Year: 1873

en- war. Pending nego' iatons between the
United States and the government of Spain,
on the subject OF the capture, have author
lied the Secretary of the Navy, to put our
Navy on wsr footing to .ae extent at Least
OF the entire annual appropriation for that
branch OF the service, trusting to Congress
and the opinion of the American people to
. justify my action.


CONSTITUTIONAL AMENDMENT.


Assuming from the action Of the last Con.
gress in appointing a committee on privileges
and elections to prepare and report to this
congress constitutional amendment to pro-
vide better method of electing the President
and Vice President of the United States, and
also from the necessity of such an amendment
that there will be submitted to the State leg
islature for ratification such an improve
ment in our constitution, suggest two others
for your consideration: First, to authorize
the executive to approve of so much of any
measure passing the two houses of congress
as his judgement may dictate without approv-
ing the whole; the disapproved 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 or measures orig
mated, and if passed by a two-thirds vote of
the two houses, then to become law without
the approval of the President.


would add to this a provision that there
should be no legislation by Congress during
the last twenty -four hours of its setting, ex-
cept upon vetoes, in order to give the execu-
tive an opportunity to examine and approve
or disapprove the bills understandingiy.
Second, to provide by amendment that when
an extra session of Congress is convened by
executive proclamation, legislation during
the continuation of such extra session shall
be confined 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
each year is provided for by the constitution
in which there are no restrictions as to the
subjects of legislation by Congress. If 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 the public against
the many abuses and waste of public monies
which creep into the appropriation bills and
other important measures passing during the
expiring hours OF Congress, to which other
wise due consideration cannot be given.
The TREASURY DEPARTMENT.
| The receipts of the government from all
sources for the last fiscal year were $685.
| 73S 204, and expenditures on all accounts





ceipts over expenditures of S43 1892 ,959. But
it is not probable that this favorable exhibit
| will be shown for 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 administering the various departments
OF government, the revenue will not fall short
of meeting actual expenses, including the in
terest on the public debt. commend to Com





where it seems to me it might commence, to
wit:


In the appropriations for public buildings,
in the many cities where work has not been
commenced; ; in the appropriations for river and
harbor improvements, in those localities
where the Improvements are of but little ben
eft to general commerce and for forti6ca-
| tions. There is still more fruitful source
of expenditures which will point out later
in this message. l refer to the method f
manufacturing claims for losses incurred in
| suppressing the late rebellion. l would not
be understood here as opposing the erection
of good, substantial and even ornamental
buildings by the government whenever such
buildings are needed. In fact l approve of
the government owning its own buildings in
all sections of the country, and hope the
day is not far distant when it will not only
possess them, but will erect in the capital
suitable residences for all persons who now
| receive commutaton for quarters or rent at
the governments expense, and for the Cabi-
net, thus setting an example to the States,
which may induce them to erect buildings for
their Senators; but would have this work
conducted at a time when the revenues of the
country would abundanty justify it.
SPECIE PAYMENTs-CURRENcY.
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-
vailing, which commenced about the mid
die OF September last. The full effect of
this disaster, if it should not prove bless
ing in disguise, is yet to be demonstrated.
In either event, it is your duty to heed the
lesson and provide by wise and well consid-
cred legislation, as far as it lies in your
power, against its recurrence, and to take
advantage of all benefits that may have ac-
crued. My own judgment is that however
much individuals may have suffered, one
long step has been taken towards specie
payments, that we can never have perma-
nent prosperity until a specie basis is
reached, and that specie basis cannot be
reached and maintained until our exports,
exclusive of gold pay for our imports, inter
est due abroad, and other specie obligations,
and so nearly all of the precious metals
main in the country from the products of our
mines.


| The development of the mines of precious
metals during the past year, and the prospec-
| tive development of them for years TO come,
are gratifying in their results. Could one
halt of the gold extracted from the mines be
retained at home, our advance towards specie
payment would be rapid. To increase our
exports sufficient currency is required 10
keep all the industries of the country en-
ployed. Without this, national as well as
individual bankruptcy must ensue. Undue
initiation, on the other hand, while it
might give temporary relief, would only
lead to imitation of prices. the impos-
sibility of competing in our markets for
the products of home skill and labor,
and repeated renewals ofpresent experiences.
Elasticity OF our circ ting medium therefore,
and just enough Of it TO transact the legitimate
business of the country and to keep all indus
tries employed is what is most to be desired.
The exact medium is specie, the recognized
medium OF exchange the world over. That
obtained, we shall have currency Of an ex-
act degree of elasticity; if there be TOO much
of it tor the legitimate purposps of trade and