The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1874-12-18
Repeal of the Legal Tender Act
Recommend ed--Free Bank
ing Favored.
Legislation Asked on the Subjects OF
the Tariff, Civil Service Reform
and Natu ralizatiOn.
The appointment Of Two More Supreme
Judges Advised.
To the Senate and HopA- Of Representatives.:

To the S.ndte end Hop>- Of Representatives:
Since the converting of Congress one year ac"
fhe nation has undergone a pro-tratinn in business
and tie Industries such As has not been witnessed
with us for many years. Speculation as TO the
causes for this prcs;ra'ion might he INDUCED in
without profit. because as many theories would he
advanced As there would lie ind. pendent writers
who should express their own views upon the sub
ject. without INDUCING in theories a. 20 the cause
Of the prostr.tior, therefore, ! will call your at
tent:on only to til. fact and to some questions as to
no disagreement. Daring this Iros,ration
two essential elements Of prosI Gritty
have been most abunlant-lai.or ard capita,
Roth have lecn largely unemployed. Where
security ha> been urln,bIci, capital ira- i-,n
atiainailr al very moderate rates. Where Ia
Isl has been wanted, il has been found in IluIft-
:ncc At cheap rates. compared with wlEai "i the
nece>-aricS and comforts Of life could Lee pur-
chased with the wage, demanded. Tw" great
%elcmcnts OF prosperity. therefore, have not ls,n
denied Us: Il thiri might he added. our -'il
and climate are unrJuilcrl within the limits 81
any contiguous territory under On" nationality
for its varieties of rTrslurt> to feed AMI cl"ili- :.
people. AMI IN the amount at surplus e" >Is,rr L"
feed lc-s-favoreti people. Therefore, with ile-c
fact, in view, ii seems L" me that wire >;aic--
nan-iip at this session al Congress would die
iate-i.noriug the Isi>i-ii-tributin- in proper
rIrannelr these great elements OF prosperity To-
any people.
Dent abroad j. the only element that can.
with alway> 4 sound currency. enter into our
affairs to cause any continued depression III the
ind u,tries and prosperity of our people.
\ great conflict for national existence made
necessary. for Temporary. purposes. the raising
of large sun- of money from whatever -ourrc
Obtainahlc. Ii was made necessary in the wis
dom of Congress. and l do not doubt their wis
dom in the premises. rcgarling the necessity of
the times. to devise 4 system Of national eur
rcncy wfirh il u proved to he impossible TO
keep on 4 gar with the recognized currency of
the civilized world. This bcgot a spirit Of -l-cu-
lation involving an eNtravagancc AMI luxury not
required for the happiness or prosperity of a
people, and involving. both directly AMI
Indirectly, foreign indebtedness. The cur
rency being of a huctuatinS value,
ami unsafe to hold for Ie-ltlmatc
transactions requiring money. became q subject OF
speculation in itself. These two causes,
however, have involved us in a Foreign
indebtedness contracted in good faith 10y the Dor
rover and the lender, which should 10 paid in coin
and according to the bond agreed upon when the
debt WAS contracted-gold or its equivalent. The
good faith Of the government cannot be viOlzt-d
toward creditors at the national disgrace. Our
commerce should be encouraged; American ship
building and carrying capacity increased foreign
markets. sought for products of the soil and manu-
~factures, to the end that We may be able to pay
these debts where a insrket can be created for the
sale Of our products, either of the soil. the mine
or the manufactory; Z new means il
discovered of utilizing our idle capital and
labor TO the ADVANTAGE of the whole
people; but i'll my Judgment the fret
step toward accomplishing this object Is
to secure a currency good wherever civ
ilization regrs- -one which, if It becomes superb
bundant with one people, will find a market with
some other-a currency which has a. its basis the
labor necessary to produce it, which will give it,
value. Gold and silver are nov the recognized
medium Of exchange the civilized world over.
and to this We should return with the i-1st practi-
cable delay. In view of the pledges tf tie An,r ri
can Congress- when our iFssrni lie,
the debt contracted, there should he
no delay, certainly no unnecessary DELAY. IN iiN-
ing by legislation IL rncthpt by whirh we VIII re
turn la specie. To the accomplishment Ui tins
end | invite your special attention. | believe
firmly that there can bc no prosperous AMI per.
manent revival al business and the Industries
until i policy Is ahoptcTi. with legislation To- ear
nv il out, looking 10 :. return To Il specie lu>i~. II
l. easy L" conceive that the debtor and specgll-
live classes may think 1t OF value io mak" i 50
called money abundant until they cIa throw u
portion of their burdens upon others. bu, even
these, | believe, would he disappointed 10y the
result if a course should he pursued which viii
keep in doubt the value OF the legal tender medium
of exchange. A revival Of the productive industries
il needed by all classes, and by none more than
the holders of property, of Whatever sort. with
debts to ~liluidate from the realization upon it-
sales. But, admitting that the two classes of ciii-
zens referred to ar. to be benefited by expansion,
would it be honest Ia give il? Would not the gem
era. loss be too great To justify such relief: Would
it not be just As honest and prudent to authorize
each debtor to Issue his own legal-tsnd.rs TO the
extent of his liabilities As to do thi-7
Would it not be safer, for fear of over
issues by inscriptions creditors. to say
that all Gebt and obligations are oLliteraie,i in the
United States, and now We commence Anew, each
possessing all he has at the time. free from incuIn-
brauce? These propositions are too absurd TO be
entertained for 4 moment by thinking people.
Every delay IN tine Prepai alton of final resumption
partskes Of this dishonesty, and is only less in de-
gree as the hope is held out that Il convenient sea-
son will at las; arrive for the good work Of reie. III
ing our pledges to commerce. 1t viii never come.
in my opinion, except by the positive action Of
Congress, or By national disasters, which
will destroy, for a time at least. the credit
Of individuals and the State ut large. / believe
1t is in the power IF Congress at this session
to devise such legislation a. will renew confidence,
revive all the industries, start us on n Career Of
prosperity to last for many years. and to save the
CREDIT Of the nation and Of the people. Steps
toward the return tn a specie basis are the gres;
requisites TO this deyort.y 10 he sought for end.
There are other poin.s l may touch upon here
after.
A nation dealing in n currency below tlst Of specie
n value iaoors und-rtwogr.a Disadvantages. First,
having no Use for the worlds acknowledged medium
of exchange, gold and river, there are driven out
of the country, b'cause there is no demand for
their use. second. the medium of exchange in Use
being of a fUctUating value. for, after all. il II
only worth just What II viii purchase OF gold and
silver, metals having an intrinsic .alu- Just in
proportion 10 the honest labor il takes to produce
them. A large margin must lie allowed for profit
by the manufacturer aud producer. 1t is
months from tie date Of production z
the date Of realization. Interest uron capital must
that which is to he received in payment added;
hence high prices, acting a a protection TO the for
Sign producer, who received nothing in exchange