Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1873-12-06

OF depositlng them in savings banks.
the currency is practically in state of
gradual contraction. 1t is further re-
garded as "patent to the most casual
observer that much more currency is
required dnring the fall and winter
months" than during the rest of the
year, and it is more than intimated that
with non-elastic currency panics may
thus come to be an autumnal institution
like the equinox, connected with "mov-
ing the crops" To meet this emergen
! cy it is suggested that power be given
to the Secretary of the Treasury during
these periods of annual stringency to
issue to national banks a certain amount
of their own notes upon a deposit by
them of an equal amount of government
bonds, the bonds to be redeemable by
the banks at their pleasure by returning
an equal amount of their bills for can
collation..
In this way it is supposed the Difficult
ty of non-elastic currency can be over
come, and elasticity be impaired to the
present paper issues OF the country.
! The establishment of clearing houses,
the prohibition Of payment Of interest
on deposit, and law requiring the
banks to hold their reserves in their
own vaults, are further suggested as
useful notifications of the present ma
tional banking law, with view to "a
prevention of the use of other people s
money in stock and other species OF
speculation" From all this however,
it is difficult to deduce any policy, or
the suggestion of policy, which leads
up to resumption, or either looks steadi-
| ly i'll that direction. Initiation is GER
tainly not the road to specie payments,
and the Presidents scheme for impart-
inc elasticity to the currency is practi-
cal and periodical infation-and moth
ing less. 1t is idle to expect that any
rotation of the seasons can bring with
it those periods of alternate contraction
and initiation which are to cause now
bonds, and now currency, to flow from
the treasury, like the ebb and flow of a
tide.
Next to that portion of the message
which treats of financial matters direct
ly, perhaps the most important is that
which relates to the bankrupt law, of
which the President recommends, if not
the absolute repeal, at least the repeal
of so much as provides for involuntary
bankruptcy on account of the suspension
of payment. There can be no doubt
tina. the whole law, and especially this
feature, is susceptible Of very great I'M
provement and needs careful revision.
Of the topics that formerly occupied
the largest space in General Grants an
nual messages we find in the present
one a notable dearth st. Domingo is
only alluded to in a single sentence,
where we are told that that republic ()
has applied for the exercise of an Amer
lean protectorate over it. About the
Ku-Klux, Louisiana, and southern law
lessness generally, there is not one word.
| A sentence is devoted TO renewal OF
fermer recommendations in favor OF
general amnesty. The Mormons also
escape this time, although additional
legislation is asked for to enable the
United States Courts in Utah to obtain
iuries, and a restriction Of the jurisdic-
ton exercised by the territorial probate
courts is also urged The reccommen-
dation in fauor of an immense system
of civil improvements, to be undertaken
at the expense of the general govern
ment, is not renewed.
BY a curious infelicity of expression
the President is made to say that cheap
transportation "has contributed to, if it
has not been the direct cause of, the re
cent panic and stringency." We sup
use the President to mean that eXces-
sive speculations in new railroads, pro
noted by unwise legislation on the part
of Congress, has contributed to that
disastrous result-but he does not say
it. He recommends Congress to un-
dcrtake the care of the Erie canal and
of the Illinois State canal, upon the
condition that those canals should be
opened for general traffic, but otherwise
defers any further expression of his
views until the special Senate commit
tee on transportation shall have made
its report and recommendations. One
other exception the President makes to
his general policy of opposition to fur
Their land grants by the general govern
ment. 1t is in favor of an irrigating
canal to be constructed across the arid
plain which stretches from the eastern
slope of the Rocky Mountain TO the
Missouri river
No change in the Indian policy of the
government is limited at. A quinquen-
NAL census is recommended. Civil ser
vice reform is again discussed as some
thing to be accomplished one of these
DAYS, in some uncertain and blessed fu-
ture, when the "rule" shall have been
definitely settled, and for that purpose a
conference between a committee OF
Congress and the civil service board is
deemed advisable. A more effectual
method of ''squelching" the whole sub
ject could not be advised. Finally, in
single sentence, and that the last OF
the message, the passage of law TO
better secure the civil rights of the
"newly enfianchised' is recommended,
which Mr.. Sumner will probably think
a very insufficient notice of the subject,
but then Gen. Grant, unlike Mr.. Sum
ner. is not man of one idea.-Bnh. Sun.
SHOT HIS SWEETHEART DEAD.-A
fresco painter named Poehler, went in
/ D..n...In,nn ID