The herald and mail. [volume] (Columbia, Tenn.) 1873-188?, 1874-12-18

the duty of congress to devise the
method of correcting the evils which
are acknowledged to exist, and not
mine. But I will venture TO suggest
two or three things which seem to me
as absolutely necessary to q return to
specie payments.
REPEAL OF TEE LKGAL TENDER CLAUSE
URGED.
The first great requisite in a return to
prosperity is, that the legal tender
clause to the law authorizing the issue
OF currency by the national government,
should be repealed, TO take effect, as to
all contracts entered into aftei q day
| fixed in the repeating act, not to apply,
! however, to the payments of salaries by
| the government, or other expenses now
| provided by law TO be paid in currency.
! In the interval and pending between re
! peal and final resumption, provision
| should be made by which the secretary
| of the treasury can obtain gold as it
may become necessary, from time to
| time, from the date when specie resump
! tion commenced. To this might and
| should be added a revenue sufficiently
| in excess of expenses to insure an accu-
mutation of gold in the treasury to sus-
! tain redemption. / commend this sub
| iect to your careful consideration, be-
| lieving that favorable solution is at
| tainable, and that if reached by this
| congress, present and future generations
will ever gratefully remember it as their
! deliverer from thraldom of toll and
disgrace.
FREE BANKING ESSENTIAL.
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 essential. It would
give proper elasticity to the currency.
As more currency should be required
for the transaction of legitimate busi-
ness, new banks would be started and in
turn banks would wind up their bust
ness when it was found there was a su-
perabUndaEce of currency. The expe-
Tience and Judgment of the people can
best decide Just how much curl ency is
required for the transaction of the bust
ness of the country. it is unsafe to
leave the settlement of this question to
congress, the secretary of the treasury
or the executive. Congress should |
make the regulation under which banks |
may exist, but should not make banking |
a monopoly by limiting the amount of |
redeemable paper currency that shall be |
authorized. Such Importance do at |
tach TO this subject and so earnestly do |
| commend it to your attention, that / |
give it prominence by introducing it at |
the beginning of this message.
OUR FOREIGN RELATIONS.
During the past year nothing has oc-
CURED to disturb the general, friendly
and cordial relations of the United
States with other powers. The cores
pOndence submitted herewith between
this government ard its diplomatic rep
reseDtatives IN other countries, show a
satisfactory condition of all questions
between the United States and the most
of those countries, and, with few ex-
ceptions, to which reference is hereafter
made, the absence of any points Of diff
ference to be adjusted.
BELGIUM.
The notice directed by the resolution
of congress of June IS, 1874, to be
given to terminate the convention of
July II, 1853, between the United States
and Belgium, has been given, and the
treaty will accordingly terminate on the
fret day of July, 1875. This cOnven.
tion secured to certain Belgium vessels
entering the ports of the United States,
exceptional privileges which are not &C
corded to our own vessels. Other feat
ures of the convention have proved sat
and have tended TO the culti-
walton of the mutually beneficial com
mercial intercourse and friendly reia-
tons between the two countries. IhOpe
that the negotiations which have been
instituted will result IN the celebrating
of another treaty which may tend TO the
- IS l,OE
CHINA.
Our relations with China continue to
be friendly. During the past year 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 occssioned uneasiness.
1t is earnestly hoped, however, the diff ,
ffculties arising from this cause Will be
adjusted, and that the advance of ciyili-
cation in those empires may not be re-
tarded by a state of war. ,
In consequence of the part taken by :
certain citizens of the United States in {
this expedition, our representatives IN I
those countries have beon instructed TO :
impress upon the governments Of China 6
and Japan the firm intention of this T
country to maintain strict neutrality in {
the event of hOstilities, and carefully I
prevent any infraction of law on the I
part of our citizens. 7
AH-sN. 6
In connection with this subiect, l call !
the attention of congress to a generally
known fact that the great proportion of !
Chinese emigrants who come to our
shores do not come voluntarily to make
their homes with us and their labor !
productive of the general prosperity,
but come under contract with head men,
who own them almost absolutely. In a
worse form does this apply to the Chi
Dese women. Hardly a perceptible t
of them perform any honor !
able labor, but they are brought here {
for shameful purposes, to the disgrace (
Of the communities where they settle, {
and to the great Generalization of the '
youth of these Localities. Ii this bad l
practice can be legisIated against, it '
will be my pleasure as well as my duty, !
to enforce any regulation to secure so {
desirable an end.
JAPAN.
It is hoped that negotiations between I
the government of Japan and other {
powers, looking to the further opening q
Of the empire and the removal of va 2
rlOHs restrictions upon trade and travel, |
may soon produce the results desired, c
which cannot fail to enure to the bene- f
at of ali parties. s
Having on previous occasions, sub
mitted to the consideration of congress, t
the propriety OF the release of the s
government from further pay r
ment Of the indemnity and the conver- r
tion of Oct. %, 1864, under as no action t
had been taken therein, it became my Z
duty to regard the obligation of the
convention as in force, and as the other
powers interested have received their
portion of the indemnity in full, the 0
minister of the United Stated has been 7
notified and this government received I
the remainder due to the United States
lnder the convention of Simousky. / }
submit the propriety of applying the :
income of a part, if not the whole of I I
the fund, to the education, in the Jap
anese language, of a number of young
men, to be under obligations to serve I
the government for a specified time as =
at the legation and the
at Japan. A limited mum