Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1873-12-08

| expenditure, Wnlcn Will pOlnJ out laU-
er in my message. [ refer to the meth
Cd of manufacturing claims for losses in
CURED in suppressing the late rebellion.
| would not be understood here as oppo-
sing the erection of good substantial and
even ornamental buildings by the Gov
eminent wherever such buildings are
needed. In fact approve of the Gov
eminent owning its 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 suitable residences for all persons
who now receive combinations for quar-
tiers or rent at the Government expense
and for the Cabinet, thus setting an eX-
ample to the States, which may induce
them to erect buildings for their Sena-
tors, but l would have this work con-
Quoted at time when the revenues of
the country would abundantly justify it.
The revenues have materially fallen off
for the first five months of the present
fiscal year from which they were expect
ed to produce, owing to the general pan
ic now prevailing, which commenced
about the middle of September last. The
full effect of this disaster, it it should
not prove ''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 we'll considered leg
islation, as far as it lies in your power,
against its recurrence, and to take adj
vantage of all benefits that may have &C
crued. My own judgment is that how
ever much individuals may have suffer-
ed, one long step has been taken toward
specie payments that we can never
have permanent prosperity until specie
basis is reached. and that specie basis
cannot be reached and maintained until
our exports, exclusive of gold, pay for
our imports, interest due abroad,
and other specie obligations, Or SO near
ly SO as to leave an appreciable accumu-
lation of the precious metals in the coun-
try from the products of our mines.
The development of the mines of pre-
cious metals, during the past year, and
the prospective development of them for
years to come are gratifying in their re-
suits Could one half the gold extract
ed 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
5 all the industries of the country employ
, ed Without this, national as we'll as
individual bankruptcy must ensue. I'm
. der imitation, on the other hand, while
, it might give temporary relief, would
: only lead to imitation of prices. The i'm
a possibility of competing in our markets
S for the products of home skill and labor,
and repeated renewals of present expert.
S enced elasticity of our circulating medi.
| um therefore, and just enough of it tC
S transact the legitimate business of the
It country and to keep all industries EN-.
e ployed, is what is most to be desired
S The exact medium is specie, the recogni
: zed medium of exchange the world over
e that obtained, we shall have currency
y of an exact degree of elasticity. If there
II be too much of 1t for the legitimate pur
e poses of trade and commerce it will flow
1t out of the country if too little, the re
l. verse will result To hold what we hav,
n and to appreciate our currency to tina
standard is problem deserving of tn
I. most serious consideration of Congress
st The experience of the present panic ha
m proved that the currency of the country
re based as it is upon the credit of tn
u country, is the best that has ever bee
er devised. Usually in times of such trials
I'd currency has been worthless, or so muc
Id deprecated in value, as to initiate tn
d. value of all the necessaries of life a
he compared with the currency. Every on
Oh holding it has been anxious to dispos
l of it on any terms. Now we witness th
"a reverse. Holders of currency hoard 8
We they did gold in former experiences of
re like nature
as 1t is patent to the most casual obser7
p er that much more money or currency
Dr. required to transact the legitimate trao
he of the country during the Fall and VIII
er- ter months, when the vast crops are b
as ing removed, than during the balance
S. the year. With our present system, Il
US amount in the country remains the san
up throughout the entire year, resulting
id an accumulation of all the surplus caI
be tai of the country in few centres, VIII
the not employed in the moving of the croI
ex- tempted thereby by offers OF interest
the call loans. Interest being paied, tt
md surplus capital must earn this intert
err with a profit. Being subject to "call
by it cannot be loaned, only in part at lea
ion to the merchant or manufacturer for
i've fixed term hence, no matter how mu
on currency might be in the country, it W
be be absorbed, prices keeping pace wi
Gu the volume and panics. Stringency a
to disasters would ever be recurring W
the Autumn elasticity. In our monets
system there is the object to be obtair