Year: 1874

the nation mas undergone u PioosiolAVA - SaSA-
ness and industries such as has not been wit
messed with US for many years. Speculation as
to the causes for this prostration might be IN
dulged In without pront, because as many theo-
ries would be advanced as there would be lnde-
pendent wrlters-those who expressed their own
views without borrowing upon the subject With
out ndulglng IN theories as to the cause OF THIS
prostration therefore, l will call your attention
only to the fact and TO some questions as to which
1t would seem there should be- no disagreement.


LABOR AND CAPITAL UNgMPLoYED.


During this proslration 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 moderate rates. Where
labor has been wanted 1t has been found in aoun-
dance at cheap rates compared with what OF ofneces-
saries and comforts OF lie could De purchased
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
unequalled within the limits OF any contiguous ter
ritory under nationality for It's variety OF pro-
ducts to feed and cothe a people, and IN the
amount OF surplus TO spare to feed less favored
peoples.


NECESSARY FINANCIAL LEGIsLATIoN.


Therefore, with these facts in view. 1t seems
to me that wise craftsmanship at this session
Oi COuSTeSs WOulu ulCtdle lcRISldllOn ISuoIluS
the past directing in proper channels these great
elements OF prosperity to any people. Debt
abroad is the only element that can. with always
sound currency enter into affairs cause
any continued depression in the Industries and
prosperity OF our people.


HISTORY OF THE NATIONAL CURRENCY.


A great conflict for national existence made
necessary for temporary purposes the raising OF
large sums OF money from whatever source attain
able. IL made II necessary, In the wisdom OF
Congress-. and l do not doubt their wisdom
In the premises, regarding the necessity or the
times, to devise a system OF national currency
which proved to be impossible to keep on par
with the recognized currency OF the civilized
world. This oegot spirit OF speculation involving
an extravaganza and luxury not required for the
happiness or prosperity OF people, and involving
both directly and indirectly foreign indebted
ness. The currency being OF nuctuaring
value and therefore unsafe to hold for legitimate
transactions requiring money became q subject
or speculation in ITSELF These two causes, how
ever have involved Us in foreign tndebted dne5s
contracted in good faith by borrower and lender,
which should be paid IN coin, and, according to
toe bond agreed upon when the debt was con.
tracted, in gold or It's equivalent. The good
faith OF the government cannot be violated toward
creditors without national disgrace.


COMMERCE SHOULD BE ENCOURAGED


But our commerce should be encouraged Ameri-
can shIpbuilding and carrying capacity increased.
and foreign markets sought for the products
OF the soil and manufactures TO the end that we
may De able 10 pay these debts. Where new
market can be created for the sale OF products,
either OF the soil, the mine or the mandatory, o
Is discovered OF utilizing idle capital
end labor to the advantage OF the whole people.


THE FIRST STEP A GOOD CURRENCY.


But in my Judgment the first step toward accom-
plishng this object Is to secure currency good
wherever civilization reigns-one which, II 1T be-
comes superabundant with one people, will ind
market with some other-a currency which has as
Its basis the LABOR necessary TO produce 1t, which
Will give to it its value. Gold and silver
are now the recognized mediums or exchange
the civilized world over and to this
we should return with the least practical 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 deay-in fixing by leg
isiation q method by which we will return TO
specie.


NECESSITY OF SPEEDY RESUMPTION.


To the accom- pishment OF this end invite your
special attention. | believe firmly tina. there can
be no prosperous and permanent revival OF busi-
ness and industries until policy is adopt ed. with
legislation to carry 1t out, looking to return TO
specie basis.


EXPANSION DEBTORS AND SPECTATORS.


It Ii easy to conceive that the debtor
and speculative classes may think 1t or value to
them to make so-called money abundant until
they can throw portion or their burdens upon
others; but even these, ] believe, would
be disappointed IN the result II course
should be pursued which win keep In
doubt the value or the legal tender medium
oil exchange. revival OF productive indus
tries Is needed by all classes and by none more
than the holders OF property OF whatever Sort with
debts TO iquidate from the realization upon Its
SAFE But, admitting that these two classes or
citizens are TO be benefited by expansion, wou Id
II be honest TO give it, Would not the genera,
loss be great to justify such reliefS Would IL
not be just as honest and prudent to authorize
each debtor to issue his own legal tenders to the
extent OF his naDilitiess Then, to do this
would It not oe safer. for fear OF overissue by
INSCRIPTIONS creditors. say that all debt and OBJ
ligatons oDliterated in the United States, and
now we commence anew, each possessing all he
has at the time Tree from incumbrance.


DELAY or SPECIE RESUMPTION IS DISHONESTY.


These propositions too absurd to be enter
tained for moment by thinking or honest people.
fet every delay In preparation for final resump-
tion partakes or this dishonesty, and Is only less
In degree as the hope is held out that convenient
season win at last arrive for the good
work OF redeeming our pledges to commence
1t win never come, In my opinion, except by posi-
tive action by Congress or by national disasters.
which VIII destroy, for time at least, the credit
OF the individual and the State at large sound
currency might be reached by total bankruptcy
and discredit OF the integrity OF the nation and OF
individuals.


WHAT CONGRESS CAN DO.


believe 1t LIS In the power OF Congress
at this sesseon to devise such legislation
as will renew confidence revive all the indus.
tries start us on career OF prosperity
TO last for many years and to save the credit OF
the nation aud OF the people. steps toward the
return to specie basis are the great requisites TO
this de voutly to be sought for END. There are
others which may touch upon hereafter.


DsADvANTA AGES or A DEPBECTATED CURRENCY


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