The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1883-12-11
| $500, 600, 900 OF this amount consists of
three per cents, which Us already stated,
are nayahle At The nleasnra of the Gov.

are payable at The pleasure of the Gov
eminent, and are likely to be called ii
In less than four years, unless, in th,
meantime, the surplus revenues shall b,
diminished The probable eff CT OF sucl
an extensive4retirement Of the securities
which are the basis of the National banE
circulation. would he such a contraction
Of the volume of the currency, as to
produce grave commercial embarrass
nents. "How can this longer he obv
ated ?" The most effectual plan and one
whose adoption, at the earliest 'prsctica
ble opportunity | shall heattilv approve
has already been indicated. If the rev.
enues Of the next four year shall be kept
substantially co mmensurate with the ex
pense the vol,fme of circulation will no,
be likely TO suffer any material distur:
bance, but il, on the other hand, there
shall be great delay in reducing axalion,
it will become necessary either to sub
stitute some other form OF currency in
place of the National Bank notes, or ia
make important changes in the terms by
which their circulation is now contract.
ed. In nv Judgment the latter course
is far preferable. l commend TO your
attention the very interesting and
thoughtful suggestions upon this suhjec',
which appears in the Secretary's report.
The objections winch he urges against
the acceptation of any other securities
than the obligations. the Government
itself as a foundation for National Bank
circulation seem to me insuperable foi
averting tue threatened eontraction.--
Two causes have been suggested, either
Of which is probably feasible Oneris
the issuance of new honds. having many
years to run, barring a low rate Of in
terest, and exchangeable upon specified
terms for those now outstanding. The
other course. which commends itself to
my own Judgment as the better, is the
enactment of law repeating the tax on
circulation and permitting the banks to
issue notes for an amount equal to nlne-
tv per cent. OF the market value, instead
Of, as now, the face value of their de-
posted bonds. agree with the Secre.
,arv in the belief, that the adoption OF
this plan would sff ,rd the necessary re
lief. The trade dollar was coined for
the traffic in countries where silver pass.
ed at its value, as ascertained by its
weight and 6neDess. 1t never had a le
gal tender equality. Lsrge numbers oil
these coins entered, however, into the
volume of our currency. By common
consent their circulation in domestic
trade has now ceased, and they have
thus become disturbing element. This
should not be longer permitted to en-
barrass our currency system; I. ihere
fore recommend that provision be made
for their reception ny the Treasury anf
m; nts as bullion at small per centag,
above current market price of silver o
like 6neness The President calls tn,
attention of Congress to the presen
shape Of our extended sea coast, "upol
which are so many large cities, and tt
the country would in time Of war invite
attack against which our existing defen
sise works could give no adequate pro
lection, and. sugg gests that il these work
are not put in an efficient condition W
may easily he subjected to punishmen
bY hostile power greatly inferior to our
selves. Suitable facilities for the manu-
facture Of heavy artillery adapted I,
modern warfare and perfection of GU
submarine torpedo defense are also re
commended. The encouragement o
State militia organizations by the N
.ional Government, the President be
lieves, would be folio by very gra
flying results. and would afford in sud
den emergencies the aid of large b,i
Of volunteers, educated in the perform
ance OF military duty. The Presi len
endeavors to Impress upon the attentio
Of Congress the necessity of continue
progress in the reconstruction OF Ii
navy The condition of The treasnr
makes the present an suspicious time fc
putting this branch of ths service in
state of efficiency. While it is no pa
of our policy to create and main ain
navy able to cope with the other gre.
powers OF the world. and while we ha,
no wish for foreign conquest, and tt
peace which we have long enj >ved IS
no seeming danger Of interruption, sti
our naval strength should be adeqIa
for the defense OF our harhors, prote
ton OF our commercial Interests, ar
the maintainance Of Our National powe
On the subject of Government Tel
graph, the President says: That, sue
reflection IS he has been able 10 give
it since his last annual message, has n,
led him to change the views then e,
pressed in dissenting from the recor
mendasion of the then Postmaster Gel
eral, that the government assume Il
same control over the telegraph whit
it has exercised over the mail. ADM
. ting that the Governments authority
the matter is as ample as it has ev
baen claimed, it would not in his jud
ment be wise use Of that authority
purchase and assume control of existir
. lines or construct others with view
entering into general competition with
private enterprise. He dismisses Il
, subject bv avowing the belief, heweve
that the Government should exerci
some sort Of supervision over inte
, Safe telegraphis communication. R
ferring to the alarming state of illite
acy, IN certain portions of the countr
| the President suggests Federal aid
public primary education wherever al
quate provision has not already bet
made. Concerning the extirpation
: polygamy, the President is convinc,
that the evil has become so strongly i
/ trodnced in Utah that it is profilless
, attack it with any but the stronge
I weapons which constitutional legislatlt
can fashion. He, therefore, favors 4
! repeal of the act upon which the tx
. ing government depends. The assum
: ton, by the National Legislature. of Il
entire political control OF the Territor
, and the establishment of commissi,
h with such powers and duties as shall
delegated to it by law. The Presiden
: conclusions on the SUBJECT of Cover
e mental interference, supervision or co
troll of Interstate railroad CONNER
are dismissed as follows: "The right
D these railroad corporations to a fair al
profitible return Ipon their inves' me
4 aud reasonable freedom in their regul
a.. L .