The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-12-03

may induce them to erect buildings for
the Senators, but he would have this
work conducted when the revenues oil
the country would abuudantly justify
it.
The revenues have materially fallen
off from the first five months OF the
present fiscal year, owing to the general
panic. 1t is the duty OF Congress to
heed the lesson and provide wise and
well condensed legislation against its re.
currence. My own judgment is, that
however much individuals may have
suffered, one long step has been taken
toward specie payments; that we can
never have permanent prosperity until
the specie basis is reached; and that a
specie basis cannot be reached and
maintained under our exports, exclu>
sive Of gold pay for our imports, inter-
est due abroad, and other specie obi
cations, or so nearly as to leave an
appreciable accumulation OF the pre-
cious metals in the country from the
products Of our mines. The develop
ment OF the mines OF precious metals,
during the past year and the prospec-
tive development Of them for years
to come are gratifying in their results.
Could but one-halt of the gold extracts
ed from our mines be retained at home,
our advance towards epecie payments
would be rapid. To increase our ex-
ports, sufficient currency is required to
keep all the industries of the country
employed. Without this, national as
well as individual bankruptcy must
ensue. Further initiation would but
lead to an initiation o! prices. Specie
is the recognized medium OF exchange
the world over. That attained we shall
have obtained All exact degree OF elas-
ITCHY; if there be too much Of it for
legitimate purposes OF trade and COM
merce it will flow out OF the country;
il too little the reverse will be the re-
suit.
To hold what we have and to apprc.
ciate the currency to that standard ls the
problem deserving the most serious
consideration OF Congress. He says
that the panic hes proved that the
currency OF the country, based as 1t is
on the credit OF the nation,
is the best that has ever
been devised. Elasticity in our
monetary system is the object TO be ob,
tanned and next to that, as far az pos
S bic, q prevention Of the use OF other
peoples money in stock and other spe'
cies of specuIations to prevent the
national banks from paying interest on
deposits by requiring them 10 hold their
resources, and by forcing them into re-
eumption, though it would be only in
legal tender rote9. For this purpose
he suggests the establishment OF q
clearing house. lie submits whether
it would not be best to authorize the
Secretary OF the Treasury TO issue at
any time to national banks any amount
of their own notes below fixed per-
centage of their Issue, say iour per cent,
upon banks depositing with the Treas
ury Of the United States an amount OF
government bonds equal 10 the amount
OF notes demanded. The banks to hold
for the government say four per cent OF
the interest Of the bonds go deposited
during the time they remain with the
Treasurer as security. Said bonds 10
be redeemable by the banks, either IN
whole or part, by returning their own
bills for cancellation TO an amount equal
to the face OF the bonds withdrawn.
He further suggests the propTie'y 0!
authorizing national banks to diminish
their outstanding issue at pleasure
by returning for cancellation
their own bills and Withdrawing
so many United States bonds a8 are
pledged Tor the bills returned. It is also
question Tor consideration whethe.
banking should not be made free, re-
tanning al the safe guards ROW required
to secure bill holders. He also dlrccts
attention to the rropriety o. exacung
from banks the retention, as part OF
their revenue, either the whole or GaTt
Of the gold interest occruing upon the
bonds pledged ss security for their Issue.
He hopes for the adoption OF the last
mentioned project 10 secure elasticity OF
currency for the country and att the came
time TO keep employed ali the indus
tries of the nation, and TO prevent such
an irritation as will put oil indefinitely
the resumption OF specie payment. he
decision Of Congress on this SUBJECT
will have his hearty support.
Referring to the ruin ofship building
be recommends such legislation as will
secure to us our prospects OF the carry
inc trade. The subject of transporta-
ton is next referred to. lie invites a.
tention to canal connecting Lake
Erie with the tide water Of the Hudson
River and similar work connecting
Lake Michigan with the navigabie
waters and asks if it would not be wise
for the government to pledge the States
that if they will open these canals for
the passage OF large vessels, the govern"
ment will keep in navigable condition
the great public highways with which
they connect. ,,
Referring to the States south of the
United States SIS offering a field where
much might be accomplished, he sug-
gests small appropriation for South
American expedition.
Referring again to the Treasury De-
partm.nt be recommends revision
and certifcation Of the tariff laws and
the opening OF more mints for coming
money for such nations as may apply
for IT,
Thew ar Department is next treated Of,
He directs the especial attention OF
Congress to preparing for war in time
of peace by preparing a proper sEma
ment for cur sea coast de'ences, which
is vastly OF more importance than fo'ti-
fcations. He also favors the reopen
ing of promotion in the staff corps in
the army. Particularly is this necessa-
~ in the Medical and Ordnance De-
psrtment and the Paymasters Depart