Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1870-12-22

vidlng for the redemption of equal
amounts Of their present certificates.
The certain thoug', progressive de-
crease in the revenus both OF coin and
currency, made il ny duty to receive a
sum sufficient to enable the Depart
ment to comply with the law without
to extraordinary means. Hap
PLY, the financial condition of the
country has not been unfavorably af-
fected, owing to the accumulations in
the Treasury. During the year ending
September 3Oth, 1870, national banks
paid in interest, the sum of Sc, 1876, 172,
66. 1t is estimated that of this sum
s2, 600, 900 or more were paid to private
parties. I cannot doubt that the prac-
tice of paying interest, except upon
balances due from one Government to
another, is means by which large
of capital are directed from
extreme portions of the country to
.he commercial and financial CEN
res to injure business severely. The
province of bank is to loan money,
md its property is by loans and dis
counts to facilitate and develope busi-
ness in the neighborhood of its location.
As matter of fact, under the present
system, banks are agencies by which
capital is gathered and sent away to
listant cities, there to be loaned on call
md used for speculative purposes.
are made from all parts of
he country that bills of national banks
ire worn and defaced to such an extent
IS to be no longer fit for circulation
As many new banks are soon to be or
yanized under the act of the last session
If Congress, 1 respectfully recommend
ID that an appropriation be made and
given to issue new bills upon
such paper and in such form as may be
by the Secretary of the
Treasury. The Comptroller of the Cur
-ency, in his report in 1869, recon-
the establishment of an agency
N the city of New York, under control
of national banks for the redemption OF
heir issue. The substance of this rec
seems to me not only
proper but necessary. The expense
should be borne by the banks. With
this recommendation / take the occa-
sion to say that the banking system of
The country appears well managed, and
10 answer reasonably the purpose for
which it was established. 1t is no doubt
true that Treasury notes representing
IN equal amount of the public debt
without interest, are the most economi-
,al circulation of the government, but
Il should be considered that the bank
ing institutions of the country are agen-
,ies by which business is established
md fostered. Upon the whole, the esys-
sem of banking should be extended
,nly for the purpose'of meeting the de-
nands of business but when the de-
are urgent, concession should be
r ade, upon the ground that the pros
,erity of business is more 1mportunt
han the mere saving of interest from
.he circulation of treasury notes.
MINING STATISTICS
The report of the Commission of Min
ng 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.
The proportion of American vessels en-
gagged in the foreign trade has not In
creased relatively during the year, al.
though there has been an actual increase
in the entries of American vessels al
ports of the United States amounting
in the aggregate to 10000 tons. The
total tonnage engaged in the foreign
trade entered at all ports of the United
States has increased from 5, $50, 900 tons
in 1869, to 5, 957, 600 tons in 1870, bu
the proportion of American tonnage re
mains, as in 1869, at36 per cent. With
out undertaking to specify the means
by which it is to be accomplished,
cannot overestimate the Importance o
such legislation as will secure reviva
of American commerce.
THE PUBLIC DEBT.
1 also expressed the opinion that th'
settled policy of the country shoult
contemplate a revenue sufficient to NEE
the ordinary expenses of the Govern
mert. pay the interest on the public
debt, and from $25, 600, 600 to $50, 600,
600 principal annually. The reduction
of the public debt since the 3Oth ola.
of June last has been so great as to rem
der it certain that the total reduction
for the present fiscal year will excee'
sixty million dollars. The natural In
crease of the business of the countr
during the next eighteen months
likely to be such as to show surplu
for the fiscal year ending March 3Otf
1872, of about $40, 600, 900. The prir
cipal of the public debt on the last da
of November, 1870, not deducting I'll
MONEYS on hand, was 50, AIS, 6S3, ,044. A
OF this amount, 1895, 269, ,237.0S WI
represented by United States notes an
fractional currency not bearing L
terest.
The banks of the country, acting wit
in the authority of existing law, will r
ouire about 1898, 900, 600 of bonds to
placed on deposit as security for the
circulation. Should the present syste
of furnishing paper circulation for Il
country partly by the Treasury al
partly by National Banks be continue
or the entire circulation be furnish,
by the Treasury or by the banks, t
credit of the United States will be {
cured for the redemption of not<
From this view of the policy of t
country it follows that an amount
$500, 600, 600 of the public debt will ]
main unpaid, existing either in the fol
, of treasury notes in circulation witho
interest, or in bonds owned by ban
and held as security for the redempti
of their notes, and that only about 5
600, 600, 600 of the principal of the d.
is subject to payment. The fnanc
| prospect, although highly favorable,
l not such as to warrant imports
. changes in the revenue system at
g present session of Congress-, but shot
D the result during the coming y
e meet my expectations, it viii
: possible at the December sess
: of the fotty-second Congress to maxi
e very material reduction in reven1
y without impairing the ability of
+ government to make satisfactory p
e ments of the public debt. The red
e ton already made has been advanta
If GUS to the country, not only in the I
il ticulars indicated, but in other respt
d hardly less important There is mi
+ ov,1o.,no kondsno IN chou that M of