Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1874-12-17
PRESIDENTS MESSAGE.
To the Senate and House of Representatives:

business and the industries such as has not
been witnessed with us for many years. Spec
ulation as to the causes for this prostration
might be INDUCED in without profit, because
as many theories would be advanced as there
would be independent writers who should
express their own views upon the sub
jcct. Without indulging in theories as
10 the cause Of this prostration, therefore,
/ will call your attention only to the
fact and to some questions as 10
which it wolGd seem there should be no dis
agreement During this prostration two es
scntial elements of prosperity have beer
most abundant-labor and capital. Botn
have been largely unemployed. Where Sc
curity has been undoubted, capital has been
attanabc at very moderate rates. Where
labor has been wanted, 1t has been found IN
abundance at cheap rates, compared with
what OF the necessaries and comforts OF life
could be purchased with the wages demand
ed. Two great elements Of prosperity, there
fore, have not been denied us, a third might
be added Our soil and climate are une-
Qualed within the limits of any contigu-
Gus territory under one nationality for its va
reties of products to feed and clothe people
and In the amount of surplus to spare to feed
lcss-fapored people Therefore, with these
facts in view, 1t seems to me that wise states
manship at this session of Congress would die
tate--ignoring the Notwithstanding In prop
or channels these great elements of prosperity
TO any people Debt abroad is the only ele-
mcnt that can, with always sound currency,
enter into our affairs to cause any continued
depression in the industries and prosperity of
our people.
THE CURRENCY.
A great conflict for national existence made
necessary, for temporary purposes, the rails
ing Of large sums of money from whatever
source attainable 1t was made necessary in
the wisdom Of Congress, and | do not
doubt their wisdom In the premises,
regarding the necessity of the times,
10 devise system of national currency, which
it Is proved to 0e impossible TO keep on a
par with the recognized currency Of
the civilized world. This bcgot spirit
of speculation involving an eXtraya-
gance and luxury not required for the
happiness or prosperity OF people, and in
yolying, both directly and indirectly, foreign
Indebtedness. The currency being of tluctu-
ating value, and unsafe to hold for legitimate
transactions requiring money became sub
iect of speculation in itself These two causes,
however, have involved us In foreign
Indebtedness contracted in good faith by the
borrower and the lender, which should be paid
in coin and according to the bond agreed
upon when the debt was contractcdgold or
it, equivalent. The good faith of the Gov
eminent cannot be violated toward its
creditors nj the national disgrace. Our com.
merce should be encouraged; American ship
building and carrying capacity Increased;
foreign markets sought for products of the
soil and manufactures, to the end that we
may be able topay these debts. Where a mar
ket can be created for the sale of our products,
either of the soil, the mine or the mandatory,
anew means is discovered Of utilizing our idle
capital and labor TO the advantage Of the
whole people; but in my Judgment the
first step toward accomplishing this OBJ
iect is 10 secure currency good wherever
civilization reigns--one which, IL it becomes
superintendent with one people will find a
market with some other--a currency which
has as its basis the labor necessary to pro
duce it which will give it value Gold and
silver are now the recognized medium of
exchange the civilized world over, aud to this
we should return with the least practicable
delay In view of the pledges of the
American Congress when our present
lcgAl-tendCr system was adopted and
the debt contracted there should be
no delay certainly no unnecessary delay. IN
fixing by legislation Il method by which We
will return to specie, To the accomplish
ment of this end invite your special atten-
ton. | believe firmly that there can be no
prosperous and permanent revival of business
sud the industries until policy is adopted,
with legislation 10 carry 1t out, looking to a
return to a specie basis II is easy TO con
ceivo that the debtor aud speculative classes
may think 1t Of value to make so
called money abundant antil they can throw
portion of their business upon others; but
even these, believe, would be disappointed
by the result If course should be pursued
which viii keep in doubt the value OF the
icgal-tcnder medium of exchange. A revival
OF the productive industries is needed
by all classes, and by none more than
the holders OF property, of whatever sort,
with debts to liquidate from the realization
upon It's sales But admitting that the two
classes OF citizens referred TO are To be ben
ehted BY expansion, would ii be honest to
give At? Would not the general loss be too
great to justify such relicfg Would ii not he
just rs honest and prudent to authorize
each debtor To issue his own egal-teuders to
the extent of his liabilities Ms To do this y
Would 1t not be safer, for fear of oyer-issucs
by uRscrupulous creditors, to say that all
debts and obligations are obiteratcd in the
United states, aud NOW we commence anew
each possessing all he has nj the time
free from incumbranccy These propositions
are too absurd to be entertained for mo
mcnt 10y thinking people. Every delay IN the
preparation for final resumption partakes Of
this dishonesty, and Is only less III degree as
the hopeis held ont that convenient season
will at last arrive for the good work OF
rcdceming our pledges to commence. II
viii never come, in my opinion, except hy
the positive action Of Congress or by ma
uonal disasters, which sill destroy. Tor a
time al least, the credit of individuals and
the state nj large, | believe q is in
the power OF Congress az this session
to devise such legislation as will renew conf
dcnce revive all the industries, start W. ON
career OF prosperity TO last for many years,
and TO save the credit of the station and OF the
people. Steps towEd the reuln to a specie
basis are The great requisites TO this deyout-
dy-to, hg-souEAtioy end. There are other
nGiutS NAV fpItb I,B., I.tr.,ft,.