The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-06

n2vIgHt6 Ibt6T1Of WEfd1s
prevention Of smuggling and reach readily port Of
refuge in the tempestuous weather prevailing at times
along our coast, should they DO forced 70 do So
noaPTALS
The working OF the Marine Hospital system, as at pre-
sent constituted, is not altogether satisfactory The
erection and repair Of axpensive buildings and
the support Of the establishments necessarily connected
with their operations have entaiic0 upon the govern
ment yearly expense far beyond the amount contri-
buted by the seamen, which has been met by large an
nua appropriations by Congress-
The Of July 10 l79s by which the system was ore
ated and the Of contribution liked at twenty cents
per month confined the action Of the government TO the
simple expenditure for the benefit OF the seamen OF the
amounts thus contributed by themselves and oontem
plated laying no burden on the pubic treasury II is
deemed advisable 20 continue any system OF lef under
control Of the government II is respectfully suggested
that the original intent Of the law should be carried into
effect and the fund made self sustaining With this
view, Will be necessary 10 increase the fund and TO
make material reduction in the expenses
Experience has shown and former Secretaries have at
various times and with entire unaDimy represented TO
Congress that the system OF public marine hospitals,
maintained and managed by the is the least
economical method that has been devised Tor the admin
istraon of this fund.- and affords the least comparative
benefit TO the seamen The expenses OF these establish
mens are large independently Of the number OF seamen
received in them. When the patients are numerous the
average rate Of expense per man Is not unreasonable
but where they few, most OF the public insti
tut0ns the expense per capita very largely IN excess
OF lhe cost Oh maintaining them under contract a. PR
be better accommodated, at an expense exactly proper
toned 10 the services rendered.
Mention may be made in illustration, Of one Of these
public hospitals which Is maintained at an annual ex-
pense Of upwards OF COO and which accommodates
average OF less than single patient at daily cost per
capita OF more than $14 60 while quite satisfactory
relief can be had under contract for about por day
There are moreover, several hospital buildings erect
cd at great cost lying idle, out OF repair and not
available for their intended Some Of these have
never been occupied and at least is situated at
point remote from any port and where relief y never
demanded others now occupied are in condition re-
quring large and immediate outlay 10 preserve them
In view OF these facts is strongly recommended that
authority be conferred by law upon this Department TO
beii hucn hospitals experience mas SHOWN are not
needed retanngonly those situated at important ports
where by the Of commerce demands for relief
Likely to be most frequent and pressing and where con
tracts on favorable terms cannot BE- procured with p
vate Or municipal institutions The proceeds should
either be returned into the Treasury, repayment OF
fund.
In favor Of the system il may be remarked
that u s IN operation most successfully at New YORK
where demands for relief tar the heaviest. at Bat
more, Philadelphia 81. Louis Louisville and Cincin
natl and 1t is believed that quite advantageous and
satisfactory arrangements might be made at other ports
where government hospitals now located. Even at
ports where may be deemed best To retain the owner
ship OF the hospital buildings might be advisable TO
lease them 10 private municipal hospitals which
would gladly receive tho seamen on favorable terms
Such an arrangement formerly in force at Charles
ton g. e., mrch to the advantage OF the patients and
tho fund
time, the rate OF contribution fixed at thirty cents
month instead OF twenty al present. the proceeds OF
the tax thoroughly collected ana economically admins
tered, would be ample 70 meet every demand whicn
iadicous discrimination in anording relie would make
upon them and the would receive Tar more sub
stana and efficient benefit than under the present sys
tenn.
TO the increased Of contribution it may be said
that the existing stood unchanged through all
the fluctuations Of prices and wages since 179S that It
quite disproportioned tho benefit derived by the
seamen from the marine hospital system; and that per-
sons OF this class are as general thing, otherwise Tree
from federal legislation In this view there can be no
hardship or injustice in making the moderate increase
suggested.
WORKINGS or THE NATIONAL BANKING sysrKM.
BY the report OF tho Comptroller OF the CuHepcy, II
appears that sixteen hundred and one banks had BEEN
Banking act or these six hundred and seventy-nne
were original organizations and nine hundred and TWEEN
ty-two conversions from State institutions
The Comptroller recommends several amendments to
the acts which will attention OF Congress
The recommended that tho banks shall DO compelled
heartily endorsed At some future day il may be advi
sable that rcdemptons shall be authorized at Western
AM southern cities but long az exchange continues
w be IN favor the saabOard is not expedent TO per-
NIT banks 70 redeem at interior points There are very
lew country banks or banks in the interior cities that do
keep their chief balances either Boston, New York
or Philadelphia there being regular demand Tor ex-
change on these cities Where the current Of trade re-
quires tho banks TO keep accounts for their own accom-
mediation and that OF their customers and the public
there should their rcdcmptions be made. Notes that
par in either Of these cities will very rarely be at
discount any part Of the United States and will DO
nearly Of uniform value as H. perhaps ever tobe expect
The Secretary hopeful that the time s not far dis
tant when redemptons will be something more than
nominal Experience and observation have taught him
Of banks Of Giro iiaon Nothing well teaches bank
the necessity Of keeping Us loans In tho hands Of prompt
customers ana rs means under ~ own coIafo, ~ Tue
own obligations II is quite important that incxpo-
renced bankers under the national banking System
should learn that their notes not money but promises
pay IL; and the and the effectively this
lesson 10 Impressed upon them the better II will be Tor
their stockholders and the system.
Tho national banking system designed not only 10
furnish the people with sound circulation, but oEc OF
uniform value; and this is not likely TO be fully accom-
pl,shed until the banks, by compuis.on their own
voluntary T. keep thor notes par in the principal
money markets o. the country
The establishment Of the national banking system 10
Of tho great compcnsations Of the wa-onc Of the
great achievements OF this reina kabe period In about
two and half from The organization OF the first
tiona bank the whole system OF banking under State
laws has been superseded and the people Of tho United
States have been furnished with circulation bearing
upon tho seal Of the Treasury Department guaran-
tee OF tie solvency II only remains that this circ uaton
shall be redecmabc circulation, redeemable not only
al the counters OF the banks, but at the commercial
cities, 70 make the national banking system OF almost
uncomfortable benefit 10 tho country.
Tho present law limits the circulation OF the
national banks TO three hundred millions Ct
dollars; and IL is not probable when the
business OF the country returns TO heal.
thy bass, that larger paper circulation
than this will be required Indeed IL Is doubtful whether
largo circulation be maintained specie basis.
should an increase however, be necessary IL eau be
provided for hereafter II is perhaps unfortunate that
greater restriction had not boon placed upon the circu
laion OF the large banks already organized IN view Of
the wants Of tho Southern States. It quito likely,
tho United States notes not speak Of the effect OF the
restoration OF specie paymens viii 20 reduce the cir
cuailon OF the Northern banks 10 Afford 70 the SOUTH
under the present Limitation OF the law all the paper
currency which viii be required In that quarter.
tUccnS OF THE srx HUNDRED MILLION SEVEN THREE rNrfs
loan
The act OF March g. 1865 authorized the Secretary TO
borrow any sums not eedng six hundred millions Of
dollars and TO issue therefor Treasury notes Of
the United States in such form as he might prescribe
Under this act there issued during the month OF
March 600 Of notes payable three years after
date, and bearing an interest payable smi-annually In
currency at the rate OF and three cnths per cent
per annum and convertible at maturity at the pleasure
Of the holders, Into 1vetwcnty gold bearing bonds
Upon the capture OF Richmond and the surrender OF
the confederate armies II became apparent that there
would be early dsbandng OF the forces OF the United
States, and consequently heavy acquisitions from the
War Department for transportation and payment VI the
army, including bounties Al II Important that
these acquisitions should be promptly met aud especially
important that not soldier should remain In the service
single day for want Of pay him. the Secretary
perceived the necessity or realizing speedily pos
sble the smount-$530 0o0 O00-stil authorized 70