The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1870-12-15


Of equal amounts of their present GER
tificates. The certain, though pro-
gressive, decrease in revenues, both OF
coin and currency, made it nv duty
to reserve sum sufficient to enable
the Department to comply with the
Law, without resorting to extraordin.
ary means. Happily, the financial
condition Of the country has not been
unfavOrably affected by the accumla-
tions on the Treasury.
THE NATIONAL BANKING SYSTEM.
During the year ending September
80, 1870, the National banks paid in
interest the sum Of S6, ,4S6, ,l72 66. 1t
is estimated that of this sum g, 900,
900 were paid to private persons. /
cannot doubt that the practice of pay
ing interest, except upon balances due
from one Government to another, Is a
means by which large amounts Of cap
ital are diverted from the extreme
portions of the country to the COM
mercial and financial eenters, to the
injury Of business generally. The
province Of a bank Is to lend money,
and its proper duty is by loans and
discounts to facilitate and develop
business in the neighborhoOd of its
location. As matter of fact, under
the present system, banks and agen-
cies by which capital is gathered in
and sent away 70 distant cities, there
to be loaned on call and used for spec
ulative purposes. Complaints are
made from all parts Of the country
that the bills Of the National banks
are worn and defaced to such an ex-
! fnnf 10 ha 1nnrrnr = for afrarn1
/ ton. As many new banks are soon
/ to be organized under the law of the
/ last session Of Congress, / respectful
ly recommend that an appropriation
be made and authority given for the
issue Of new bills upon such paper and
in such form as may be designated by
the Secretary of the Treasury. The
/ Controller Of the Currency, in his
report for 1869, recommended the es-
tablishment of an agency in the City
of New York, under the control Of
the National banks, for the redemp-
| ton Of their issue. The substance of
| this recommendation seems to me not
only proper, but necessary. The ex-
pense should be borne by the banks.
Coupled with the recommendation, l
take this occasion to say that the
banking system Of the country ap-
pears to be well managed, an to an
swer reasonably the purposes for
which it was established. 1t is, no
doubt, true that Treasury notes repre-
senting an equal amount of public
debt without interest are the most eco
nomical circulation for the Govern
ment; but it should be considered
that the banking institutions of the
country are agencies by which busi-
ness is established and fostered. Upon
the whole, the system Of banking
should be extended only for the pur-
pose of meeting the demands of busi-
ness; but, when the demands are ur-
gent, the concession should be made
upon the ground that the prosperity
of business Is more important than
the mere saving of interest arising
from the circulation Of Treasury notes,
excluding redeposits.
MINTs AND COINAGE.
The amount of gold and silver de-
posted at the Mint and its several
branches during the last fiscal year
was $50, ,408, ,78S 10; the coinage for
the year was S24, ,6S6, oil; and the value
of gold and silver bars stamped was
S., ,748, ,852 81. respectfully ask the
attention OF Congress to the bill pre-
pared in this department, and sub
mitted at the last session, and to the
accompanying report relative to mints
and the coinage system of the coun-
try. The bill was prepared with care,
and has since been submitted to the
criticisms CT large number Of prac- |
tical and scientific men, whose views
have been published by authority Of
Congress. During the year the sever !
al branch mints and assay offices have |
been visited and examined by Mr.. !
Knox and Mr.. LiEdermann. The As |
say office, Boise City, Idaho, is nearly |
completed, and will require a small |
appropriation for the commencement |
Of business. Provision should be |
made for the redemption of the bronze |
and other tokens issued by the Gov
ernment. The report of the Commits |
sioner Of Mining Statistics for the |
year 1859 has been printed since the |
close Of the session in July last, and |
that for the year 1870 will be made du-
ring the winter.
EFFECTS OF THE WAR ON AMERICAN
COMMERCE.
The continuance of the war appears
to be q matter of national Importance.
The proportion Of American vessels
engaged in the foreign trade has not
increased relatively during the year,
although there has been an actual in
crease in the entries Of American ves-
sells at the ports Of the United States,
amounting in the aggregate to 130, 900
tons. The total tonnage engaged in
the foreign trade entered at the ports
of the United States, has increased
from 5, ,5S9, 900 tons in 1859 to 5, 1857, 900
tons in 1870, but the proportion of
tonnage remains, as In
1889, at SO per cent. Without under
taking to specify the means by which
it is to be accomplished, 1 cannot
overstate the importance of such leg
islation as will secure a revival of
American commerce.
The report of the Lighthouse Board
sets forth in detail the difficulties
which have arisen in that branch of
the public service from the operation
Of the fifth section Of the act of July
II, 1870, making appropriations for the
Legislative and Executive expenses of
the Government for the year ending
June 30, 1871, The legislation asked
for by the Board seemed to me to be |
necessary. The report Of the Superin- ;
tendant of the Coast Survey gives a
brief but satisfactory statement of the
progress made during the last survey
ing year.
MERCHANDISE IN
BOND.
On the 1st day Of October last, regu-
ations were issued concerning the {
Of merchandise from
The ports Of importation TO certain 9TH
sr ports in the United States without !
or limitation of duties [
1T the port Of arrival, agreeably to the
Of the act entitled IAN act
10 reduce internal tax, and for other
approved July IA, 1870. A
COPY of the regulations will be trans
nftted to Congress. In the nature of
the cases the regulations are stringent,
but when the railway companies shall
have given the bonds required, and
merchants Of the interior [
cities shall have made arrangements
,of the importation Of goods upon the s
basis Of the act, am satisfied that no I
serious difficulties will arise, either to {
The railways, the merchants, or the |
Without doubt, the [
vet increases the opportunity for the 7
of foreign goods into the
,ountry in violation of revenue law, {
1ut the examination which / have [
yiven to the subject in the prepara- I
ion Of regulations leads me to think I
hat the business can be safely con- {
lucted.
EXPENSE OF COLLECTING CUSTOMS.
The appropriation for the expenses
If collecting the customs revenue
lnder the act approved May 81, 1866, {
s at the rate Of 81, 200, 900 annually, in 7
addition to such sums as may be re-
,eived from fines, penalties, and for /
fixtures, and from storage, carriage,
lrainAge, and labor. Experience has a
Ihown that this amount is sinsuffieient, c
md deficiency appropriation will be {
needed at each session Of Congress un-
il the permanent appropriation is in I
creased. I have instituted a careful {
r,v,ar1yfuinn in fha Treasury naOarf- | I