industries 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 independent writers--those
who expressed their own views without borrowing--upon the subject.
Without indulging in theories as to the cause of this prostration,
therefore, I will call your attention only to the fact, and to some
plain questions as to which it would seem there should be no
disagreement.

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 moderate rates. Where labor has been wanted, it has been found
in abundance, at cheap rates compared with what--of necessaries and
comforts of life--could be 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 unequaled, within the limits
of any contiguous territory under one nationality, for its variety of
products to feed and clothe a people and in the amount of surplus to
spare to feed less favored peoples. Therefore, with these facts in view,
it seems to me that wise statesmanship, at this session of Congress,
would dictate legislation ignoring the past; directing in proper
channels these great elements of prosperity to any people. Debt, debt
abroad, is the only element that can, with always a sound currency,
enter into our affairs to cause any continued depression in the
industries and prosperity of our people.

A great conflict for national existence made necessary, for
temporary purposes, the raising of large sums of money from whatever
source attainable. It made it necessary, in the wisdom of Congress--and
I do not doubt their wisdom in the premises, regarding the necessity
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 a spirit of speculation involving an
extravagance and luxury not required for the happiness or prosperity
of a people, and involving, both directly and indirectly, foreign
indebtedness. The currency, being of fluctuating value, and therefore
unsafe to hold for legitimate transactions requiring money, became a
subject of speculation within itself. These two ca