Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1873-12-11

gress in appointing Committee on Privileges
aud Elections to prepare and report to this
Congress q constitutional amen lmept to pro-
vide better method OF electing the President
and Vice President OF the United States, and
also from the necessity OF such an amend.
ment, that there will be submitted to the
state legislatures, for ratification, such an i'm.
provement in our condition, suggest two
Others for your consideration First, to au-
thorizc the Executive to approve Of 80
OF Congress as his Judgment may dictate with:
out approving the whole the disapproved
portion or portions to he subjected to the
same rules as now, to wit To be referred
back to tho house in which the measure OF
measures origiuatad, and if passed by two.
third vote of the two houses, then to become
law without the approval Of the President
there should be no legislation by Congress
during the last twcnty-four hours of its sit.
ting, except upon acts, and in order to give
the executive an opportunity to examine and
approve or disapProve understandingly. Sec'
c ae %
ecutive proclamation, that legislation curing
the continuance Of such extra sessions becon'
fined to such subjects as the executive may
bring before it from time to time in writing
The advantages to be gained by these two
amendments are obvious. One session in
eaca ye4F IL pKoVl0eu 1or Oy tne COnStltutlOn,
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 Con.
gress, during their term OF Office, to provide
for sessions at any time. The first of these
amendments would protect tho public against
many abuses, aud tho expenditure # public
money, which creep into tho appropriation
bills and other important measures passing
during the expiring hours Of Congress, ia
which, otherwise, due consideration cannot be
given.
OUR FINANCES.
The receipts OF the government from al
sources for the last fiscal year were $685., ,738,
204. and the expenditures on all account
thu: showns e. Of
it is not probable that this favorable exhibit
will be shown tor the present fiscal year. In.
deed, it is very doubtful whether, except with
great economy on the part of Congress
in making appropriations. and the
same economy in the administration O.
the revnues will not fall short of meeting the
annual expenses, including interest on thu
public debt. commend to Congress sucl
economy, and point out two sources where il
seems to me it might commence. to-wit In
appropriations for public buildings in many
cities where work has not been commenced
in APPROPRIATIONS for river and har.
where the improvements are o
but little benefit to general commerce and
Notifications There is q still more fruitful
source OF expenditure which will point Out
later. refer to the easy method Of manufac-
turing claims for losses incurred on the COS
sation Of the rebellion.
would not be understood rs opposing the
erection of good substantial and even orna.
mental buildings by the government, whercy.
er such buildings are needed in fact
approve Of the government owning
it's its own "o,,tS buildings eS n Inn. all t,s sections .n
not only possess them, but will erect at the
capitol suitable residences for al persons who
now receive communication tor quarters or rent
ut government expense, and for the Cabinet
thus setting an example to the states, which
may induce them to erect buildings for their
Senators. But I would have the work con.
country would abundantly .justity it.
Tho revenues have materially fallen
of for the last few months of the
present fiscal year from what they
were expected to produce, owing to the gen.
eral panic now pervading. which commenced
ect Of the disaster, ii It should not prove to
be blessing IN disguise, is yet to be demon
strated: in either event. it is your duty ia
heed the lesson and provide by wise and well
considered legislation, as far as it lies in your
power, against it's recurrence, and to take ad-
vantage OF AL of the benefits that may have
occurred. Ny own judgment is, that however
much individuals my have suffered, one long
step has been taken tow ard specie payments
that We cannot have permanent prosperity nn.
til ah entire new basis is reached, and a specie
baets cOnnot be reached and maintained un-
til our exports, exclusive Of gold, pay for
our imports and interest due abroad and
<ltl, u1ofsn hooU IN 1o~
cumulaii0ns OF those metals in our country
from the products Of our mines. The
development Of mines Of precious metals dur.
in the past year, ana the prospective develop
ment OF them for the year to come, are graft
flying in the extreme. II but half the gold ex.
home our advance towards specie payments
would be rapid. To increase exports = sufficient
currency is required to keep all the industries
Of the country employed without this, na.
tional as we'll as individual bankruptcy must
ensue. Imitation, on the other hand, while
it might give temporary relief, would only lead
to an imitation Of prices. The impossibility ol
competing in our market ior produce, some
still labor and repeated renewals of exper
icnces elasticity to our circulating medium
therefore enough ot it to transact the lesiti j.
mate business ct the country aud to keep al
industrious employed, is what is nov desired
fAE ExAor MEDIUM.
Specie is the recognized medium OF OK
change tho world over; that obliges that w
| shall have q currency Of an exac
degree of elasticity; IT there bo too much o
! it for the legitimate purposes Of trade, ant
commerce, it will flow out of the country i
too little Of it, the reverse viii bo the result
To hold what We have and Appreciate oul
currency to that standard 10 deserving of thu
m st serious consideration OF Congress. Tn,
experience Of the present panic has proven
| that tho currency OF the country, based as i
ie upon the credit OF the country, is the bes
that has ever been devised. Usually, i,
times OF snch trials, currency, ha
precia.ed in value a. to initiate the value o
all tho necessarics OF life AZ compared will
currency everyone holding it has been an.
ious to dispose OF it on any terms, and nov
rency hoard it a. they did gold on former ex
perience OF like nature. II is patent to tn
most casual observer that mich ,nor
tucy transaes the III iesit'nate S trade 0',sr Of tn
country during the fall and winter months
when the vast crops are being removed, thai
during the balance Of tho year. With tn
mains the same throughout the year, result
ing in an accumulation Of tho surplus capita
OF the country when not employed in tn,
moving OF crops. Temptt then by offers o.
interest being paid, the holders OF this capita
loan it out. This surplus capital ,n,te
earn this interest and pay prof,
Being subject to CALL it canno
be loaned, only In part ut bes
10 merchants or manufacturers for q fixe'
term hOnse, no matter how much currcnc
there might be in the country, it would b.
absorbed. the prices keeping pace with til
volume or panlcs, stringency and disaster
would ever be recurring each year, owing t
the elasticity in our money system. There il
this object to be attained FIRST, and next, a
far as possible, prevention Of the use q
money in stock and other species {
speculation. TO prevent the latter it seem
hi i ing national oanks from paying interest
on deposits. by requiring them to hold thei
reserve i'll their own vaults, and by f0rci,,
them into resumption. though it would
only in legal tender notes for this purpose
would suggest the establishment Of cicarin
house for your consideration. 10 secure til
former, many plans have been su:
gested, most OF which look to N
like an imitation on the one han,
or compelling the Government on the othc
hand to pay interest without correspondent
benefits upon the surplus funds of the coni
try during the seasons when otherwise uncn
pioyed. 1 submit for your consiilcrat 10
whether this difficulty might not be overcon,
by auth"riz,ng the Secretary OF the Treasury
issue Mt any tinc to nominal banks OF issue al
amount oftheir notes, bellows fixed per cent
at new issue, say 40 por cent, upon the bank
tlepOsiting with TIE Treasurer Of the Unite
States an amount o. government bonds cQu,
to the amount Of n9tes demanded the bsh,