The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1875-12-09

Egations u Spain With friendship, tdai !.
ness and fdelity,aand with spirit Of
patience and forbearance which mega
tives every possible suggestion Of q
Idesire to interfere or to add to the
difficulties with which she has been
Isurrounded. Proposals have been
made by Spain for submission Of
terms to meet the requirements Of
tho particular grieh of which this
government has felt itself entitled Il
complain Persuaded, however, that
sproper regard for the interests 81
! Tho United statss and, ih citixans, IN,
titled to redemption from the strain
to which they have been subjected BY
the difficulties Of the question, and
the losses which arise from the con.
test in Cuha, and therefore the inter.
| ct. Of humanity itself. demand; The
cessation Of the strife before the whole
Island shall be laid waste and large
sacrifices of life be made, I shall feel
it my duty, should my hopes of q sat.
isfactory adjustment and Of an early
restoration Of peace and the removal
Of future causes of complaint be un-
happily disappointed, to make a fur.
Their communication to congress At
some period not far remote, and dur.
ing the present session, recommend
ing what may then seem to me to be
necessary.
The border. troubles with Mexico,
the work of the Court of Commis-
sioners Of the Alabama claims, and
the claims of aliens are discussed.
Suggestions are made concerning the
control Of cable telegraph lines BE-
tween this and other countries. Herec-
ommends prompt measures to be taken
to prevent; fraudulent naturalization
and repatriation, which have grown
70 large proper tons.
L; Concerning specie resumption tho
Preadent ssys: Too much stress
cannot Be laid on the question, and /
hope congress may be induced At the
earliest Day practicable to insure the
communication Of the act Of the lat
session, to bring about specie zesump-
ton on and after the first day Of Janu-
sry, 1874 the furthsst. It would
be = graat blessing if this could b
contaminated even 1t m earlier day.
Nothing seems to me more certain
than that = full, healthy and perm.n-
emit reaction cannot take place in f.
| .yor of the industrial and financial
welfare Of the country until we Ne
turn to . measure Of values recog-
nized throughout the civilized world.
While we use a currency not equiva-
lent to the standard-the worlds re-
cognized standard-specie becomes a
commodity like the products Of the
sol, the surplus seeking market
wherever there is a demand for it.
Under our. present system we should
want none, nor would We have any.
Were it not that customs dues must
be paid in coin, and because of. the
pledge to pay the interest of the pub.
lie debt in coin, the yield Of preciou,
metal would flow out for the purchase
Of foreign productions, and leave ue
the hewers Of wood and drawers Of
water, because Of wise legislation on
the subject of finance by the nation.
with whom We have dealing,.. lam n.t
prepared to ~ that / c.. suggest The
best legislation to secure tho end
most heartily commended. It will
Be = source Of great qualification t.
me to be able to approve any meas.
ures Of congress looking effectually
toward security and resumption. Un
limited imitation would probably
bring about specie payments more
speedily than any legislation looking
to the redemption of legal tenders il
coin, but it would be At the expense
Of honor. The legal tenders would
have no value beyond settling presen,
liabilities, or properly speaking, 10
pudiatng them. They would brin,
nothing after the debts were Ill set
tied. There sre 4 few measure,
which seem to Be important in thi,
connection, and which. i commend 4
| your earnest confederation.
| Fnt-A repeal of 90 much Of tn,
| legal tender acts - makes these notsl
redesmable for debts contracted ate,
| = date to b fixed in the act ITSELF
say not later than the 1st Of January
1877. We should then have 4 quota
ton Il real values, and not Tfictitiou,
ones: Gold would no longer be At ,
IPs.saiiun, but currency At = discount
A heat Of reaction would ret in q
eaoe, and With it /. desire to make til,
correaey equal to what it purpors t.
b. =: The merchants, manufacturers
and >tladeemen. and every call;nf
could do:busines on q 4air margin O
profit. The money to be recsives
having IN unx.ryins value, l.bore1.
land classes who work for stipulated
'ipay Or salaries would receive NOR,
for their income, because extra profit,
would no longer be- charged by tn,
Fcapitalists to compensate for the risk,
! Of = downward Auctuation in the val
ues Of the currency. -