Year: 1874

tatives:


THE PRosTRATIoN OF BUSINESS.
Since the conveniBg of Congress on,
, year ago the nation has undergone


prostration in business and industries


such as has not been witnessed with u
for many years. SpecnlstioDs as to tht


causes for this prostration might bt


INDUCED IN without profit, because a,


many theories will be advanced al


there would be independent writer's
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 tho fact


and to some plain questions as to " iIich


it would seem there should be no dis.


agreement. During this 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 attainable at very mod
crate rates. Where labor has been


wanted it has been found in abun.
dance at cheap rates as compared with





of life which could be purchased with
the wages demanded. Two great ele-
ments of prosperity, therefore, have
not been denied us, to which a third
might be added,


THE CAPACITY OF THE SOIL.


Our soil is uDequalled within the
limits Of any contiguous territory under
one nation for its variety of productions
with which to feed and clothe 3 peo-
pie, and in the amount of surplus to
spare to feed less favored peoples.
| Therefore, with these facts in view,
| it seems that wise craftsmanship at
| this session Of Congress would die
tate legislation ignoring the past and
directing in proper channels these
great elements Of prosperity to any
people.


DEBT AND CREDIT


! is the only element that can with
sound currency enter into our affairs
to cause any continued depression in
The industries and prosperity of our
people.


CURRENCY.


A great conflict for national exis-
tence made necessary for temporary
purposes the raising of large sums Of
money from whatever source attaina-
BILE. 1t made necessary, in the wisdom
of Congress-and / do not doubt their
wisdom in the premises (regarding the
necessities of the times) to devise a
system of national currency, which it
proved to be impossible to keep on a
par with the recognized currency of
the civilized world. This begot spirit
of speculation and extravagsnce and
luxury not required for the happiness
or prosperity Of the people, aud involv-
ing both directly and indirectly, foreign
| indebtedness. The currency, being oi
nuctusting valse, and therefore unsafc
to hold for legitimate transactions
requiring money, became a subject of
speculstion in itself. These two causes,
however, have involved us in q foreign
Indebtedness, contracted in good faith
by borrower and lender, which should
be paid according to the bond agreed
upon when the debt was contracted, in
gold or its equivalent. The good faith
of the Government can not be violated
toward creditors without material dis
grace.


COMMERCE AND MANUFACTURES.


Our commerce should be encouraged,
the American ship building and carry
ing capacity increased, foreign markets
sought for the products of the soil and
the manufacturer, to the end that we
may be able to pay those debts. Where
a new market can be created for the
sale of our products, either of the soil
tbs mine, or the manufactory, new
means is discovered of utilizing our
idle capital and labor to the advantage
of the whole people. But, in my judg-
ment, the first step towards accomplish
ing this object is to secure
4 CURRENCY GOOD WHEREVER CIvILIzA-
TIoN REIGEs-
one which whenever it becomes supera- |
bundant with Que people will find a
market with some other-a currency
which has as its basis the labor necessa- |
ry to produce it, which will give to |
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 practical
BILE delay. In view of the pledges of |
the American Congress when our
present legal tender system was adopt |
ed, there should be no delay, certainly |
no unnecessary delay, in fixing by leg
islation method by which we will
return TO specie. To the accomplish
ment of this end invite your especial |
attention, Ibelieve firmly that there |
can be no prosperous and permanent |
revival of business and industries until |
a policy is adopted, with legislation to |
carry il out, looking to a return to q |
specie basis. 1t is easy to conceive that |
the debtor and speculative classes may
think it of value to to them to make |
so-cailed money abundant until they |
can throw portion of their business |
on others, but even these, I believe,
would be disappointed in the result if |
a course should be pursued which will |
keep in doubt the value of the legal |
tender medium of exchange.


REVIVAL OF PRODUCTIVE INDUSTRY |
is needed by all classes-by none more |
than the holders of property, of what.
ever SORT, with debts to liquidate by |
realization upon its sale. But admit |
ting that these two closes of citizens |
are to be benefited by expansion,
would not the general loss be too great |
to justify such relief2 Woold it not |
just as honest and prudent to author
ize each de btor to issue his own legal |
tenders to the extent of his Liabilities |
ss to this? Would it not be safer, for |
fear of over-issues by uuscrupulous
creditors, to say that all debts and OBJ
legations are abliterated in the United |
States, and now are we to commence
anew, each possessing all he has at tho
time free from incumbrance? These |
positions are too absurd to bs enter
tained for a moment by thinking or
honest people; yet every delay in the
preparation for final resumption par.
takes of this dishonesty, and only
lessons the hope that a convenient day
will at last arrive for the good work
of redeeming our pledges,