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.
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