Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1873-12-11

work has not been commenced, III tne
Appropriations for river and harbor
improyements in those localities where
the improvements are of but little ben
eft to general commerce, and Tor forti-
fications.. There is still more fruitful
source of eXpeEditure which L VIII
point out later in this message re-
1 fer to the easy method OF manniactu-
ring claims for losses incurred in the
late rebellion. e rs.-s.a El
GIVE EVERY ONE A HOUSE
Iwould not be understood as in op-
position to the erection of good sub
stantial or even orr rlmental buildings
! by the government. wherever such
! buildings are needed, i.i fact, approve
of the government owning its Own
! buildings in all sections of the country,
! and hope the day is not far distant
when it Il ill not only possess them out
will erect in the capital suitable resi-
dences for all persons who now receive
Communication for quarters or rental at
the government expense, and lor 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 revenus of the country
would abundantly justify it. a5 =
THE REVENUES FALLEN OFF. e.
The revenues have materially fallen
| off for the last five months of the pres
! ent fiscal year from what they were eX-
pected to produce, owing to the gener-
| al panic now prevailing, which COM
menced about the middle of september
| last. The full eff,ct of this disaster, If
| ii should not prove a blessing in dis
guise, is vet to be demonstrated. lu
either event it is your duty to heed the
! lesson, and provide by wise and Well
considered legislation, as fer as it lies
in your power, against IFS recurrence,
and to take advantage of all Dement'S
/ that may have accrued. ?.
THE PANIC A. LONG STEP TO SPECIE
PAYMENT. ..-.
NV 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
specie basis is reached, and that a specie
basis can not be reached and inaiEtain-
| ed until our exports, exclusive OF gold,
pay for our imports, interest, due
abroad, and other specie obligations,
so heavy as to leave an appreciable oc-
cumulation of the precious metals IN
the country from the products OF our
,mineS.u. gefsr.l 7.lil l..,sl ed =. ars.5 Is
/, The development ofmines Of precious
metals during the past year, and the
prospective development of them Tor
Years to come, are gratifying IN their
1 results. Could but one half Of the gold
extracted from the mines be retained
at home our advance toward specie
payments would be rapid. e'.r
| ELASTICITY OF TILE CURRENCY.
To increase our exports sufficient
currency is required TO keep an the m
dustres of the country employed.
Without this, national as well as lndl-
/ yidual bankruptcy must enSue. Undue
/ imitation on the other hand, While 10
might give temporary relief, would on
ly lead to imitation of prices and the
timpossibility of competing our mar
| kets for the products of home Skin and
labor and repeated renewals OF tresepl
experiences. Chastity to our circulating
medium therefore, and just enough oil
/ it to transact The legitimate business OF
the country and to keep allour indus
ftries emplOyed is what is most desired.
4 SPEjlE iIIAso w.
H. The exact medium is specie, the rec
i, ogpized medium of exchange the word
over That attained we shall have a
currency of an eXact.degree OF elasticity.
If there be too much of it for the le-
ultimate purposes of trade and COM
merce, it Will flow out OF the country;
if too little, the reverse VIII result. 70
hold what we have, and to appreciate
our currency to that standard, IS
problem deserving of the most serious
Consideration of Congress.
THE PRESENT CURRENCY TIE BEST.
The experience of the present panic
! has proven that the currency OF the
country, based, as it is, upon Inc credit
! of the country, is to be the best that
has ever been devised. Usually, In
I times of such trials, currency has De-
come worthless, or SO much depreciateu
| in value as to iniiate the values OF all
| the necesSarieS of Life, as compared
with the currency. Everyone holding
| it has been anxious to dispose OF IL on
any terms Now we witness the re-
| verse; holders OF currency hoard it as as
they did gold in former experiences OF
like nature. - AF-A 49, - 'i.i
| ELASTICITY DEMANDED.
| 1t is patent to the most casual OBJ
server that much more currency OF
money is required to transact the le-
pitimate traue of the country during
| the fall and winter months, when the
vast crops are being removed than
during the balance of tho year. With
our present system the amount IN the
country remains the same throughout
the entire year, sand in an saccumula-
ton of iIsfhe Surplus capital of the
country i'm q lew eehters, when not en-
ployed in the moving OF crops tempted
tfhere by. the offer of interest ON call
loans. Interest being paid, this sur
plus capital must earn this interest pald
with profit. Being subject 10 call 1t
Can but be loaned only in part at best
| to the merchant or manufacturer Tor
! 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, striDgency and disasters would
ever be recurring with the autumn.
Elasticity III our money system, there
fore, is the object to be obtained first,
and next to that, as far us possible, a
| prevention of The use of the surplus
money i'll stock and other species OF
speculation. +t;itt' 2 i
STOP PAYING INTEREST ON DEPOSITS.
To prevent the latter it seems to me
that one great step would be taken by
prohibiting the national banks from
4 paying interest on deposits, by requir-
/ ing them to hold their reserve in their
own vaults, and by forcing them into
resumption, though it would be only
in legal tender notes. For this purpose
/ would suggest the establishment OF
i clearing houses for your consideration.
To secure the former many plans have
been suggested, most, if not all, OF
: which look to me like initiation on the
| ono hand or com paIlinr tho Unyerp-