Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1883-12-06
of the country generally held like radical

Ihe most important section OF the imam.
cial division of the message is that relat-
ing to the deposited securities of the ma
tional banks. He opposes the substitu-
ton of foreign for home securities, passes
the proposition for a new issue of low in
terest- bearing long time bonds to replace
the per cents being called in, and favors
plan for averting threatened contraction Of
bank circulation by the repeal of the law
laying tax upon the circulation, and by
new regulation permitting the banks to is.
sue notes for an amount equal to 80 per
cent. of the market value, instead as now
of the face value of the deposited bonds.
Thus, bank now issuing 5000 of notes on
a deposited per cent. of $1,000, could
deposit 4 or Il bond of 81 900 face value,
but last year worth, say, 20 per cent.
premium, or $1,000 market value, and issue
notes for 81 0S0. But for clearer under.
standing of this proposition we must refer
to the Comptrollers report. Mr.. Knox,
in speaking of this proposition, refers to the
market value basis, as being measured by
the lo,0est market price during the year
previous to the deposit Thus it will be
seen, that as the bonds approach maturity
and decline in premium value until they
reach par OF redemption, the note circula-
ton would be gradually contracted until
it would cease to exceed the face value of
the bonds, as in the first instance, while
the Government would be possessed of
security sufficient to protect holders of the
notes. This plan would relieve the banks,
and maintain the circulation at about its
present aggregate. There is virtue in the
scheme, but we incline to the belief that
an issue of low-interest longtime bonds
which the banks might deposit, would be
less intricate in detail, and more beneficial |
to the country, although it would involve
the payment of premium for the a per
cents. But would not this be equalized by |
the lessened interest on the new bonds?
He advises that the trade dollar be re-
ceived by the Treasury and MINIS as bull
ion, at small advance over market price. |
This is a recommendation that will Ger.
tainly be adopted. His review of the con.
dition of the Treasury it is unnecessary to
mated surplus for 1854 ) will exceed $780,
600, 0O0 He thinks still further reductions
of the tariff receipts may be wisely made, but
he does not advise at the present session
of Congress any large diminution of the
national revenues, as the late legislation in
that direction has not yet been thoroughly
tested.
The Presidents references to the War
Department include word encouraging to
militia organizations, and urge the erection
and strengthening of coast defenses, which
are now deplorably weak. He will GER
tainly be seconded in this suggestion by
the best thought OF the country. So, too.
with regard to the navy, he approves of
the construction of ships of war now going
on, and advises strongly further steps in a
like direction.
Concerning the postal service, he gives
his opinion against the building of Govern.
ment telegraph lines because of the in
crease Of the civil list that would neces-
sarily result, but gives some support with
out positive Involvement, to the plan to
hire the carriage of postal kilograms. He
advises Government supervision over inter
state Geographic communication, and
urges a reduction of drop-letter postage to
one cent, recommendation Congress will
unquestionably adopt.
He advises the establishment OF civil
government for Alaska, the protection of
forest growth on public lands, and the ex-
ercise, so far as it has constitutional au.
thority, of the power of Congress to pro-
tect the. people in their interstate traffic
over railways from acts OF injustice, at the
same time keeping in view that railway
have right to demand profit
able return upon their investments, and a
freedom in their regulations
These expressions concerning railroads are
and cannot be seized upon as
the text for the radical and incorporate
renewal of assaults upon the corporate ill.,
terests OF carriers.
He gives the experiment in civil service
reform cordial Endorsement, wisely advises
that in the case of Utah and the polygamy
question there shall be had repeal OF the
Act upon which the existing Government
dependable resumption by the National
Legislature of the entire political control
of the Territory, and the establishment of
a Commission, with such powers and duties
as shall be delegated to it by law.
With few words urging adequate legis-
lation on the question OF Presidential suc-
cession, " and an urgent sentence in favor OF
a Law permitting the President to veto sin
gle items in bills of appropriation, he con-
cIudes the message, which we think will
be received by the country with satisfac.
ton as whole, and certainly speaks
strongly of the sincerity of the President