The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1883-12-08
THE NATIONAL. CURRENCY.

This is a matter to which shall again revert.
Immediately associated with the financial sub
tect just discussed is the important question,
What legislation is needed regarding National
currency The aggregate amount of bonds
National bank circulation is Sl,35O, ,OOO, 600.
Nearly two hundred millions of this amount
consists of three per cents, which, as already
stated, are payable at the pleasure of the Gov
ernment and are likely IL he called in within
less than four years unless the surplus rev.
enues shall be dimin shed.
CONTRACTING THE CURRENCY.
The probable effect of such an extensive
retirement OF the securities which are the
basis of the National bank circulation would
be such contraction of the volume OF cur
rency as to produce grave commercial embar-
rassmeuts. How can the danger be obviatcd2
The most efectual plan, and one whose adOp-
ton at the earliest practicable opportunity l
shall heartily approve, has already been indi-
Gated. II the revenues of the next four years
shall be kept substantially commensurate
W i'll not be likely to suffer any material dis
turbance, but If, on the other hand, there
Will become necessary either To substitute
some other form of currency in place of the
National bank notes, or to make important
changes in the laws by which their circula-
tiOn is now controlled.
THE LEGISLATION NEEDED.
In my Judgment the latter course is far
preferable. l commend to your attention the
very interesting and thoughtful suggestions
upon this subject which appear in the Sccre-
tary's report. The objections which he urges
against the acceptance of any other securities
than the obligations OF the Government itself
tion, seem TO me insuperable.
THE TWO PLANS.
For 0Verting the threatened contraction two
courses have been suggested, either of which
IS probably feasible. one is the issuance of
new bonds, having many years to run, bearing
Il low rate OF interest eXchnngeable upon
specified terms of those now outstanding The
other course which commcnds itself TO my own
Judgment as the better, is the enactment of Il
law repeating the tax on circulation and per
mitting the banks 10 issue notes fort an amount
equal to ninety per cent. OF the mark ct value,
lnslead OF now, the face value OF their
deposited bonds. | agree with the Secretary
in the belief that the adoption of this plan
would anOrd the necessary relief,
THE TRADE DOLLAR.
The trade dollar was coined for the purpose
its value, as ascertanCd by its wcightund hne-
ness. 1t never had a legal tender quality.
ever, into the volume of our currency. BY
common consent their circulation in domestic
trade has now ceased and they nave thus be
come disturbing element and they should
not be longer permitted to cmburrdss our cur
rency system. ! recommend that provision
for their reception by the Treasury and the
mints as bullion at a small per ceutugc above
the current market price of silver of like fine
ness.
CONSOLIDATING CUSTOMS DISTRICTS.
The Secretary of the Treasury advises the
consolidation of certain of the customs dis
President be vested with such power in rcla-
ton thereto rs is now given him in respect to
Collectors of Internal Revenue by section 3lll
of the revised statutes. The statutes on this
subject, which are contained in his report,
furnished OF themselves a strong argument in
defense of his views. At the adjournment OF
Congress the number of Internal Revenue
collection districts was l,26O BY executive
orders dated June p, 1888, l decided that GER
tain of these districts be consolidated. The
result has been reduction Of one,third their
number, which at.preSCnt is but $50.
INDIAN RELATIONS.
From the report of the Secretary of War it
viii be seen that in only single tnstance has
ditiOn of our Indian tTibes-a raid from MeXi-
co 70 Arizona by a small party OF Indians,
which was pursued by General Crook into the
mountain regions from which it had come.
1t is confidently hoped that serious outbreaks
will not again occur and that the Indian
tribes which have for so many years disturbed
the West Will hereafter remain in peaceable
DEFEHsELEss SEA COASTS.
again call your attention TO the present
of our extended sea coast, upon
which are so many large cities whose wealth
and Importance to the country would in time
of war be open to attack from modern ar
mored ships against which our existing de-
tiOn. Those works were built before the in
PRODUCTION of modern heavy riled guns into
an efficient condition we may easily be sub
jeCted to humiliation by a hostile power
greatly inferior to ourselves.
GUNS AND TORPEDOES.
As german to this subject, | call your at
tention to the Importance Of perfecting our
submarine torpedo dcfenSes The board au-
thOriZed by the last Congress to report on the
method which should be adopted for the man
ufacture of heavy Ordnance adapted to mod
crn warfare has visited the principal iron and
steel works in this country and in Europe.
1t is hoped that its report viii be soon made
posed to provide suitable facilities and
plans for the manufacture of such
guns as are now temporarily needed
On several occasions during the past year
officers of the army have, at the request OF the
state authorities, visited their military en-
;2mpments for inspection of the troops. From
the reports of the officers ! am induced to be-
icvc that the announcement of the State
militia organization nv the National Govern
mcnt would be followed by very gratifying re-
suits and would afford it i'm sudden cmergen-
cics the aid of large body of volunteers edu-
Gated in the performance of military duties.
STRENGTHENING THE NAVY.
The Secretary of the Navy reports that un-
der the authority Of the laws of August >,
1882, and March 3, 1888, the work of strength
eninE our navy by the construction of modern
vessels has been auspiciOusly begun. Three
cruisers are in process of Construction-the
Chicago, Of 400 tons displacement, and the
Boston and Atlantic, each of $500 tons. They
are to be built of steel with the tensile strength
and ductility prescribed by law. and in combi-
nation of speed. endurance and armament are
expected to compare fnvOrably with the best
war vessels of other nations. A
fourth vessel, the Dolphin, is TO be construct
ed of similar material ana is intended TO serve
as a fleet dispatch boat.
The double turreted monitors Puritan,
and Terror have been launched
on the Delaware River and a contract has
been made for the supply of their machinery.
A similar monitor, the Monadnock, mas been
launched in California. The Naval Advisory
Board and the Secretary recommend the com
pletion of the monitors. the construction of
four gunboats and also of three additional
steel vessels like the Chicago, Boston and
Dolphin.
COAST CANALS.
AS an important measure of material de-
fense the Secretary urges also the immediate
creation Of an interior coast line of water
ways across the peninsula of Florida. along
the coast from Florida to Hampton roads, be-
tween the Chesapeake Bay and the Delaware
river, and through Cape Cod.
A BETTER NAVY NEEDED.
feel bound to impress upon the attention
gress in the reconstruction of the navy. The
of the public Treasury, as have al
ready intimated, makes the present aus
picious time for putting this branch of the
service in a state of efficiency. 1t ia no part
of policy TO create navy able to cope with
that of the other great powers of the world.
We have wish for foreign conquest and
the peace which we have long enjoyed Is In no
seeming danger of interruption. but that our
naval strength should be made adequate for
the denfense of our harbors. the protection of
our commercial interests and the maintenance
OF our national honor is a proposition from