The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1873-12-12

{ of such extra session shall be confined
to such subjects as the executive may
, bring before it from time to time il
{ writing.
The advantages to be gained by these
two amendments are obvious. One ses
sion in each year is provided for by the
, constitution, in which there are no re
strictions as to the subjects of legisla
ton by congress. IF more are required
it is always in the power of congressman
during their term of Office to provide
for sessions at any time. The first
amendment would protect the public
against the many wastes of public
money which creep into appropriation
bills and other important mea ures dur
ing the expiring hours of congress-, to
which otherwise consideration cannot
be given. ...
THE TREASURY.
The receipts of the government from
all sources for the fiscal year were 1858,
738, ,204, the expenditures on all ac-
counts 1920, ,245, $50, thus showing an
excess of receipts over expenditures of
$43, 1872, 959. But it is not probable that
this favorable exhibit will be shown for
the present fiscal year. Indeed it is
very doubtful whether, except with
great economy on the part of congress
in making appropriations, and the same
economy in the administration in ad-
ministering the various departments of
government, the revenues will not fall
short of meeting the annual expenses
including interest on public debt.
| commend to congress such economy,
| point out Cwo sources where it seems to
me it might do to commence, to-wit : in
| the appropriations for public buildings
| in the many cities where work has not
been commenced; and in the appropri-
ations for river and harbor improve
ment in those localities where the i'm
provements are of but, little benefit to
| general commerce, and for fortifcations.
| There is a still more fruitful source of
expenditure which will point out later
in this message. I refer to the easy
method of manufacturing claims for
losses incurred in the suppression of
the late rebellion.
would not be understood as in op-
position to the erection of good, sub
stantial or even ornamental buildings
by the government wherever such build
ings are needed. In fact, approve of
the government owning its own build
ings 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 cOmmu-
ton for quarters or rental at govern
ment expense and for the cabinet, thus
setting an example for the states, which
may induce them to erect buildings for
their senator's. But I would have this
work conducted at times when the re-
sources of the country would abundant
ly Justify it. The resources hsve mate
rally fallen off for the last five months
of the present fiscal year from what
they were expected to produce, owing
to the general panic now prevailing,
which commenced about the middle of
September last. The full effect of this
disaster, if it should not prove to be a
blessing in disguise, is yet 10 be dem
onstrated. In either event it is your
duty 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 |
the benefits that may have accrued. My |
own Judgment is that however much in |
dividuals may have suffered, one long
step has been TAX n towards specie pay |
ments; that we can never have perma- |
ACnG unbI1 Ud51S 1S |
reached, and that specie basis cannot |
be reached and maintained until our ex- |
ports exclusive of goldl pay for our
imports, our interest due abroad, and |
other specie obligations, so heavy as to |
leave an appreciable accumulation of |
the precious metals in the country from
the products of our mines. The devel-
opment of the mines of precious metals
during the past year, and the prospec-
tive development of them for years to
come, are gratifying in their results.
Could but one half of the gold extracted
from the mines be retained at home, our
advance towards specie payments would
be rapid. To increase our exports suf-
ficient currency is required to keep all
the industries of the country employed.
Without this, national as well as indi-
vidual bankruptcy must ensue. Undue
on the other hand, while it
might give temporary relief would only
lead to an initiation of prices, the impos-
sibility of competing in our markets for
the products of home skill and labor
and repeated renewals of present expe-
riences. Elasticity to our circulating
medium therefore, and just enough of |
it to transact the legitimate business of
the country and keep all industries en-
ployed, is what is most desired. The
fact is, specie is the recognized medium
Of exchange the world over. That OBJ
5ained, we shall have currency of such
4 degree of elasticity. If there be too ;
much of it for the Legitimate purposes
Of trade and commerce, it will flow out
If the country; if too little, the reverse
will be the result. To hold what we
nave and to appreciate our currency to
hat standard is the
PROBLEM
deserving of the most serious considera-
ion of congress. The experience of the :
present panic has proven that the cur
'ency of the country, based as it is upon
he credit of the country, is the best
hat has ever been devised. Usually in
lines of such trials the currency has
worthless or so much depressed
n value as to initiate the values of all
he necessaries of life as compared with
he currency. Every one holding it has !
)een anxious to dispose of it on any !
erms. Now, we witness the reverse.
The holders of currency hoard it as they !
lid gold in former experiences of like
nature. It is patent to the most casual l
observer that much more currency or
money is required to transact the legiti- I
uatS brdu0 Oh Ju6 COuuGTy uuIluS 0u0 |
ali and winter months when the vast
rops are being moved, than during
he balance of the year. With the
present system, the amount in the coun-
ry remains the same throughout the
,ntire year, and results in an accumula- !
ion of all the surplus in the country
n few centres when not employed in !
he moving of crops, tempted there by I
he offer of interest on call loans. In
crest being paid, this surplus capital
must earn this interest paid with profit.
Being subject to call, it cannot be loaned
,n1y in part at least to che merchant or
for fixed time. Hence,
10 matter how much currency there
night be in the country, it would be alb
orbed, prices keeping pace with the
,olume, and panics of stringency and
Iisaster would ever be recurring with
he autumn. Elasticity in our money
ystem, therefore, is the object to be OBJ
aimed first, and next to that, as far as
possible, prevention of it's use in stocks
nd other species of speculation. To
prevent the latter it seems to me that I
ne great step would be taken by