The home journal. (Winchester, Tenn.) 1858-188?, 1873-12-18

| tabllshed, thus forcing redemption, 1T IS
question for consideration whether
banking should not be made free, re-
tanning all the safeguards now required
to secure bill holders in any modifica-
tion of present laws regulating the na-
tional banks and as further step to-
wards paying the way for resumption of
specie payments, invite your attention
to the consideration of the propriety
of expcting from them the retention,
as part of their reserve, either the
whole or part of the gold interest &C
cruing upon the bonds pledged as secu-
rity for their issue. / have
NOT REFLECTED ENOUGH
on the bearing this might have in pro-
ducing scarcity of coin with which to
pay duties on imports, to give it my
positive recommendation, but your at
tention is invited to the subject.
INVERSE CONTRACTION.
During the last four years the curren-
cy has been contracted directly by the
withdrawal of three per cent. certiti-
Gates, compound interest notes and 7:20
bonds outstanding on the 4th of March,
1869, all of which took the place of le-
gal teuders in the bank reserves to the
extent of 1868, ,000,000 During the same
period there has been a much larger
comparative contraction of the curren-
cy. The population of the country has
largely increased. More than twenty
five thousand miles of railroads have
been built, requiring the active use of
capital to operate them. Millions of
acres of land have been opened to cult
walton, requiring capital to move the
products. Manufactures have multi
piled beyond all precedent in the same
period of time, requiring capital week
ly for the payment of wages and for the
purchase of material, and probably the
largest of all was the comparative con-
traction arising from the organization of
| free labor in the south. Now, every la
borer there receives his wages, and for
want of savings banks the greater 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
cd may be arrived at to secure such an
elasticity of the currency as will keep
employed all the Industries of the
country, and prevent such an initiation
rs will put off indefinitely the resump-
tion Of specie payment, an object de-
voutly to be wished for by all, and none
more earnestly than the class of people
most directly interested, those who earn
their bread by the sweat of their brow.
The decision of congress on this subject
will have the hearty support of the ex-
ecutive.
OUR MYTHICAL MARINE.
In previous messages / have called
attention to the decline in American
ship building and recommended such
legislation as would secure to us oul
proportion of the carrying trade. Stim
ulated by high rates and abundance oi
freight, the progress for the last year
in ship building has been very aatisfac
tory. There has been an increase O
about three per cent. in the amount
, transported in American vessels owe
the amount OF last year. With the re
duced cost of material which has takel
place. it may reasonably be hoped tina
this change will be maintained and evel
, increased. However, as we pay abou
} EIGHTY MILLION DOLLARS PER ANNUA
to foreign vessels for the transporta
ton of our surplus products to mar
ket, thus increasing the balance of trade
against us to that amount, the subiec is
one worthy of your serious considera
ton.
CHEAP TRANSPORTATION
is a subject that has attracted the atten'
ton of both producers and consumers
for the past few years and has contri
buted to, if it has not been the direc
, cause of, the recent panic an stringen
cy. AS congress at it's last session ap
pointed special committee to inves
: tigate this whole subject during the va
cation and report at this session, | hav,
/ nothing to recommend until their re
7 port is ready.
/ SMALL FAvORs THANKFULLY RECEIVED
= There is one work, however, of a ma
Q tional character in which the create
r portion of the east and west the mort
n and south are equally interested, t
]. which l will invite your attention
e The state of New York has canal col
Meeting lake Erie with tide water on tn
Hudson river. The state of Illinois hG
: a similar one connecting lake Michiga
n with navigable water on the Illino
n river, thus making water commune,
g tion inland between the east and th
s west and south These great artiticif
l. water coureas are the property of tn
l. states through which they pass and pa
toll to those states. Would it not
wise craftsmanship to pledge thes
$ states that if they will open these ca
4 nails for the passage of large vessel
e the government will look after and kee
t in navigable condition the grea
: public highways with which the
s connect, to wit the oyerslOug
s on the Hudson, the st. Clai
i flats and the Illinois and Mississippi
s rivers? This would be national wor
y and one of great value to the producer
l. of the west and south in giving ther
i cheap transportation for their produc
r to the seaboard, and market to tn
r consumers in the east, in giving ther
G cheaper delivery of those articles G
# food which do not find foreign MAJ
l. kot, and the prices Of which, therefore
s are not regulated by foreign demand
o The advantages of such work are to
o obvious for argument. l submit tn
o subject to you, therefore, without fur
II ther comment.
@ NAVIGATING THE AMAZON.
o In attempting to regain our lost com
s merce and carrying trade, L have here
n tofore called attention to the state
r south of the United States as offering
8 field where much might be accomplish
d ed. To further this object, I sugges
a a small appropriation be made accomp
= MED with authority for the secretary
g the navy to fit out naval vessel to a
i cend the Amazon river where the mou
6 of the Medeira enters, thence to explo
Q that river and its tributaries into Bol