The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1874-12-17

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ule nation has undergone n prOstraiion IN bus
ness and industries such as has not been witness
cen. VIZ. as icr many years Speculation al % y
@fthout profit, because as many theories Woul
he advanced ae there would be independent writ
WHEN SrS sna ts2se who oS sAsss % f tneir wont STh neE y
duidag IN the0Fies as 30 the cause Of this pros
triton VIII Only can your attention % tle iaci
should be no disagreement.
sIryESrs or PROSPERITY. I'd
buYfnr eits tffostration two essential element
~ prosperity have been most abundant-labo
had capital. Beth have been largely unemploy
ed W hs-fe security has been unduiibted. cabifa
NJ eegh attalnable at very moderate rates. wher
labor has been wanted, It has been found II
abundance, at cheap rates cumpafcd with wha
"l necessities and comforts ~ life could be pur
chased with The wages demanded Two rrea
elements of prosperity therefore have not been de
hled ~. a thirdmigft be added: Our soil AM
slnaie Rre pIleqnaied within the rliIaiis-0f an,
is TsS.earI y nrissa aHa &c. sse nsssns,x ss .x 70
people, and in the amount Of surplus 20 snare Il
feed less favored people. Therefore, with thes,
Iae,s , y, FicW, y, II seems 70 me that wise states
tate ignoring The past, the directing in the pron
s SnAnpess oi those great elements OF prosperity
INA debt slsroa " che spl,,el, l,-,,ert tts, ran
WIN alNays sound currency. enter into our af-
Iaifs 20 cause any continued deuresson in tIe in
ci. ussrles ana ana prosperity OF our people. great
temporary purposes theTaisiRg Of large SUMS Of
ie9neys from whsliever Source Eitsinalle. IL
W NV Deeh aneces siil ln lhe WISDOM at Con-
gfess land I do not doubt their wisdom in the
premises regarding The necessity on the times)
20 devise sysiena of national currehcy. which
prove, % be impossible 10 keep on a par with the
recognized currency OF the civilized world. This
hegot spirit OF speculation, inVolyingan extrav
agance and luxury not required for the happiness
or prosperity of the people, and involving both
directly and indirectly foreign indebtedness. The
currency being Of nuctuatine value, II was there
lore unsafe 10 bod for legitimate raisactions re-
curing mopey aud becsnlea subiect of spacula-
tion in itseH Theee two causes however have
involved us IN foreign Indebtedness, contracted
m good faith BY the borrower and lender, which
ahodle he paid IN coin, and according % the bond
agreed upon when the debt was contracted in
gold or it. equivalent. The good faith of the
government cannot be violated towards creditors
Our commerce should be encouraged. Ameri.
can sup building and carrying facilities increas-
ed FOREIGN markets sought Tor products OF the
sail and manufactories 4 to the end that we ma
be able 40 paw these debis Where market ce1
he crested fof the sale q onr products either of
thc SOIL. thc mine or mstnuiactOrv a new means
Is discovered of utilizing our idle capital and
labor TO the advantage of tlle whole people
But IN my judgment the FIRST step toward this OBJ
1ect is 90 secure a currency good wherever ciyili-
bundant with one people, viii find a market with
some other-a currency which has as its basis the
labor necessary to produce it, which will give il
ri- RETURN TO sPEcIE PAYMENT.
Cold and silver are now the recognized med-
nms Of exchange the civilized world over, and
TINS we should return 10 with the least practical
delay, in view of the pledges of the American Con-
gress when our present legal tender system was
adopted and the debt contracted. There should
be no delay-certainly 10 unnecessary de-
lay-in fixing by legislation method
by which we win return to specie.
10 The accomplishment Of this end
invite your special attention. believe firm
ly that there can be no prosperous and perma-
nent revival Of business and industries until
policy Is adopted with legislation to carry it out
looking 20 a return 10 specie basis. IL is easy to
conceive that the debtor and speculative classes
may think IL Of value TO them tp make SO called
money abundant until they can throw portion
OF their burdens upon others; but even these
believe, would be disappointed in the result if
course should be pursued that viii keep in doubt
the vaiue ~ the legal tender medium Of exchange
revival OF productive industries is needed by an
classes; 10y none more than the holders of prop
erty, OF whatever sort, with debts TO liquidate /
Tor realization upon its sales. But admitting but
these two classes Of citizens are 10 be benefited by
expansion, would il be honest 10 give it, Would /
not the general loss be too great 20 Justify such
relief. Would il not be just as honest and prudent
70 author1ze each debtor TO issue his own legal /
tenders 20 the extent of his liabilities? Than 10 do
this would il not he safer for fear of over issue by
uuscrupulous creditors 30 say that all debt obliga
tons are obliterated in the United States and now
we commence anew. each possessing all he has at
the time, free from incumbrance: These PROPOSE
tons are too absurd to be entertained for mos
ment by thinking people.
Every delay in Che preparation of final resump-
uOn partakes of this dishonesty and is only less
IN degree as the proposition is held out. A con-
Venlent season will at last arrive for the good I
work OF redeeming our pledges to commerce. II I
viii never come, in my opinion, except byposi-
NV cu1n sy congress, or by national disasters,
which viii destroy for time at least the credit Of
individuals and the State at large A sound Cur
rency must not be reached by total bankruptcy Of 4
the credit and integrity of the nation and of indi-
viduals believe il Is in the power of Congress
at this session TO devise such legislation as will
restore confidence, revive all the industries,
6e credit OF se Naes and 81 q gr a and sie
toward tte return TO q specie basis are the great 7
requisites 10 this deyoutly TO be sought for re-
suit, and there are others which I NAV touch
upon hereafter A nation dealing in currency
below that Of specie in value lab0rs under two
great disadvantages: First having no use for the
worlds acknowledged medium of exchange gold
and silver; these are driven out of the country,
because there is no demand for their use Sees
cond, the medium of exchange being Of
huctuating value; for il is only worth
just what it will purchase OF gold and
silver metals, having an intrinsic value Just in
proportion 10 the honest labor it takes to pro
duce them. \ large margin must be allowed for
profit by the manufacturer and producer IL is
months from the date Of production To the date of
realization. Interest upon capital must be
charged, and risk OF fuctuation in the value OF
that Which is 20 be received in payment added
hence high prices acting protection to the for
elgn producer, who receives nothing in exchange
for the production Of his skill and labor except
currency good at staple value the world over
10 seems TO me that nothing is clearer than
that the greater part Of the burden of the
existing prOstratOn for the want of q sound
financial system falls upon the working man
who must after all produce the wealth, and the
salaried man who superntends and conducts
business. The burden falls upon them i'm two
ways; by the deprivation of employment and
by The decreased purchasing powers of their
salaries. IL is the duty of Congress TO devise
the method of correcting the evils which are
acknowledged % exist and not mine but / will
venture 10 suggest two or three things which seem
TO me as absolutely necessary to return to specie
payments.
As the first great requisite to a return to pros
periy. the legal tender clause 20 the law authoriz
ing the issue of currency by the National Govern
ment should be repealed. 10 take effect as TO all
contracts entered into after dav fixed in the re-
pealing act, not 30 apply. however. 10 payment
OF salaries by Government, or other expenses
now provided by law tO be paid i'm currency. In
the interval pending between repeal and final re
sumption, Rrovsion should be made by which
the Secretary Of the Treasury can obtain gold as
II may become necessary from time to time from
The date when specie resumption commenced.
To this might and should he added n revenue
sufficiently IN excess Of expenses 10 insure ac-
cumulation Of gold in the Treasury TO sustain re-
dempton. / commend this subject 10 your care
tul consideration. believing that favorable So
luton is attainable. and that if reached by this
Congress that the present and future generations
viii ever gracefully remember il as their deliver
ance from thralldom of evil and disgrace.
RESUMPTION OF FREE BANKING
may be authorized with safety. giving the full
protection 20 bin holders which they have under
ing as essential. 1t would give proper elasticity
70 the currency. As more currency should be re-
qulred for the transaction of Legitimate business
new banks would he started and in turn banks
would wind up their business when it was found
there was superabundance of currency. The
experience and Judgment of the people can best
decide just how much currencyis required for the
transaction Of the business Of the country. IL is
unsafe 10 leave the settlement of this question to
congress, the Secretary Of the Treasury or the
Executive. Congress should meke the regula
tons under which banks may exist, but should
moi make banking a monopoly by limiting the
amount Of redeemable paper currency that shall
he authorized. such importance do / attach to
this subject, and so earnestly do j commend it 10
Your attention, that give il prominence by intro
ducing il at the beginning of this message.
oCR FoREIGN RELATIONS
During the past wear nothing has occurred to
disturb the general friendly and cordial relations
Of the nited States with other powers. The cor
respondence submitted herewith between this
Government and its diplomatic representatives of
other countries Indicates the satisfactory condi-
uon.oi all questions between the United States
anu me most OF those countries, and with few
eNceptons, 10 which reference is hereafter made,
the absence Of any points Of difference to be ad-
justed.