The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1873-12-12

j extra session, shall be confined {,
: such subjects as the ExecutiY
: may bring before it from time t,
! time in writing.
! The advantages to be gained b,
, these two amendments are oh
/ yious. OHe. session in each yea
/ is provided for by the Constitu
; ton, In which there are no restric
2 lions as to the subjects of legis
l lation by Congress. If more il
/ required it is always in the power
of Congress, during their term o
Office, to provide for sessions a
; any time.
The first of these amendment:
J would protect the public against
J the many abuses and waste of pub
; lie monies which creep into appro
priation bills and other important
measures passed during the expir
} ing hours of Congress, to which
} due consideration cannot be given
RECEIPTS AND EXPENDITURES.
The receipts of the Government
from all sources for the last fiscal
year we're 1888, 738, 2e4, and the
expenditures on all accounts $780,.
BAG, 245, thus showing an excess
of receipts over expenditures OF
$43, 1896, 1853. But it is not proba-
BILE that this favorable exhibit will
be shown for the present fiscal
year. Indeed, it is very doubtful
whether, except with great econo-
nay on the part of Congress in
making appropriations, and the
same economy in administration
in ministering the various depart
ments Of the Government, the
revenues will not fall short of
meeting the annual expenses, in
Guiding interest on the public
debt. 1 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 the APP
preparations for river and harbor
improvements IN those localities
where the improvements are of but
little benefit to general commerce,
and Notifications. There is a still
more fruitful source of expend-
iture, which I will point out later
in this message. l refer to the
easy method of manufacturing
claims for losses incurred in the
suppression of the late rebellion.
l would not be understood as
opposing the erection of good,
substantial, and even ornamental
buildings by the government
wherever such buildings are need
ed. In fact. 1 approve of the
government owning its own build
ings in all sections of the country,
and hope the day is not far dis
tant when it will not only possess
them, but will erect, at the capital,
suitable residences for all persons
who now receive Communication for
quarters or rent at the govern
ment expense, and for the Cabinet,
thus setting an example to the
States which may induce them TO
erect buildings for their Senators.
But I would have this work con-
Quoted at times when the revenues
of the country would abundantly
Justify it.
THE CURRENCY.
The revenues have materially
fallen off for the 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 effect of this disas-
ter, if it should 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 con-
sidered legislation, as far as it lies
in your power, against its recur-
renee, and to take advantage of
all benefits that may have accru-
ed. My own Judgment is, that how
ever much individuals may have |
suffered, one long step has been
taken toward specie payments;
that we can never have permanent |
prosperity until an entire new ba-
sis is reached; and a specie basis
cannot be reach ed and maintain
ed until our exports, exclusive of
gold, pay for our imports, interest |
due abroad, and other specula-
tons, and are so heavy as to leave
an appreciable accumulation of
those metals in the country, from
the products of our mines. The |
development of the mines of pre-
cious metals during the past year,
and the prospective development |
of them for years to come, are |
gratifying in the extreme. If but |
one-half the gold extracted from |
the mines be retained at home, our |
advance towards specie payments |
would he rapid. To increase our |
exports sufficient currency is re-
quired to keep all the industries |
of the country employed. With
out this, National as well as in |
dividual bankruptcy must ensue. |
Undue imitation, on the other hand,
while it might give temporary re-
lief, would only lead to imitation
of prices, the .impossibility of
competing in our own markets |
for the products of home skill |
and labor, and repeated renewals |
of our present experience. Elias
ITCHY to our circulating medium,
therefore, and just enough Of it to |
transact the legitimate business of |
the country, and to keep all indus
tries employed, is what is most |
desired. The exact medium is
specie, the recognized medium of |
exchange the world over. That |
obtained, we shall have a currency
of an exact degree of elasticity. |
If there 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 our currency
to that standard, is the problem
deserving the most serious consid- |
Grafton of Congress.
The experience of the present |
panic has proven that the curren-
cy of the country, based as it is |
upon the credit of the country, is |
the best that has ever been devils |
ed. Usually in times OF such
trials currency has become worth
less, or SO much deprecated in
value as to initiate the values of
the necessarries of life, as com
pared with the currency. Every
one holding it has been anxious
to dispose of it on any terms.
Now holders of currency hoard it |
as they did gold in former exper-
fences Of like nature. II is patent