The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1873-12-04

| two amendments obvious One session in
each year is provided for by the Constitution. In
which there no restrictions as to the subjects
| OF IL gislauon BY Congress. If more required
term of Office to provide for sessions at any time
Inc nrst OF these amendments would protect Tie
public against the many abuses and waste of pub
Tic moneys which creep into appropriation bills
and other important measures passing during the
expiring hours of Congress, 10 which otherwise
| due consideration cannot be given.
| REVENUES AND EXPENDITURES.
| The receipts of the Government from all sources
| the expenditures all accounts $3.50 $40 245 thus
| showing excess Of receipts over the expendi-
| favorable exhibit will be shown for the present
| fiscal year. Indeed, it Is very doubtful whether,
except with g1cat economy on the part Of Congress
IN making appr 1priaticns, and the same economy
in the Administration in administering the various
departments of the Government. the revenues will
not fall short of making the annual expenses, In
Guiding the interest on the public debt 1 COM
mend 10 Congress such economy and point out two
sources where ii seems to me 1t might commence,
| In the manu cities where work has not been COM
menced; in appropriations for river and harbor
commerce and fortifcations. There
| of expenditure, which 1 will point out later
| IN this message l refer 10 the easy method of
suppression of the late rebellion.
erection Tone 81 p soo aFs e2PRqsnR ths
buildings by tne Government, wherever such build
ings are needed In fact approve % the Govern.
the country, and hope the day is not far distant
when it will not only possess them: but will erect
In The Capital suitable residences for persons who
now receive communication for quarters rent at
the Governments expense, and for the Cabinet,
induce them erect buildings for their Senator
but would have this work conducted at times
y justify it.
THE PANIC AND SPECIE PAYMENTS.
The revenues have naturally fallen of for the
what they were expected TO produce, owing to the
general panic now prevailing, which commenced
about the middle Of September last. The full ef-
feet Of this disaster, if it should not prove be
"a blessing in Disguise is yet be demonstrated
In either event it is your duty to heed the lesson
and provide by wise and we1l-consdered legsla-
ton, as far as 1t lies in your power against its
currence and TO take advantage Of all the benefits
that may have accrued My own judgment Is that,
however much individuals may have suffered, one
long step has been taken towards specie payments;
an entirely new basis is reached and main
iained-unlil our exports exclusive of gold pay
| for our imports. interest due abroad, and other
speculations so heavy as to leave an appreciate
accumulation Of these metals IN the country from
The products q our mines; The development OF
mines of precious metals during the past year. and
the prospective development Of them for years TO
come, are gratifying in the extreme; could but
| one-haf the gold extracted from the mines be
| tanned at home, advance toward specie pay
| ments would be rapid. To increase our exports,
Of the Country kss Without a ufG this
national well individual bankruptcy must en-
| sue Undue imitation. on the other hand, while it
might give temporary relief, would only lead to
imitation of prices. The impossibility Of competing
| IN own markets f, the products Of home skill
and labor, and the repeated renewals of expan-
| elons give elasticity to our circulating medium.
therefore. and just enough of il to Transact the
legitimate business of the country and keep all
The industries employed is what is most desired.
The exact medium is specie, the recognized medium
OF exchange. the world over. That obtained, we
shall have currency Of exact degree of elasti
city If there be too much of it for the legitimate
OF the country; if too little Of it, tie will
be the result. = o hold what We have, and ap-
preciate our currency to that standard is prob
| lem deserving of the most serious consideration
| of Congress.
| THE CURRENCY.
The experience of the present panic has proven
that the currency of the country, based it Is
upon the credit OF The country is the beet that has
| ever been devised. Usually, in times of such
| trials, the currency has become worthless, or SO
much deprecated in value as 10 initiate the values
of all the necessares of life, compared wi the
currency. Every holding it has been anxious
| to dispose OF it on any terms. Now We witness
the reverse. Holders Of the currency hoard it as
| they did gold in former experiences of like
nature. 1t is patent TO the most casual observer
| that much more currency 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 ba ance of the
Country remains system ths sa 1hs
an accumulation OF all tn. surplus capital of the
country when not employed in the moving of crops,
1ners by offers OF hs being paid
with profit. Being subject to CALL it cannot be
| loaned only In part, at best, to the merchant
manufacturer for fixed term Hence matter
how much currency there might be in the country,
| IL would be absorbed, prices keeping pace with
would ever be recurring with the elasticity in our
money system: There Is this object to be oO
tanned first, and next as far as possible, proven
species of speculation. To prevent the latter it
Sv a tSe you'd san be
from paying interest on deposits, by requiring
them to hold their reserves in their vaults and
| by forcing them into redemption, though it would
would suggest the establishment of clearing houses
for your consideration. To secure the former
| many plans have been suggested, most Of which
look to me like imitation, on one hand, or compel
without corresponding benefits, upon the surplus
funds OF the country during the seasons when
6ebaP S eBT for SSI 1 eon ID
the Treasury to issue, at any time, to
their notes below fixed percentage of their issue,
say 40 per cent, upon the banks depositing with
the Treasurer of the United States amount of
Government bonds equal to the amount of notes
demanded, the banks 10 forfeit the Govern
ment, say, per cent. of the interest accrung on
the bonds SO pledged during the time that they
crease or circulation, the bonds so pledged to be
redeemaole by the banks at their pleasure, either
in whole or part, by returning their own bill.
for cancellation to an amount equal to the face of
the bonds withdrawn. 1 would further suggest
for your consideration the propriety of authoriz-
ing national banks to diminish their standing issue
at pleasure by returning for cancellation their
own bills and Withdrawing many United
States bonds as are pledged for the
bills returned In view Of the great actual con-
traction that has taken place in the Currency and
the comparative contraction constantly going on
due to the increase of population, in
crease of manufactures and all tne in
dustries, do not believe that there is too much of
it now for the FULLEST period of the year Indeed
if clearing houses should be established thus fore
ing redemption, it is question for consideration
whether banking should be made
free, retaining all the safeguards now required to
present laws regulating national banks and fur
Their step toward the resumption of specie payment
L invite your attention to a consideration of the
propriety of exacting from them retention as a
part Of their reserve, either the whole part of
the gold interest accru1ng upon the bonds pledged
as security for their issue. / have not reflected
enough on the bearing this might have in produc-
ing scarcity of coin with which to pay duties
on imports, 10 give IL my positive recommenda-
ton, but your attention is invited to the subject
During the last four years the currency has been
contracted directly by the withdrawal of 8 per
cent certificates composed of interest notes and
I30 bonds outstanding on the 4lh of March 1862
all of which took the place of lega-tenders in The
bank reserves to the extent of sixty millions
of dollars. During The period there has
been much larger comparative contraction of
country has largely increased; u more ore
than $4,000 miles of railroad have been
built, requiring the active of capital to oper
ale them; millions of acres of land have b, en-
opened TO cultivation, requiring capital to remove
the products; manufactures have multiplied be-
yond all precedent in the same period of time re-
quiring capital weekly for the payment of wages
and for fhQ r,-ao ~ = =