Litchfield enquirer., 1873-12-11


 l order to give the. executive an aopportuni- l-ty to examine and approve or disapprove 1 bills understandings. Second. to pro-
 vide by amendment, that when an extra session Of congress Is convened by exec ntiye proclamation, legislation during the
 continuance of such extra session shall be
 confined to such subjects as the execu- 1 tive may bring before it from time to time Ill writing. The advantages to be gained
 by these two amendments are obvious.
 One session ln each year is provided for by the constitution in which there are no
 restrictions on to the subjects of legisla-
 tlon by congress. If more are required,
 1t IS always i'll the power of congress dur ing thelr term of office, to provide for
 sessions at any time. The first of these amendments would protect the public against the many abuses and waste of public moneys which creep into appropri- atlon bills and other important measures passing during the expiring hours of con- gress, to which otherwise due considera- ton cannot be glyea
 l TREASURY DEPARTMENT. .sz--... The receipts of the government from all sources for the last fiscal year were $353. .738. 2O4. and expenditures on all &C., ! counts S290, 345, ,245, thus showing an ex- cess of reeei pts over expenditures of s43.- 392, 759. 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 econ l omy.onethe part of congress in making appropriations and the same economy in l administering the various departments of government. the revenues will not fall short of meeting actual expenses, includ- ing interest on the public debt I com mend to congress such economy, and polDt out two sources where 1t seems to me + might commence, to wit: In the ap- preparations for public buildings in the many cities where work has not been commenced, ln the appropriations for r1ver and harbor improvements in those localities where the improvements are of but little benefit to general commerce, and for Notifications. There Is & still more fruitful source of expenditure which will point out later in this message. I refer to the easy method of manufactur. ing claims for losses incurred in suppress Ing the late rebellion. 1 would not be understood here as opposing the erection of good, substantial and even orn mental buildings by the government whenever such buildings are needed In fact. I ap- prove of the government owning it's own buildings in all sections of the country. and hope the day is not far di,tant when 1t will not only possess them. but will erect ln the capital suitable residences for all persons who now receive commit tatlon for quarters or rent at government expense, and for the cabinet, thus setting an example to the states which may in- duce them to erect buildings for their sen ators. But would have this work con- ducted at 8 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 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 ''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 1t lies in your power, against its recurrence, and to take advan-- tage of all benefits that may have accrued. My own judgment is that, however much individuals may have suffered, one long step has been taken toward specie pay ments, and that We can never have per manent 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, in- terest due abroad and other specie obli- gations, or so nearly so as to leave all ar- pfeciable accumulation of the precious metals in the country from the products Of our mines. The development of the mines of precious metals during the past year, and the prospective development of them for years to come, are gratifying in their results. Could but one-half of the gold extracted from the mines be retain ed at home, our advancement towards specie payments would be rapid. To in- crease our exports. sufficient currency Is required to keep all the industries of the al as we'll as individual bankruptcy must ensue Undue imitation on the other hand, while it might give temporary re- lief would only lead to imitation of prices, owing to the impossibiity of competing in our markets for the products of home skill and labor. and repeated renewals of present experiences. Elasticity of our circulating medium therefore, and just enough of it to transact the legitimate business of the country and to keep all industries employed, is what IS most to be desired. The exact medium Is specie, the recognized medium of exchange the world over. That obtained, We shall have a currency 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 ht- tie. the reverse will result. To hold what we have and to appreciate our currency to that standard, Is problem deserving of the most serious consideration of enn. gress. The experience of the present panic has proved that the currency of the country, based as 1t has been upon the credit of the country. is the best that has evet beed devised. Usually, in times of such trials, currency has become worth less, or so much depreciated in value as to infate the values of all the neeessaries of life as compared with the currency. Every one holding it has been anxious to dispose Of 1t on any terms. Now we wit ness the reverse. Holders of currency hoard it as they did gold in former expe- riences of like nature. 1t is patent to stEe most casual observer that much more currency or money Is required to transact the legitimate txade of the country dur ing tho fall and winter months, when the vast crops are being removed. than dur ing tho balancs of the year with our pres ent system The amount in the country remains the same throughout she entire year, resulting in sI accumulation of all the saupius capital of the country in few censers, when not employed in the nov ing of crops.s Tempted thereby hY offer | of interest on call loans, iaseEest being pad. this surplus capital must earn this interest paid with a profit Being sub ject to '.can, it cannot be loaned, or on- ly in part, at best, to the merchant, mann faetarer for fixed term, hence, 10 mat- ter how much currency there might be in the country, t would be absorbed, prices keeping pace with theayolnme, and pan. ics, stringeneY and disaster would ever be occurring with the autumn. Elasticity in our monetary system then is the object to hs obtained first. and next to that, as faras possible. . prevention of the use of nkher r,erlall q Ynnrev in stncir and ntfl-