The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-12-03

of legislation by Congress. IL more are
reouired, 1t Is always In the power oil Con-
press during their term Of office to pro.
pose It, II a session at any time be re-
ouired. The first Of these amendments
would protect the public In the many
abuses and waste Of public moneys which
creep into appropriation bills and otaer
important measures passed during the
expiring hours Of Congress, TO which OH
erwise due consideration cannot be given.
TREASURY DEPARTMENT.
The receipts of the government from all
sources for the last fiscal year were $685.
1888, 2O4, and the expenditures OF all &C
counts $500, 345, Pas; this showing an ex-
cess Of receipts over expenditures on $43,'
392,959. But 1t Is not probable that SO
creditable an exhibit will be shown Tor me
present fiscal year. Indeed, 1t Is very
doubtful whether, except with great econ
omy on the part Of Congress In making
appropriations and the same economy IN
The various departments oil the gov
ernment, the revenues Will not
fall short OF meeting the actual
expenses, including interest on the
public debt. / commend to Congress
such economy and point out the sources
where It seems TO me 1t might commence,
to-wit: In the appropriations Tor puollc
buildings In the cities where work
has moi vet been commenced; in tho ap-
propriations for river and harbor I'M
movement in those localities where. the
improvements arc OF but little benefit to
the general commerce, and for iortihca'
tons. There Is asiill more fruitful source
of expenditure which / will point ont Ia
ter In this message. / refer TO the easy
method OF manufacturing claims OF losses
incurred in supprcssing the late rebellion
would not be understood here as OPP
posing the erection OF good substantial
and even ornamental buildings by the
Government wherever such buildings are
needed: In fact l approve oil the Govern
ment owning its own buildings IN all sec
tons Of the country, and hope tho day is
not far distant when II will not only pos.
sess them, but will erect in the Capital
suitable residences for all the persons who
now receive Communication for quarters
for rent, Government expenses, and ior
the Cabinet, thus setting an example 10
The various States which may induce them
10 erect buildings for their Senators
But l would leave this work TO oe
conducted at time when the rev
enues oil the country would abun-
dainty Justify ii. The revenues have
materially fallen OF Tor the trs,
1--WE months OF tho present fiscal year
from Whist they were expected TO pro-
duce, owing TO the general panic now pre-
yailipg, which commenced about the mid
die Of September last.
THE PANIC AND SPECIE PAYMENTS.
The full effect oil this disaster,
It 1t should not prove blessing
in disguise, Is yet 10 be demon
stralcd. In either event 1t is your duty
10 heed this lesson and to provide by wise
and vol considered legislation, as far as
Il lies in your power, against Its recur-
renee and TO take advantage OF all the ben
efiis that may huve accrued. My own
Judgment Is that however much individ-
uals may have suffered, one long step has
been taken towards specie payments; that
we can never have permanent prosperity
until q specie basis Is reached, and that
specie basis cannot be reached until our
exports, exclusive Of gold, pay for our i'm.
ports, interest due abroad, and other spe.
Gle obligations, or so nearly so as 10 leave
an appreciable accumulation Of the
precious metals In the country from tho
products Of our mines. The development
by the mines Of precious metals during the
past year and the prospective develop
ment Of them for years to come are graf
flying in their results. Could but one.
half OF the gold extracted from
the mines be retained at home our ad-
vance towards specie payments would be
rapid. To increase our exports, sufficient
currency Is required TO keep all the in-
dustry Of the country employed. With
out this, national as well as individual
bankruptcy must ensue. Undue Initiation,
on the other hand, while 1t might give
temporary relief, would only lead to an
initiation Of prices and demonstrate anew
the impracticability Of competing in our
own markets for the products Of skill and
labor. Elasticity to our circulating medi.
um, and just enough oil 1t 10 transact the le.
Ultimate business Of the country and 10
Keep all the industries employed, Is what
Is NEST desired. The exact medium Is
specie, the recognized medium Of exchange
the world over. That obtained, we shall
have q currency oil an exact degree Of
elasticity. II there BIO too much OF 1t for
the legitimate purposes Of trade and com.
merce II will flow out Of the country; and
II too little, the reverse will result. To
appreciate our currency TO that standard
Is the problem deserving Of the most seri'
Gus consideration oil Congress. The ex-
perience OF the present panic has proven
that the currency Of the country, based
as it is upon the credit oil the country,
Is the best that has ever been devised,
Usually in times OF such trials currency
has become worthless or so much de-
preciated in value as to initiate the
value Of oil the necessities OF life US
compared with currency-every one hold.
ing II has been anxious to dispose OF II
on any terms. Now VIC witness the re.
verse. Holders Of currency hoard 1t as
they did gold in former experiences Of q
like nature. II Is patent 10 the most
casual observer that much more cur
rency or money Is required TO transact the
legitimate trade Of the country during the
fall and winter months, when the vast
crops are being removed than during the
balance Of the year. With our present
system the amount in the country re.
mains the same throughout the entire
year, resulting in an accumulation OF
all the surplus capital Of the coun-
try in o few centers when not
employed In the moving lIot crops,
tempted there by the offer OF In.
terest on call loans. y Interest being
paid, this surplus capital must earn
this interest, and also pay a pro.
fit. Being subject 10 call, It cannot
be loaned only in part, at best, 10 the
merchant nor manufacturer Tor o fixed