The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-12-03

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to be redeemable by the banks at their
pleasure, either In whole or In part, by
returning their own bills Tor cancellation
to an amount equal to the face Of the
bonds Withdrawn.
A FURTHER SUGGESTION.
l would further suggest for your con.
sideration, the propriety Of authorizing
the national banks TO diminish the stand.
Ing issue at pleasure by returning Tor
cancellation their own bills and
Withdrawing go many United States
bonds as are pledged for the bills
returned. In view oil tho great actual
contraction that has taken place In
the currency, and tho comparative con-
traction continuously going on, due to the
increase Of population, increase OF manu-
iactures and other industries, | do not be-
lieye that there Is too much now for
the dullest period Of the year. Indeed, II
Clearing Houses should be established,
thus forcing redemption, 1t Is q question
for your consideration whether banking
should not be made free, retaining all the
safeguards now required. 10 secure Dill
holders. In any modification oil the present
laws regulating national banks, and as q
further step towards preparing lorredemp-
ton OF specie payment, l invite your at
tention To the consideration oil the proprie-
ty OF exacting from them the retention Of Q
part Of their reserve, along with the whole
or q part OF the gold interest accruing
upon the bonds pledged as security tor
their issue. l have not reflected enough
on the bearing this might have 10 produc.
| ing a scarcity OF coin with which TO pay
duties on imports 10 give It my positive
recommendation, but your attention Is IN
vited 10 the subject. During the last iour
years the currency has been contracted
directly by the withdrawal Of the three
per cent certificates of compound interest
notes Of z 30 bonds outstanding on the
4th of March, 1860, all OF which
took the place OF the legal tenders
| In the bank reserves 10 the extent
Of sos, 100000. During the same period
there has been much larger comparative
contraction Of the currency; the popula-
tion OF the country has largely increased;
more than 5000 miles Of railroad have
been built, requiring the active use OF
capital 10 operate them; millions OF acres
OF land have been opened to cultivation,
requiring capital to move the products;
manufactures have multiplied beyond all
precedent in the same period OF time, re-
quiring capital weekly Tor the payment
OF wages and for the purchase OF material;
and, probably, the largest OF all compare.
tive contractions arises from the organic.
ing Of free. labor in the South, as now
every lsborer there receives wages, and
for want of savings banks, the greater
part OF such wages ia carried In the pock.
ct or boarded with that required for use.
These suggestions are thrown out Tor
your consideration without any recon-
mendation that they shall be adopted lit
orally, but hoping that the best method
may be arrived ut 10 secure such an
elasticity oil the currency as will keep
employed all the industries oil the coun-
try and prevent such an imitation as Will
put off indefinitely the resumption OF
specie payment-an object 80 devontly TO
be wished for, and by none more than the
class OF people who directly earn their
bread by the sweat Of their brow. The
decisions Of Congress on this subject will
have the hearty support Of the Executive.
AMERICAN sHIP-BUILDtNa.
In previous messages I have called at
teniion to the decline in American ship.
building, and recommended such legisla.
ton as would secure 10 US our proper.
ton OF the carrying trade. Stimulated
by high rates and abundance o! freight,
the progress for the last year in ship
building has been very satisfactory. There
has been an increase Of about three per
cent on the amount transported in Ameri.
can vessels over the amount OF last year.
With the reduced cost Of material which
has taken place, 1t may reasonably be
hoped that this progress will be main
tanned and even increased, however, as we
pay about $50, 100000 per annum to for
eign vessels for transportation OF our sur
plus products to market, thus increasing
the balance OF trade against US to this
amount The subject Is one worthy OF
your serious consideration, Cheap trans
portation Is subject that has attracted
the attention oil The producers and com.
missioners for the past few years, and has
contributed to, il II has not been the direct
cause, Of the recent panic stringency. As
Congress at its last session appointed q
special committee to investigate this
whole subject during the vacation and re.
port at this session, have nothing TO re.
commend until their report Ia received
There Is one work, however, Of q ma
lional character, 10 which the greater por.
ton Of tho East, the West, the North, and
the South are equally interested, to which
| will invite your attention. The State
Of Now York has canal connecting Lake
Erie with the tidewater OF the Hudson
River. Tho State Of Illinois has similar
work connecting Lake Michigan with the
navigable water on the Illinois River,
thus making water communication inland
between the East and West and South.
These great artificial water courses
are the property of the States
through which they pass, and
pay toll to those States. Would 1t not
be wise statesmanship to pledge these
States that Il they will open these canals
for the passage OF large vessels the general
Government will keep In nayigable con-
dition the great public highways with
which they connect, to.wit: The over
slough on the Hudson; the Saint Clair
fats and the Illinois and Mississipi rivers.
This would be q national work, one Of
great value to the producers Of the West
and South in giving them cheap transpor.
tation for their products TO the sea board
markets, and to the consumers in
the East in giving them cheaper food,
particularly Of those articles of food which
do not find foreign market, and the pri.
ces oil which therefore are not regulated
by foreign demands. The advantages Of
such a move are too obvious for argu-
ment. submit the subject to you, there
lore, without further comment.
OUR LOST COMMERCE..