The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-10-23

Ou r. MsSthe doqso rSsotve'tP1t.
sSsss sssssp Cen SHs::s5 Ct sshs SSWholSs o1
tho financial ooIaitipn 81 affairs. ~
Mr. Hurley introduoed a. resolution:
that this Committee deem it an act of
Justice that the entire Indebtedness OF
the State. floating and funded, should
be scaled III proportion to tho value the
State received. After debate. partici-
pated In by Messrs. Hurley, Bowley,
Boston and 3. NJ. Smith. the Commit
Tee rose and the House adjourned.
POSTAL SAVINGS BANKs.-At O Re
publican mass meeting at Baltimore. on
the night Of the 17th, Postmaster Gene
raj Cresswell advanced his ideas Of postal
savings banks, which, it is understood,
will be enlarged upon in his annual re-
port. lie spoke Of the only fault Of the
| national banking System being that the
depositor is not equally protected with
the bill-holder, and said that the Go.
vernment might, through his depart
ment. provide the machinery whereby
the laboring masses could have tho fruit
of their toll protected from lawlsss spe-
culstion aud guarded with absolute 90
curity. He contended thut by this plan
every suitable post Office could be used
to receive deposits of the people aud
transmit them to the department ut
Washington. to be invested. under the
direction Of designated officers, in the
bonds of the United States. By this ar
rAngement, the security Of depositors
would be based upon the foundation
stones of The republic. Iu times of
panic. people. instead Of boarding
means. wunld place them on deposit
with the Government. to be invested in
that Governments bonds aud then sent
into circulation. Like water, currency
thus furnished would flow to points OF
the lowest depression, and tend to cor
rect Mi arrangements Of circulation,
however C c.nsed. Thus, the people would
ba served Ivy the security of their in.
Vestments, u government would be
served by the means placed ut ITS dis.
posa, and the banks and capitalists
would be served because Of the tendency
To Prevent tho boarding Of tho currency
Of the country.
II am aware" he said, "that this
plan will meet with opposition from
somo banks and capitalists, who would
compel people to deposit with them
upon their own terms, aud thus afford
them the use Of 30 much additional
capital; but lot it be remembered that L
ara not speaking in tue interest of banks
or capitalists; am speaking for poor
people, who are to be protected, and q ut
in behalf Of the banks. mauy IF whom
have recently given notable instance
OF the manuer in which they CAN violate
their promises to pay. But why should
the banks complaint In addition to
their chartered privileges, Government
has recently interposed in their behalf.
By the Act of June 8, 1872. the banks
we're authorized to deposit, for thei
better security, their United States notes
In tho national treasury, receiving
therefor certificates OF deposit. which
might be counted as part of their re-
serve used for clearing house purposes,
and converted at pleasure in the place
where deposits were made. Under this
law. the Treasury of the United States
has been used as place OF safe deposit
tor the banks to the extent of millions.
Why. then, should it not be used with
equal propriety and to the same extent
for the security OF tho masses of the
people?"
Mr. Creswell argued that the post
Office banks would furnish the Govern.
ment with the money to establish
postal telegraph. Hs said every indi-
cation points to tue early success of that
great measure "As the people are en-
titled to pure water and pure air, upon
the best possible terms. so are IL ", in
my judgment. equally entitled t. the
best and cheapest modes of communica.
tion and intercourse. No men or set
Of men have a right arbitrarily to seize
upon the lands aud use them AZ a means
Of levyiug tribute upon their fellow
men. 1 believe That the electric current
has been given by God for the benefit Of
tue whole human race
The whole Of Oconee County and
part OF Anderson are situated between
the Tugalo and Seneca Rivers, and the
EigeGeld Advertiser says that the peo-
pie OF the district in question are striv-
ing to annex themselves to Georgia.
country OF honest government and low
taxation. It is even said that tho Go.
vernor's brother.in.law has undertaken
the Job.
A correspondent OF the New York
EcdngeliSt writes to correct tho story
now going the rounds that Mrs. Theodo-
sia BURR Alston was victim OF Gibbs,
the pirate. and says that Gibbs, Just
before his death, told the late Commo-
doFs koarnsy ihat ile know nothing