The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1874-01-31
WASHINGTON LETTER.
WAsH1NeroN, ID. c.,
Jan. Oath. IA. {

WASHINGTON LETTER.
WAsHINeToN, ID. c.,
Jan. Oath, "a.
The great speech of MIR. Bout
well in the Senate yesterday, is
likely to put wet blanket on the
numerous schemes proposed in
Congress for a greater or less ex
pansion of the currency. He takes
the same stand now as he did
through his successful ministry OF
the Treasury, for which his enemies
denounced him as heing devoid OF
q policy. His policy is that of
/, mastery inactivity in legislation.
He opposes any measure tending
either to contract or expand the
currency or defnatly anticipating
a return to specie payments.
Either of these he says will tend to
another panic. The late panic, in
his opinion, resulted f.om over
trading and the concentration of
capital in New York. He adduced
the reduction in the gold premium
since 1865 as evidence of q steady
progress towards redemption, and
looked forward to an early day
when coin and paper would be
equalized through the natural
growth of legitimate business in
the country. He justified the use
of part of the forty-four million
reserve, the legality of which never
should have been questioned, and
he thought the present debat
should settle it, but held that it
would be the duty of the Secretary
to return to the limit of permanent
circulation at tho earliest p,actic-
able moment
This speech, on account of the
relation he has so long held to the
finances of the country, will have a
powerful effect upon financial legis
lation during the session. Some
of the most pronounced imitation
lists are staggered by it.
The Maryland Editorial Associ
alton has just adopted resolution
(which should be endorsed in all
the other States] requesting their
representatives in Congress to use
every proper influence to obtain q
repeal Of that part Of the postal law
Z which forbids the free exchange OF
newspapers and their free circula-
ton in the counties where they are
published Such a law, passed as
It was with out chance for proper
consideration as rider to an in
portant bill, is an outrage upon the
provincial press of the country
against which it unjustly discrimi
mates. i9
The answer of the Post Master
Gen. to House resolution of in
quiry regarding the expense OF con
Quoting Postal Savinge Institutions
is considered very satisfactory, and
much less than was generally an
ticipated. Commencing savings
banks only at first class money or
der post offices, of which there are
at present 2O8, it is stated that LAC
clerks would be sufficient for their
successful management, and the
cost would be $153,OOO. They
would then, if found by experience
to be demanded more generally, be
extended to the second, third and
forth grades of money order offices
Such repositories securing deposits
by u. S. boEds at q low rate Of
interest would, it is believed, pre-
vente much concentration of cap
ital at the great money centers
They will afford absolute security
to depositors of savings, and being
at all times payable in currency
will supply need of circulation
whenever and wherever demanded
by the requirements of Legitimate
business. They are unquestionably
the most desirable institutions fol
The protection and encouragement
of industrial savings that have eve1
been projected in this country, and
when properly understood, are
everywhere popular with the mas
SEES. The expense will be dxdeedet
by the saving of interest on th'
bonds. ~