Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1873-12-04

their own bills and Withdrawing so
many United States bonds as are
pledged for the bills returned. In
view of the great actual contraction
that has taken place in the currency,
and the comparative contraction con-
stantly going on, due to the increase
Of population, increase of manufac-
lures and oil the industries, l do not
believe that there is too much oft
now for the dullest period of the year.
Indeed, If clearipg-houses should BIO
established, thus forcing redemption,
it is a question for consideration
whether banking should not be made
Tree, retaining all the Safeguards now
required to secure bill-holders. In
any modification of.the present laws
regulating national bank ana fur
Their step toward the resumption of
specie payment, | invite your atten-
ton to o consideration of the proprie-
ty OF exacting from them the retention,
as part of their reserve of either the
whole or part of the gold Interest ac-
cruing upon the bouds pledged as Sc
curity for their issue. I have not re-
Elected enough on the bearing this
might have in producing scarcity OF
coin with which to pay duties on i'm
ports, to give it my positive recon-
but your attention is in
vited to the subject. During the last
four years the currency has been con-
tracted directly by the withdrawal of
) per cent. certificates composed of in
terest notes and 7.30 bonds, outstand-
ing on the 4th of March, 1869, all of
which tack the place of legal tenders
in the bank reserves. to the extent of
sixty-three millions Of dollars. Dure
ing the same period there has been a
much larger comparative contraction
Of the currency. The population of
the country has largely increased ;
more than $4,000 miles Of railroad
have been built requiring the active
use of capital to operate them; mil
ions of acres of land have been open
ed to cultivation, requiring capital to
remove the products; manufactures
have multiplied beyond all precedent
in the same period of time, requiring
capital weekly for the payment Of
wages and for the purchase Of materi-
al, 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, for want of
savings banks, the greater part of such
wages is carried in the pocket or hoard
ed till required for use. These sug-
gestions are thrown out for your con-
sideration, without any recommends
ton that they shall be adopted liter
ally, 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 prevent such an imitation
as will put off indefinitely the resump-
ton of specie payment, an object de-
voutly to be wished for by all, and by
none more earnestly than the class Of
people most directly interested-those
who earn their bread by the sweat Of
the brow. The decision of Congress
on this subject will have the hearty
support Of the Executive.
SHIT BUILDING.
ssnIn previous messages, I have called
attention to the decline in American
ship.building. recommend such leg
islation as would secure to the United
States our portion Of the carrying
trade. Stimulated by higher rates and
the abundance of freight, the progress
for the last year in ship-buildiug has
been very satisfactory. There has
been an increase of about 8 per cent.
ia the amount transported In Ameri.
can vessels over the amount Of last
year. With the reduced cost of ma
terial which has taken place, It may be
reasonably hoped that this change
will be maintained and even increased.
However, as we pay about $50, 0OO, 900
per annum to foreign vessels for the
transportation of our surplus pro-
ducts to market, thus increased, the
balance of trade is against US to this
amount. The subject is one worthy
of your serious consideration. Cheap
is subject that has at
tracted the attention Of both produce
ers and consumers for the past few
years, and has contributed to, If it
has not s eahHaHse q Ii tb Tsssn
at its last session, appointed a special
committee to investigate this whole
subject during the vacation, and re-
port at this session, have nothing to
recommend until their report is
ready.
There is one work, however, of a
character, in which the great
err portion of the East and the West,
the North and the South are equally
interested in, to which I will invite
your attention. The State Of New
York has canal connecting Lake
Erie with the tide-water on the Hud-
son River. The State of Illinois has
q similar one connecting Lake Mich
igan with the nayigable waters on the
Illinois river, thus making water COM
inland between the East
and the West, and South. These
great artificial water courses are the
of the States through which
they pass, and pay toll to those States.
Would it not be wise craftsmanship to
pledge these States that if they will
open these canals for the passage of
largo vessels, the Government will
look after and keep in navigable con-
aition the greet public highways with
which they connect. to-wit: The over
slough on the Hudson, the st. Clair
flats, and the Illinois and Mississippi
rivers? This would be national
work, one Of great value to the
producers Of the West and South, in
giving them cheap transportation for
their produce to the seaboard, and q
market to the consumers of the East,
in giving then-cheaper food, particu-
larly of those articles of food which
do not find foreign market, and the
prices of which, therefore, are not
regulated by foreign demand. The
advantages Ct such work are too OBJ.
vious for argument. fsubmit the SUBJ
ject to you, therefore, without further
comment.
In ATTEMPTING to regain our lost
commerce aid carrying trade, ] here.
tofore called attention to the States
south of us offering q field where
much mightbe accomplished to furth.
er this objec. suggest that small
be made, accompanied
with authority for the Secretary Of
the Navy tt At outa naval vesselito
ascend the Amazon river to the mouth
Of the MadeirS, thence to explore that
river and its tributaries into Bolivia
and to report to Congress at its
next session, ir as soon 40 practicable,
the accessibility Of the country by