The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1873-12-04

gress, during their term of Office, to
proyide for sessions at any time. The
first ofthese amendments would pro-
tect tl.e public against the many abus-
es andiWaste of public moneys which
creep into appropriation bills and
other importarlt measures passing
during the expiring hours of Congress
to which, otherwise, due considers
tom cannot be given
The receipts of the Government
frenl-sA sources for the last fiscal year
were 1888, 73S, ,204, and the expendi-
lures on all accounts $3.50, ,345, ,245, thus
showing an excess of receipts over ex-
penditnres of $43, ,392, ,959, but il is not
probable that this favorable exhibit
VIII be shown for the present. fiscal
years Indeed it is very aoubtful
whether, except with great economy
on the part of Congress in making ap-
pFopFiations, and the same economy
oniIhe part of the Administration in
administering the various depart
menta of the GoTernmeRt, the reFe-
'nues will not fall short of meeting the
annual expenses. including the inter-
est on the public debt. its ,rF ,e5s.
i commend 80 Congress such econ
omy, and point out two sources where
itiseems to me it might commence, to
wits In the appropriations for, pub
lie buildings in, the many cities where
work has not been commenced in the
appropriations, 4er river and harboT
improvements ina these localities
whsHe the improvements in those To-
ealitiPs WheFo, the improvements are
ofbut little benefit to the general COM
merees saRd sfor f0rtifications- There
is still moro fruitful source of ex pen
diture II hich 1 viii point out later in
this message Il refer 10 the easy
method of manufacturing claims for
losses inucrred in the suppression of
the late rebellion. l would not be
understood here as opposing the erec-
ton of good, substantial, and even or
namental buildings by the Govern
ment s wherever such buildings are
needed IN fact approve OF tne lGey-
ernmeDt owning its own buildings IN
the day is not far distant when it will
not. only possess them but win erect
il. the capital suitable residences for
ar persons who now receive commu-
tations sfOrsq uraters, or rent at Govern
ment expense and forI the Cabinet,
thus setting an example to the States
which may induce them to erect
buildings for their Senators. But I
would have this work conducted, az
times Whan the revenues of the conn-I
try would abundantIy Justify it. 8. The
revenues have materially fallen OF for
the last five, mouths of. the present
fiscal year from what they were ex-
pected to prodnce, owing to the gem
eraI panic now prevailing, which COM
mnucod ahnut the midd1a 0f Sankafn.
Der last, ss...,. f,ei-~t 800 7 re- hof3,,s
The full effort 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 TO heed
the lesson and provide by wise and
well considered legislation, so far as it
lies in your power, against its recur-
renee. and to take advantage of all
benefits that may have accrued. My
own jad dgment is that however much
individuals may have suffered, one
lony step has been taken towards
specie pay nlents that we can never
have permanent prosperity until a
specie basis is reached, and that q
specie basis cannot be. reached and
maintained until our imports, interest
due abroad, and other specie obfiga-
tiens are so ireavy as 10 leave All ap-
precia6ie accumulation OF the precious
metals in the country from the pro-
ducts of our mines.
The development of mines of pre-
cions metals during the past year, and
the prospective development of them
for years to come, are gratifying in
their results. Could but one-naIf of
the gold extracted from the mines be
retained at home, our advance towards
specie payments would lDe rapid. 20.
incEeseour exports, sufficient currency
is required to keep ali the industries
of the country employed. Without
this, nationaE as we'll as individual
bankruptcy 1nnst ensOe. Undue in-.
flation, ON the other hand, while it
might give temporary relief, would
only lead to- imitation of prices, the
impossibility of ofcompeting in our o Wn
markets for the products of home skill
and labor, and repeated renewals of
the present experiences. Elasticity OF
our circulating medium, therefore, and
just enough OF il to transact the legitis
mate business Of the country, and to
keep all our Industries employed. is
what is most sdesireds The exact me-
dium, isspecie, the recognized medium
of exchange the world over. That OBJ
tanned, we shall ,hay We a currency5of an
exact degree of elasticity. If there be
too much oft for the legitimate par-
poses Of trade and commerce., it will
flow out of the country; il too little
of it. the reverse, will result. To hold
what we have. and to appreciate our
currency to that standard, is a prob
lem deserving of the most serious con-
siderT1ion of Congress- -a.5e :.
glThesexperience Of the present panic
has proved that the currency of the
country, based as it is upon the credit
of the country, is the best that has ev-
er been devised. Usually, intimes of
SUCH trials, currency has become
WoTthlesss or so much depreciated in
value as to iHflate the value of all the
necessaries of life as compared with
the curreney. Every one holding it
has been anxious ito, dispose of it at
any termss Now we witness the re-
verse. Holders ofseurreney hoard it
as they did gold in former experiences
of ike nature. 7h. ~. faoF
1tis patent to the most casual OBJ
server that much more currency or
money is required to transact the le-
gitimate trade of the country during
Liz AaiA dAANA NAnAOI W uGu INT
vast crops are being removed, than
dnfing the balance of the year. I'm
-dersthe present systeulit the amount IN
the country remains the same through
out the entire year, resulting in an ac-
cum ulhtion of all the surplus capital
of the country in few centres, when
NOT employ ed in the moving of crops
tempted there by the interest don call
| Ia. L, IL
plus capital must earn this interest
paid with a profit. Being subject to
call, it can be loaned only in part, at
best, toihe merchantio manufacturer
for fixed term = hence, no matter
how much currency thSre might be i'm
the country, it would be absorbed,
prices keeping pace with the volume,
and panics, stringeney and disasters
would ever be recurring With1thesan-
! LuInns s5snla u3gssd saJ 84r
| EIasfic;fy In orii,. M n, ,,a.y ovpfano