The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1873-12-04

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President. I would add to this provision
chat there should be no legislation by Con-
gress during the last twenty -four hours Of
Its sitting except upon vetoes, in order to
give the Executive an opportunity to exam
Inc and approve or disapprove bills under
standingly -----'---e -. =
Second. 10 provide by amendment that
when an extra session of Congress is con-
Vened by Executive proclamation, legislation
during the continuance of such extra session
shall be confined to such subjects as the Elk.
ecutlve may bring before it from time to
time in writing. .S - :
The advantages to be gained by these two
amendments are obvious One session in
each year is provided for by the constitution,
IN which there are no restrictions as 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 nub.
lie against the many abuses and waste of
public moneys which creep into appropriation
bills. and other important measures pressing
during the expiring hours of Congress. to
which otherwise due consideration cannot he
given.
TREASURY DEPARTMENT.
The receipts of the government from all
sources for the last fiscal year were 1888 ,738.-
204, and expenditures on all accounts $500
345, 245; thus showing an excess of receints
over expenditures of $40, 392, 959. But it
is not probable that this favorable exhibit
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 appropriations and the same econ
omy In administering the various depart
ments OF government, the revenues viii! not
fall short OF meeting actual expenses inclu.
ding interest on the public debt I COM
mend to Congress such economy, and point
out the sources where it seems to me it
might commence, to wit In the appropria-
non for public buildings in the many cities
where work has not yet been commenced :.
IN the appropriations for river and harbor
Improvement in those localities where the
improvements are of but little benefit to gen.
eral commerce, and for Notifications. There
is still more fruitful source of expenditure
which l will point out later in this message
l refer to the easy method of manufacturing.
claims for losses incurred in suppressing the
late rebellion. [ would not be understood
here as opposing the erection of good, SUBJ
stantlal, or even ornamental buildings By
the government wherever such buildings are
needed ln fact, I approve of the govern
ment owning its own buildings in all sections
of the country. and hope the day is not far
distant W hen it will not only possess them,
but will erect IN the capital suitable residen-
ces for all persons who now receive commu.
tation for quarters or rent at government ex-
pense, and for the Cabinet, thus setting an
example to the States which may induce
them to erect buildings for their Senator's
But L would have this work conducted at a
time when the resources of the country
would abundantly Justify it.
The revenues have materially fallen off for
the first five months of the present fiscal
year from what they were expected to pro-
duce, owing to the general panic now pre-
vaillnp, which commenced about the middle
of September. The full effect of this disas-
ter, if it should not prove blessing in dis.
guise, is yet to be demonstrated In either
event it is your duty to heed the lesson and
to provide by wise and wel-consdered legis-
lation, as far as it lies in your power, against
its recurrence aud to take Advantage of all
benefits that may have accrued. NV own judg-
ment is, that however much individuals NAV
have suffered, one long step has been taken
towards specie payments. That we can new
er have permanent prosperity urtil a fair
basis is reached and that specie basis can
not be reached aud maintained until our
exports, exclusive Of god,pay for our imports,
interest due abroad and other specie obliga-
tions or SO nearly so as to leave an apprecia
tive accumulation of the precious meta, in
the country from the products of Our mines
The development of the mines of precious
metals during the past year and the prospect
in the development of them for years to
come are gratifying in their results. Could
but one-half Of the gold extracted from the
mines be retained at home our advance to-
wards specie payments would be rapid, To
increase our exports sufficient currency is re-
quired to keep all the industries of the
country employed; without this national as
well as individual bankruptcy must ensue.-
Undue imitation, on the other hand while il
might give temporary relief would only lead
to iahotion Of prices, the impossbility of
competing in our own markets for the pro-
ducts Of home skill and labor, and repeated
of present experiences. Elasticity
to our circulating medium therefore, and lust
enough of it to transact Legitimate business
of the country and to keep ali industries en-
pioyed, is Whist is most to be desired. The
exact medium is specie. the recognized med
i UNI of exchange the world over. That OBJ.
tanned, we shall have currency of an exaet
degree of elasticity Ifthere be too much of
it for the legitimate purposes Of trade an
commerce it will flow out of the country. If
too little, the reverse will result. To hold
what we have and to appreciate cur currsn-
cy to that standard is the problem deserving
Of the most serious consideration of Con-
gress.
The experience of the present panic has
proven that the currency of the country, ba-
sed as it is upon the credit of the country, is
the best that has everbeen devised. Usually
in times of such trial currency has become
worthless, Or so much deprecated in value as
to initiate the values of all the necessaries of
life as compared with the currency Every
one holding it has been anxious to dispose Of
it on any terms. Now we witness the re-
verse. Holders Of currency hoard it as
thav did oold in fnrmar aYnarianoae &c =, ILL.,