Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1873-12-04


contraction constantly going on, due to
the increase of population, increase OF
manufactures and all the industries,
do not believe that there is too much OF
it now for the dullest period of the year.
Indeed, if clearing houses should be es-
tablished, thus forcing redemption, 1t Is
question for consideration whether
banking should not be made free, re-
tanning all the safeguards now required
to secure billholders. In any modifica-
ton of the present laws regulating na-
tional banks and further step towards
paying for resumption of specie pay
4 ment, invite your attention to con-
sideration of the propriety of extending
from them the retention as part of
their reserve either the whole or part
of the gold interest according upon the
bonds pledged as security for their issue
have not reflected enough on the bear
ing this might have III producing a
scarcity of coin with which to pay du-
ties on imports, to give it my positive
recommendation, but your attention is
invited to the subject. During the last
four years the currency has been con-
tracted directly by the withdrawal of
the three per cent. certificates, COM
pound interest notes and 7-30 bonds out
standing on the fourth of March, 1869,
all of which took the place of the legal
tenders in the bank reserves to the eX-
tent of siXty-three millions of dollars.
During the same period there has been
a much larger comparative contraction
of the currency. The population
of the country has largely increased,
more than Twenty-Five thousand miles
of railroad have been built, requiring
the active use of capital to operate them
millions of acres of land have been
opened to cultivation, requiring capital
to move the products, manufactures
have multiplied beyond all precedent in
the same period of time, requiring cap
ital weekly for the payment of wages
and for the purchase of material and
probably the largest of all comparative
contractiens arising from the organi-
zins of free labor in the South. Now
every laborer there receives his wages,
and for want of savings banks the great
er part of such wages is carried in the
pocket or boarded till required for use.
These suggestions are thrown out for
your consideration without any recon-
mendation that they shall be adopted
literally, but hoping that the best meth
od may be arrived to secure such an
elasticity of the currency as will keep
employed all the industries of the coun-
try and prevent such an imitation as will
put off indefinitely the resumption of
specie payments an object devOutly to
be wished for by all, and by none NOR e
earnestly than the class Of people most
directly interested--th6se who earn
their bread by the sweat of their brow.
The decisions of Congress OIL this sub
ject will have the hearty support of the
Exec utive.
AMERICAN sHIPBUILDING.
In previous messages have called at
tentiOn to the decline in American ship
building and recommended such legis-
lation as would secure us our propor-
ton of the carrying trade. Stimulated
by his rates and abundance of feight,
the progress for the last year in ship
building has been very satisfactory.
There has been an increase of about
three per cent. in the amount transport
ted in American vessels over the amount
of last year. With the reduced cost of
material which has taken place it may
reasonably be hoped that this change
will be maintained and even increased.
, However, as We pay about eighty mill
ion dollars per annum to foreign vessels
for the transportation OF our surplus
products to 6 market, thus increasing
the balance of trade against US to this
amount. The subject is one worthy for
your serious consideration. Cheap
transportation is a subject that has at
traeted the attention of both producers
and consumers for the past few years
and has contributed to, if it has not
been the direct cause of the recent pan
ic and stringency. As Congress at its
last session appointed special COM
mittee to investigate this whole subject
during vacation and report at this ses-
sion, have nothing to recommend I'M
til their report is ready.
THE CANAL ROUTES.
There is one work, however, of Il na-
tional character in which the greater
|, portion of the East and the West, the
North and the South are equally inter-
ested, to which l will invite your atten-
ton. The State of New York has ca
nal connecting Lake Erie with tide wa
ter on the Hudson river. The State of
} Illinois has similar one connecting
Lake Michigan with navigable water
on the Illinois river, thus making
water communication inland between
the East and the West, and South.
These great artificial water courses are
the property of the States through
which they pass and pay toll to those
States. Would it not be wise statesman
ship to pledge these States that if they
will open these canals for the passage
of large vessels, the Government Will
look after and keep in navigable condi-
ton the great public highways with
which they connect, to wit: the ever
slought OH the Hudson, the st. Clair
flats, and the Illinois and Mississippi
rivers. This would be national work,
one of great value to the producers of
the West and South, i'm giving them
cheap transportation for their produce
to the seaboard and market to the con-
sumers in the East, giving them cheap
er food, particularly Of those articles of
food which do not find foreign mar
ket, and the prices of which, therefore
are not regulated by foreign demand.
The advantages of such a work are too
obvious for argument. l submit the
the subject to you, therefore, without
further comment.
OUR LOST COMMERCE.
In attempting to regain our lost COM
merce and carrying trade, l have here
tOfOre called attention to the States
south OF us as offering field where
much might be accomplished to further
this object. suggest that small ap-
preparation be made, accompanied with
authority for the Secretary of the Navy
to fit out naval vessel to ascend the
Amazon river to the mouth of the Ma
deria, thence to explore that river and
its tributaries into Bolivia, and to re-
port to to Congress at its next session or
as soon as practicable, the accessibility
of the country by water, its resources
and the population 50 reached. Such
an explora ton will cost but little, and
it can do no harm, and may result in es-
tablishing trade OF value to both ma
tions.
TARIFF REVISION.
In further connection with the Treas
ury Department / would recommend a |
revision and codification OF the tariff
laws and the opening of more mints for
coming money, with authority to coin
for such nations as may apply.
THE WAR DEPARTMENT.
The attention of Congress is invited to-
recommendation in the Report of Sec
retary of War, herewith accompanying.
The apparent great cost of supporting
the Academy is fully explained in the |
report, ,and it will receive your attention.
While inviting your great attention to
all the recommendations made by the
Secretary of War, there are two which
l would especially invite you to consid-
er. First, the Importance of preparing
for war in time of Deace by DrOvidinp |