The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1873-12-05

States, and also from the necessity OF such an
amendment. that there will be submitted to
the State Legislatures for ratification such an
Improvement in our condition. / suggest
two others for your consideration: First 10
authorize the Executive TO approve Of 40
much of any measure passing the two Houses
of Congress his judgement may dictate.
without approving the whole, the dlsapproYed
portion or portions to be subjected TO the
same rules as now, to wit: to be referred back
to the house in which the measure or meas
ures originated, and if passed by two-thirda
vote Of the two houses, then to become law
without the approval of the President. | would
add TO this provision that there should be
no legislation by Congress during the last
twenty-four hours of its sitting, except upon
veto, and in order TO give the Executive an
opportunity TO examine and approve or dis
approve understandingly. Second, to provide,
by an amendment, that when an extra session
of Congress is convened by Executive procla-
nation, legislation during the continuance of
such extra session shall be confined to such
subjects as the Executive may bring before it
from time 10 time in writing. The advantages
to be gained by these two amendments are
obvious. One session in each year is provided
for by the Constitution, in which there are no
restrictions a. TO the subjects Of legislation by
Congress. If more are required, it is always
in the power of Congress, during it's term Of
Office to provide for sessions at any time.
The first of these amendments would protec.
the public against the many abuses and waste
of public moneys which creep into Appropria-
ton bills and other important measures pass
ing during the expiring hours OF Congress, TO
which otherwise due consideration cannot be
given.
The receipts of the Government from all
sources for the last fiscal year were 1898, 49,
204, and the expenditures on all accounts
$500, $40. 2i5. thus showing an excess of re-
ceipts over the expenditures of Si3, 1892, $50 :;
but it Is not probable that this favorable eX-
hibit viii 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 same econ
omy in the Administration in administering
the various departments of the Government.
the revenues will not fall short of making the
annual expenses. including the interest on the
public debt | commend to Congress such
economy and point ont two sources where it
seems to me il might commence. to-wit: In
the appropriations for public buildings in the
many cities where work has not been COM
menced in the appropriations for river and
harbOr improvements in those localities
where the improvements are OF but
little benefit TO the general commerce and
Notifications. There is a still more fruitful
source of expenditure. which | will point out
later in this message. 1 refer to the easy
method OF manufacturing claims for losses in
CURED in the suppression of the late rebellion.
/ would not be understood here as opposing
the erection OF good, substantial and even or
namental buildings by the Government, wher-
ever such buildings are needed. In fact, l
approve of the Government owning It's own
buildings i'm all sections of the country. and
hope the day IL not far distant when it will
not only possess them. but will erect in the
Capital suitable residences for persons who
q az ran
at the Governments expense, and for the
Cabinet thus setting an example to the States
which may induce them to erect buildings for
their Senators; but l would have this work
conducted at times when the revenues Of the
country would abundanty Justify it.
The revenues have naturally fallen OIL for
the last five months of the present fiscal year.
from what they We're expected to produce,
owing to the general panic now prevailing,
which commenced about the middle of Sep
tember last The full effect of this disaster
if it should not prove to be :" blessing in
disguise. is yet TO De demonstrated. In either
event it is your duty to heed the lesson and
provide by wise aud wel-considered lcgisla-
tion a. far az it lies in Your power, against it's
recurrence and to take advantage Of all the
benefits that may have accrued. My own
Judgment il that however much individuals
may have suffered, one long step has been
taken toward specie payments. That we
.
an entirely new basis is reached and
maiuta;ned until our exports, exclusive
OF gold, pay for our Imports, interest due
abroad. and other specTlations so heavy a t.
leave an appreciate accumulation of these
metals in the country from the products Of
our mines. The development Of miuos OF
precious metals during the past year, and the
prospective development OF them FOR years 90
come. are gratifying in the extreme. Could
but one-half the gold extracted from the
mines be retained at home, our advance tow
ard specie payments would be rapid. To IN
crease our exports. sufficient currency is re-
quired to keep all the industries OF the cOun-
/ try employed. Without this, national
a well as individual bankruptcy must cnsuc.
/ CudeT imitation. OH the other hand. while ii
might give temporary relief, would only lead
! TO aA imitation Of prices. The imposslbility of
/ competing in orr own markets for the products
| of home skill and labor and the repeated ro-
newals Of experiences give elasticity to
| our specializing medium, therefore, and just
! enough of it TO transact the legitimate
! business of the country and TO keep all the
industries employed. is what is desiled. The
exact medium is specie, the recognized
! medium Of exchange, the world over. That
/ obtained, we shall have n currency of an cX-
act degree of elasticity. II there be too much
| of it Tor the Legitimate purposes Of trade and
commerce it will flow out Of the country ii
too little Of it the reverse will be the result.
| To hold what We have, and 10 appreciate Oui
! currency TO that standard, Is a problem de-
/ serving of the most serious consideration OF
| Congress.
/ The experience Of the present panic has
proven that the currency of the country, based
/ az il Is upon the credit of the country, il the
/ best that has ever been devised. Usually, IN
! times of such trials, the currency has become
/ worthless, or 80 m':ch deprecated IN
value as to initiate the values of al
/ the uccessares Of life. a. compared with the
| currency. Every one holding 1t has been
! anxious 10 dispose of it Oh any terms. Now
we witness the reverse. Holders Of the cur
rcucy hoard it az they did gold in former OK
/ pcreuces OF a ike nature. IL is patent to the
most casual observer that much more cur
rency or money is required to transact the le-
Ultimate business Of the country during the
/ fall and winter months. when the vast crops
are being removed. than during the balance
Of the year. Under the present system the
amount IN the country remains the same
/ throughout tie year, resulting IL an accumu'
lation of all the surplus capital OF the country
when not employed in the removing of crops
tempted there by Offers ef interest bem-
paid. This surplus capital must earn this
interest paid with profit. Being subject &c
| call. il cannot be loa.ed only in part, at best
to the merchant or manufacturer for fiXel
term. Hence. no matter how much currency
there might be in the country, it would DE alb
sorbed, prices keeping pace with
the volume, and panics, strngency