Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1858-01-08

the number of troops. held in actual service,
would sensibly diminish its expense and al
low the employment of thoroughly eompe-
tent military instructor. exclusively devoted
to the discipline Of troops in manual exercise
and in field service.
| There is some injustice in the apportion-
ment of the public charge for the support OF
the militia. 1t is organized for the protection
OF lite, liberty, and property. Every person
IN the Com monwealth participates in all adj
vantages that arise from it, while the burden
| OF its support is thrown upon property alone.
Military service is not compulsory, and but
small part of enrolled citizens enter upon ec-
tive duty. OF l5l. ia men enrolled for duty
under the statute, less than 1000 men are in
| active service.
| The physical burdens of the system fall,
| therefore. upon comparatively few persons,
| and the charges of the service are betrayed by
| heavy assessments upon the property OF the
| State, while the great majority of citizens,
| who are liable to be called into service, con-
| tribute but little, in either Fespest, to its
| maintenance. In several Of the States the
| charge for the support of the active militia is
assessed upon citizens who are enrolled, but
relieved from active duty. A very small tax
| OF this character, in Communication of actual
service, would relieve the property tax of the
| Commonwealth entirely of this charge. l rec
| ommend this subject to your attentive consid-
Grafton. 1t may be expedient also to consider
how far citizens, not now enrolled, may be
made subject, without injustice to this tax
levied in lieu of personal service, and if it
should be found that the enrolment could be
materially enlarged, some further legislation
may be necessary in reference to those from
whom other public duty is required as in the
case OF hremen, whose service is alike peri
lous and important.
The constitution declares that a frequent
recurrence to It's fundamental principles is alb
solutely necessary to preserve the advantages
OF liberty and to maintain a free government
respectfully suggest to the Legislature and
to the people of the Commonwealth, the in
curry, whether the spirit of this declaration
may not be fully maintained withoutthe cleo
ton, each year, of every officer connected with
the legislative and executive branches of the
government. The choice of a part each year
would afford the same annual appeal to the
people, give greater stability to pubhcopinion,
and furnish guarantee for the security of
political rights, and wise management of
public property. There are but six States IN
the Union besides our own, and out of New
England but one, in which the officers Of the
exective and legislative departments are all
chosen annually.
Recent financial disasters will naturally
call your attention to the currency. The
banking capital of the Common wealth is
$50, 3l9,72O. The number of banking insti-
tons is l73. The aggregate circulation of
bank notes is SIS, l04, 1927, and the aggregate
amount of specie is $3.6ll,097, which is
equivalent TO one dollar in specie for every
live dollars in paper However opinion NAV
have been divided, there must now be gem
eral concurrence in the conclusion, that any
increase in their capital or number is inexpe.
dent. The financial difficulties which disturb
all industrial pursuits, cannot Justly be char
ged to paper circulation alone. Different eau
ses operating through period of years, have
contributed to the result. Extravagant esti-
mates OF the wealth and wants of the country,
have led ito enterprises, in which credit has
been overstrained. until prostation and paral.
ysls have ensued. 1t cannot, however, be
doubted that bank credits have contributed
to the extension and revulsion of trade, some
charging the result to an expansion, and
banking accomm odGtons. Both parties are
Justlhed IN their conclusions. Sudden con-
fractions have precipitated difficulties that
originated IN undue expansions 1t is impos-
sioie to separate the expansive from the con-
tracing properties of a proper currency. AT
the moment when it passes the point which
attends and facilitates healthy trade, it is
subject to a single and immutable law, ex-
banding when it should contract and con-
tracing when it should expand, AS it in
creases in quantity, its standard depreciates
IN value 1t stimulates an unsafe competition
in all industrial pursuits, and, by an
initiation of prices, it deprives the American
Manufacturer of every advantage to be derived
from tariff incidentally protective, because
the foreign manufacturer is enabled to paw
our duties. and still sell his goods here at
higher prices than in the home market, which
are In turn to be paid for in exports of gold
and silver.
Debts contracted in an inflated currency
must be paid in period of contraction in one
OF far higher vnlues. Excessive issues of pa
per money expel the precious metals from ord
mary circulation, and make the redemption of
bills, IN specie, upon which theory alone they
are issued. lmpracticable, if not impossible.
1t is not possible to restrict credit altogeth-
er, If it were desirable. The American peo-
pie have far less business capital and far great.
er business capacity than other nations. The
difference between their business capital and
their business capacity must be supplied, as
far as safety viii allow, by intervention of
credit; and thus American industry escapes
mere physical drudgery, and seeks enterprises
In which intellectual and physical powers are
combined. Such reforms as would afford the
largest credit compatible with public secur
ity would be readily conceded, if it were DOS
sible to agree upon measures certain to pro-
duce such result. 1t is by some regarded as
sufficient that banks should be required to
keep certain amount of gold and silver pro-
portloned to their circulation as one dollar in
specie to three in paper. Another remedy is
the suppression of bills of small denomina-
tions
A currency which should provide specie for
ordinary transactions, as in payment Of wages,
and notes OF larger denominations for com
merca purposes, supported by liberal specie
basic, and convertbea at any momentinto spe
Gle, would be convenient and safe.
recommend that you consider the expedl-
ency of suppressing the circulation within the
State of notes of the denomination of FIVE dol
lars and less sums. Such legislation would
infuse into the circulating medium of the
State larger proportion of gold and silver.
II is estimated that the amount in circulation
in the United States, in the form of bills of five
dollars and less sums, is nearly City million
dollars. So far as the character of the cireu-
lation is returned in the several States. it an
pears that about nineteen per centum of bank
circulation is in bills of less value than Ave
dollars. The same proportion for the aggre.
gate circulation would be about forty million
dollars, and bills Of the denomination of Ave
dollars added thereto would equal the estimate
stated.
The substitution Of this amount of gold and
silver, in small sums for use in ordinary bust
meas transactions instead If ,,o,o. -. : =.