Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1873-12-05
oct. Dui ig the last four years


cent. certificates compound inter-
est notes and 7-3O bonds out
standing on the 4th Of March, 1869,
all Of which took the place of legal
tenders in the bank reserve to the
extent of sixty-thrce millions of dol
lars. During the Same period there
has been amuch larger comparative
contraction of the currency; the
population of the country has large
ly 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 opened to cult
walton, requiring capital to remove
the products. Manufactures have
multiplied beyond all precedent, and
require capital weekly for the. pay
mcnt of wages and the purchase of
material. Probably the largest of
all comparative contraction is that
arising from the organizing of Free
Labor in the South. Now every la
borcr there receives his wages, and
for the want Of Savings Banks, the
greater part of such wages are car
ried in the pocket, or boarded until
required for use. These suggestions
are thrown out for your considera-
ton, without any recommendation
that they be adopted literally; but
in the hope that the best method
may be arrived at to secure such an
elasticity Of currency as will keep
employed all the industries Of the
country, and prevent such imitation
as will put off indefinitely a resump-
ton of specie payments-an object
devoted to all and wished for by
none more arden,ly than the class
of people most directly Interested
those who earn their bread by the
sweat of their brow. The decision
Of Congress on this subject will
have the hearty support Of the Ex-
ecutive.
In previous messages | have call
ed attention to the decline in Amer
lean ship building, and recommend
cd such Legislation as would secure
to us our portion of the carrying
trade. Stimulated by high rates
and abundance of freight, the pro
gress for the last year in ship build
ing has been very satisfactory.
There has been an increase of about
three per cent. in the amount trans-
ported 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 change will be
maintained and in every way in
creased, as we pay about $40, 900, 900
per annum to foreign vessels for the
transportation Of our surplus pro.
ducts to Il market, thus increasing
the balance of trade against us to
this amount. The subject is one
worthy OF your serious considera.
ton.
CHEAP TRANSPORTATION
is a subject that has attracted tho
attention Of both producers 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
at its last session appointed CON-
mittee to investigate this whole
subject during vacation, and to re-
port at this session, have nothing
to recommend until their report is
ready.
There is one work, however, of a
national character, in which the
greater portion OF the East and
West, North and South, are equally
Interested; TO- which will invite
your attention. The State of New
York has canal connecting Lake
Erie with the tide water on the
Hudson river. The State of Illinois
has a similar one connecting Lake
Michigan with the navigablc waters
of the Illinois river-thus making
water communication inland be-
tween the East and the West and
the South. These CREST artificial
water courses arc the property of
the States through which they pass,
and pay toll to those States. Would
it not be wise craftsmanship to
pledge these States that if they will
open their canals for the passage of
large vessels, the government will
look after and keep in a navigable
condition the great public highways
with which they connect, to-wit:
The over-slough on the Hudson, the
St. CLAIR flats, and the Illinois and
Mississippi rivers? This would be
a national work, and one of great
value to the producers Of the West
and South, giving them cheap trans
portation tor their produce to the
sea board, and market to the con-
sumers i'll the East in giving him
cheaper food, particularly of those
articles of food which do not find
foreign market, and the prices of
which arc not regulated by foreign
demand. The advantages Of such
an act are too obvious for argument.
l submit the subject to you, there
tore, without further comment.
COMMERCE WITH SOUTH AMERICA.
In attempting to regain our lost
commerce and carrying trade, l
heretofore called attention to the
States south OF the United States,
offering field where much might
be accomplished to further this OBJ
ject. | suggest that small appro-
priation be made, accompanied with
authority for tire Secretary OF the
Navy to fit out q naval vessel to as
cend the Amazon river to the mouth
of Madeira, thence to explore that
river and its tributaries into Boil
via, and report to Congress at its
next session, or as soon as practical
BILE, the accessibility of the country
by water, it's population and re-
sources. Such an explora ton will
cost but little. 1t can do no harm,
and might result in establishing a
trade OF value to both nations in the
future. a,.s -.
In connection with the Treasury
Department, l would recommend
the revision and codification Of the
tariff laws, and the opening of more