Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1873-12-11


pledged during the time they remain
with the Treasury as security for the
increased circulation, the bonds so
pledged to be redeemable by the banks
at their pleasure either in whole or in
part by returning their own bills for
circulation to an amount equal to the
face of the bonds withdrawn.
would further suggest for your con-
sideration the prOpriety of authorizing
national banks to di minish their stand
ing Issue at pleasure by returning for
cancellation their own bills and with
drawing so many United States bonds
as are pledged for the bills returned.
err BANKS.
In view of the great actual contrac-
ton that has taken place ln-the curren-
CIV, and the comparative contraction
constantly going on, due to the Increase
of speculation, increase of manufac-
lures, and all the industries, do not
believe that, there is too. much OF 1t
now for the dullest period OF the year.
Indeed. if clearing houses should be es-
tabIished, thus forcing redemption, is
uuestion for consideration whether
banking should not be free, retaining
all the safeguards now required 70 Sc
cure bill holders. b rrf .--lF Ri
In any modification OF the present
laws regulating national banks, and
further step toward preparing Ior the
resumption of specie payment, L invite
your attention to the consideration of
the propriety of eXacting from them
the retention, as part OF their reserve,
either the W hole or a part of the gold
n hnnny nip6O-
ed as security for their issue. L have
not reflected enough on the bearing
ti,is might have in producing a scarcity
of coin with. which to pay duties ON I'M
ports to give it my positive recon-
mendation, but your attention is M
vited to this subject. during the last
fougyears the currency has been con-
traeted directly by the withdrawal OF
per cent. certificates, compound inter
est notes, and 7-30 bonds outstanding
on the 4th of March, 1869, all of which
took the place of legal tenders in the
bank. reserves 20 the extent OF sixty
three millions of dollars. During the
same period there has been a much
larger comparative contraction OF the
currency. The population of the coun-
try has largely increased. More than
$4,000 miles of railroad have been built,
recurring the active use OF capital to
operate them. Millions of acres of land
have been open to cultivation, requir-
iny. capital tomove the products. Man
ufactories have multiplied beyond all
precedent in rthe sameperiod of time,
requiring capital weekly for the pay
ment of wages and for the purchase of
material; and, probably the largest of
all, the comparative contraction arising
from the organizing of free labor in
the South. Now every laborer there
receives his Wages, and Tor want OF
savings banks the greater part OF such
wages is carried in the pocket or hoard
ed till required for uSe. . 49,,
The suggestions are thrown out for
your consideration, without any re-
COMMUNICATION that they shall be eadopt-
ed, literally. But hoping that the best
method may be arrived at to secure
such an elasticity of the currency as
will keep employed all the industries of
the country, and present such an infia-
tion as will put off Indefinitely the re-
sumption of specie payments, an object
devoutly to be wished for by all, and
hy none more earnestly than the class
of people most directly interested -
those who earn their bread by the
sweat of their brow. The decisions of
Congress on this question will have the
hearty support of the Executive. '
onEAP TRANSPORTATION ar
is subject that has attracted the atten-
ton of both producers and consumers
for the past few years. aud has contrib
utcd to-, if it has not been the direct
couse OF, the recent panic and stringen-
cy. AS Congress at its last session aps
pointed a special committee to investi-
cate this whole subject during the va
cation, and report at this session, have
nothing to recommend until their re-
port is ready. There is one work, how
ever. of a national character in which
the greater portion of the East and
West. the North and the South, are
equally interested, to which L will in
yite. your attention. - -TslEla-
The State of New York has canal
connecting Lake Erie with tidewater on
the Hudson River. The State of Him
ois has a similar canal connecting Lake
Michigan with nayigable water on the
Illinois River, thus making water com :
munication Inland between the East and
the West and South. These great asti-
ficiar water courses are the property OF
the States through which they pass, an c
nav toll to those States. Would it not
be wise atesmnnship to pledge these
States that If they VIII open these ca
nails for the passage lof large vessels,
the government will look after and
keep in uavigable, condition the great
public highways in which they connect
to wit: the oversiough onS the Hud-
son, the ST. Clair Flats, and the Illinois
and Mississippi rivers. This wonld be
a national W ork. ono o.. gi eat value 10
the producers OF the West and South, in
giving them cheap transportation for
their produce 10 the seaboard,a and q
market to the consumers in the East In
giving them cheaper delivery of those
articles of food which do not find a for
ei"n market, and prices which, there
fore, are not regulated by foreign de-
mands. The advantages of such work
are too obvious for argument. | sub
init the subject to you, therefore, with
out further comment. ..1fb b... .efI
,..,7- ..t.5-,i MORE MINTs. I .ft f4i
In further connection with the Treas
urv Department ! would recommend a
revision and Qualification or the tariff
laws, andahe opening OF more mints
for the coming of money, with authori-
ty TO coin or.such natious as may apply.
THE WAR DEPARTMENT. go
The attention of Congress is invited
to the recommendations in the report OF
/ the Secretary Of War, herewith accom-
panying. The apparent great cost OF
sunnortinu the academy is fully explain