Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1870-12-22

rashiy abandoned or suddenly anl radi-
caliy changed without great injury to
business and labor, and serious conse-
qaeu5 Losses Of revenue.
Fusp1SG THE DEBT.
The war IN Europe has rendered il
impracdcable to refund the national
debt rs authorized by the act approved
July Gath, 1870. A portion of the
paper has been manufactured and the
preparation of the plates has been SO
far advanced that whenever favorable
opportunity arises the loan may be OF
tered and bonds delivered without de-
lay. lnasmuch as the wax in Europe
and the consequent demand for money
make 1t doubtful whether four and four
and one half per cent. bonds Will be
taken, 1t seems to me wise to authorize
the issue of $500. 600, 900 additional OF
bonds bearing interest ut the rate of
five per cent The interest can be paid
quarterly without inconvenience, and /
recommend that the loan be so modified
that the payment of the interest may be
made quarterly instead Of semi-annual-
ly. Should these recommendations be
approved by Congress, it is of great i'm
portance that an act authorizing the
changes be passed without delay.
Since the first of July, the currency
balance III the treasury has been mus
ually. and for immediate purposes, I'M
necessarily large.
NATIONAL BANE5
The act of July 18th, 1870, authoriz-
ing an increase of national bank notes,
imposed upon the Secretary of the
Treasury Department the duty of pro
vidlng for the redemption of equal
amounts of their present certificates.
The certain though progressive de-
crease in the revenue, both of coin and
currency, made it my duty to receive a
sum sufficient to enable the Depart
ment to comply with the law without
resorting to extraordinary means. Hap
PLY, the financial condition of the
country has not been unfavorably af-
fected, owing to the aocumulations In
the Treasury. During the year ending
September Both, 1870, national banks
paid in interest, the sum of Sc, 4S6, ITO,
sc. 1t is estimated that of this sum
$4,000 900 or more were paid to private
parties. [ cannot doubt that the prac-
tice of paying interest, except upon
balances due from one Government to
another, is a means by which large
amounts of capital are directed from
extreme portions of the country to
the commercial and financial cen
tres to injure business severely. The
province of bank is to loan money,
and its property is by loans and dis
counts to facilitate and develope bust
ness in the neighborhood of it's location.
As a matter of fact, under the present
system, banks are agencies by which
capital is gathered and sent away to
distant cities, there to be loaned on call
and used for speculative purposes.
Complaints are made from all parts of
the country that bills of national banks
are worn and defaced to such an extent
as to be no longer fit for circulation.
AS many new banks are soon to be or
ganized under the act of the last session
of Congress, respectfully recommend
ed that an appropriation be made and
given to issue new bills upon
such paper and in such form as may be
designated by the Secretary of the
Treasury. The Comptroller of the Cur
rency, in his report in 1869, recon-
mended the establishment of an agency
in the city of New York, under control
of national banks for the redemption of
their issue. The substance of this rec
ommendation seems to me not only
proper but necessary. The expense
should be borne by the banks. With
this Recommendation I take the occa-
sion to say that the banking system of
the country appears well managed, and
to answer reasonably the purpose for
which it was established. 1t is no doubt
true that Treasury notes representing
an equal amount of the public debt
without interest, are the most economi-
cal circulation of the government, but
it should be considered that the bank
ing institutions of the country are agen
cies by which business is established
and fostered Upon the whole, the sys
tenn of banking should be extended
only for the purpose of meeting the de-
mands Of business but when the de-
mands are urgent, concession should be
made, upon the ground that the pros
perity OF business is more important
than the mere saving of interest from
the circulation Of treasury notes.
MINING STATISTICS.
The report of the Commission OF Min
ing Statistics for the year 1869 has been
printed since the close Of the session in
July last, and that for the year Of 1870
will be made during the winter.
FOREIGN COMMERCE.
The continuance of the war appears
to be a matter of national Importance.
III ,ro,,oy4ion ~ American vessels en-