The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1873-12-06
OTTAWA FREE TRADER: SATURDAY, DECEMBER 6. 1915

| Congress- during its term OF office, to pro-
| vide for sessions at any time. The first OF
these amendments would protect the public
! against the many abuses and waste Of public
! moneys which creep into appropriation
| bills and other important measures passing
! during the expiring hours OF Congress, to
which otherwise due consideration canno
! be given.
The receipts Of the Government from all
sources tor the last fiscal year were $685.
! 73S,20i, and the expenditures on all accounts
S290340, 245, thus showing an excess OF re-
ceipts over the expenditures OF $i3,392, 800
but 1t Is not probable that this favorable
exhibit Will be shown for the present fiscal
year. Indeed, it Is very doubtful whether,
except with great economy on the part OF
Congress IN making appropriations, and the
same economy IN the administration in ad-
mlnisterng the various departments OF the
Government, the revenues will not fall
short of making the annual expenses, in
Guiding the interest on the public debt. |
commend to Congress such economy and
point out two sourcesswhere II seems to me
il might commence, to-wit: In the appro-
priatons for public buildings IN the many
cities where work has not been commenced;
IN tie appropriations tor river and harbOT
improvements IN those localities where the
improvements are of but little ben, at to
general commerce and fertilization. There
Is q still more fruitful source Of expenditure,
which will point out later in this message,
| refer 10 the easy method Of manufacturing
claims for lossesH Occurred III the suppression
of the late rebellion. | would not be un-
derstOod here as opposing the erection OF
good substantial and even ornamental build
lngs by the Government, wherever such
buildings are needed. In fact, | approve of
the Government owning its own buildings
in all sections of the country, and hope the
day is not for distant when II will not only
possess them, but will erect IN the capital
suitable residences tor persons who Tow re
celve Communication for quarters or reat at
the Governments expense, and for the Cab
met, setting an example To the States, which
may induce them TO erect buildings for their
Senators but would have this work con
Quoted at times when the revenues Of the
country would abundantly justify it,
The revenues have naturally fallen off for
the last five months of the present hsca!
year, from what they were expected to pro
duCe, owing 10 the general panic now pre-
yalling, which commenced about the middle
of September last. The full effect of this
disaster, il 1t should not prove a blessing in
disguise, Is yet TO be demonstrated. In eli
and provide by wise and well considered
legislation az far as 1t lies in your power,
against It's recurrence, and to take advantage
OF all the benefits that may have accrued
Nv own judgmen. is that however much in
dlyidual. may have suffered, one long step
has been taken towards specie payments
That we can never have permanent pros
perity until an entirely new basis Is reached
and maintained, until our exports, exclusive
Of gold pay for our imports, interest due
abroad, and ether speCulatiOns so heavy
as to cave an appreCiaOle accumulation OF
these metals IN the country from the pro-
duets of onr mines The development OF
mines of precious metals during the past
year, and the prospective development OF
them for years to come. are gratifying IN
the extreme could but one-halt the gold
extracted from the mines be retained at
home, our advance toward specie payments
would be rapid. To increase our exports
sufficient currency Is required to keep all
the industries Of the country employed
Without this, national as well as individual
bankruptcy must ensue. Undue imitation,
on the other hand, while II might give TEN
porary relief, would only lead to an imitation
of prices. The imposslblity of competing
IN our own markets for the products OF
home skill and labor, and the repeated re-
newsls Of experiences give elasticity to our
Specializing medium, therefore just enough
Of it 20 transact The legitimate business OF
the country and to keep all the industries
employed. is what Is desired. The exact
medium IS specie, the recognized medium
of exchange the world over. That obtain
ed, ", shall have a clrrencY OF an exact de
gree Of elasticity. II there BE- too much of
It inr The LEGITIMATE purposes Of trade and
,t,tll Dt lF a ,
too little oft, the reverse will be the result.
To hold what We have, and to appreciate
our currency to that standard, is a problem
deserving OF the most serious consideration
OF Congress.
The experience Of the present panic has
proven that the currency OF the country,
based as it is upon the credit OF the country,
is the best that has ever been devised.
Usually. in times OF such trials, the Curren-
cy has become worthless, OF SO much de-
preCated in value as to initiate the values OF
all the necessares of life, as compared with
the currency. Every one holding l. has
been ANXIOUS to dispose OF 1t on any terms.
Now we witness the reverse. Holders OF
the currency hoard 1t as they did gold In
former experiences Of a Ike nature. II ID
patent to the most casual observer that
much more currency or money is required
10 Ut tllSd'l the ltBllilldtt tlduC Va INC IOuu-
try during the fall aud winter months, when
the vast crops are beng removed, than dur
ing the balance OF the year. Under the
present system the amount in the country
remains the same throughout the year, re-
sultng in an accumulation of all the surplus
capital OF the country when not employed
in the moving Of crops, tempted there by
offers Of interest being paid. This surplus
capital must earn this interest paid with
profit. Beng subject To cali, it cannot be
loaned only in part, at BEST 10 the merchant
or manufacturer for fixed term. Hence,
no matter how much currency there might
be in the country, it would be absorbed,
prices keeping pace with the volume, and
paniCs, strlngency and disasters would ever
be recurring with the elasticity la our
money system. There Is this object to be
obtained first, aud next. as TAR as possible,
prevention OF the use of money in stock and
other species OF speculation To prevent
the latter 1t seems to me that one great step
would be taken by prohibiting the national
banks from paying interest on deposits, 10y
requiring them to mold their reserves IN