Year: 1874

/


Since the converting of congress ont
year ago, the nation has undergone {
| prostitution In business and industries
such as has not been witnessed with US
for many years. Speculation as to the
causes for this prostration might be in.
| dulged IN, without profit, because as
many theories would be advanced az
there would be independent writer's,
those who expressed their own views
without a bearing upon the subject.
| Without indulging in theories as to the
cause of this prostration, will only
call your attention to the fact, and to
one question as to which it would seem
there should be no disagreement. Dur
ing this prostration


TWO ESSENTIAL ELEMENTS


of prosperity have been most abundant
labor and capital. Both have been
largely unemployed. Where the Sc
curity 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
compared with what of the necessities
and comforts of life should be DUR
chased with the wages demanded. Two
great elements of prosperity, therefore.
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 nation
alitY, for its varieties of products to
feed and clOthe a people, and In the
amount OF surplus to spare to feed less
favored people. Therefore, with these
facts in view, 1t seems to me that wise
statesmanship at this session of con-
gress would dictate ignoring the past,
and directing in proper channels these
great elements of prosperity to any
people. Our debt abroad is the, only
element that can, with always a sound
currency, enter into our affairs to cause
any continued depression in the indus
tries and prosperity of our people.


ORIGIN OF GRRENBACKs.


a great conflict for national existence
made necessary for temporary purposes
is the raising of a large sum of money
from whatever source attainable. It
may have been necessary in the wisdom
of congress, and do not doubt their
wisdom in the premises regarding the
necessity of the times, to devise a sys-
TEN of currency, which it proved TO be
impossible to keep on a par with the
recognized currency of the civilized
world. This begat spirit of specula-
blOLls 4nNO4Nlllk al 0AbLdNdRduC6 dIu
ury not required for the happiness or
prosperity of a people, and involving
both directly and indirectly foreign in
debtedness. This currency being of a
fuctuating value and, therefore, unsafe
to hold for legitimate transactions re-
quiring money, became q subject of
speculation in itself.


These two causes, however, have in
volved us in a foreign Indebtedness,
contracted in good faith by borrower
and lender, which should be paid in
coin, and according to the bond agreed
upon when the debt was contracted,
gold or its equivalent The good faith
of the government cannot be violated
toward creditors without national dis
grace. Our commerce should be en-
couraged, American shipbuilding and
carrying increased, and foreign markets
sought for the products of the soil and
manufactures, to the end that we may
be able to pay these debts. Where a
market can be created for the sale of
our products, either of the soil, the
naine or the mandatory, new means
is discovered of utilizing our idle capi-
tai and labor, to the advantage of the
whole people.


GOLD SEEKS ITS LEVEL.


In my Judgment the first step to-
ward this object is to secure a currency
good wherever civilization reigns, one
which, if it becomes sUperabundant
with one people. will fud a market with
some other a currency which has as its
basis the labor necessary TO produce it,
which win give it value. Gold and
silver are now the recognized medium
of exchange the world over, and to this
chnr711 -oAT7rn 1,ook
ticable delay. In view of the pledges
of the American congress when our
present legal tender system was adopted
and debt contracted, there should be
no delay, certainly no unnecessary de-
lay, III fixing by legislation a method
by which we viii return to specie. To
the accomplishment of this end invite
your special attention. I believe firmly
that there can be no prosperous and
permanent revival of business and in
dustries until policy is adopted, with
Legislation to carry it out, looking to
return to the specie basis.


TIE DEBTOR GLASS.


1t IS easy to conceive that the debtor
and speculative classes may think it of
value to them TO make 80 called money
abundant, until they can throw a por-
tion of their burdens on others. But
even these, believe, would be disap-
pointed in the result, if a course should
be pursued which will keep in doubt
the value of the legal tender medium of
exchange, and delay the revival of pro-
ductive industries needed by all classes,
by none more than by the holders of
property, of whatever sort, with debts
TO hquidate 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 as honest and prudent to All
thOriZe each debtor to issue his own
legal tenders to the extent of his liabili-
ties? Than TO do this would it not be
safer, for fear of oyer-issues by urscru-
pulous debtors, TO say that all debt OBJ
legations are obliterated in the United
States, and nov we commence anew,
each possessing all he has at the time
free fIom incumbrsnce


DELAY DISHONEST.


These propositions are too absurd to
be entertained for moment by think
ing people. Every delay IN the pre-
Daration for final resumption partakes
of this dishonesty, and is only less IN
degree as the hope is held out that a
convenient season will at last arrive for
the good work of redeoming our pledges
to commerce. 1t viii never come,
IN my opinion, except by posi- i've action
by congress, or by national disasters,
which viii destroy for time at least,
the credit OF individuals and the state
at large, when a sound currency would
be reached by total bankruptcy of the
redit and integrity of the nation and
individuals. 7 believe it is in the pow
er of congress st this session, TO
devise such legislation as will re-
store confidence, revive all the indus