Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1873-12-05
Synopsis of the Presidents Message.

the Presidents message is furnished by the
Baltimore Sun, and gives in review the lead
ing features Of the message, so that the reader
has clear idea Of the contents of that docu-
ment without wading through the lengthy and
tedious details
| In the very first sentence of the message the
President speaks Of the past year, especially
the latter part of it, as Fan evenifu one TO
the country" and then proceeds to summa-
rze the eUents that have happened, somewhat
oddly including among them, and in the same
breath with the Virginius affair, the fact that
political parlsanship has almost ceased TO
exist, especially in the agricultural regions"
The statement is somewhat obscure and wheth-
err intended to refer TO the rise of the oranges
at the West, or the decline of the Ku-Klux at
the South, does not clearly appear. In any
case the fact chronic,ed can hardly be classed
among eUents.
Following the usual order of subjects OBJ
served in such documents, the message begins
as far from home as possible, with our for
eign relations and with one of the remotest of
these-the Emperor of China. Gradually APP
preaching matters Of more consequence, the
President refers to the payment by Great Bril-
tain of the Geneva award, and urges the APP
pointment of commission to make distribu-
ton of the amount TO the parties entitled to it.
Common honesty would suggest as much, and
it is 10 be hoped that the Presidents recommen-
dation will be acted upon. There can be no
Justification for the appropriation or reten-
ton of this money by the United States.
A very sensible and timely recommendation is
made in reference to the subject of expatriation.
1t ia shown how exceedingly defective our
present legislation is, and how anomalous the
position of this country before the world in
this respect. The nation which was the first
to resist the slavish doctrine of perpetual ale
glance is now among the last to indicate how
its own citizens may elect foreign rationale
ty.
Upon the subject of the Virginus nothing
new is communicated in the message. The
| terms of settlement are stated in the most IA
vorable manner possible to the United States,
with curious omission to mention those pro-
visos and qualifications which the public have
been given to understand form part of the set
| Element and which were evidently inserted as
safeguards Of Spanish honor and TO soohe
| Spanish pride. The President excuses himself
from going into greater detail, upon the
ground that the correspondence between the
two governments was conducted in cypher and
by telegraph and he waits the recent of the
actual text by mail.
Passing from matters foreign TO domestic,
the President recommends further amendments
10 the constitution authorizing the executive
TO veto bills in part and TO approve in part;
prohibiting any legislation by Congress with
in the last twenty-four hours of its sitting,
and restricting that body when convened in
extra session to such business as the executive
may lay beioreit. 1t isquestonable whether
any of these measures are sufficiently impor-
tant to require an amendment of the consltu-
ton
In introducing the subject of the national
| finances, the President aludes TO the present
difficulty of making both ends meet, and the
| necessity of greater economv in the matter of
| government eSFSaaitures. One saving recon-
mended Jeing the suspension, for the present,
| os work upon government buildings not vet
| commenced, the hope is incidentally expressed
that one day we may feel rich enouglT TO build
houses at Washington for the cabinet officers
aud all persons who now receive Communication
for quarters or rent at government expense,
and that that the States may be tempted to do
the handsome thing by building similar resi-
dences for their Senators.
Later in the message the city of Washington,
its improved streets and avenues and its board
of public works, come in for tfrst-rate no.
tice'' at the hands Of the President The idea,
which has ceased TO be q novel one is present.
ed that the establishment OF the CAPT tai should
be an object and pride and interest to the
whole country. and that the improvem in
question should be regarded as ga national
investment
Upon the subject of finances generally, and
| the cognaie topics of the currency and the
''pauic,' the message will hardly satisfy the
expectations of those who have been more or
less eagerly awaiting its utterauces. There is
| a want of clearness in the language of the mes
sage which is painfully suggestive of want Of
clearness in the ideas Of the writer. First and
| foremost we have The declaration 'that we
cannot have permanent prosperity until spe-
Gle basis is reached, and that n specie basis
/ H.
exports. exclusive Of gold, pay for our imports,
interest due abroad and other specie obliga-
lions, or so nearly so as to leave an apprecia-
! Bile accumulation of the precious metals in the
| country from the product of our mines"
| Next we are shown how, from increase of
| population, increase of manufacturing indus
| tries, and the habit Of the southern negroes TO
carry their wages in their breeches' pockets
instead of depositng them in savings banks
the currency is practically in state of radu-
nj contraction. 1t is further regarded as ''pa-
| tent to the most casual observer that much
| more currency or money is required during
| the fall and winter months than during
the rest of the year: and it is more than init
mated that with non-elastic currency panics
may thus come to be an autumnal Insulation,
| like the equinox, connected with s'moving the
crops" To meet this emergency il is sug-
gested that power be given to the Secretary
Of the Treasury during these periods of annual
stringency to issue TO national banks certain
amount of their own notes upon deposit by
| them of an equal amount of government bonds,
the bonds to be redeemabe by the banks at
their pleasure by returning an equal amount
of their bills for cancellation.
In this way it is supposed the difficulty ola
| non-elastic currency can be overcome, and
elasticity be impaired to the present paper
! issues of the country. The establishment of
clearing houses, the prohibition of payment of
interest on deposits, and law requiring the
banks TO hold their reserves in their own
vaults, are further suggested rs useful modf
cations of the present national banking law,
with a view 10 "a prevention Of the use Of
other peoples money in stock and other spe-
cies of speculation" From all this, however,
it is difficult 10 deduce any policy, or the sug-
gestion Of policy, which leads up TO resump-
ton, or even looks steadily in that direction.
| Initiation is certainly not the road TO spe-
Gle payments and the Presidents scheme for
imparting elasticity 10 the currency is pract
cal and periodical inflaton-and nothing less.
1t is idle to expect that any rotation of the sea-
sons can bring with ii those periods Of alter
! nate contraction and imitation which are to
cause now bonds, and now currency to flow
from the treasury, like the ebb and flow of
tide.
! Next TO that portion of the message which
| treats of financial matters directly, perhaps the
most important is that which relates 10 the
bankrupt law, of which the President recon-
mends, If not the absolute repeal, at least the
repeal of so much as provides tor involuntary
bankruptcy on account of the suspension OF
payment. There can be no doubt that the