Year: 1874

0c., Nc's &c, Nc.


We give below extracts from the
Presidents Message on the points
of most general interests. On the
financial question he says:


The debt abroad is the only ele-
ment that can, with always sound
currency. enter into our affairs to
cause any continued depression in
the industries and prosperity Of our
people. 1t will never come, in my
opinion. except by positive action
by Congress, or by national disasters
which will destroy for a time, at
least. the credit of individuals and
the State at large. A sound cur
reney must not be reached by the
total bankruptcy of the credit and
integrity of the nation and individ-
uals. | believe it is in the power of
Congress at this session TO devise
such legislation as will confidently
revive all the Industries, start us on
the career of prosperity, and to save
the credit of the nation and o. the
people Steps toward the return to
a specie basis are the great requis.
ties to this devoutly to be sought
for, and there are others which /
may touch ppon hereafter. A ma
tion dealing in currency below that
of specie in value, Iabors under two
great disadvantages First, having
no use for the worlds acknowledged
medium of exchange, gold and sill
yer; these are driven out Of the
country because there is no demand
for their use. Second, the medium
of exchange being of a fuctuating
value for it is only worth what it
will purchase of gold and silver
metals, having an intrinsic value
just in proportion to the honest la
Dor it takes to produce them. A
large margin must be allowed for
profit by the manufacturer and pro-
ducer. It is months from the date
of production to the date of realiza-
tion: interest upon capital must be
charged and risk of fuctuation in
the value Of that which is to be re-
ceived in payment added, hence the
high prices acting us protection to
the foreign producer, who receives
nothing in exchange for the product
of his skill and labor except cur
rency good at a staple value the
world over. 1t seems TO me that
nothing is clearer than that the
greater part Of the burden of exist
ing prostration. for the want of u
sound financial system, fails Hpon
the working man, who must after all
produce, the wealth, and the salaried
man, WHO superintends and conducts
business, the burden fails upon them
in two ways-by the deprivation of
employment and by the decreased
purchasing powers of their salaries.
1t is the duty of Congress to devise
tke method of correcting the evils
which are acknowledged to exist,
and not mine, hut will venture to
suggest two or three things which
seems to me as absolutely neces-
sary to ret0rn to specie payments.
The first great requisite in return
to prosperity, the legal-tender
clause to the law authorizing the is
sac of currency by the national
government should be repealed, TO
take effect as to all contracts enter
ed into after day fixed in the re-
pealing act, not to apply, however,
to the payment of salaries by the
government, or other expenses now
provided by law to be paid in cur
rency. In the interval pending be-
tween the repeal and fnal resump-
tion, 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 resumption
commenced.