Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1873-12-11

vened by executive proclamation. legisla-
| ton during the continuance of such extra
session shall be confined TO such subjects
/ rs the Executive may bring before it from
| time to time in writing
The advantages tn be gained by these
| two amendments are obvious. One session
in each year is provided for by the Consti-
tuition, in which there are no restrict ions
as to the subjects OF legislation by Con-
eress. II more are required il is always in
/ the power of Congress during their term Of
Office TO provide for sessions at any time.
The first of these amendments would pro-
tect the public against the many abuses
and waste of public moneys, which creep
into the appropriation bills, and other i'm
portant 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 $685.
13S.2Oi. and expenditures on all accounts,
500 .2iJ-thus showing an excess of
receipts over expenditures of S43, ,3g2 959.
But il 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
sainecconomy in administering the various
departments of government, the revenue
Will not fail short of meeting actual ex-
pcnscS. including the interest on the pub
nc debt. | commend to Congress such
economy, and point outtwo sources where.
II seems TO me, it might Commence to wit
Ia the appropriations for public buildings
IN the many cities where work has not
been commenced. in the appropriations for
rlver and harbor improvements in those
localities where the improvements are OF
but little benefit TO general commerce. and
Tor Qualifications. There is still more
ifultinl sources of expenditure. which |
VIII point out later in this mes sage. re-
Ter TO the method of manufacturing claims
Tor losses incurred in suppressing the late
rebellion. would not be understood here
= opposing the erection of good sub,tan-
tial and even ornamental buildings by .he
Government wherever such buildings are
needed.
In fact | approve OF the Government
owning It's own buildings in all sections of
the country, and hope the day Is not far
distant when 1t viii not only possess them,
but viii erect in the capitol suitable resi-
dencc> FOR all persons who now receive
( cnmmutajion Tor quarters or rent at the
Government expense and for the Cabinet.
/ thus setting an example to the States.
for their Senators. but would have this
work conducted at time when the
revenues OF The country would abundantly
justify it.
/ y" revenues have materially fallen of
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
r 81 III
prove "A blessing in disguise" is vet to b,
demonstrated. In either event it i, YOUR
dniy to heed the lessons and provide by
wise aud well considered legislation a. far
a lt lies ia your power. against it, recur-
renee, and 10 take advantage of all benefits
that may have accrued.
SPECIE PAYMENTS.
Ny own Judgment is that however much
I individuals may have suffered. one long
'icI' mas been taken toward specie pay-
thent> that We can never have permanent
prosperity until a specie basis Is reached
I aud that specie basis cannot be reached
aud maintained until our exports. exclusive
ot gold, pay for our imports, interest due
abroad aud other specie obligations, and
- nearly 50 as to leave an appreciable
accumulation of the precious metals in the
country from the products of our own
mines.
The development Of the mines of preclou,
metals during the past year, and the
I prospective development OF them for wears
|" come. are gratifying in their results
4 Gould one-half OF the gold extracted from
the mines be retained at home our advance
toward specie payments would be rapid
! 10 increase our exports, sufficient currency
( i required TO keep all the industries of the
country employed. Without this, national
] ktIi ftttts g. Il
en>ue Undue imitation on the other hand.
while 1t might give temporary relief. would
ouiy lead TO Initiation OF prices. Elasticity
oi our circulating medium therefore ana
/ Just enough OF It To transact the legitimate
/ business OF the country and to keep all
industries employed il what is most To be
desired. The exact medium is specie, the
recognized medium OF exchange the world
over That obtaued we shall have Il eur
/ rcncy of an exact degree of elasticity.
Ii there be too much OF it for the legiti-
mate purposes of trade and commerce it
will flow out of the country; il too little
/ the reverse will result. To hold what we
have and To appreciate our currency to
I that standard j. problem deserving of
the most serious consideration of Congress-
THE CURRENCY QUESTION.
! The experience of the present panic has
| proven that the currency of the country.
based as ii j. upon the credit of the coun-
| try, i the best that has ever been devised.
! suaIly III times of such trials. currency
| mas become worthless, or SO much de-
| preciated in value 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
| for of
| - patent to the most casual observer that
much more currency or money is required
| 10 transact the legitimate trade of the
/ country durin" Me fall and winter months
/ when l. vast crops are being moved than
| during the balance of the year. With our
| present system the amount in the country
remains the same throughout the entire
year. resulting in an accumulation of all
the surplus capital of the country in a few
centres, when not employed in the moving
OF the crops, tempted thereby by offer of
! interest on all loans. Interest being paid.
this surplus capital must earn this interest
paid, with profit. Being subject to call,
/ 1t 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 country it would be
absorbed, prices keeping pace with the
volume. and panics, stringency and disas-
| tefs would ever De recurring with the
autumn elasticity. In our momentary
system this is the object to be obtained
I first. and next to that as far as possible.
prevention of the use of other peoples
money in stock and other species Of specu-
lation. To prevent the latter it seems to
Inc that one great step would be taken hy
| prohibiting the national banks from paving
interest on deposits by requiring them to
| hold their reserves in their own vaults.
and by forcing them into resumption.
though it would be in only legal tender
notes. For this purpose would suggest
the establishment of clearing houses. For
your consideration to secure the former
many plans have been suggested, most if
not all OF which look to me more like in
fation on the one hand. or compelling the
Government on the other to pay interest
without corresponding benefits upon the
surplus funds of the country during the
seasons when otherwise unemployed.
RECOMMENDATIONS.