The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1873-12-12

OF Congress, to which otherwise due
consideration might be given.
I ono TREASURY DEPARTMENT..
/ The receipts of the Government
from all SOURCES for the last fiscal
year were 1888, ,738,204, and expendi
lures for all accounts, $500, $40, ,245
thus showing an excess Of receipts over
expenditures of S43,394,95s. But il
is not probable that this favorable ex.
hibit will be shown for the present
fiscal year; indeed it is very doubtful
whether, except with great economy
on the part OF Congress in making ap,
preparations, and the same economy
in the Administration in ministering
the, various departments, the Govern
ment revenne will fall short OF making
the annual expenses, including the in.
terest on the public debt. ~ tg
SUGGESTIONS OF ECoNoMY,
b I commend to Congress such econ
omy, aud point out two sources where
it seems to me it might commence
to wit, in the appropriations for pub
lie buildings in the many cities where
work has not yet commenced, and in
the appropriations tor rivers and har-
Dor improvements in those localities
where the improvements are OF but
little benefit to general commerce, and
in fortiticltions. There is a still more
fruitful source of expenditures which
| will point out later in this message,
SPECIE PAYMENT.
Ny Judgment is that, however
much individuals have suffered, one
long step has been taken toward
specie payment; that we will never
have permanent prosperity until an
entire new basis is reached, and q
specie basis cannot be reached and
maintained until our exports, exclu-
sive of gold. pay for our imports. =
The interest due abroad and other
speculations are so heavy as to leave
no appraisable accumulation of these
metals in the country from the
products of our mines. The devel-
metals 5nrino tbe mast YEAR and The
nrosnect;ve development of tbam for
years to come are rratifvino in the
extreme. Could but one-half the
goId extracted from our mines be
p retoined at home ndvance toward
enec;a novment wnnld he ranid Onr
cnrrency IL required 10 keen nil the
industries of the country emDloyed
Withont this national as we'll nc
individual bankrnntcv mnst ensne
Undne ;nAation op tbe other hand
while If might rive Temporary relief
would only tend IN Lead N nm ;nfa'
tion If nrices To olive elasticity 10
circnla4;on and tberehv have enongh
of il TO transoct the leSitimate bust
ness of the country and 70 keen nil
industries emnloved Is wbat il most
desired The exact medium is snec;o
the RECOGNIZED medium Of fexchange
all the world over That obtained
,ye shall have 81 cnrrencv of nm exoct
degree of elasticity. III there be too
much of it for the Legitimate purpose
of trade and commerce, 1t will flow
out OF the country; II too little, the
reverse Will result. 10 hold what
we have and appreciate our currency
to That standard, is the problem for
the most serious consideration OF
Congress. The experience OF the
present panic has proven that the
currency OF the country, based rs it
is, upon the credit OF the country, is
the best that has ever been devised.
Usually, in times OF such trials, the
currency has become worthless OF
80 much deprecated IN value as to
initiate the values OF all the necessa-
ries of life, as compared with the
currency, and every one holding 1t
has been anxious to dispose OF 1t ON
any terms. Now we witness the re,
verse. Holders OF currency boarded
1t as they did gold In former crisis
OF like nature.
LESSONS OF TIE pANIo-pRoposE RENE
DIES.
IT, is natent TO the most casual oh
server that mueh more currency or
money is reouired 10 transact the
leoitimate trade of the country dur.
ing the Fall and Winter months
when vast crops are being moved
than dnring the balance Of The wear
The amonnt in tbe country remains
the same throughout the vear re.
snltino in the accumulation of all the
s5rnlSs canitol Of the country when
not employed IN moving the crops--
Reing anbiect 10 call this money can
he loaned onlv IN mart. at hest Ia
merchants or manufacturers for \
Gxed term No matter how much
currency there MIGHT be in The
conntrv 4 would be absorbod--
prices keepinp pnce with the volume
and strinGeney of the panic and
disasters would ever be recurring
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