The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1873-12-09

VI inOuey ii required 10 transact the leg-
itimate trade Of the country during the
fall and winter months when the vast crops
are being moved than during the balance
Of the year.
PLEA FOR ELASTICITY.
With our present system, the amount
III the country remains the same through.
out the entire arresultipg iu an accum.
ulation Of all the surplus capital of the
country in few centers, when not en-
ployed for the moving of crops, tempted
thereby by offers of interest on call loans.
Interest being paid, this surplus capital
must earn this interest with a profit, BE.
ing subject to call, in cannot be loaned,
only in part, at best to the merchant or
manufacturer for a fixed time; hence 60
matter how much currency there might be
in the country, it would be absorbed
prices keeping pace with the volume and
paDics, stringency and disasters, would
ever be recurring with the autumn. Elias.
ticity in our momentary system, therefore
Is the object to be attained first, and next
SO that as far as possible prevention of
the use Of other peoples money aud stock
and other species of speculations.
PLAN FOR AN ELASTIC CURRENCY.
would further suggest for your con.
sderation the propriety of authorizing
National Banks to diminish their stand.
ing issue at pleasure by returning for can.
celation their own bills and Withdrawing
SO many United States bonds es are
pledged for the bills returned. ln view
Of the great actual contraction that has
taken place in currency, and the ccmpar.
ative contraction continually going on due
to the increase of population, increase of
manufactures, and all the industries.
do not believe that there is too much Of
it how for the dullest period Of the year.
Indeed if clearing houses should be estab-
lish, thus forcing redemption, i. is a ques.
ton for your consideration, whether bank
ing should not be made free, retaining
old safeguards now required to secure
bili.holders.
HOW TO KEEP TIE GOLD IN THE BANKS.
In any modification of the present laws
regulating National banks as further steps
towards preparing for the resumption Of
specie payment, invite your attention to
consideration Of the propriety of oxa,t-
ing from them the retention, as Il part OF
OF their reserved, either the whole or a
part Of the gold interest accruing upon
bonds pledged as security for tbeirTssuc
have not reflected enough on the bear
ing th- might have in producing a scar.
city OF coiu with which to pay duties on
imports, to give it my positive recon-.
mendation, but your attention is invited
to the subject. During the last four
years, the currency has been contracted
directly by the withdrawal Of three per
cent, certificates, compound interest notes
and 7.30 bonds outstanding on the 4h IF
March, 1869, all of which took the place
of the legal tenders in the bank reserves
to the extent of S63,000,000 during the
same period there has been much larger
comparative contraction of the currency
The populction Of the country has
largely increased. More than 25,000
miles Of railroad have been built, requir-
ing the active use of capital to operate
them, millions Of acres Of land have been
opened TO cultivation, requiring capital
to move the products manuf.c ories
have multiplied beyond all precedent in
the same period of time. requiring rapi.
tai weekly for the payment Of wages aud
for the purchase Of material, probably
the largest of all comparative contraction
arises from organizing free labor in the
south. Now every laborer there receives
his wages and for want Of savings bauks
the greater part of such wages is carried
in the pocket or boarded until required
for use. These suggestions are thrown
out for your consideration without any
recommendation that they may be adopt,
ed literally but hoping the best method
may be arrived at to secure such an
elasticity Of the currency as will keep
employed all the industries of the coun.
try and prevent such an initiation as will
; put off indefinitely the resumption of
specie payments, an object SO devouily
to be wished for by all, and by mono
more earnestly than the class of people
most directly interested, those who earn
their bread by the sweat of their brow.
The decision by Congress of this subject
: will have the hearty support Of the ex.
: ecutive.
THE COST OF THE ARMY.
The attention of Congress is invited 10
recommendations contained in the report
of the Secretary of War herewith accom-
panying. The apparent great cost Of
supporting the army, as fully explained
by this report, | hope will receive your
attention.
IN TINE OF PEACE PREPARE FOR WAR.
0 While inviting your general attention
s to all the recommendations made by the
9 Secretary of War, there are two which
s would especially invite you to consider ::
b. lst, the Importance Of preparing for war
i in time Of peace, by providing al a'ua-
y ment for sea coast defence. Proper
!. armament is of vastly more importance
than Notifications. The latter can be
n supplied very speedily for temporary
purposes when indeed the former cannot
The second is the necessity of reopeniug
= promotion in the taft corps of the army
= e Particularly is this necessity felt in the
- Medical, Pay, and Ordnance Depart
y ments. At this time it is necessary tc
= employ contracts with surgeons to supply
!. the necessary medical attendance required
IS by the army. With the present force Of
p the Pay Department, it is now difficult
to make the payment to troops provided
r for by law. Long delays in payments
S. are productive of desertions and othel
1t demoralizations, and the law prohibits thu
& payment of troops by other than regula
IN army paymasters. There are now sixteel
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