Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1874-01-22

loss; his faith in the integrity and
capacity of its officers is really his
only guarantee.
| The capital stock of such corpor-
alton may be swallowed up in reok.
less speculation. its funds may be
stolen and squsndered by those who
are placed to guard them, and its
creditors have no sure means of
learning its true condition until it
has failed, and its books are in the
hands OF an assignee. The regular
resorts OF Interested officials is not o
sufficient guarantee of the soundness
of banking institution. nor is its
fictitious stock a proper foundation
for public credit. The people should
oe protected from slisuch irresponsi.
ole institutions by statuatory enact.
ments.
| would therefore recommend that
the general banking laws be so
amended as TO increase the liability
Of stockholders; and that all per-
nors doing a bannkig business in
the State whether corporate or pri-
vate, except corporations organized
under acts OF Congress, be placed
under the supervision of State au-
thority, and some system of iDspec.
ton adopted oy which the public may
be accurately informed as to the
amount of cash capital, the nature OF
the investments, and the character
Of the securities.
Such statement of the affairs of u
bank, by a competent and trust.
worthy officer of the State, supple
menting the regular semi-annual re-
Quired, would afford all the protec-
liou against fraud and mismanage-
ment that the people could ressona-
oily ask at your hands.
CHEAP TRANSPORTATION BY WATER.
The relation of our State to ma.
tionaI commerce is peculiar More
than three-fitths of the Wisconsin
boundary is washed by navigable
water, conceded to be under the
special care of the federal govern
ment. Our principal interior streams
are also navigable, dividing their
bounty between the gulf OF Mexico
and the Atlantic ocean, on a line
nearly equi.distance between lake
Michigan and the Mississippi river.
| concede that the moneys paid
into the federal treasury belong TO
the people Of the whole Union, and
we cannot rghtfulIy claim the in
tervention of the federal government
for any strictly local objects. But
as to the duty Of the general gov
ernment to improve natural chan~
nets of commerce, clearly pertaining
to the general welfare, and necessary
TO Interstate commerce, there can
be no reasonable ground for doubt.
More than fifty years ago, President
Monroe commended to Congress the
propriety Of improving the naviga-
ZION of western rivers between their
highest navigabe points, TOR the
purpose of facilitating intercourse
between the Atlantic and the west
ern country" The government
hitherto most signalIy failed TO fulfil
its obligations in this particular.
Congress has made large and uni$
form concessions to special industries
tostertd by eastern capital, and those
industries have been largely sustained
by indirect taxation upon western la
Dor and the products of our fertile soil.
Equity, as well as the discharge of
clear constitutional duty, requires a
different estimate and apportIonment
Of federal obligations in future, TO the
end that the blessings of government
to our agricultural and commercial
population may better accord with its
cost. 1t is impracticable IN this place
to explore or explain all the mysteries
of taxation upon western labor and
productions. But the direct and indi-
rect contributions of Wisconsin to the
Federal Treasury are believed to
equal SIX or eight millions Of dollars
per annum, in addition of taxes in
directly imposed for the protection of
special industries constituting no part
OF the national revenue 1t is obvious
that for the most of this taxation we
are unlikely to derive any adequate
return, except so far as our ability to
bear the burden is enlarged by an in
crease of those facilities of Transports
ton now demanded Ly the general in
terests Of both eastern and western
trade and commerce.
congratulate you upon what has
been already achieved in these particu-
lars, having a direct relation to the
prosperity of our own people. During
the year ending on the 30th of June
last, the total sum of $l42, 1876 was
expended by the federal government
for the improvement OF harbors at
Menomonee, Green Bay, Sheboygan,
Port Washington, Milwaukee, Racine
and Kenosha. A considers. lie sum
has also been expended on these har-
bors during current fiscal year, and
the work will probably be continued
the ensuing year, in accordance with
the recommendation of assistant en-
gineer W. II. Hearding, under whose
immediate and efficient directions
these improvements were prosecuted
during the past season. The aggregate
exports and imports to and from these
harbors are now immense, the exports
of Milwaukee alone exceeding three
million tons, and those of the other
ports named being proportlonately
large. The benefits which accrue to
the federal government and to the
people for these expenditures on our
Iake shore are general and permanent,
while the expenditures are limited and
temporary.
THE MISSISSIPPI RIVER.
An amount mparativelv moder-
ate has also been expended by the
government the past calender year
on the Mississippi river at points an
tiguous to our State, or otherwise
directly relating to The trade and
commerce of Wisconsin. Practical