, 1873-12-03

In any modification of tho present laws rogu-
latiug tho National Banks aud further step
towards providing for tho resumption Of speolo
payment, invite your attention to consideration
ot propriety OF exactlng from thom tbs roton"
lion aY part Of their reaorve either tho whole
pars OF tho gold interaBt aoerung upon tho
bulds pledged US security for their Issue. hayo
not reelected enough on tho bearing thta might
hayo iu producing u scarcity OF cuin with Which
10 pay duties OIL imports to give i my positive
Recommendation j; but your attention IL invited
to the subject.
| THE RECENT CONTRACTION or THE CURRENCY.
been contracted directly by tho withdrawal Of 8
per cent certificates compound interest
notos, @ md 73o -, b9aas 2ada -, outstandngE M 1i',E
took tho PLACE 9f legal tenders g.. in aao dda tbs
During the samo period there Inns bcoH much
iarger comparative contraction OF the currancy.
Tho population Of the country has largely in
croastd moro than q, 900 miles Of railroad have
been built requiring tho aotlye use OF capital ia
operate them; millions OF aoraH OF lanl have
boeu opoued to cultivation, requiring capital to
remove the products; manufactures havo mul-
tipl!ed beyond all precedent In tho same period
Of time. requiring capital weekly for tue paay'
rial; and probably tho largest of all comparative
contYacttonH arisiug from the organizing Of lree
labor in tho South Now, oyory laboror there
recoiyos hiawagos, and, for want OF savings banks
| LUG bFGHttE li4lL VI buGu NNhte 10 Cal1ltt
in tile pocket or loardod till required Tor use
TheHe suggestions are thrown out fur your oon-
sidoratiou, without any recommendation tha
they shall be adopted litelaiy, but hoping thai
tho beat method may ho arrived at to Beourt
H,lch all elasticity OF tue currency aB will keol
employed all tho industries Of the country, ant
prevent such imitation will put OF indofiitel,
tho rsoIA,ption OF Bpacio pRylu:ntH--an obleo
deyo1ttiy to be wIsllod tor by all, and ny uon'
more earneatly t.au tho class of people mos
directly l.ltercHttd-thoBo WHO earn tlleir braat
by tho sweat of tlu brow. Tho decisions OF Con
groBH OIL this subject will hayo Tie hearty sup
! Polt of tho Executive.
AaiEn1oAN B1IIp-nUILDINd.
In previous mesmgoH, havo called attention
to tito decline in American ahip-putlaing, AM
recommended ouch legislation as would aecur,
to us unr portion of tile CARRYING trade. 8kimu
]atod by lligh rates aud abundance Of freight
tho proEroBs for tho last year laa beon very aat
! igfactory. Thego has been an lunrenHe OF Abou
. . nor cent In the nMount transported on AMeri
lcuu yoshel5 over tho aa,ount Of last year. Will
tho reduced cost OF material which llaH tRkol
,1laco. 1t ntay roaaouabay 10 hoped that till
Change wil! DO maintained, and oyon Increased
However,, rs we pay about SS0, QUO uO0 per annul
to iorsigl, yessols for tho transportation OF ou
i ulrp!ua products to q lnarkot, thna inorcasn
the balance uf trade against us tn tilla amount
tha suhjeut III ono worthy Ut your seriouH con
sl1eratlUA,
CHEAP TRANSPORTATION
i ID q subject TINT las attractet tho attention
both pruluco.a aud ooIlaulAorB Tor the past 10,
yoars, aud has contributed to, II 1t las not bee