Wilmington daily commercial., 1873-12-03
FIRST EDITION..
THE PRESIDENTS MESSAGE.
IT'S sUBMITTAL To CONGRESS, YEsTBRDAY--sYNo
SIS OF THE MRssAaE

SIS OF THE MESSAGE.
The message Of the President was submitte
TO Congress, yesterday, an read in botl
Houses.
considerable portion OF the message is ia
ken up In review Of occurrences OF the pas
year and in stating our present relations witt
other Governments, with all OF which we ar,
on friendly terms Of intercourse. We may
| therefore, be excused from the publication n
those parts Of tho message, and pass on 4
| others OF more vital Importance to the genera
| reader.
THE GENEVA AWARD AND ITS APPLICATIONS
The money awarded to the United States b,
| tue tribunal Of arbitration at Geneva was paic
i tO. her Majesty's Government few days il
advance OF the time when ii would have become
payable according to the terms of the treaty
In compliance with the provision of the act Of
March Sd, 1873, 1t was at once placed in the
Treasury and used to redeem, as far as II might
the pabllc debt Of the United States, and the
amount 80 redeemed was invested in five per
cent. registered bonds OF the United States fol
fifteen million five hundred thousand dollars
which is now held by the Secretary OF State,
subject to the future disposition Of Congress.
TIE FINANCES.
In regard to the finances, the President after
referring to the recent panic and the measure
of assistance rendered by the Government, and
the many plans offered to prevent a re-occur-
renee OF tie same, says submit for your con-
sideration whether the difficulty might not be
overcome by authorizing the Secretary OF the
Treasury to issue at any time to the National
Banks Of issue any amount OF their own notes
below fixed per centage OF amount, deposiung
with the Treasurer of the United States an
equal amount of Government bonds, equal to
the amount of notes demanded, the banks to
forfeit to the Government, say from four per
cent. OF the bonds 30 pledged during the time
they remain with the treasurer as security from
the Increased circulation, the bonds 80 pledged
to be redsemable by the banks at their pleasure,
either in whole or in part by returning their own
Ullls for cancellation TO an amount equal TO the
face of the bonds Withdrawn. | would further
suggest Tor your consideration the pTopriety OF
authorizing the national banks to diminish their
standing ISSUE at pleasure by returning for can
collation. their own bills, and Withdrawing 30
many United States bonds as are pledged for
the bills returned.
FREE BANKS AND SPECIE PAYMENT.
In view OF the great actual contraction that
has taken place IN the currency, and the com
paratlye contraction continuously going On, due
to the increase Of population, increase Of man
ufactures and all the Industries, do not believe
there is too much Of It now for the duest peri
od Of the year indeed, il clearing houses should
be established, thus forcing resumption, 1t IL
question for your consideration whether banking
should not be made free. retaining all the safe
guards now required to secure blll-hoders. In
national banks as further step towards prepar
ing for resumption OF specie payment, l invite
your attention to a continuation of the
propriety Of eXacting from them retention Of a
part of the reserve, either the whole or part of
the gold interest accruing upon the bonds
pledged security 70, their issue. l have not
reflected enough on the bearing this might have
iu producing scarcity Of coin with whon to pay
dulies on Imports to give it my positive recon-
mendation, but your attention Is invited to the
subject.
OUR DEMANDS OF THE SPANISH GOVERNMENT.
The restoration of tue Yirginius aud the sur
render OF the survivors of her passengers and
crew, and a due reparatIon to the flag and the
punishment of the authorities who had been
guilty Of the illegal acts OF violence, were de-
manded. The spanish Government has recog-
nlzed the Justice OF the demand, and has arrang-
sd for the immediate delivery Of the vessel and
for the surrender of the Survivors OF the passen-
gers and crew. and for salute to the flag and
Tor proceedings looking to the punishment of
those who may be proved to have been guilty Of
illegal acts of violence toward citizens of the
United States, and also toward indemnifying
those who may be shown to be entitled to in
demnity.
THE PREPARATIONS FOR WAR.
The embargong OF American estates in Cuba,
cruelty to American citizens detected III the act
Ot hostility to tho Spanish Government, the
Of prisoners taken with arms in their
Of vessel sailing under the Urlted States regis
try, has eliminated i'll an outburst of indigna-
tion that has seIned for time TO threaten war,
Pending negotiations between the United
states and the government OF Spain on the sub
ject OF this capture, have Authorized the Secre-
lary OF the Navy to put our navy on war foot
ing to the extent, al least, OF the entire annual
appropriation for that branch of the service,
rusting to Congress and the public opinion OF
the American people to justify my action.
AMENDMENTS TO zHE CONSTITUTION.
The President suggests two amendments to
the Con stitutiOn, as follows
FIRST, To authorize the executive to approve
of 30 much Of any measure passing the two
HOUSES as his Judgment may dictate, without ap
proving the whole, the disapproyed portion or
portions to be subjected to tine same rules as
now, to wit-tO be referred back to the house
to which the measure or measures originated
aud II passed by two-thirds vote OF the two
houses then to become a law without the apprO-
val of the President would add to this a pro-
vision that there should be no legislation by
Congress during the last twenty-four hours OF
II sitting except upon vetoes, in order to give
The eXecvtlve an opportunity to examine and
approved or disapprove bills understandln6ly.
Second. 10 provide by amendment that when
An extra session OF Congress is convened by Ex.
scuSlve proclamation, Legislation during the
continuance of such extra session shall be con-
lined to such subjects as the Executive may
The advantages to be gained by these two
are obvious. Ono session In each
year IL provided for By the Constitution, in
" Inch there are no restrictions AZ to the sub
jecis of legislation by Congress. II more are re-
lulred, it Is always in the power Of Congress,
iuriug their term OF office, to provide for ses
sions at any time. The tirst OF these amendments
would protect the public III the many abuses and
waste OF the public moneys which creep into ap-
bills and other important measures
passing during the expiring hours OF Congress-
TO which otherwise due consideration cannot be
given.
CHEAP TRANSPORTATION.
The President calls attention to the fact that
the State of New York has a canal connecting
Lake Erie with tidewater on the Hndson, and
that the State of Illinois has similar work con-
Meeting Lake Michigan with navIgable water on
the Ilhpois river, thus making water communi-
cation inland between the East aud South. These
great artificial water courses are the prosperity
OF the States through Winch they pass, and pay
toll to those States. Would 1t not be wise
to pledge these States that II they
will open these cauas for the passage OF large
vessels the general Government Will look after
and keep in navigable condition the great pub
lie highways with which they consent to wit -
The ,OVerslaugh on the Hudson, the st. Clair
flats and the Illinois and Mississippi rivers
This would be a national work one Of great
value to the producers of the West and South, in
giving them cheap transportation for their pro-
duce to the HeabOard and Market and to the
consumers in the East, in giving them cheaper
food, particularly OF those articles OF food which
do not lind a foreign market, aud the prices of
which, therefore, are not regulated by foreign
demands,
THE RESTORATION OF COMMERCE..
In attempting to regain our lost commerce