Year: 1874

Since the convening of Congress one
year ago, the nation has undergone a
prostratiOn in its 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 indulged in without profit,
because as many theories would be
advanced as there would be inde-
pendent writers; therefore / will call
your attention only to the fact and to
some questions, as to which it would
seem there should be no disagreement.
During the prostration, two essential
elements of prosperity have been most
abundant-labor and capital. Both
have been largely unemployed. Where
security has been undoubted, capital
has been obtainable at very moderate
rates. Where labor has been wanted,
it has been found in abundance at
cheap rates, compared with what the
necessaries and comforts Of life could
be purchased with the wages de-
manded. Two great elements of pros
perity, therefore, have not been denied
us. A third might be added-our soil
and climate are unequalled within the
limits of any contiguous territory, un-
der one nationality, for its varieties of
products, to feed and clothe people;
in the amount of surplus to spare to
feed less favored people. Wherefore
with these facts in view, it seems to
me that wise craftsmanship at this
session of Congress, would dictate ig-
noring the past and distributing in
proper channels these great elements
of prosperity to any people. The
| debt abroad is the only element that
can, with always a sound currency,
enter into our affairs to cause any con-
tinued depression in the industries or
prosperity. A great conflict for ma
tional existence made necessary for
temporary purposes the raising of a
large sum of money from whatever
source attainable. 1T was made nee
essary 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
fgJEEeegnlcy, fJJTsegly WHICH WHICH it proyed to be i'm
Ognized currency Of the civilized
world. This begot spirit of specula-
| tion involving an extravaganza and
luxuries not required for the happi-
ness or prosperity of people and in
volving, both directly and indirectly,
foreign Indebtedness. The currency
|


to be unsafe to hold for legitimate


transactions requiring money, and be-


came subject of speculation in itself.


volved us in foreign Indebtedness,


contracted in good faith by the bor-


rover and lender, which should be


paid in coin and according TO the


bond agreed upon when the debt was
contracted-gold, or it's equivalent.
| The good faith of the Government
cannot be violated toward creditors
| without national disgrace. Our COM
merce should be" encouraged, Ameri-
can ship-building and carrying capac-
| ity increased, foreign markets made
| to seek for the products of the soil and
manufactures, to the end that we NAV
be able to pay these debts where a
market can be created for the sale of
| other products, either of the soil, the
mine or the mandatory q new


means is discovered of utilizing ou1
idle capital and labor to the advantage
of the whole people.


STABLE CURRENCY wANTED-SPECIE


PAYMENTS.


| In my judgment, the first step to-


ward accomplishing this object is to
|


iZation reigns-one which, if it be-
comes superabundant with one people
/ will find market with some other-s


currency which has as it's basis the
labor necessary to produce it, which
will give us value. Gold and silver
are now the recognized mediums of
exchange the world over, and to this
| we should return with the least practi-
cable delay. In view of the pledges of
the American Congress when our legal
| tender system was adopted and the
debt contracted, there should be no
| delay-certainly no unnecessary de-


lay--in fixing, by legislation, a
method by which we will return to
| specie. TO the accomplishment of
this end invite your especial atten-
ton. l believe firmly that there can
be no prosperous or permanent revival
of business and industries until pol
icy is adopted with legislation to carry
| it out, looking for return of specie
basis. 1t is easy to conceive that the
debtor and speculative classes
may think it of value to make
a so called money abundant un-
| til they can throw q portion of
their burdens upon others; but even
these believe would be disappointed
lin the result, if course should be pur-
sued which will keep in no doubt the
value of the legal tender medium of
exchange. A revival of production of
industries are needed by all classes and
by none more than the holders of prop
erty of whatever sort, with debts to
liquidates from realization upon its
sales. But admitting that the two
classes of cities are to be benefited by
expansion, would it be honest to give
it? Would not the general loss be too
great to justify such belief? Would it
not be more just and honest and pru-
dent to authorize each debtor to issue
his own legal tenders to the extent of
his liabilities than to do this? Would
it not be safer, for fear of over-issues
by INSCRIPTIONS creditors, to say that
all debt obligations are obliterated in
the United States? The propositions
are too absurd to be entertained for
moment by thinking people. Every
delay in the preparation of final re-
sumption partakes of this dishonesty.
The time to commence it will never
come, in my opinion, except by posi-
tive action by Congress or by national
disasters, which will destrov-for a