Bozeman avant courier. [volume] (Bozeman, Mont.) 1872-1882, 1873-12-12

| the surplus funds Of the country dur
ing seasons when they would be other
wise unemployed. l submit for YOU
consideration whether this difficult,
might no: he overcome by authorizing
the Secretary Of the Treasury to issu,
at any time to the National banks o
Issue any amount of their notes below
+ a fixed percentage of their issuc-say
forty per cent.-upon the bank tlepos
iting with the Treasurer of the United
States an amount OF government bonds
equal to the amount OF notes demand
ed, the banks to forfeit to the govern
ment, say four per cent. on the interest
accruing on the bonds so pledged dur
ing the time, the remainder to be left
with the Treasury for increasing circu
lation, the bonds pledged to be re-
deemable by the banks at their pleas.
ure, either i'll whole or in part, by re-
turning their own bills for cancellation
to the amount equal to the face of the
bonds withdrawn. would further
suggest for your consideration the pro-
priety Of authorizing the national
banks to diminish the outstanding is
sue ut pleasure, by returning for can
collation. their own bills and withdraw
ing SO many United States bonds ls
are pledged for the same. In view of
the great actual contraction that has
taken place i'll the currency, and the
comparative contraction constantly go-
ing OH, and the increase of manufac-
lures and all tie 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
established, thus forcing redemption,
it is a question for consideration
whether banking should not be made
free retaining all the safeguards now
to secure Lill-holders in any
modification of .thc present laws regu-
lating National banks.
As further step toward paying for
the resumption Of specie payment, /
invite your attention to a consideration
of the propriety of exacting from the
banks, as part of their reserve, either
the whole. or part of the gold interest
upon the bonds pledged as
security for their issue. | have not re-
fected enough upon the bearing this
might have in producing scarcity of
coin with which to pay the duties OH
imports to give it my positive recon-
nendation, but your attention is iu-
vited to the subject.
CONTRACTION OF THE CURRENCY.
During the last four years the cur
rency has been contracted decidedly by
The withdrawal of the per cent. Ger
ificates, compound interest notes, and
,he 7-30 bonds outstanding on the 4th
If March, 1869, all of which took the
place Of legal tenders in the bank re-
serves, to the extent of a63, 900, 900.
During the same period there has been
! much larger comparative contraction
IT our currency. The population of
he country has largely. increased
more than $4,000 miles of railroad
rave been built, requiring the active
Use Of capital to operate them; mil |
ions of acres of land have been opened
o cultivation, requiring capital to re-
move the products; manufactures have
beyond all precedent, in the
anne period of time, requiring capital |
weekly for the payment of wages and1
or the purchase of material; and pro-
ably the largest of all the compare
i've contraction has arisen from the
rganization of free labor in the South.
Jow every laborer there receives his
Tages, and for want of savings banks
he greater part of such wages is car
led in the pocket or boarded till re-
uired for use. These considerations
re thrown out for your consideration
1ithout any recommendation that they
hall be adopted literally, but hoping
nat the best method may be arrived
to secure such elasticity of the cur
sncy as will keep employed all the in
ustries of the country, to prevent
lch imitation as will put off indefll-
ely the resumption Of specie pay
lents-an object deyoutly to be wished
II by all, and by none more earnestly |
ian the class OF people most directly
terested those who earn their bread |
7 the sweat of their brow. The de- |
sions Of Congress on this subject ,
ave the hearty support of the Exec Z
i've. q
POST OFFICE MATTERs. TX
A complete exhibit is presented in :
le accompanying report Of the Post :
aster General of the operations Of the !
Dst Office Department during the !,
ar. The ordinary postal revenues !
r the fiscal year ending June %, 1873. :
aoulted to S22,996,74I 81, and the : :
penditres Of all kinds to $2S,OS4,- : :
8 81. The increase III revenues over J
72 was s1,OS7, ,315 20, and the in :
ease in expenditure s2,4C5, ,733 O6. I I
dependent of payments made from ),
ecial appropriations for mail steam = =
ip lines, the amount drawn from the y
easury to meet deficiencies was J,
26, ,547. The constant and rapid ex- : :
nsion of our postal service, particn- ( /
,ly upon railways, and the improved 7
,ilities for collection, transmission, I
and delivery of mails Y
lich are constantly being provided, =
count for the increased expenditure 9
this popular branch of public SER !
,e. The total number Of post Offices y
operation on 3Oth of June, '733, was 7