Year: 1874




PR0STRAT TT0N IN BUSINESS AND INDUS.


TRIES


such as has not been witnessed with us
for many years. Speculation as to the
causes for this prostration might be in
dulged in withoutproft, because as many
theories would be advanced as there
would be independent writer's among
those who expressed their own views
without borrowing upon the subject.
Without indulging in theories as to the
cause Of this prostration, therefore, will
call your attention only to the fact, and
10 some plain questions as to which it
would seem there should be no disagree
ment. During this prostration two es-
Sential elements of prosperity have been
most abundant-labor and capital Both
have been largely unemployed. Where
security has been undoubted, capital has
been attainable at very moderate rates ;
where labor has been wanted, it has been
found in abundance at cheap rates, COM
pared with what of the necessaries and
comforts of life could be purchased with
the wages demanded Two great ele-
ments ofprosperity, therefore, have not
been denied us; third might be added:
our soil, unequalled within the limits Of
any contiguous territory under one ma
ton for its variety Of produce to feed and
clothe people, and in the amount Of
surplus to spare to feed less favored peo-
pie. Therefore, with these facts in view,
It seems that wise craftsmanship at this
session of Congress would dictate legis-
lation ignoring the past, directing in the
proper channel these great elements Of
prosperity to any people.


DEBT


Debt abroad is the only element that
can, with always sound currency enter
into our affairs to cause any continued
depression on the industries and pros
perity of our people. A great conflict
for national existence, made necessary,
fortemporary purposes, the raising oflarge
sums of money from whatever source at
tAinable. 1t seemed necessary in the
wisdom of Congress- | do not
doubt their wisdom in the premises, re-
garding the necessity Of the times,-
devise a system of national currency,
which, it proved to be impossible to keep
en- a par with the recognized currency Of
Me civilized world. This begot a spirit
e speculation and extravaganza and
hxury not required for the happiness or
prosperity of a people, and involving
both directly and indirectly foreign in
Indebtedness, the currency being of fluc-
tuating value, and therefore unsafe to
hold for legitimate transaction requiring
money, because subject of speculation
IN itself. These two causes, however,
have involved us in foreign indebted
ness, contracted in good faith by the
borrower and lender, which should be
paid in coin and according to the bond
agreed upon when the debt was contract
ed-gold or its equivalent, The good
faith of the Government cannot be vic.
lated towards creditors without national
disgrace, but our commerce should be
encouraged, American ship building and
carrying capacity increased and foreign
markets sought for the products of the
soil and the manufactures, to the end
that one may be able to pay these debts.
Where new market can be created for
the sale of our products, either of the
soil, the mine, orthe mandatory, new
means is discovered utilizing our idle
capital and labor to advantage of the
whole people.


IN EARLY RETURN TO SPECIE PAYMENT


URGED.


But, in my judgment, the first step to-
wards accomplishing this object is to
secure a currency good wherever civili-
ration ssreigns-one which, whenever it
becomes ,superabundant with one peo-
pie, will find a market with some others
"a currency which has as its basis the
labor necessary to produce it, which will
give to it its value. Gold and silver are
now the recognized mediums of ex-
change the civilized world over, and to
this we should return with the least prac-
ticable delay. In view Of the pledges of
the American Congress when ourpresent
legal tenders system was adopted, there
should be no delay, certainly no un-
necessary delay in fixing by legislation
a method by which we will return to
specie. To the accomplishment OF this
end | invite your special attention. |
believe firmly there can be no prosperous
and permanent revival Of business and
industries under pollcyis adopted, with
legislation to carry it out, looking to the
specie basis. 1t is easy to conceive that
the debtor and speculative classes may
think it of value to them to make So
called money abundant, until they
can throw portion Of their burdens on
others; but even these, believe, would
be disappointed in the result, if course
should be pursued which will keep in
doubt the value of the legal tender me-
dunn of exchange.


A revival of the productive industry is
needed by all classes, by none more than
the holders of property OF whatsoever
sort with debts to liquidate for realiza-
ton upon its sale. But admitting that
these two classes Of citizens are to be
benefited by expansion, would it be
honest TO give itf WOulu hOl vic 6ShSt
Al loss be too great to justly such relief'
Would it not be just as honest and pru-
dent to authorize each debtor to issue his
own legal tenders to the extent OF his
liabilities than to do thisl Would il not
he safer, for fear Of over issues by un-
scrupulous creditors, to say that all debt
obligations are Obliterated in the United
Gates. and now we commence anew,
each possessing all he has at the time
Eee from incumberance } These posi-.
,tIons are too absurd tobe entertained for
4 moment by thinking or honest people /
,Vet every delay in preparation for final
resumption partake Of this dishonesty,
and Is only less so as the hope is held
out that a convenient time will at last ar
rive for the good work Of redeeming our
hedges 70 commence. 1t viii never
come, in my opinion, except BY positive
action BY Congress, pr by national dis
aSters which will destroy for time a
ieast he credit Of the individual and the