Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1873-12-04

required, it is always in the power of
Congress, during its term OF Office, to
provide for sessions at any time. The
first of these amendments would pro-
tect the public against the many abu-
ses and waste of public moneys which
creep into Appropriation bills and 9TH
er important measures passing during
the expiring hours of Congress, to
which otherwise due consideration
cannot be given.
TREASURY DEPARTMENT..
The receipts of the government from
all sources for the last fiscal year were
1888, 1885, 0A, and the expenditures on
all accounts S290,340,245, thus showing
an excess of receipts over the expendi-
lures of $43, 292, 800 but it is not prob
able that this favorable exhibit will be
shown for the present fiscal year. In
deed, it is very doubtful whether, ex-
cept with great economy ON the part
of Congress in making appropriations,
and the same economy in the admins
tration in administering the various
departments OF the Government the
revenues will not fall short of making
the annual expenses, including the in
terest on the public debt. Jcommend
to Congress such economy, and point
out two sources where it seems to me
it might commence, to-wit: In the
appropriations for publicjbuildings in
the many cities where work has not
been commenced: in the appropria-
tons for river and harbor improve
ments in those localities where the
nnyapnr,aufc ara of lint 1;fflo lopoft
to general commerce and fertilization.
There is still more fruitful source of
expenditure, which will point out la
ter in this message. refer to the easy
method of manufacturing claims for
losses incurred in..the suppression of
the late rebellion. would not be UNI
derstood here as opposing the erection
of good substantial and even ornamen-
tai buildings by the Government, whcr-
ever such buildings are needed. In
fact, approve of the Government
owning its own buildings in all Sec
tons of the country, and hope the day
is not far distant when it will not only
possess them, but will erect in the cap
ital suitable residences for persons
who now receive Communication for
.
expense, and for the Cabinet, thus set
ting an example to the States which
may induce them to erect buildings
for their Senators but / would have
this work conducted at times when
the revenues of the country would a.
bundantly justify it.
The revenues have naturally fallen
off for the last five months of the pres
ent fiscal year, from what they were
expected to produce, owing to the
general panic now prevailing, which
commenced about the middle of Sep
TENDER last. The full effect of this
disaster, if it should not prove to be "a
blessing in disguise" is yet to be DEM
onstrated. In either event it is your
duty to heed the lesson and provide
by wise and well-considered legisla-
tioh, as far as 1t lies In your power,
against its recurrence, and to take adj
vantage of all the benefits that may
have accrued, Ny own Judgment is
that however much individuals may
have suffered, one long step has been
taken toward specie payments. That
we can never have permanent prosper
ity until an entirely new basis is reach
ed and maintained until our exports,
exclusive Of gold, pay for our imports,
interest due abroad, and other specu-
lations 80 heavy as to leave an appre-
ciable accumulation of these metals in
the country from the product 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 graft
flying in tho extreme; could but one
half of the gold extracted from the
mines be retained at home, our advance
toward specie payments would be rap
id. To increase our exports, sufficient
currency is required to keep all the indus.
tries of the country employed. With
out this, national as well as individual
bankruptcy must ensue. Undue infla-
ton, on the other hand, while it might
give temporary relief, would only lead
to an imitation OF prices. The impos-
eihility Of computing IN our own mar
kets Ior <Ao t>s"a-sots OF home skill and
labor, and the repeated renewals 81
experiences give elasticity to our spec
ulating medium, therefore, and just
enough of it to transact the legitimate
business of the country and to keep all
of the industries of the country en-
ployed, Is what is desired. The exact
medium is specie, the recognized me-
dunn of exchange, the world over.
That obtained, we shall have curren-
cy of an exact degree of elasticity. If
there be too much of it for the legiti-
mate purposes of trade and commerce,
it will flow out of the country; if too
little of it, the.reyerse will be the re-
suit. To hold what we have, and to
appreciate our currency to that STAN
dard, is problem deserving of the
most serious consideration of Con-
gress.
NOT CURRENCY ENOUGH.
The experience 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
ever been devised. Usually, in times
of such trials currency has become
worthless, or so much SO as to initiate
the values of all the necessaries of life,
as 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
currency hoard as they did gold, in
former experience of like nature
1t is patent to the most casual observer
that much more currency or 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 coun-
try 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 inter-
est being paid. This surplus capital
must earn this interest plid 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 coun-
try, it would be absorbed. prices keep
ing pace with the volume, and panics,
stringency and disasters would ever
be recurring with the elasticity in our
money system. There is this object
to be obtained first, and next, as far as
possible, a prevention Of the use of
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