Year: 1874

Jo"i oko, ene NatlOn mas undergone .


prostration in business and industrie,
such as has not been witnessed with us


Tor many years. Speculation as to the


causes for this prostration might be in


duiged in without profit, because as
many theories would be advanced as
there would be independent writer's,
who expressed their own views, without
borrowing, upon the subject. Without
lndulging in the theories as to the cause
OF this prostration, ] will only call your
attention to the fact, and one question,
as to which it would seem there should
be no disagreement During this pres
tratiOn two essential elements of prosper
ity have been most abundant-labor and
capital. Both have been largely unem-
plOyed where security has been undoubt-
ed. Capital has been attainable at very
moderate rates. Where labor has been
wanted, it has been found in abundance,
at cheap rates. compared with what of
necessaries and comforts of life could be
purchased with the wages demanded.
Two great elements of prosperity there
fore, have not been denied us. A third
might be added-our soil and climate
are unequaled within the limits of any
contiguous territory, under one national
lty, for its variety of products 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 to me that wise craftsmanship at
this session of Congress would dictate
the ignoring of the past, and the di-
recting in the proper channels these
great elements of prosperity.


Tho dahf ohrNoI .o xho oplx, ,Io,~.oct
that can, with always a sound currency,
enter into our affairs to cause any con-
tinued depression in the industries and
prosperity of our peoples great conflict
for national existence made necessary,
for tempory purposes, the raising of large
sums of money from whatever source at
tainable. 1t became necessary, in the
wisdom of Congress, and do not doubt
their wisdom in the premises, regarding
the necessity of the times, to devise a
system of national currency, which it
proved to be impossible to keep on par
with the recognized currency Of the civ
ilized world. This begat spirit ofspec-
ulatien, including an extravaganza and
luxury not required for the happiness or
prosperity Of people, and involving,
both directly and indirectly, foreign in
debtedness. The currency being of
fiuctuating value, and therefore unsafe
to hold for legitimate transactions, money
became a subject of speculation in itself.
These two cases, however, have involved
us in foreign Indebtedness, contracted
in good faith by the borrower and lender,
which should be paid in coin, and, ac-
cording to the bond agreed upon when
the debt was contracted, gold or its
equivalent. The good faith of the Gov
ernment can not be violated toward
creditors at the expense of national dis
grace. Our commerce should be encour-
aged, American ship building and carry
ing greatly increased. Foreign markets
sought for the products of the soil and
manufactures, to the end that we may be
able to pay these debts. Where market
can be created for the sale of our pro-
ducts, either of the soil, the mine, or the
mandatory, new means is discovered
of utilizing our idle capital and labor to
the advantage of the whole people. But
in my judgment the first step toward this
object is to secure currency good wher-
ever civilization reigns-one which, if it
becomes superabundant with one people,
will find a market with some other A





necessary to produce it, which will give
it its value. Gold and silver are now
the recognized mediums Of exchange the
civilized world over, and to this we should
return with the least practicable delay.


In view of the pledges of the Ameri-
can Congress, when our present legal
tender system was adopted, and the debt
contracted, there should be no delay,
certainly no unnecessary delay, in fix
ing by legislation method by which we
will return to specie. To the accom-
plishment of this end invite your sp i
ial attention. / believe firmly that
there can be no prosperous and perman-
ant revival of business and industries
until policy is adopted, with legisla-
ton to carry it out, leading to a return |
to specie basis. 1t is easy to conceive |
that the debtor and speculative basis
may think it of value to them to make |
so-called money abundant, until they
can throw a portion of their burdens
upon others; but even these l believe,
would be disappointed in the result, if
course should be pursued which will |
keep in doubt the value of the legal ten
der medium of exchange. A revival of
productive industries is needed by all
classes, and by none more than the hold
ers of property, of whatever sort, with
debts to liquidate for realization upon
its sales. But admitting that these two
classes of citizens are to be benefited by
expansion, would it be honest to give it? |
Would not the general 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 ten
ders to the extent of his liabilities, as to
do this? Would it not be safer for fear
of over issue by unscrupulous creditors, |
to say that all debt obligations are OBJ |
liberated in the United States, and now |
we commence anew, each possessing all
he has at the time, free from incum-
branceY These propositions are too abb
surd to be entertained for a moment by
thinking people. Every delay in the
preparation of final resumption partakes
of this dishonesty, and is only less in de-
gree as the proposition is held out that a
convenient season will at last arrive for
the good work of redeeming our pledges
to commerce. 1t will never come, in my
opinion, except by positive action of
Congress or by national disas-
ters, which will destroy for
time at least, the credit of individ-
uals and the State at large. A sound
currency must be reached by the total
bankruptcy of the credit and the integ-
rity of the nation and individuals. /
believe it is in the power of Congress,
at this session, to devise such legis-
lation rs will restore confidence,
revive all the industries, start us at the
career of prosperity, and save the credit
of the nation and of the people. Steps
toward the return to specie basis are
the great requisites to this, devoutly to
be sought for consummation, and there
are others, which may touch upon here
after. A nation dealing in q currency
below that of specie in value, labors
under two great disadvantages: First,
having no use for the worlds acknowl-
edged medium of exchange, gold and
.sI.ro~ tbooa ara Ir.ya,, ~..t <.f tl.c oo,,,.