Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1873-12-11

part of Congress in making appropri
atiOns, and the same economy in the
administration in administering the
various departments of government,
the revenues will not fall short of
meeting the annual expenses, includ
ing the interest on the public debt.
l commend to Congress such econ
omy, aud point out the sources were
it seems to me it might commence, to-
wit, i'll the appropriations for the pub
l'c buildings in tue many cities where
work has not been commenced; in the
appropriations for river and harbor
improvement in those localities where
the Improvements are OF but little ben
eft to general commerce, land for forti-
ficatiOns. There is still more fruitful
source of expenditure which l will
point out later in this message-I re
fer to the easy method of manufac
turing claims for losses incurred in the
suppression of the late rebellion
l would not be understood as in Op
position to the erection of good sub
stantial or even ornamental buildings
by the government, wherever such
buildings are.needed, i'll fact, l ap
| wv OA IAlC OhlllilS It's
own buildings in all sections of the
country, and hope the day is not far
distant when it will not only possess
them but will erect in the capital suita
bic residences for all persons who now
| receive communication for quarters or
rental at the government expense, and
for the cabinet; thus setting an exam l.
pie to the States which may induce
them to erect buildings for their Sena-
tors. But l would have this work
conducted at times when the revenues
OF the country would abundantIy iusti-
fly it.
The revenues have materially fallen
for the last five months of the present
fiscal ear from what they were ex
pected to produce. owing to the gen
eral panic now prevailing, which com
menced about the middle of Sertem,
Der last. The full effect Of this -disas
terri it should not prove to be bless
ing in disguise, is yet to be demon
su ated.. In either event it is your du
ty to heed the lesson, and provide by
wise and well considered legislation,
as far as it lies in your power, against
its recurrence, and to take advantage
of all benefits that may have accrued.
THE PANIC LONG STEP TO SPECIE PAY
MENT.
My own judgment is, that however
much individuals may have suffered
Que long step has been taken toward
specie payments, that we can never
have permanent prosperity until spe-
Gle basis is reached, aud that specie
: basis can not be reached and main
tanned until our exports, exclusive of
; gold, pay for our imports, interest
due abroad, and other specie obliga-
tfons, so heavy as to leave an appre-
ciable accumulation of the precious
metals in the country from the proucts
of our mines.
The developments of mines of pre-
cious metals during the past year, and
) the prospective development of them
for years to come, are gratifying il
their results, Could but one half oil
the gold extracted from the mines bo
, retained at home our advance toward
specie payments would be rapid.
: To increase our exports sufiicien
5 currency is required to keep all thu
industries of the country employed
2 Without this, national as we'll as indi
vidual bankruptcy must ensue. Uu
due imitation on the other hand, viii Ii
F it might give temporary relief, wOul'
only lead to imitation of prices and the
impossibility of competing in oul
markets for the products of home skill
and labor and repeated renewals ot
present experiences. Elasticity to oul
circulating medium therefore, and Just
enough of it to transact the legitimate
business of the country and to keer
all our industries empl Dyed is what is
; most desired.
: The exact medium is specie, the rec
ogLized medium of ofeXchange the world
a over. That attained we shall have {
e currency OF an exact degree of elastic
ity. II there be too much Of it for thu
| legitimate purposes of trade and com
f merce, it will flow out of the country
G if too little, the reverse will result. TX
$ hold what we have, and to appreciate
t our currency to that standard, is ;
5 problem deserving of the most seriou:
consideration of Congress.
f The experience of tue present panic
e has proven that the currency of tht
L. country, based as it is, upon the cred
, it of the country, is to be the best tina
} has ever been devised. Usually, il
= times of such trials, currency has be
c come wothlcss, or so much depreciatet
: in value as to initiate the values OF al
a the necessaries of lite, as compared
!, with the currency. Everyone holdin!
! it has been anxious to dispose lit OIL
any terms. Now we witness the re
velse: holders of currency hoard it a
they did gold in former experiences o
1 like nature.
J. 1t is patent to the most casual oh
S server that much mole currency o
d money is required to transact the le
: gitimate trade eff the country durin:
} the fall and winter months, when til
D vast crops are being removed than du
D ring the balance of the year. Wit
Il our present system the amount in til
J. country remains the same throughoU
n the entire year, and in an accumula
II ton of all the surplus capital Of tn
9 country in few centers when not EN-
ployed in the moving of crops tempt
y ed there by the offer of interest on al
loans. Interest being paid, this SUI
Il plus capital must earn this interes
e paid with profit. Being subject t
Is call it can be loaned only in part ;
'e best to the merchant or manufacture
er for fixed term. Hence no matte
;e how much currency there might be i
- the country it would be absorbed
, prices keeping pace with the volum
~ and panics, stringency and disaster
ap would ever be recurring with the al
\ tump Elasticity in our money SV