Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1873-12-08

DeloW InaG amAeu. Inc percentage OF
their issue, say forty per cent, upon the
banks depositing with the Treasurer of
the United States an amount of Govern
ment bonds equal to the amount of notes
demanded, the banks to forfeit to the
Government, say four per cent. of the in
terest accruing on the bonds so pledged
during the time they remain with the
Treasurer as security for the increased
circulation, the bonds SO pledged to be
redeemable by the banks at their pleas
ure, either in whole or in part, by re.
turning their own bills for cancellation
to an amount equal to the face of the
bonds withdrawn. [ would further sug-
gest for your consideration the propriety
of authorizing National Ranks to dimin-
ish their standing issue at pleasure, by
returning for cancellation their own bills
and withdrawing so many United States
bonds as are pledged for the bills return
ed. In view Of the great actual contrac-
ton that has taken place in the curren-
cy. and the comparative contraction con-
tinually going on, due to the increase
of population, the increase of manufac-
lures, and all the industries, | do not
believe that there is too much of it now
for the dullest period Of the year. In
deed, if clearing houses should be estab-
lished. thus forcing redemption, it is a
question for your consideration whether
banking should not be made free, retain
ing all the safeguards now organized to
secure bill holders. In any modification
of the present laws, regulating National
Banks as a further step towards prepar-
ing for the resumption of specie pay
ments, [ invite your attention to a con-
sideration Of the propriety of exacting
from them the retention, as a part of
their reserve, either the whole or part
OF the gold interest aceruing upon the
bonds pledged as security for their ISSUE
During the last four years, the cur
rency has been contracted, directly, by
the withdrawal of the three per cent.
certificates, compound interest notes and
seven thirty bonds outstanding on the
4th of March, 1869. all of which took
the place of legal tenders in the bank
reserves, to the extent Of S63,000,000.
During 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. Millions of acres Of
land have been open to cultivation, re.
curing capital to move the products.
Manufactures have multiplied beyond
all precedent in the same period of time
requiring capital, weekly. for the pay
ment of wages and for the purchase o.
material, and probably the largest of al
comparative contraction arises from tn,
organizing of free labor in the South
Now every laborer thus receives his wa
ges, and for want of savings banks tn,
greater part of such wages is carried il
the pocket or boarded until required TO
use.
These suggestions are thrown out 70
your consideration without any recon
mendation that they shall be adopte'
literally, but hoping that the best meth
cd may be arrived at to secure such a.
, elasticity of the currency as will kee
! employed all the industries of the coun
, try, and prevent such an imitation as vii
put off indefinitely the resumption c
) specie payments, an object so devoutl
, to be wished for by all, and by non
3 more earnestly than The class of peopl
, most directly interested-those who ear
their bread by the sweat of their brow
4 The decisions of Congress on this subjet
e will have the hearty support of the e,
s ecutive.
e sHIP-BUILDING AND TRANSPORTATION.
e In my previous messages [ have cal
e ed attention to the decline in America
S ship-building and recommended sue
a legislation as would secure to us OIL
proportion of the carrying trade. Slim
= lated by high rates and an abundan
is of freight, the progress for the last ye
e in ship building has been very satisfa
l. tory. There has been an increase
e about three per cent. in the amou
IF transported in American vessels ov
he the amount of last year. With the l
lie duced cost of material which has tax
in place it may reasonably be hoped tn
i this progress will be maintained al
N even increased. However, as we p
S, about $So.OOO,OOO per annum to forei
IN vessels for the transportation of our ST.
is plus products to market, thus incre;
st ing the balance Of trade against us
)" this amount, the subject is one wort
- &c x,o,,X. eor;o,,cY oore;d orot;on ~,
a transportation is a subject that has
Oh tracted the attention of both produc,
i'll and consumers for the past few yea
tn and has contributed to, if it has not be
nd the direct cause of the recent panic a
tn stringency. AS Congress, at its |
ry session, appointed special commit
cd to investigate this whole subject DUR