Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1842-12-21


Importance OF The subjects to the prosperl.
ty Of the extensive region referrd to, and
the security Of the whole country in time
Of war, cannot escape observation. The
losses Of life and property which annually
occur in the navigation Of The Mississippi
alone, because of The dangerous obstruc,
tons in the river, make IL loud dema nd up
on Congress for the adoption Of efficient
measures for their removal.
The report of the Secretary of the Navy will
/, bring you acquainted with that important branch
| of the public detences. Considering the already
vast and daily increasing commerce OF the country,
apart from the exposure of hostile inroads of
tended seaboard, all that relates to the Navy is cal
culaed to excite particular attention Whatev, r
tends to add TO its efficiency without entalling
necessary charges upon the Treasury, is we'll worth
your serious consideration. 1t will be that
while appropriation exceeding by less than a
million the appropriations of the present year. Is
asked by the Secretary, yet that In this pro-
posed to be included 800 900 for the purchase OF
| clothing, which, when once expended will be annu
ally reimbursed Tor the sale Of the clothes and will
thus constitute perpetual tInd; without any new
appropriation to the same object. To this may also
be added $50 900, asked to cover the arfcaraors of
past years. and sS250, 800 in order to maintain a
complete squadron the coast of Africa; all OF
which, when deducted, will reduce the expendii-
nearly within the limits of those of the current
year. While, however the expenditures will thus
remain very nearly the same as of the anteceden
year, 1t is proposed to add greatly to the operations
of the marine, and in lieu of only % ships in CON-
! mission, and but little in the way OF building, to
keep with the same expenditure, forty one vessels
afloat, and to buli wv I've ships Of 5 nall class
A strict system of accountability is established,
and great pains taken ensure inlustrv tidel-
! lty, ana economy, In every department of DUTY
Experiments have been Instituted to test the quail
! ty OF various materials, pafticuIa "copper" iron
and coal, so as to prevent fraud and imposition
1t VIII appear by the report Of the Postmaster
J General that the great point VIII oh, for several
! years, has been much desired has during the
current year, been fully accomplished. The ex-
pendiiures OF the department, for the current year
! have been brought within its income, without les.
SEEMING its general usefulness. There has been an
increase OF revenue equa! to 100000 for the year
| 1872 over that of 81, without. AS it is believed
| any addition having been made to the number of
| letters and newspapers transmitted through the
mails. The Post lice laws have been honestly
administered, and fidelity has been observed in ac-
counting tor, and paying by the subordinates
OF the department, the moneys which have been re-
ceived For the details Of the service refer YOU
to the report.
| tlatter myself that the exhhition thus made of
the con'llhon OF tie pubic administration will serve
to convince yoa tltt every proper attention has
( been paid to the interests of the country by those
[
departments The reduction IN the annual expen-
dltures OF the government already ACCOMPLISHED
furnishes sure evidence that economy in the APP
pIcaton OF the public moneys, is regarded as pa
ramOunt duty.
Al peace with all the world-thc personal liberty
OF the citizen sacredly maintained, and his rights
secured under political institutions deriving all their
authority from the direct sanction of the people
! with sol fertile almost beyond example; and a
country blessed with every diversity of climate and
production, what remains be done in order to adj
vance the happiness and prosperity Of such a peo-
pie! Under ordinary circumstances tbs enquiry
could be readily answered. The best that proba-
bly, could be done for a people inhabi,ing such "a
country, would be to tortify teir peace and pros
perlty III The prosecution of their various pursuits
| by guarding them against invasion from without
and violence from within The rest; for The grea-
ter part, might be lett to their energy and en-
terprise. The chief cmbarrassments which at the
| moment exhibit themselves, have arisen from over
action; and the most difficult part which remains to
be accomplished is that of correcting and overcom-
ing It's effects. Between the years lS:}:, and 1888
| additions were made TO bank capital and bank is
sues, the form Of notes for circulation TO an ex
! tent enormously great The question seemed to be
| not how the best currency could be provided, but
IN what manner the greatest amount of bank paper
| could be put In circulation. Thus a vast amount
| OF what was called money-since for the time be-
ing, 1t answered the purpose OF money; was thrown
| upon the country: an over Issue which was attend
ed, as necessary consequence, by extravagant
increase OF the prices OF all articles of property the
spread OF speculative mania all over the country
and has finally ended in a general Indebtedness on
the part of states and individuals the prostration of
public and private credit, depreciation i'm the mar
ket value OF real and personal estate, and has left
large districts OF country almost entirely without
any circulating medium. In view of the fact thai
IN $780, the whole bank circulation within the
United States amounted TO but Sol 1873 500 accor-
ding to the Treasury statements, and that an add-
ton has been made thereto Of the enormous sum of
SSSOOO,O OO IN seven years, (he circulation on the
first January, 1887, being stated at s 49, l85 800
aided by the great facilities for obtaining loans from
| European capitalists, who were seized with the
same speculative ntania which prevailed in the Uni
ted States-and the large lmportations offunds from
abroad, the result of stock sales and oans-no one
can be surprised at the apparent but unsubstantia
state OF prosperity which every where prevailed over
the land; and while little cause of surprise should
be tet at the present prostraton of every thing and
the ruin which has betallen so many of our fellow
citizens In the sudden withdrawal from circulation
OF so large an amount of bank issues since 1897
exceeding is believed, the amount added to the
| paper currency tor similar period antecedent to
1887, 1t ceases to be matter of shment thu
such extensive shpwreck of private fortunes or tina
d1hcultles should exist In meeting their enga ge-
ments on the part of the debtor states.-Apart from
which, II there be taken into account the immense
losses sustained in the dishonor of numerous bank
1t is less matter OF surprise that insolvency should
have visited many OF fellow citizens; than that
SO many should have escaped the blighng influence
| of the times.
In the solemn conviction of these truths.
and with an ardent desire to meet the press
ing necessities Of the country, felt it to be
my duty to cause to be submitted to YOU, at
the commencement Of your late session, the
plan of an Exchequer, the whole power
and duty Of maintaining which, in purity
and vigor, was to be exercised by the rep
resentatives of the people and the Suites,
and, therefore, virtually by the people
themselves. it was proposed to place it I'M
der the control and direction of a Treasury
Board. to consist Of three commissioners