The New York herald., 1873-12-03
HERALD l873TRPLE SHEET


plans have been suggested. most. II not all OF
which look 80 me more like imitation the one
hand or compeliing the Government, on the other.
upon the surplus funds OF the country during the
seasons when otherwise employed.
MORE NATIONAL BANK NOTES.
would submit TOR your consideration whether
this difficulty might not be overcome by authorlz-
ing the secretary OF the Treasury TO issue at any
time TO national banks OF issue any amount OF their
notes below liked percentage or their issue, say
40 per cent, upon the banks dcpositing with the
Treasurer OF the United States an amount OF gov
ernment bonds equal to the amount OF notes de-
manded, the banks to forfeit to the government
say four per cent OF the a1ass interest dMrns aUcrm
the time they remain with the Tre9surer
security for the Increased circulnton the bonds
so pledged to be redeemable by the banks Ut their
pleasure, either in whole or ia part by returning
their own bills for cancellation 10 an amount
! equal TO the face OF the bonds withdrawn would
further suggest for your consideration the pro-
priety OF authorizing national banks to diminish
their standing issue at pleasure, by returning for
cancellation their own bills and Withdrawing 40
many United States bonds as are pledged for
the bills returned. In view OF the great actual
and the comparative contraction continuously
going on. Cue to the increase OF population, in-
crease OF manufactures ana all the industries. 40
not believe that there is too mpch OF 1t now for the
dullest period of the year. indeed, II clearing
houses should be established, thus forcing redemp-
ton, 1t rs question for your consideration whether
banking should not be made free, retaining all safe
guards now required to secure Dlholders
THE NATIONAL BANK LAWS
In any modification OF the present laws regulating
national banks as further step toward preparing
Tor the resumption Of specie payments, ! invite
your atten ton TO consideration or the proprlety
OF eXacting from them the retention. aS part OF
their reserve either the whole or part OF the gold
security for their issue. | have not reflected
enough on the bearing this might have in pro-
duclng scarcity OF coin with which which to to
commendation. but your attention is invited TO
the subject.
During the last four years Che currency has been
contracted directly by the withdrawal OF three
per cent certificates, compound interest notes and
sseyen-thlrIyy bonds outstanding on the ath oi OF
tenders in the bank reserves 10 the extent or
$6s, 000 During the same period there has
THE POPULATION or THE COUNTRY
has largely increased More tnan $4,000 mies OF raii-
road have been built requiring the active use OF
capital to operate them Millions OF acres OF land
have been opened TO cultivation, requiring capital
co move the products Manufactures have null
tiplied beyond all precedent In the same period
OF time, requiring capital weekly for the payment
OF wages and Tor the purchase OF material, and
probably the largest OF oil comparative contrac-
tion arises rom the organizing OF Tree labor IN
the South. Now, every laboler there receives
his wages. and for want or savings BANKS the
greater part OF such wages Is carried in the pocket
or boarded until required Tor use These sugges
tions are thrown out Tor your consideration with
out any Recommendation that they shall be
adopted literally, but hoping that the best method
may be arrived at TO secure such an elasncity OF
the currency as will Keep employed all the indus
tries OF the country ana prevent such an imitation
as will put oil Indefinitely the resumption of specie
payments, an object so deyoutly To be wished Tor
by all aud by none more earnestly than the class
Oh people most directly interested who earn their
bread by the sweat Of their brow. The decisions
OF Congress on this subject win have the hearty
support OF the Executive. In previous messages
have called attention to
THE DECLINE IN AMERICAN sHIPBUiIDIgG
and recommended such Legislation as would secure
to US our proportion OF the carrying trade Stlmn-
lated by high rates and abundance ci freight the
progress for the last year IN shpbuildlng mas
been very satisfactory There has been on increase
OF about per cent In tho amount transported 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 prog
fcss will be maintained and even increased How
ever as we pay about $50, ,000, 600 per annum TO
foreign vessels for the transportation OF our sur
Plus products to . market, thus increasing the bal
ance OF trade against US to THIS amount the sub
ject is one worthy OF your serious consideration.
CHEAP TRANSPORTATION
Is q subject that has attracted the attcn.
ton Of both producers and consumers Tor
the past few years and has contributed
recent panic and stringency. As Congress at its
last session appointed special committee 70 IN
vestigate this whole subject during the vacation
and report at this session, / have uotning 70 rec
ommend until their report IS read.
THk CANALS.
There IS one WORK, however, Of national y nal
East and the west, tneS North ana the south.
equally as state 70 " whSa New T y ngs
canal connecting Lake Erie with tdc water on the
hudson River. Tile state or Illinois has similar
water the Illinois River, thus making water
communication inland between the East and the
are the propry 81 he States through rough
which they pass and pay toll 10 those states.
Would 1t not be wise craftsmanship to pledge these
States that If they viii open these canals tor the
passage OF large vessels, the general government
will look after and keep In navigaole condition the
great public highways with which they connect; (;
TO 1.-THE ''oycrsloughn on the Hudson, the Sc.
Clair ,natS and the Hlnot5 and Mississippi rivers
THIS would lie natona! work; one OF great value
IN hn m a
them cheap for their produce TO the
seaDoard and a market, and to the consumers IA
OF those articles Of ood which do not lind foreign
market, and the prices OF which, therefore, are not
sucn a work are too obyous for argument. fsub-
init the subject TO you, therefore, without further
comment.>
OPENING THE AMAZON TO coMMEsoE.
in attempting to regain our lost commerce and
conveying trade have heretofore called attention
to the states south OF Us Offering field where
much might be accomplished, To further this OBJ
ject suggest that small appropriation be made,
accompanied with authority for the Secretary OF
the Navy TO 1T out naval vessel 10 ascend the
Amazon River to the mouth Of the Madeira thence
TO explore that river aud It's tributaries INTO Boli
VIA and to report TO Congress at It's next session.
or as soon as practicable, the accessibility of the
country by water, Its resources and the population
SO reached. Such an expedition VII cost but NJ
tie, 1t can do no harm and may result III establish
ing a trade OF value TO both nations.
In further connection with the Treasury Depart
ment would recommend revision and codinca-
ton OF the tarir laws and the opening OF more
mints Tor coming money, with authority TO cou
for such nations az may apply
WAR DEPARTMENT..
The attention OF Congress Is invited 10 the rec
concentrations contained IN the report OF the
Secretary OF War herewith accompanying. The
apparent great cost OF supporting the army Il fully
explained by this report, and nope VIII receive
your attention.
While inviting your general attention 70 all the
recommendations made by the Secretary Of War
there are two which would especially invite you
to consider, first the Importance of preparing FOR
war In time OF peace by providing proper nrIna-
ment for our sea coast deences. Proper me Mt
The latter can be supplied very speedily for
temporary purposes when needed. The former
cannot. The second js che necessity Of reopcning
promotion IN the stan corps OF the army; partic-
ulary y ths necessity felt In the MEDICAL paS and
ordinance Departments. At this time 1t is neces-
sary To employ contract surgeons ~ supply the nee
essary medical attendance required by the army.
With the present iorcc oil the pay department
IL IL now difficult to make the payments 10 troops
provided Tor by law. Long delays In payments ore
productive Of desertions and other decentralization,
and the law prohibits the payment OF Iroopg by