The Andrew County Republican. [volume] (Savannah, Mo.) 1871-1876, 1873-12-12

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the subjects of Legislation by Congress. If
more are required it is always in the power of
| Congress. during its term of Office, to provide
for sessions at any time. The first of these
amendments would protect the public against
the many abuses and waste of public MONEYS
which creep into Appropriation bills and other
| important measures passed during the expir-
ing hours of Congress, to which otherwise
| due consideration cannot be given.
| The receipts of the Government from all
sources for the last fiscal year were 1888 73S =
2O4, and the expenditures of all accounts
| s29O. .3i0, ,2l5, thus showing an excess of re-
ceipts over the expenditures of S43. 500. .959 ::
but 1t Is not probable that this favorable ex-
hlblt will be shown for the present fiscal wear.
Indeed. i. is very doubtful whether. except
with great economy on the part of
Congress in making appropriations. and the
same economy III the administration in
administering the various departments of
the Government, the revenues will not fall
| short of making the annual expenses. includ-
| ing the Interest on the public debt. | COM
| mend to Congress such economy and point
| ont two sources where ii seems TO me il might
commence to wit: In the appropriations for
| pUhlIc buildings i'll the many cities where
work has not been commenced: in the appro-
| prlations for river and harbor improvements
| III those localities where the improvements
are Of hut little benefit to general commerce
source of expenditure, which will point out
later in tins message. l refer > tls easy
| method of manufacturing claims for losses
| occurred in the suppression of the late reLel-
Eon. i should not be understood here as OBJ
| posing the erection Of good substantial and
even ornamental buildings by the Govern
ment, wherever such buildings are needed.
Ia fact, apploye Of the Government owning
its own buildings in all sections Of the coun-
thy. and hope the day Is not far distant
when IL will not only possess them, but will
| erect in the capital suitable residences f,r
persons who row receive communication for
quarters or rent at the Governments s expense.
and for the Cabinet. thus setting an example
to States which may induce them 10 erect
| buildings for their Senators: but I would
have this work conducted At times when the
! revenues Of the country would ahunlaptly
justify it.
The revenues lave naturally fallen
of for tho last five months of the present
fiscal year from what they were exuected 10
produce, owing to the general panic now pre-
vailing. which commenced about the middle
OF September last. The full effect of this
disaster, if it should not prove to be "a b!css-
ing ~ disguise, Is YET to be demonstrated.
In either event it is your duty 70 heed the leg
son and provide Ly wise and well-consilered
legislation, as far as it hos in your power,
against its recurrence, aud to take adj
vantage Of all the benefits that may have
accrued. NJ own Judgment is that
however much individuals may have suffered.
oue long step has been taken toward specie
payments. That we can never have permR-
neut prosperity until an entirely new basis is
reached and maintained: until our exports
exclusive of gold, pay for our Imports. interest
duo abroad, and other specuations 30 ieayy
as to leave an aTpreciable accumulation
Of theso metals in the country from the pro-
duets Of our mines
The development o! mines OF precious met ais
during the past year. and the prospective develop
merit II them for years To come gratifying in
the cNtreme could but oEe-Laf the gold extracted
from the n!Ief lee retained 81 home. our advance
toward s.ecie payments would be rapid. To in
crease exports, sufficient currency is required
tn Keep all the industries Cf the country employed.
without this, national as well individual bank
rUpicy must cnsue. Undue imitation, on the other
hand, while it might give temporary relief, would
only lend to initiation Of prices.
I'm, fns mpG.sisi'y Yrsis of ~, eonpTitnG IN "@F af
home skill and labor, and the repeated renewals of
experiences give elasticity TO cur speculatug
dunn therefore. and just enough Of it to transact
tha legitimate business Of the country and 30 keep
al the industries employed, il what Is desired. The
exact medium il specie, the recognized medium nf
exchange. tine wog!d over. That Obtained. We shall
have currency of exact degree of elasticity. II
there be too much of it for the legitimate
purposes Of trade and commerce, il will
How ont Of the country: II too little Of it.
the reverse will be- the result. To bold what we
have. aud to appreciate currency TO that stand
ard is problem deserving Of the most serious
sderation of Congress.
Tne experience Of the present Iauic has p:oyrn
that the currency ol the country based nS II IL u,u
the credit If IL" country. Is the best that has
been devised. Usually. ia times q such trials. the
currency Ea- brcpr!e worthless, 50 much dsprC
ciated in Naiue as 20 initiate tine vaiEeS Of
all the nccessaEIrs 81 life, as cuTsIared Win
the currency. Ever, one holding 4 las been
anxious to dispose OF i on any terms. Now wit
ness the reverse Holders Of The currency hoard it
fu.4yl al t.
ture. Il il patent to the In"et casual observer tEat
much currency money is required TO tram
tine legitimate trade OF the country during the
tall and winter mOnths, when the vast crops
being removed, than during the baauce uG the wear.
Under the prese systeIn The amount !n the country
remains the fame throughout the year, resulting Ia
accumulation # all surplus capital OF the cUun-
try when not employed ia the moving of CROP,
| tempted there b? offers Of interest being pad.
Tnis surllns cariiai mast earn this interest paid
with a profit, Being subject To call, 1t cannot DE
loaned only in part, at best, to the merchant or
manufacturer for liked term. Hence, no matter
how much currency there might lie in the coun-
try, IL would be absorbed, prices EecpiES
pace with the volume, and Ianics, strin-
g-ncy and disasters would ever be recurring
with the elasticity III our money system.
There is this object to he obtained first, and next
far pos 5ible prevention of the use Of money
III stOck and other siacies Of speculation To pre-
vent the latter 1t 10 that great step
would be taken 10y prohibiting the national banks
from paying interest on deposits by requiring them
TO hold their reserves in tEeir own vaults aud by
forcing til III into resumption. though 1t would b5
only il icgA l-tender notes. For this purpose !
would suggest the Establishment If clearinghouse
for your consideration. 70 secure the former
MANY Tlai Il have been suggested, most Of which
look to iii. imitation, one hand or compelling
the Government, OF the other, 10 Pay Interest with
ont corresponding benefits upon the surplus funds
Of the country during the seasons when otherwise
unemployed Isubmit for your consideration whether
this difficulty Ialght not he overcome authorizing
the Secretary of the Treasury to issue, at any time,
to nominal hanks Of issue, amy amount OF their notes
below Il fixed UcrCentagc Of their is-ue, 40 per
cent, upon the banks depusiting with the Treasurer
Of the Uai.ed States amount of Government
bonds equal to the amount of notes demanded, the
banks 10 forfeit TO the (oyernu.nt say, per cent.
on the interest accruipg on the bonds % pledged
during the time that they remain with the Treasury
a. security for the increase Of circulaiCn the bonds
SO pledged to be rcdeemable by the banks at their
pleasure, either in whole or in Part, by returning
their bills for cancellation to al amount equal
to the face Of The bonds withdrawn. | would fur
ther suggest for your consideration the prnpriety Of
authorizing rational banks 10 diminish their stnnd-
ing Issue at pleasure by returning for cancellation
their own bills and Withdrawing so lnauy
United States bonds are edged for the
bills re- Grnei Ia view Of the great actrai cuntrac
tiou that has taken place in the currency, and tn"
comparative contraction constantly going ON, due
TO the ;GcrcaSe If population. increase O; manu-
factures and all the indl-tres | DO not believe
that there IS too much OF 1t Tor the due"t Pc-
ri5d Of year. Indeed, If clearinghouse should
tie established, thus forcing leaemptioneit Is
question for consideration. whether banking should
no: be made free retaining all the safeguards now
reauir, 4 20 secure bil-bOldsrf. In any modifca-
ton OF the present laws regulating national banks
and further step toward tse resumption OF specie
n,yrent +; Invite your attention t. the proprlety
of enacing from them TIE retention, n a pant OF
their reserve, OF either the whole or part Of The
gold interes; accruing upon tine Bonds pl, dyed as
serrity for their issue, have not reflected enough
on the bearing this might have in producing a
scarcity of com with which to pay duties Oh M
I.rta 10 give it my poeiiivc recommendation, but
your attention is invited TO the subject. During
ihe La. four years the currency has been COLI
trac,ed rectiy by the Withdrawal of per cent
certificates comroted of interest notes and 40
bonds outstanding on the i'h OF Narch, 1862 an 0i
which took the place Of legal tenders iii the bank
-. ~ ti,a ertaLt Cf .iS.X-.hrce Inlinns Cf dn.