Year: 1874

for many years. Speculation as 70 the
causes of this prostration might be IN
dulged in without profit, because as many
theories would be advanced as there
would be Independent writers-those
who expressed their own views With
out dwelling upon the subject-wlthoui
indulging in theories as to the cause OF
this prostratfon, will only call your at
tention to the fact, and one question a.
to which it would seem there should be
no disagreement During this prostra-
ton two essential elements of prosperi-
ty have been most abundant-labor and
capital Both have been largely unem-
ployed Where security has been un-
doubted, capital has been attainable at
very moderate rates; where labor mas
been wanted it has been found in abund-
ance at cheap rates compared with what
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 thlrd
might be added. Our soil and climate
are uneoualed within the limits OF any
contiquous territory under one nation
ality. for its variety of products to feed
and clothe people, and In the amount
of surplus to spare to feed less favored
neople. Therefore, with these 1acts IN
view it seems to me that wise statesman
ship at this session OF Congress wouid
d;ctota IGNORING the past, the directing
in proper channels these great clements
of nrosperity to any people. Debt abroad
is The only element that can, with always
sound currency, enter into our affairs
70 canse any continued depression in. the
indnstries and prosperity OF our people.
GREAT conflict for National existence
roeda necessary for temporary purposes
the raising of large sums of money from
.vbatever source attainable. 1t was nee
asearv in the wisdom of Congress, and |
do not doubt their wisdom in the preml-
SIS. regarding the necessity oil the times
to devise a system of National currency
which it proved to be impossible to keep
on par with the recognized currency ol
the civilized world This begot spirit
of sneculation, involving an extravagance
and luxury not required for the happi-
ness or prosperity of a people, and IN
volvino both directly and indirectly Tor
eign Indebtedness.


THE currencv being of fuctuating
-vaIua therefore unsafe to hold for legltl-
mate transactions requiring money, be
came a subject of speculation in itself
These two causes, however, have involved
us in a foreign Indebtedness contracted
in good faith by borrower and lender,
which should be paid in coin and accord
ing to the bond agreed upon when the
debt was contracted, in gold or It's equiv
alent. The good faith OF the govern
ment cannot be violated toward creditors
without national disgrace. Our COM
merce should be Encouraged, American
ship-building and carrying greatly IN
creased. foreign markets sought fol 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 saleAhf, our products,
either of the soil, the nffhe or manutac-
tory. new means is discovered of utlliz-
ing our idle capital and labor, to the ad-
vantage of the whole people. But, IN
my Judgment, the first step towards this
object, is to secure currency good
wherever civilization reigns; one which,
if it becomes superabundant with one
people. will find a market with some
other: currency which has as its basis
the labor necessary to produce it, which
will give it value. Gold and silver are
now the recognized mediums of exchange
the civilized world over, and this we
should return to with the least practica-
BILE delay.


In view of the pledges of the Ameri-
can Congress when our present legal
tender system was adopted and debt con-
tracted, there should be no delay, GER
tainly no unnecessary delay, in fixing by
Hesitation method by which we will
return to specie. To the accomplish
ment of this end | invite your special
attention l believe firmly that there
can be no permanent revival of business
or industries until policy is adopted,
with legislation to carry it out, looking
to a return to specie basis. 1t is easy to
conceive that the debtor and speculater
may think it of value to them to make
so-called money abundant until they can
throw 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 values of the legal tender me-
dunn of exchange A revival of produc-
tive industries is needed by all classes
by none more than the holders of prop
erty, of whatever sort, with debts to hq-
uidate, by realization upon its sales.
But, admitting that these two classes of
citizens are to be benefited by expansion
would it be honest to give it2 Would
not the general loss be too great to justi
fy such relief2 Would it not be just as
honest and prudent 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 unscrupulous creditors, to
saw that all debt obligations are oblitera-
ted in the United States and now we
commence anew, each possessing all he
has at the time free from incum brance.
These propositions are too absurd to be
entertained for moment by thinking
people. Every delay in the preparation
of final resumption partakes of this dis
honesty, and is only less in degree as the
hope is held out that the convenient
season will at last revive for the good
work of redeeming our pledges to COM
mence 1t will never come, in my opin-
ion, except by positive action by Con-
gress or by national disasters, which will
DESTROY for a time at least, the credit of
individuals and the State at large. A
sound currency must not be reached by
total bankruptcy of the credit or integ-
rity of the Nation and individuals. l
believe it is in the power of Congress at
this session to devise such legislation as
will revive confidence. revive all the in
dustries, start US on the career of pros
pePity and save the credit of the people.
Steps toward the return to a specie basis
are the great requisites to this end, de-
voutly to be sought for, and there are
others which l may touch upon hereaf-
ter. A nation dealing in a currency be-
low that of specie in value labors under
two great disadvantages. First, having
no use for the worlds acknowledged me-


dunn of exchange, gold and silver, these
are driven out of the country, because
there is no demand for their use Sec


ond-The medium of exchange being Of


fuctuating value-for, after all, it is


only worth just what it will purchase Of


gold and silver metals, having an intrin


sic value just in proportion to the honest


labor it takes to produce them, large


margin must be allowed for profit by the


manufacturer and producer 1t is