National opinion. [volume] (Bradford, Vt.) 1865-1874, 1873-12-12

!, seasons when otherwise unemployed,
4 submit for your consideration whether TIN
" diihculiy might not he overcome by authOriz
=, ing the Secretary OF the Treasury TO issue a
~ any time 70 the national hanks OF Issue an,
- amount Of their notes below liked perceut
y, ngG OF their issue, say forty per cent upor
" the hanks deposiilng with the Treasurer o
;, the United states an amount OF government
!, bonds equal 10 the amount OF notes demand
u cd the banks To forfeit to tho goyernm mi
% say four uer cent, ~ the iptefest accruing, OF
the bonds 50 pledged dnrlng the time they re-
main with the Treasury as security for the IN
creased circulation. The bonds so pledged To
he rcdeemabe by the hanks ~ then pleasure,
either ~ whole or IN part, by returning their
own bills for cancellation 10 an amount equal
10 the face Of the bonds Withdrawn.
would further suggest for your consldeta-
ton The piOprlcty al authorizing national
banks TO diminish Their standing issue nj plea
sure by roiufnlDR Tor cancellation their own
bills aud Withdrawing 81 many Uultcd states
bonds az are pledged Tor the bills returned
In view % the great actual contraction that
| has taken place N tue currency aud the com.
parative contraction continuously going on,
due 10 the increase Of population. increase OF
manufactures aud Az the industries. do not
| believe thut there N too mucn OF II now for
| the dulest period OF tle year.
the BANKS.
Indeed n clearing houses should be cstab.
lishcd thus forcing redemption. II - question
tor your consideration whether banking should
tot be made free. retaining al rafcgunIds now
required TO secure hllholders. In any modlh-
cation of the present laws regulating national
banks as further step towards preparing for
resumption OF specie pay mcnts, Invite your
attention 10 "A consideration OF the pr0priety
OF cXuctlng from them tue retention as part
of their reserve eIthersthe whole or a part of
the gold interest 0cciulng upon the bonds
pledged Us security Tor their issue. | have not
rejected enough on the hearing tins might |
have IN producing n scarcity of coin with |
which - pay duties ON imports, to gave IL my |
positive recommendation, but your attention |
Ia invited to the subject.
TIE CONTRACTION OF HE CURRENCY.
During the last fonr wears the currency has
been contracted directly by the withdrawal OF
per cent. certificates communicated /
notes aud $50 bonds outstanding on the h of
MaIcn. 1869, all Of which took the place OF lie |
galtrndors in the bank reserves 10 the extent |
Of siXtythrec million OF dollars. During the
same period there has been much larger com
parntive contraction OF the currency. Tue
population of the county has Largely luCrcas-
ed More than twenty i've thousand miles of
railroad have been built requiring the active
1 If capItHl to operate them Millions OF
acf, of land have been opened 10 cultivation.
requiring capital To move tho products. Man
uiactoiIes have multiplied beyond all prcce
dent IN the same period OF time requiring cap
ital weekly for tho payment of wages and for
the purchase OF material; and probably the
largest of all mparative contractions arises
from the 0rani2iug of free labor IN the south.
Now every ldborcr there receives his wages,
and for want OF savings banks the greater part
Of such wages IL carried IN the pocket, or
boarded until required for use. These suggcs-
lions are thrown out for your e nsideratiOn
without any recommendation that they SHAH
be adopted literally, but hoping that the best
method may be arrived ~ to secure such
an elasticity of the currency as Will keep
employed all the industries of The country,
aud prevent such au imitation az Will put of
lDdciinltcly the resumption of specie pay
ments an object so dcvouty To be wished tor
by all, aud by none more earnestly than by
the class OF people most interested those
who earn their bread by the sweat Of then
brow
The decisions of Congress on this subject
VIII have the hearty support of the EXccu-
i've
sHIr-BuuUING. {
In PREVIOUS messages have called attention ,
o the decline III American shlp-building aud
recommended such legislation as would secure
o us our proportion of the CARVING trade
stimulated by high rates and abundance
II freight. The progress tor the last
ear in shipbuildtng has been very
satisfactory. There has been an IN
reasc OF about three per cent. III the amount
transported in American vessels over the I,
lmount Of last year. Wth the reduced cost !
" material winch has taken Ilace, 1t may rcn. ,
onably be hoped that tins progress VIII be :
maintained aud even increased. However, az .
yo pay about eighty million dollars per annum !
o foreign vessels for the transportation of our !
urplus products to a market, thus increasing ,
he balance of trade against us 10 tins amount | !
he subject Is one worthy OF your serious con !
liberation.
CHEAP TRANSFORMATIONS.
CHEAP transportation Is II subject that !
as attracted the attention Of both producers V
nd consumers for the past few years ana has .
ontributed To, II 1t has not bccn the direct '
duse of IT, recent pan,c and striugeucv. AS (,
congress at its last session appointed special i
committee To investigate tins whole subject !,
uring the vacation aud report at this session, :
have nothing to recommend until their re- u
ort IL read.
THE CANAL.
There Is one work, however, OF n national II
haracter, IN which the greater portion Of the s.
ast and The West. the North and the South. b
,e equally interested. To which I will invite y
our attention. The State of New York has u
anal connecting Lake Ere with the tide +,
alter on the Hudson River. The State of 81
lnOls has similar work connecting Lake o.
Ilchigan with navlgable water on the Illinois a.
aver, thus making water communication IN b
md between the EIst aud the West ana 81
outh. These great artificial water courses p
re the property of the States through which II
hey pass, aud pay toll to those States. III
'otld II not be wise statemanship to pledge ~
hese states that II they viii open these canals fc
pr the passage OF large vessels. the general "
overnment VIII look after and keep IN navI- oi
able condition the great public highways Il
lth winch they connect, to wit. the over d.
augh on the Hudson, the Saint Clare fats IL
nd the Illinois aud Mlssisslppi rivers. IN
This would be n national work, Que of great le
a NE to the producers of the west and south al
giving them cheap Transportation for their III
roCuce 10 the stabUard aud Il market, aud to IT
lie consumers IN the east in giving them al
reaper food. particularly o. those articles of of
cd which 40 not find foreign market, and OF
II prices OF which, therefore, are not regull- IA
a by foreign demand. Gu
The advantages of such n work are too OBJ. m
Gus tor argument. ! submit the subject to pc
III, therefore, without further comment &c
EXPLORATION OF THE AMAZON. by
In atiemptiug to regain our lost commerce uo
~ carrying trade, have heretofore called a ar
tenuon to the states south of MS Offering az
I'D where much might be accomplished. To -.
rthei TINS object suggest that a small APP ~
OPP ihtlon be made, ACCOMPANIED with w
IthUuty for the -crctary of tie Navy to III pc
II a naval vessel To ascend the Amazon River
the mouth of the Madeira, thence to ex
ore thar river and ITS tributaries INTO
OLIVIA ana TO report to Congress, at It's next ie,
SIS on, or as soon as practicable, the accrs. IA
ililty OF the country by water. ITS resources pI
ID the population SO reached TT
Such an exploration Will cost but little: 1t lie
N do no HARM and may result in establish. IA
z trade of value to both nations 10
In further connection with the Treasury De of
would recommend II revision and 81,
of the tarItt laws and the oprulnr su
more mintS for coming money. with author. an
Z 10 com lOt such nations as may apply sid
The WAR DEPARTMENT. f,I
rhc attention OF Congress ~ invited TO tina lie
concentrations contained III the report of ella
e Secretary of War, herewith accompanying, thu
e apparent great cost OF supporting the ut,
my is fully explained IN the report and | ia
pc VIII receive your attention. While in WI
ing your general attention to all the recon- an
'ndations made by the Secretary OF War az
RE are TWO which would especially invite tri
II 10 Consdei -tifst the Importance of pre-. pr,
ring Tor war III time of peace by providing lat
pper armament for our sea coast dcfences. del
proper armament is of vastly more Impor- the
zee than fUriltlrailons. The latter can be 4,
ppleu very speedily Tor temporary purposes ING
leu needed; the former cannot pc,
ne second Is the necessity OF reopenIng nal
lmotloh III the stan corps of The army dc
iucularly Is thls necessity felt IN the medt Ma
pay ana ordnance departments. AT this leg
ne II Is necessary to employ contract sur eco
'hs To supply the necessary tnedlcal attend y
&c required by the army. With the present De
&c OF the pay department IT is nosy difficult All