Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1873-12-05
FINANCIAL. AEEAIRo-

The receipts OF tho Government, from
all sources, for the last fiscal year, were
$685. 73S, ,2Ol, and the expenditures, on all
accounts, $500, ,3i5, ,245, thus showing an
excess of receipts over expenditures OF
$43, ,392, $50. But 1t is not probable that
as creditable an exhibit will be shown
for the present fiscal year. Indeed it is
very doubtful whether, except with the
greatest economy on the Part OF Con-
gress In making appropriations, and the
same economy in administering the va
rious departments of the Government,
the revenues will not fall short of meet
ing the actual expenses, including the
interest on the public debt.
PUBLIC BUILDINGS.
1 commend to Congress such econ
omy, and point out two sources where
it seems to me It might commence, to wit:
In the appropriations for public build
ings in the many cities where work has
not yet been commenced, in the appro-
priation for river and harbor improve
ment, in those localities where the inn
provements are of but little benefit to
the general commerce and of fortifica-
tions.
There IL still more fruitful source of
expense which 1 will point out later in
this message. refer to the easy meth
od of manufacturing claims for losses
incurred in suppressing the late rebel
lion. 1 would not be understood here
as opposing the erection of good, sub.
stantial and ornamental buildings by
the government wherever such build
ings are needed.
In fact 1 approve Of the Government
owning it's own buildings in all sections
of the country, and hope the day is not
far distant when it will not only possess
but erect in the capital suitable resi-
dences for all persons who now receive
Communication for quarters or rent at Gov
ernment expense and for the Cabinet,
thus setting an example to the States,
which may induce them TO erect build
ings for their Senators, But / would
have this work conducted at time
when the revenues of the country would
abundantly justify it.
THE REvENUE-sPECIE PAYMENTS.
The revenues have materially fallen
off for the first five months OF the pre-.
sent fiscal year from what they were
expected to produce, owing to the gen.
eral panic now prevailing, which COM
menced about the middle of September
last. The full effect of this disaster, If
it should not prove a blessing in dis
guise, is yet to be demonstrated. In
either event it is your duty to heed the
lesson and to provide, by wise and well
considered legislation, as far as 1t lies in
your power, against its recurrence, and
to take advantage Of the benefits that
may have accrued. My own judgment
is, that however much individuals may
have suffered. ono lvug etop has baen
talan towards specie payments; that
we can never have permanent prosperi-
ty until specie basis is reached, and
that q specie basis cannot be reached
and maintained until our exports, ex-
elusive of gold, pay for our imports, in
terest due abroad, and other specie obli.
cations, or so nearly SO as to leave an
appreciable accumulation of the pre-
cious metals in the country from the
products OF our mines.
MINING REsoURCEs-CIHCULAT ME-
DIUM.
The development of the mines of
| precious metal during the past year and
| the prospective development of them
for years to ccme are gratifying in their
results. Could but one-half of the gold
extracted from the mines be retained at
home, our advance towards specie pay
ments 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 industrial bankruptcy must en-
cue from undue initiation. On the other
hand, while 1t might give temporary re-
lief, it would only lead to initiation OF
prices, the impossibility of competing in
our markets for the products of home
skill and labor, and repeated renewals OF
present experiences.
Elasticity to our circulating medium,
therefore, and just enough of it to tran.
sact the legitimate business of the coun'
try and to keep all industries employed
is what is most to be desired. The ex
act medium Is specie, the recognized
medium of exchange the world over
of an exact degree Of elasticity. II there
be too much of it for the legitimate pur
poses of trade and commerce 1t will flow
out of the country; if too little, the re
verse will result.
To hold what we have and to appre
ciate our currency to thst standard is tn,
problem deserving of the most serious
consideration of Congress. The expert
ence of the present panic has proven
that the currency Of thecountry, based a
1t is upon the credit of the country, is tn,
best that has ever been devised. Usually
in times Of such trials, currency has be
come worthless, or so much deprecated
in value as to initiate the value Of all tn,
necessities of life as compared with th'
currency. Every one holding 1t ha
been anxious to dispose Of 1t on an,
terms.
Now we witness the reverse. Holder
Of currency hoard it as they did gol,
in former experiences of like nature
1t Is patent to the most casual oh
server that much more currency o
money is required to transact the legiti
mate trade of the country during tn
fall and winter months, when the vas
crops are being moved, than during tn
balance of the year.
With our present system the amou II
in the country remains the sam
throughout the entire year, resulting il
an accumulation of all the surplus capl
tai of the country in few centres whel
not employed in the moving OF crops
tempted there by the offer Of interest O.
call loans. Interest being paid, thi
surplus capital must earn the interes
paid, with a profit. Being subject I
call 1t cannot be loaned only in part o
best to the merchant or manufacture
for fixed term, hence no matter no,
much there might be in the country,
would be abused, prices keeping pac
with the volume and panics, stringenc
and disasters would be recurring wit
the autumn.
Elasticity in our monetary system
therefore, is the object to be attaine
first, and next to that, as far as poss
BILE, a prevention OF the use of otht
peoples money in stocks and othe
species of speculation. To prevent tn
latter it seems to me that one great ste
would be taken by prohibiting the n,
tional banks from paying interest on d.
posits, by requiring them to hold the
reserves in their own vaults and b
forcing, them into resumption, thong
1t would be only in legal tender note