The Superior times. [volume] (Superior, Wis.) 1870-1912, 1873-12-13

The correspondence on this subject with the lega-
ton of the United States, in cypher aud by cable,
needs the yerifcaiou of the actual text Of the cor
respondence. 1t has seemed TO me to oe due TO the
Importance of the not to submit this cores
pondence until the accurate text can be received by
mail. 1t is expected shortly, and viii be submitted
when received.
In,tskipg leave of this subject for the present,
wish TO renew the expression OF my convctlon that
the existence of African slavery In Cuba Is the
principal cause of the lamentable condition OF the
island. / do not doubt that Congress shares with
me the hope that it will soon be made to disappear,
and peace and prosperity may follow It's abolition
The ambargoing of American vessels In Cuba the
cruelty to American citizens detected In no act OF
hostility to the Spanish Government; the murder
ing of prisoners taken with arms in their hands,
and finally the capture on the high seas of vessel
sailing under the United States flag and bearing a
United States registry, has eliminated in an out
burst Of indignation that has seemed tor the time
TO threaten war Pending negotiations between
the United States and the Government of Spain on
the subject of this capture. have authorized the
Secretary of the Navy To put our navy on a war
footing TO the extent least of the entire annual
appropriation for that branch of the service trust
ing to Congress to respond to the public opinion of
the American people to justify my action.
CONSTITUTIONAL AMENDMENT.
Assuming from the action of the last Congress
in appointing Committee on Privileges and Elec-
tons TO prepare aud report TO this Congress con-
stitutiOnal amendment to provide better method
of electng the President and President of the
United States and also from the necessity of such
state legislatures for ratification, such improve
ment i'll our condition, l suggest two others for
your consideration First to authorize the EXecu-
tive TO approve OF much Of any measure passing
the two houses of Congress as his Judgment may
dictate, without approving the whole; the disap-
proved portion or portions to be subjected to the
same rules as now, tO-wit: To be referred back to
the house in which the measure measures origi-
mated, and if passed by twothirds vote of the two
houses, then to become law without the approval
Of the President. l would add to this a proyls-
there b
during the last twenty-four hours Of its sitting,
except upon acts, and in order to give the Execu-
tive opportunity to examine and approve dis
approve understandingly. Second, TO provide by
an amendment, when an extra session of Congress
is convened by executive proclamation that legs-
ati or during the continuance Of such extra ses-
sions be confined to such subjects the Executive
may bring before it from time to time IN writing.
The advantages to be gained by these two amend
ments obvious One session in each year Is
provided for by the constitution, in which there
restrictions to the subjects of legislation
by Congress. II more are required it is always in
the power of Congress, during their term OF Office.
to provide for sessions at any time. The first OF
these amendments would protect the public against
many abuses, and the expenditure of public
money, which creep into the appropriation bills
and other important measures passing during the
expiring hours of Congress, to which, otherwise,
due consideration cannot be given.
OUR FINANCES.
The receipts of the Government from all sources
for the last fiscal year were S33T 49,, ga, and the
showing an excess of receipts over expenditures
of s43 300 ,959. But it is not probable that this
favorable exhibi will be shown for the present ifs
cal year. Indeed, ii is very doubtful whe ther
cept with great economy on the part of Congress
III making appropriations, and the same economy
in the administration of the various Departments
of the Government, the will not fall short
of meeting the annual expenses, including interest
on the public debt. | commend 10 Congress such
economy, and point out two sources whore, il
seems 10 me- IL might commence, 10 wit In ap-
preparations for public buildings in many cities
where work has not been commenced ; in appro
pllatons tor rivcr and hagbur Improvements III
those localities where the impr avemen.s are OF
but little benefit to general commerce and naslga-
ton. There is still more fruitful source of ex-
penditure which will point out later. | refer tC
the easy method of manufacturing claims Tor losses
incurred on the cessation of the rebellion
] would not be understood as opposing the ercc
tim of good, substantial and even ornamental
buildings fer the government, wherever such build
ings are needed; in fact, approve Of the govern
meut owning It's own buildings in all sections OF
the country, and hope the day Is not far distant
when it viii not only possess, but will erect at the
capitol suitable residences for all persons who now
receive communication for quarters or rent AZ gov
eminent expense and for the Cabinet thus set
| ting an example to- the states which may induce
them to erect buildings for their Senators. But
would have the work conducted AT times when the
revenues of the country would abundanttv justify
It. The revenues have materially fallen OF for the
last few months of the present fiscal year from
what they We're expected TO produce. owing TO the
general panic now pervading, which commenced
the disaster, if it should not prove to be blessing
IN disguise, is yet to be demonstrated III either
event, ii is your duty to heed the lesson and pro-
vide by wise and well considered legislation, so far
as it lies in your power, against its recurrence,
and to take advantage Of all benefits
that NAV have occurred MY own judg-
ment il, that however mich individ-
uals may have suffered, one long
step has been taken towards specie payments
that we cannot nave permanent prosperity until
an entirely new basis is reached, and specie basis
cannot be reach d and maintained until our eX-
ports, exclusive of gold pay for our imports and
interest due abroad ana speculatious so heavy
as to leave an accumulation of thCse metals in our
country from the products Of oar MINES, The de
velJpnent of mines of precious metals during the
past year, and the prospective development OF
them fer the year to come, are gratifying in the
extreme. If but half The god extracted from the
mines should be retained az home, our advance to-
wards specie payments would be rapid. To in
crease exports, sufficient currency Is required to
keep all the industries of the country employed
without this, national rs well ne individual bank
ruptcy must ensue, Inflation on the other hand,
while It mi ht give temporary relief would only
lead to an imitation of prices.
EXACT MEDIUM.
Specie is the recognized medium of exchange
the world over that obliges that we shall bave a
currency cf an exact degree OF elasticity if there
be too much for the legitimate purposes of trade
and commerce, ii VIII flow out OF the country if
too little of it, the reverse VIII be the result To
hold what we have, and appreciate our currency to
that standard is deserving ofhG most serious con-
slderatlOn or congress. Inc experience Of the
present panic has proven that the currency of the
country is the best that has been devised
Usually, in times of such trials, currency has be-
come worthless, or so much deprecated in value as
to initiate the value of all the necessares of life as
compared with currency every one holding 1t has
been anxious to dispose of it on any terms and
now witness the reversible holders OF currency
hoard 1t as they did gold on iormer experience Of
like nature. 1t is patent to the most casual OBJ
server that much more currency or money is re-
qured to transact the legitimate trade of the coun-
ty,r. 1r1rn tha tpn al pr1r,t,y
vast crops are being moved than during the bal.
dnce of the year. With the present system the
amount III the country remains the same through
our the year, resulting in accumulation the SIR
plus capital of the county when not enpIoved in
the moving of crops. Tempted then bv offers of
interest being paid, the holders of this capital loan
1t ont The surplus capital must earn this inter
est and pay profit. Being subject to call il can
not be loaned, only in part best to merchants or
manufacturers for fixed term; hence no matter
how much currency there might be in the country
it would be absorbed, the prices keeping mace viii
the volume. or panics, stringencv and disasters
would ever be recurring each year, owing to the
elasticity III our money system. There is This OH
lect to be obtained first, and next as far as posi-
bic, prevention of the use of money IN stock and
other species OF speculation 70 prevent the lat
ter 1t seems to me great step should be tai o.,
by prohibiting national banks from paving Interest
on deposits by requiring them TO hold their re-
serve IN their own vaults, and by fOrcug them into
resumption, though it would be only ia Iega ten
der notes For this purpose / would suggest the
establishment of a clearing house for your consid
Grafton, To secure the former many plans have
been suggested, most of which look to he
like an imitation on the one hand. or COM
pellng the Government on the other hand
To pay interest without corresponding bpne
fits upon the surplus funds of tue conn
try during the seasons when otherwise unem-
ployed. submit Tor your consideration whether
this difficulty might not be overcome by author
izng the Secretary of the Treasury to issue AT any
time to nominal banks of issue any amouuu Of
their notes, below fixed per cent, of new issue
say ~ per cent; upon the banks depositing with
the Treasurer of the United States an amount of