The Superior times. [volume] (Superior, Wis.) 1870-1912, 1874-01-24
galnst loss his faith in the integrity and ca
acity OF its officers is really his only guaran-

against loss his faith in the integrity and ca
pacity OF its officers is really his only guaran-
| tee.
The capital stock of such a CORPORATION NAV
be swallowed up in reckless speculation, its
funds may be stolen and squandered by those
who are placed to guard them, and its credit
ors have no sure means OF learning It's true
condition until 1t has failed and its books are
| In the hands OF an assignee. The regular re-
ports OF Interested officials Is not sufficient
guarantee OF the soundness OF banking in
stitution, nor is fictitious stock a pr oper
foundation for public credit. The people
should be protected from all such lrresponsi-
Bile institutions by the positive and whole
some restraints of statutory eDactments.
would therefore recommend that the Gen
eral Banking laws be sc amended as to IN
crease the liability of STOCK holders and that
all persons doing banking business in the
State, whether corporate or private, except
corporations organized under acts of Con-
gress. be placed uuder the supervision of
State authority, and some system OF 'inspec-
ton adopted by 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 bank,
by competent and trustworthy officer of the
State. supplementing the regular seml-aunual
report no required, would afford all the pro-
lection against fraud and mismanagement
that the people can reasonably ask at your
hands.
| CHEAP TRANSPORTATION BY WATER.
The relation of our State to national com
merce Is peculiar. More than three-titths of
the Wisconsin boundary is washed by nav-
gable wat ers, conceded to be under the special
care OF the federal government. Our prnci.
pal interior streams are also navi ga BILE, divid-
ing their bounty between the Gulf of Mexico
and the Atlantic Ocean, on line nearly equl-
distant between Lake Michigan and the Mis-.
sissippl river.
l concede that the moneys paid into the
Federal Treasury belong to the people of the
the Intervention of tire Federal Government
for any strictly local Objects But as to the
duty OF the general government to improve
| natural channels of commerce, clearly per-
tanning to the general welfare aud necessary
10 Interstate commerce, there can be no rea
sonable ground for doubt. More than fifty
, years ago, President Monroe commended to
/, Congress the propriety OF improving the navi-
cation OF Western rivers between their high
est navigable points, for the purpose of fac-
tating " intercourse between the Atlantic and
, the Western country" The government has
hitherto most signaly failed to fulfil the
: measure of it's Obligations i'll this particular
Congress has made large and uniform conces-
sons to special industries fostered by Eastern
: capital and those industries have been largely
sustained by indirect taxation upon Western
labor and the products of orr fertile soil
Equity, as well as the discharge of clear
Constitutional duty, requires a different
estimate and apportionment of federal obliea-
tions in future, to the end that the blessings
of government to our agricultural and COM
mercial population NAV better accord with its
cost. 1t is impractcable in this place to ex-
, plore explain all the mysteries of taxation
upon western labor and protectors. Bat the
direct and indirect contributions Wisconsin
to the federal treasury are believed to equal
six or eight millions of dollars per annum in
/ addition to taxes indirectly imposed Tor 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, eX-
cept SO far as our ability to bear the burden
is enlarged by an increase of those facilities
of transportation now demanded by tle gen
eral interests of bo;h eastern and western
2 trade and commerce.
/ congratulate you upon what has been al
ready achieved in these particulars, having u
direct relation to the prosperity OF our own
people. During the year ending on the Goth
; of June last, the total sum of s142, 1886 was
expended by the federal government for the
Improvement OF harbers at Menominee, Green
Bay, Sheboygan, Port Wa -hington, Milwau-
kee, Racine, and Kenosha. A considerable
sum has also been expended on these harbors
during the current fiscal year, and the work
will probably be continued the ensuing year,
in accordance with the recommendations of
Assistant Engineer w. II. Heardng, under
: whose immediate and efficient directions
these improvements were prosecuted during
the past season. The aggregate exports aud
imports to and from these haroors are now
immense, tie exports of Milwaukee alone eX-
: ceedIng three million tons, and those of the
other ports named being pro portionateiy
'arge. The benefits which accrue to the fed
oral government and to the people from
these expenditures on our lake shore gen
| eral and permanent, while the expenditures
are limited and temporary
THE MISSISSIPPI RIVER.
An amount comparatively moderate has
!. | also been expended by the government the
past calendar year on the Mississippi river at
points ambiguous to our state, or otherwise
directly relating to the trade and commerce
of Wisconsin. Practical and judicious meas
, ures for the continuous improvement of this
nltiopal water course from the head of navi-
cation to the mouth of the river, deserve, and
must command, the support Of our represent
atives in congress ard the appreciation of our
people An important portion of our state is
now dependent upon the facilities afforded by
this river for the export of it products and
, for its future growth IN population and
wealth, and much larger portion may Justly
anticipate more important results from add
tlCnal facilities for transportation by means OF
this river hereafter
In this connection 1 would also call your
| attention to the Importance OF 4 slack water
communication between the Mississippi and
} st. Croix rivers. Such an improvement would
hasten the rapid development of our own
state, and would prove equally beneficial to
other northern states bordering on the Missis-
sippi a memorial to cOngre 5 on this sub
iect might serve to call the attention of that
body to the nature and Importance of this
route.
! FOX AND WISCONSIN RIVERS.
Intimately connected with the question Of
cheap transportation. Is the commcndable
undertaking of Congress to complete practi-
|, | cal and permanent water route between the
Mississippi river and the great lakes by
, means OF the Fox and Wisconsin rivers. For
the first time the national government as
, sumed the active and exclusive responsibility
OF this important national enterprise III OctO-
, Der, 1872 At that time the work was trans
; ferred from the Green Bay and Mis- sissppi
Canal Company to the United States govern
ment, and during the past year the improve
: ment has been effectively prosecuted, under
The immediate direction of Assistant United
States Engineer, Capt. John Nader. In his
recent report of progress, Col. Houston, in
general charge of this Improvement, states
that there s no public work more national in
its character than this that by this route the
products Of the southwest will find cheap
transportation to the Seaboard, and the lum-
Der and iron of the northwest to the Mlssissip-
pi Valley, and that " there Is DO other route
which will meet the necessities OF 81 large a
section of the United States at so small an
expense" Capt, Nader estimates that the
whole work may be completed II accordance
with the plan early in the year 1876, and at
an expense to the nation tritling III cOmpari-
son with the benfts anticipated.
| CHEAP TRANSPORTATION BY LAND.
The permanent lmprovem of natural
| water channels of national character doubt
less furnishes partial solution Of the dues-
zion of cheap transportation. But the prob.
lem is one of vital significance i'll all its
phases, AMI also must be fearlessly and intel
lgently considered in relation to land car
| rjape with view to ptprV pOseih1e rpIipp from