The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1873-12-11

currency Il required to keep all the industries Of
me county, eampiGSyeG without this national Is
nation on the other hand while it might n give
temporary relief. would only lead TO an inhation
Of prices The. Tie it%pSsssibility Of competing
and labor and the repeated renewal Of expansions
give elasticity to our circulating mediuin there
fore, and Just enough Of 1t to transact the legit.
tries employed, Is what is most desired The exact
change the world over: 4Sst Obtained, We o. shall s
II there be too much Of 1t for the legitimate DUR
poses OF trade and commerce. 1t will flow out Of
The country; too little Of it. the reverse will be
ciate our currency to that standard, is . problem
deserving OF the most serious consideration Of
Congress.
The experience Of the present panic has proven
that the currency Of the country based as Is
the credit Of the country Is the best that has ever
Sssn devissd Usually, in times Of such
worthless. NC 50 ds sps se''n 70
value as to initiate the values 81 ali the nee :
Every one holding Il has been snxous to Sspess u
Holders Of the currency hoard it Is they did gold
IN former sxpeliences Of like nature II is patent
rency or money required to transact the legiti-
ment trade Of the country during the
fan and It,, winter months, when the vast
Of the year. Under the present system the amount
in the country remains the same throughout the
year, resulting IN an accumulation Of ali the sur
the moving Of crops, tempted there by offers Of in
terest being paid. This surplus capital must earn
this interest paid with . profit. Being subject to
merchant or manufacturer for fixed term.
Hence. no matter how much currency there
might be IN the country, it would be absorb
dssse1 the on% snd
system. There is this object to be obtained frsi,
and next ss far az possible, prevention Of the
lation. To prevent the latter it SCENE to me that
one great step would be taken BY prohibiting the
On
own vaults, and by forcing them into redemption,
though it would be only in legal-tender notes.
For this purpose would suggest the establishment
secure the former many plans have been suggest
ed, most Of which look to me like imitation, ON
one hand, or compelling the Government, on
pending benefits upon the surplus funds
Of the country during the seasons when otherwise
n5Ss%poy s submit for your consideration
authorizing the Secretary Of the Treasury to issue
at any time, to nominal banks Of issue, any
amount of their notes below fixed percentage Of
ns un hs sir sst ssp9s
amount Of Government bonds equal to the
amount 9t-,., Of note. demanded, the bank.
no 10 forfeit sset to o., the Government, cay
the 60 sruR se , assTs
remain with the Treasury as security for the in
crease Of circulation, the bonds go pledged to be
redeemable by the banks at their pleasure, either
in whole or in part, by returning their own bills
for cancellation to an amount equal to the face Of
the bonds Withdrawn; would further suggest for
national banks to diminish Their standing issue y
pleasure by returning for cancellation their
own bills and Withdrawing SO many United
bills In view Of the seess actual o
traction that has taken place in the currency and
the comparative contractiUn constantly going On,
manufactures and the Industries, do not believe
that there il too much Of it now for the dullest
ppsoS ss the clearing
| is question for consideration whether banking
| should not be made free, retaining all the safe.
guards now required to secure: bill.holders. In
lating national banks and q further step
toward the resumption of specie payment, I
invite your attention consideration Of the bro.
priety Of exacting from them the retention, as q
part Of their reserve, either the whole or a part
OF the gold interest accruing upon the bonds
pledged as security for their ISSUE have not re-
needed enough On the bearing this might have in
ties on imports, to give 1t my positive recommen-
dation, but your attention Invited to the subject
During ths lat four years the currency has been
cent. certificates composed Of interest notes and
7-3O bonds outstanding on the 4th Of March, 1853,
all Of which took the place Of legaltenders in the
bank reserves 10 the extent of sixty-three mill
ions OF dollars: During the came period there
has been much larger comparative contraction of
the currency. The population Of the country has
largely increased more than 25 600 miles OF rail-
road have been built, requiring the active use of
capital to operate them: millions Of acres of land
nave been t Gpensd to requiring capital
tiped beyond all precedent in the same period Of
time, requiring capital weekly for the payment Of
wages and for the purchase Of material, and, prob
arising from the organizing. Of free labor in
the south. Now, every. laborer there re.
carried in the pocket or boarded Til required for
use. These suggestions are thrown out for your
consideration without any recommendation 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
ton Of specie payment, an object devoutly to Be
wished for BY all; and BY none more earnestly than
the cla's Of people moet directly
e the
| the hearty support of the Executive.
AMERICAN sHIP-BuILD1NG.
the decline in American ship.buiidinr. and recom
mcnded such legislation A. 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 in shipbmld-
ing has been very satisfactory. There has been
an increase of about 3 per cent. in the amount
transported In American vessels over the amount
I Of laet year. With the reduced cost Of material
which has taken.place, 1t may reasonably be hoped
that this change will be maintained and even in.
creased However, as We pay about $4,000 900 per
creasing the balance Of trade against ~
to this amount the subject is one worthy Of
has Se
producers and consumers for the past few years.
and has contributed to, il it has not been the direct
cause Of, the recent panic and stringency. Al
congress- at its last session, appointed special
committee to investigate this whole subject during
The vacation, and report at this session, have
nothing to recommend until their report Is ready
| INLAND WATER NAVIGATION.
| There is one work, however, Of national charac
ter, m which the greater portion Of the East and
the West, the North and the South. are equally in
state Of New York has a canal connecting Lake
Erie with tide-water on the Hudson river
The State Of Illinois has similar one CONNECTING
illinois river, thus making water communication
inland between the East and the West and tn
South. These great artificial water courses are the
gSSpe, # hs sass xp they
craftsmanship to pledge these States that If the!
will open these canals for the passage Of large yes
i
which they connect, to-wit: The over-slough Of
the Hudson, the 81. Clair fats, and the lllinoi
and Mississippi rivers! This would be nationa
work, one Of great value to st the pro
giving them cheap transportation for thei
produce to the eeaboard, and market to the con
sumers in the East, In giving them cheaper food
particularly of those articles of food which do no
and foreign market. and the prices Of which
therefore, are not regulated by foreign demand
The advantages Of such work are too obvious fol
argument. 1submit the subject to you, therefore
without further comment.
l EXPLORATION OF THE AMAZON.
In attempting to regain our lost commerce and
carrying trade heretofore called attention to tn,
States south Of us as Offering field where mucl
might be accomplished 10 further this object.
suggest that small appropriation be made, &C
cOmpanied with authority for the Secretary o
the Navy to at ont naval vessel to ascend tn,
Amazon river to the mouth Of the Madeira, theHc
TO explore that river and Its tributaries int,
Bolivia and to report to Congress at it's next ses
sion, or soon practicable, the accessibility o
the country by water, it, resources, and the pop
ulation 20 reached. Such IN exploration vii
csst but little. It can do no harm, and ma,
result in establishing trade Of value to botl
nations.
REVISION or THE TAHITI LAWS.
In further connection with the Treasury De