO be given 70 termi-
nate the convention Of July the l7th,
1875. between the United States and
Belgium, has been given, and the treaty
with Belgium accordingly terminates on
the lst day Of July, 1915. This Conven-
ton secured 10 certain Belgian vessels
entering the ports Of the United States
exceptional privileges, which are not
accorded 10 our own vessels. The other
features Of the Convention have proved
satisfactory, and have tended 10 the cult.
vation Of mutual and beneficial CONNER.
ciAl intercourse and friendly relations
between the two countries. / hope that
the negotiations which have been invited
will result in the celebration Of another
treaty, which msy tend 70 the Interests
Of both countries.
Our Relations with China
continue 10 be friendly. During th'
past year the fear Of hOstilities between
China and japan, growing cut Of th'
landing Of an armed force upon th'
Island Of FormOss by the latter, has &C