Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1873-12-05
DEVOTED TO THE INTERESTS OF THE PEOPLE
WISCONSIN, FRIDAY, DECEMBER s. 1873

1 have authorized the Secretary of the Navy to
put our navy on war footing, to the extent at
least OF the entire annual appropriation for that
branch OF the service trusting to Congress and the
public opinion of the American people to justify
my action.
PROPOSED AMENDMENTS TO THE CONSTITUTION
Assuming, from the action of the last Congress
| in instructing the Committee on Privileges and
\ Elections to prepare and report to this Congress
4 constitutional amendment to provide better
method of electing- the, President and Vice
4 President of the United States and also from
the necessity of such an amendment, that
there will be submitted to the State Legis-
latures for ratification such improvement in our
Constitution suggestive sthers for your consider
| alton: First, to authorize the Executivs TO ap-
prove of so much of any measure passing the two
Houses OF Congress as his Judgment may dictate,
| without approving the whole, the disappreved
| portion or portions to be subjected to the same
| rules as now, to-wt to be referred back to the
| house in which the measure or measures origi-
| mated, and If passed by two-thifds vote of the
two houses, then to become a law without the ap-
4 proval of the President. 1 would add TO
this provision that there should be no legislation
by Congress during the last twenty-four hours of
its sitting, except upon veto, in order to give
the Executive an opportunity to examine, ana ap-
prove or disapprove, understandingly. Second, to
| provide, by amendment, that when ar extra
session of Congress is convened by Executive proc
lamation, legislation during the continuance
such subjects as the Executive may
| bring before it, from time to time, in
| writing The advantages to be gained by these
| two amendments are obvious. One session in each
year is provided for by the Constitution, in which
there restrictions to the subjects of legis
| lation by Congress. If more are required, it is
| always in the power Of Congress, during IFS term
of office. to provide for sessions at any time. The
| first of these amendments would protect tie pub
| lie against the many abuses and waste of public
moneys which creep into Appropriation bills and
| other important measures passing during the ex-
piring hours of Congress-, to which otherwise due
| consideration cannot be given.
/ REVENUES AN D EXPENDITURES.
| The receipts of the Government from all sources
for the last fiscal year $333, 20t, and the
| expenditures all accounts $3.50, $40, ,245, thus
showing an excess of receipts over the expenai-
lures of $43 1872 $685. but it is not probable that this
| favorable exhibit will be shown for the present
| f. cal year. Indeed, it is very doubtful whether
except with great economy on the part OF Con-
/ omy in the Administration in administering the
| various departments Of the Government, the reve-
| nues will not fall short of making the annual
| expenses, including the interest the public
debt. commend to Congress such economy and
point out two sources where 1t seems to me it
| might commence, to wit: In the appropriations
! for public buildings in the many cities where
work has not been commenced; in the appropria
| tions for river and harbor improvements in those
localities where the improvements are OF but
little benefit to general commec ce and forhf
cations. There is still more fruitful
| source Of expenditure which will point out
/ later in this message refer to the easy method
of manufacturing claims for losses incurred In the
/ suppression of the late rebellion.
| would not be understood here as opposing the
| erection of good substantial and even ornamental
| buildings by the Government, wherever such
buildings needed. In fact Iapprove of the Gov
ernment owning its own buildings,in in all sections OF
the country and hope the day is far distant when
it will not only possess them, but will erect in the
| Capital suitable residences for persons who now
receive commutation for quarters or rent at the
| Governments expense, and for the Cabinet, thus
setting an example to the States which may in
duce them to erect buildings for their, Senators;
but would have this work conducted at times
| who thQ
dainty justify it,
| THE PANIC AND SPECIE PAYMENTS.
The revenues have naturally fallen off for the
last five months of the present fiscal year. from
| general panic now prevailing, which commenced
about the middle of September last. The full ef- d
feet Of this disaster if it should not prove to be "a
blessing in Disguise is yet to be demonstrated.
In either event it is your duty 10 heed the lesson
and provide by wise and well-considered legisla-
ton as far as 1t lies in your power against It's
currence, and to take advantage of all the bene-
| fits that may have accrued. My own Judgment is
| that however much individuals may have suffered,
| one long step has been taken toward specie pay
ments; that we can never have permanent prosper
ty until an entirely new basis is reached and main
| tained-until our exports, exclusive of gold, pay
| for our imports, interest due abroad, and other
speculations SO heavy as to leave an appreciable
accumulation of these metals in the country from
| the products of our 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-half the gold extracted from the mines be re-
| tanned at home, our advance toward specie pay
meDts would be rapid. To increase our exports,
sufficient currency is required to keep all the in-
dustries of the country employed. Without this
must ensue. Undue imitation, on the other
hand, while it might give temporary re:
s w0u The only an of nsHn oompns
in our own markets for the products of home skill
and labor, and the repeated renewals of expansions
give elasticity to our circulating medium, therefore,
enough legitimate
business of the country, and to keep all the indus
tries employed, is what is most desired. The exact
medium is specie the recognized medium of ex-
change, the world over. That obtained, shall
have currency of an exact degree of elasticity.
there re be ads too nd much of it for the oM on
the country if too little Of it, the reverse will be
the result. To hold what we have, and to appreci-
ate our currency to that Standard is problem de-
serving Of the most serious consideration or Con-
gress.
THE CURRENCY.
The experience of the present panic has proven
that the currency OF the country is the best that
has ever been devised Usually, in times of such
trials the currency has become worthless, or so
much deprecated in value as to initiate the values
of all the necessares of life, compared with the
currency. Every one holding it has been anxious
to dispose of it on any terms. Now we witness
the reverse. Holders of the currency hoard it as
they did gold in former experiences of a like
nature. 1t is patent to the most casual observer
that much more currency money is required to
transact the legitimate trade of the country during
the fall and winter months, when the vast
crops are being removed, than during the
balance of the year Under the present
system the, amount in the country remains
the same throughout the year, resulting 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 this interest paid
with profit. Being subject to call, it cannot be
loaned only in part, at best, to 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, stringency and disasters would
be recurring with the elasticity in our money
system. There is this object to be obtained first,
and next, as far possible, prevention of the
use of money in stock and other species
of speculation, To prevent the latter, it
taken by prohibiting the national banks
from paying. interest on deposits, by requiring
them to hold their reserves IN their own vaults and
be only in legal tender notes. For this purpose
would suggest the establishment of clearing
houses for your consideration To secure the
former, many plans have been suggested, most Of
which look to me like imitation, on one hand, or
compelling the Government, on the other, to pay
interest, without corresponding benefits upon the
when otherwise unemployed. 1 submit for your
consideration whether this difficulty might not be
overcome by authorizing the Secretary
oomnal Of ns sanRs % ISSUE any any amount Of
their notes below fixed percentage of their
issue, say 40 per cent. upon the banks depositing
with the Treasurer of the United States an amount
of Government bonds equal to the amount of
notes demanded, the banks to forfeit to the Gov
eminent say d per cent. of the interest accruing
on the bonds so pledged during the time that they
remain with the Treasury as security for the in |
crease of circulation the bonds so pledged to be
redeemabe by the banks at their pleasure either
in whole or in part, by returning their own bills
for cancellation to amount equal to the face of
the bonds withdrawn. / would further suggest |
for your. consideration the proprety Of authori- |
zing national banks to diminish their standing |
pleasure