The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1873-11-27

measures originated, and IL passed BY the tvo.
tniros v2ie Of tho two Houses, then to become
! law without the approval Of the pre.,dent :
would add to this provision that there shou,d
a 90 no legislation by Congress during the last
twentyT1our hours Of its setting, except4o etye
inc Executive an opportunity to examine and
approve or disapprove understandinRly.
second-Provide by an amendment that
when On extra session of Congress is convened
| ny Executive proclamation, legislation during
the continuance of such extra session shall be
connncd to such subjects as the Executive may
Drlmg before 1t from time to time, In writing.
Inc advantages to be gained by these two
amendments are obvious. Ono session in each
year Ia provided for by the Constitution. in
wnicn mere are no restrictions Us to subjects of
| LEGISLATION by Congress, and II moro are ,eouir.
Gu IL ls always in the power OF Congress during
tuelr term OF office to provide for sessions At
| any time. The first OF these amendments
! woa'd protect the public against many abuses
| and wastes OF public money, which Green into
| appropriation bills and other Important m.as.
| ures passing during the expiring hours
OF congress, to which otherwise due cOnsidera.
ton cannot he given.
FINANCIAL MATTERS
The receipts of the Government from al,
9e4, and the expenditures on all acconnts war.
$3.50 $40, e45 thus showing an exces. of rece,n,s
over expenditures Of $43, 1896. 959-but1t is not
probable that this favorable exhibit will he
shown for the present fiscal year. Indeed it ia
very doubtful whether, except with great econo.
my on the part OF Congress in making annro-
priat1ons and the same economy In adm,nistr.-
ZION OF the various departments of government,
the revenues will not fall short of meeting the
annual expenses, including interest ON tho pub
tic debt. commend to Congress such econ
omy, and point ont two Cases where It seems
10 me 1t might commence, to-wit: In appro-
pr1ations for public buildings Ia many cities
Wnero WOrk has not been commenced: on an
preparations for liver and harbor improvements
In those localities where the improvements will
be OF but little benefit to general commerce:
and for Notifications. There is a still more
fruitful source of expenditure which I will
point out later refer to the easy method of
manufacturing claims for losses incurred In the
conrse of the rebellion.
would not 30 understood as opposing the
erection of good, substantial, and even orns-
mental, buildingsby the Government where.
ever such buildings are needed. In fact. I ap-
prove OF the Government owning its own build
hgs IN all actions Of the country, and hope the
DAY Is not far distant when it will not only DOS
sess mem. but will erect in the capital suitable
Communication for quarters or rent at Govern
ment expense, and Tor the Cabinet, thus setting
an example to the States which may induce
them to erect buildings for tho Senators. But
would have the work commenced at times
when the revenues of the country would abun-
dainty justify It,
The revenues have materially fallen off for
the last five months of the present fiscal year.
from what they were expected to produce ow.
rnvu
commenced about the middle Of September. the
full effect of which disaster, ii it should prove
pressing In Disguise, Ia yet to be demonstrated:
In either event 1t is your duty to heed the les.
son and provide by wise and we'll considered
legislation, as far as i: lies in your power.
against Its recurrence, and to take advantage O
all benefits that may have occurred.
Nv own judgment is that however much in
dividuals may have suffered, one long step has
been taken toward specie payments, and that
We can have no permanent prosperity until an
entirely new basis is reached. A specie basis
cannot be reached and maintained until our
exports, exclusive Of gold, pay for our imports.
Inc interest due abroad and other speculations
are 80 heavy as to leave no accumulation of
those metals in this country from products of
our mines. The development Of mines of pre-
cious metals during the past year and prospec.
tive development Of them for years to come are
gratifying in the extreme. II half Of the gold
extracted from the mines could be- retained ct
tlpPe, our advances towards specie payment
would be rapid.
Sufficient currency H. 49, neouired
to keep all the industries Of the country en-
ploYed. Without this, national as well
as individaal bankruptcy must ensue. Undue
Imitation, on the other hand, while 1t might give
temporary relief, would only lead to imitation of
prices, the tmposeibility of competing in our
own market for the produce of skilled labor.
and repeated renewals of experiences disss.
trous to our circulating medium Therefore
enough OF 1t to transact the legitimate busiuess
OF the country and to keep all industries en-
p'oyed Is what is most desired. The exact
med1am Ia specie the recognized medium of
exchange the world over. That obtained. we
snail nave currency of IN exact degree of
elasticity Ifthere be too much of It for the
legitimate purposes of trade and commerce It
will flow out of the country. If too little The
reverse will result To hold what we have and
appreciate currency to that standard is deserv
ing or the n0st serious consideration of Con.
gress. T.
The experience of the present panic has
proven that the currency of the country. based
as 1t IL 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
30 much deprecated In value az to initiate the
COmOAFHn
with the currency. Every one holding it has
been anxious to dispose Of 1t on any terms.
Now we witness the reverse. Holders OF cur
rency hoard 1t as they did gold In former exse-
riences Of like nature. 49,.
1t Is patent to the most casual observsre that
much more currency or money is REQUIRED to
the )egitimte trade of the coustry dur
Ing the fall and winter months when the fall
crops ere being moved. than during the bal
ance OF Inc year With our present system, tho
throughout the year, resulting 10 an accummu.
latton OF the surplus at the financial capital of
the country when not employed: in moving the
crops. Tempted there by offers Of interest on
loans being paid, this surplus capital
must earn this interest pay with q profit Be-
Ing subject to call it cannot he loaned, only in
part at least,s to merchants or manufacturers
Tor fixed term. Hence no mattsr how much
nnHr ain6Ai H. L.