The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1874-01-27

and Indian Affairs are dissatisfied with
the liberties taken by the Committee on
Appropriations. Gen. Coburn at the be-
ginning Of the session proposed that the
appropriate committee having special
charge Of these estimates should be con-
suited by the Committee on Apropria-
tons before applying the knife in cutting
down the amount required. In the case
of the War Department the Military
Committee will oppose any reduction by
Mr.. Dawes Committee, and some spar
ring may be expected on the subject.
The vote yesterday in the House of
155 yeas and 80 nays to the PROPOSE
ton of Judge Kelly's convertible bond
as remedy for a depressed Treasury has
some Specification. It failed to secure
the required two thirds; but it shows
that some plan will find favor to secure a
more elastic financial system at least for
temporary purposes, 1t may be true
that the fact that we now do far more
business with much less currency than
we did forty years ago is a good sign OF
presant substantial prosperity and that
to keep the even tenor of our way until
the growth of business shall bring up
our present volume to gold and silver
value is the safest one to pursue. Yet
for the time that our panic shall. send
abroad it's doubts and fears and shake
confidence throughout the land there
must be some provision for restoring a
normal condition of trade. Neither in
fation nor contraction should be resorted
to as a permanent measure of finance, but
where trade lang1ishes and labor remains
unemployed and gaunt famine glares at
us from various sections of the country,
1t will not do to stand idly by, and as
sumo that no helping hand may be extern
ded for the relief of the toiling masses.
Careful consideration and earnest work
is expected of Congress in the solution
of the financial problem, and prejudice
and feeling regarding pet theories must
give way to practical and adequate relief
to the people in their legitimate business
demands.
One of the best means of securing the
country against panics in the future and
of maintaining confidence in each other
amongst business men is the proposition
of P. M. Gen. Cresswe1 for the estab-
lishment of Postal Saving Banks. There
is now powerful lobby here interested
in the control of the money saved by the
people by private corporations through
which medium so many millions of the
people hard earned savings have latterly
and always in this and other countries
been absorbed and sunk. In England
where this private bank system had dis
couraged savings, as it has here in some
degree, during the past eleven years
800, 900, 900 have been deposited in her
Postal Banks drawing an interest of p
percent. In this country where the peo-
pie save so much more generally, their
savings, in the language of Mr.. Cress-
well ''would soon grow into such gigan-
tic proportions that the voluntary loans
of single generation would exceed the
national debt" A cent day on 500 or
3.65 per cent. would be eagerly received
by the people in consideration of the alb
solute safety which Government Savings
Banks would afford them, and thus the
money of the saving class secured by
bonds bearing a low rate OF interest
would be always available, because
always convertible into currency at
moments notice.
LIFE.