The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1873-12-11

Legislation during the continuance of
such extra session shall be confined to
such subjects as the executive may bring
before It from time to time IN 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-
st-lStions 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
amendments would protect the public
against the many wastes of public
money which creep into appropriation
bills and other important measures du-
ring 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,
| TBS, ,2O4, the expenditures on all accounts
$3.50, 245, $50, thus showing an excess of
receipts over expenditures of S43, 1852, =
| 059. But it is not probable that this
| favorable exhibit viii be shown for the
/ present fiscal year. Indeed, it is very
| doubtful whether, except with great
ecoGomy 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 viii not fall
short of meeting the annual expenses
including interest on public debt I
commend to congress such economy,
and point out two sources where it
seems to me it might commence, to-
wit In the appropriations for public
buildings in the many cities where work
has not been commenced and in the
appropriations for river and harbor i'm
provement in those localities where the
improvements are of but little benefit
to general commerce, and for forliica-
tions. There is a still more fruitful
source of expenditure which I will
point out later in this message. I refer
to the easy method of manufacturing
claims for losses incurred in the sup
preston of the late rebellion.
1 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, I approve of
the government owning its own build
mgs m all sections of the country, and
hope the day is not far distant when it
viii not only possess them, but will
erect in the capital suitable residences
for all persons who now receive commu-
tation 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 senators. But I would have this
work conducted at times when the re-
sources of the country would abund-
antly justify it. The resources have
materially fallen off for the last five
-
what they were expected to produce,
owing to
THE GENERAL PANIC
now prevailing, which commenced about
the middle of September last. The
not prove to be a blessing in disguise.
is yet to be demonstrated. 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 individuals may
have suffered, one long step has been
taken toward specie payments that we
can never have permanent prosperity
until an entire basis Is reached, and
that a specie basis cannot DO reached
duu uldAubGluCu uAlb41 OALE 6ADOGbS Tex
elusive of gold) 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 develop
ment 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. |
Gould but one-half of the gold extracted |
from the mines be retained at home, |
our advance toward specie payment |
would be rapid. To increase our ex-
poi is sufficient currency is required to |
keep all the industries of the country |
employed. Without this, national as
well as individual bankruptcy must en-
sue. Undue imitation, on the other
hand, while it might give temporary
relief, would only lead to an imitation
of prices, the impossibility of compet-
ing In Our markets for the products of
home skill and labor and repeated re-
newals of present experiences. Elasti-
city of our circulating medium, there
fore, and Just enough of it to transact
the legitimate business of the country
and keep all industries employed, is
what is most desired. The fact is,
specie is the recognized medium of ex-
change the world over. That obtained,
we shall have a currency of such a de
gree of elasticity. If there be too
much of it for the legitimate purposes
Of trade and commerce, it viii flow out
Of the country; If too little, the reverse
will result To hold what we have and
to appreciate our currency to that
is the
PROBLEM
deserving of the most serious consid-
Grafton of congress. The experience of
the present panic has proven that the
of the country, based as itisup-
On the credit of the country, is the best
that has ever been devised. Usually in
times of such trials the currency has
become worthless or SO much depressed
IN value as to initiate the values of all
The necessaries of life as compared with
she currency. Every one holding it has
been anxious to dispose of them on any
terms. Now, we witness the reverse.
The holders of currency heard it as
hey did gold in former experiences of
4 like nature. It is patent to the most
,asual observer that much more curren-
~ or money is required TO transact the
legitimate trade of the country during
.he fall and winter months when the
Tast crops are being removed than dur
ng the balance of the year. With the
present system, the amount in the conn.,
iry remains the some throughout the
sntire year, and results in an accumula-
ion of all the surplus of the country
n a few centres when not employed in
he moving of crops, tempted there by
he offer of interest on call loans. In
crest being paid, this surplus capital |
must earn this interest paid with pro-
It. Being subject 20 call, it cannot be
oaned only IN part at least to the mer-
,hant or manufacturer, for a fixed loan.
Hence, no matter how much currency
here might be In the country i would
1e absorbed, prices keeping pace with
he volume, and panics of stringency
md disaster would ever berecurring with
he autumn Elasticity IN our money !
ystem, therefore, is the object to be
'btained first, and next to that, rs far !
s possible, prevention of its use IN
took and other species of speculation.
10 prevent the latter il seems to me
hat one great step would be taken by
PROHIBITING TBK EATToEAB BANKS
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