Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1873-12-05
hould be established and their forcing

redemption, IL is question Tor your
consideration whether banking should
not be made free without releasing all
the safeguards now required to secure
all holders in any modification of the
present laws regulating national banks.
As further step toward preparing for
resumption OF specie payments, Invite
your attention to q consideration OF the
propriety of exacting from them the re-
tention, as part of their reserve, either
the whole or part OF the gold interest
accruing upon the bonds pledged as Sc.
curlty for their issue. have not re-
flected enough on the bearing this might
have In producing o scarcity OF coin
with which to pay duties on imports to
| give IL my positive recommendation,
but your attention Is invited to tho SUBJ
| ject. During the last four years the cur
| rency has been contracted directly by
the withdrawal OF three per cent. GER
tificates, 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 500, 10000
| During the same period there has
been much larger comparative con-
traction of the currency, tho population
has largely increased, more than twen-
ty.five thousand miles of railroad have
been built, requiring the active use Of
capital TO operate them. Millions of
acres OF land have been opened to culti-
walton, requiring capital to move pro.
ducts. Manufactures have multiplied
beyond all precedent in the same period
of time, requiring increased capital
for the purchase of material, and prob
ably the largest of all comparative con-
traction arising from the organizing
| of free labor in the South. Now every
laborer of these receives his wages, and
for want of savings banks the greater
part of such wages Ia carried in the
pocket or boarded until required for use.
These suggestions are thrown out for
your consideration, without any recon-
mendation that they should pe adopted
literally, but hoping that the best meth.
cd 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 80 devoutIy
to bo wished for by all, and by none
more earnestly than the classes of people
most directly Interested, those who earn
their bread by the sweat Of their brow.
The decisions of Congress on this SUBJ
ject will have the hearty support Of the
executive.
| OUR COMMERCE--SHlP BUILDING.
In previous messages have called at
tention TO the decline in American ship
building, and recommended such legis-
lation as would secure to US our pro.
portion of the carrying trade. Stimu-
lated by high rates and abundance OF
1relght, the progress for the last year in
shipbullding has been very satisfactory.
There has been an increase of about
three per cent. in the amount transport
ed in American vessels over the amount
of last year. With the reduced cost OF
material which has taken place, it may
reasonably be hoped that this progress
will be maintained, and even increased.
However, as we pay about eighty mil.
lion dollsrs per annum to foreign vessels
for the transportation Of our surplus
products to a market, thus increasing
the balance of trade against us to this
amount, the subject is one worthy o1
your serious consideration.
CHEAP TRANSPORTATION.
Cheap transportation is q subject that
has attracted the attention of both pro-
ducers and consumers for the past few
years, and has contributed to, If it has
not been the direct cause of, the recent
panic and stringency. AS Congress al
. It's last session appointed q special COM
mittee to investigate this whole subject
during the vacation aud report at thil
session, l have nothing to recommend
until their report is read. There is one
work, however, Of national character
in which the greater portion of the cas-
and west, the north and the south, are
equally interested, to which 1 invite
your attention.
The State of New York has cana
) connecting Lake Erie with tide watel
, on the Hudson river. The State of Hi
nois has a similar work, connecting
,, Lake Michigan with navigable waite
!, ON the Illinois river, thus making waite
connection inland between the east ant
west and south. These great artificia
water courses are the property Of tn
States through which they pass and pa.
toll to those States. Would it not b
a wise statesmanship TO pledge the State
: that IL they will open these canals TO
the passage OF large vessels the genera
!, Government will look after and keep il
+. navigable condition the great publ
: highways with which they connect, t
: wit: The overslaugh on the Hudson
the Saint Claire flats and the Illinoi
, and Mississippi rivers.
: This would be national work, one c
: great value to the producers of the ives
: and south in giving them cheap trans
!, portation for their produce to the ses
board, and a market to consumers in tn
:, east in giving them cheaper food, pal
? ticularly of those articles of food whic
: do not find foreign market and tn
= prices of which therefore arc not regu
!. lated by foreign demands. The adval
tages of such a work are too obvious fC
: argument; / submit the subject to yOu
. therefore, without further comment.
y In attempting to regain our lost CON
merce and carrying trade, | have here
, tofore called attention to the State
!. south of us offering field where muc
. might be accomplished to further tn
y object. / suggest that small appr,
!, priation be made, accompanied wit
u authority for the Secretary of the Nav
;, to fit out naval vessel to ascend tn
= Amazon river to the mouth of til
!, Madeira, thence to explorethat river an
~ ~ its tributaries into Bolivia, and to n
" as soon as practicable, the accessibilit
y y of the country by water, its resourc,
|. and the population 60 reached. Sue
~ an exploration will cost but little an
70 can do no harm, and may result in G
tablishing trade of value to both N
IL tlons.
REVISION OF THE TARIFF.
4 In further connection with the Trea
j. ury Department would recommend
ar revision and codification of the tari
.r laws, and the opening of moro min
"a for coming money, with authority
n coin for such nations as may apply.
D. WAR REPORT.
B. The attention of Congress is invite
ir to the recommendation contained in IL
y report of the Secretary OF War, her
n with accompanying. The apparel
9. | great cost of suDDOrtIDp tho army