Bozeman avant courier. [volume] (Bozeman, Mont.) 1872-1882, 1873-12-12

opposing the erection of good, sub
stantiai, and even ornamental, build
Aings by yfheGoYernment wherever sucl
/ buildings are needed. In fact, ap
| prove OF the Government owning it,
own buildings in all sections OF th,
country; and hope the day is not FIJI
distant when it will not only possess
them, but will erect i'll the Capita
suitable residences for all persons wht
| now receive communication for quarters
or rental at the Government expense
and for the CabineE-thus setting a,
example to the States, which may in
dtce them to erect buildings for thci,
Senators. But | would have this work
conducted at a time when the revenues
OF the country would abundantIy ius
tify it. The revenues have materially
fallen off during the last five months
of the fiscal year from what they were
expected to produce, owing TO the gen.
eral panic now prevailing, which com.
menccd about the middle of Septem.
Der. The full effect of this disaster, il
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 to provide by well con-
sidered legislation, as far as it lies in
your power, against it's recurrence, and
take advantage of all benefits that
may have accrued. My own Judgment
is, that, how much individuals may
have suffered, one long step has been
taken towards specie payments; and
that we will never have permanent
prosperity until an entire new basis is
reached. And a specie basis cannot
be reached and maintained till our ex-
ports, exclusive of gold, pay for our
imports. The interest due abroad, and
other speculations, are so heavy as to
leave no appreciable accumulation of
those metals in the country from tue
products of our mines.
DEVELOPMENT OF OUR MINES.
The development of the mines of
precious metals during the past year,
and the prospective development of
them for the year to come, are crafty
ing in the extreme. Could but one
half of the gold extracted from the
mines be retained at home, our adj
vance towards specie payments would
be rapid. TO increase our exports suf-
ficient currency is required to keep all
the industries of the country employed,
and without this, national as well as
Individual bankruptcy must ensue.
TT-..fy-n yr,gs4.s., ~, flo n41,o,,I.a,.xl
while it might give teaporar,, relief,
would tend only to the imitation of
prices. TO gise elasticity to our cir
c;dating medium, therefore, and
enough Of it TO transact the legitimate
business of tie country, and to keep
Ill tue industries employed is what is
most desired. The exact medium for
his is specie-the recognized medium
IF exchange OF all the world. That
obtained, we shall have currency of
III exact degree of elasticity IF there
De too much of it for the legitimate
purpose of trade and commerce, it will
lew out Of the country; if too little,
he reverse will result. 10 hold what
We have, and to appreciate our cur
eney to that standard, is a problem
the most serious conssdera-
ion of Congress. The experience of
he present panic has proven that the
currency Of the country, based as it is,
lpon the credit OF tI4es country, is the
,est that has ever been devised. Usu-
lily, in times Of such trials, the cur
ency has become worthless, or so
much deprecated i'll value as to initiate
he values of all the necessities of life,
s compared with the currency. Ev-
ry one. holdiag ft has been anxious to
ispO5e OF it on any terms. Now we
fitness the reverse. The holders of
urrency hoard it as they did gold, in
he former condition of like nature.
t is patent to the most casual obser-
er that much more currency or money
required to transact the legitimate
,ade of the country during the fall
nd winter months, when the vast 4
rops are being removed, than during
ne balance Of the year. Without the
resent system, the amount in the !
)untry remains the same throughout
le year, resulting in the accumulation /
all the surplus capital of the coun-
y, which, when not employed in mov- j
g crops, is tempted by offers of in ,
rest, on loans being paid.
CAPITAL AND OUR NATION
AL BANKING SYSTEM.
This surplus capital must earn this /
terest paid with profit. Being sub ]
ct to call, it cannot be loaned, or can J
lly be loaned in part, and at the best f
the merchant or manufacturer for a
xed term. No matter how much cur e
ncy there might be in the country it 9
ould be absorbed, prices keeping /
ice with the volume, and stringency c
i'd disasters would ever be recurring /
ith the elasticity, in our money sys- S
m. This is the object to be obtained S
st, and next, as far as possible, q I
of the use of money in 9
ock and other species Of speculation. t
, prevent the latter, it seems to me |:
at a great step would be taken by f;
the National banks from
Iying interests on deposits, by re- VI
liring them to hold their reserve in a
cir own hands, and by forcing them il
TO resumption, though it would be v
IL In legal tender notes. For this il