National Republican., 1884-12-02

Of state banks bo safely used by the de-
partment for these purposes? Fortu.
nately for the government and for tho
business of the country, the socre-
tary decided tho question in the
negative. 1t was his opinion, which
coincided with the opinion Of con-
gross, that bauk.noto circulation
perfectly secured and current throughout
tho union had become an absolute neces-
sityi hence the creation OF our national.
banking system. 1t is one of the most
interesting facts in our financial history
that the notos of the state banks were
retired, and their places taken by those
Of tho national banks-an entire revolu.
tion effected in our banking system
without ripple of disturbance to the
business of the country.
That tho misunderstanding system has
been of great service TO the government
in the collection of revenues: that it has
furnished bhnk-note circulation of uni
form value, and safe beyond question, il
admitted even by its opponents. Open to
all who desire to engage in banking, FREQ
from anything which savOrs of monopoly,
IL is eminently adapted to our republican
institutions Banks of issue have been
found necessary in all commercial ma.
|
none, 80 far as circulating notes are re-
garded, are superior or equal to ours. All
this bcing true, its preservation is mat.
ter of national importance; its discontinue
ance would be n national calamity.
Ho recommends that q special penalty
OF reasonable amount be prescribed for
tho violation of tho immigrant act in re-
| speCt to tho landing of passengers, and
that such penalty be made lien upon
the tranporting vessel. 1t Ia also recon-
mended that tho moneys so collected as
penalties DO made n part of tho immigrant
fund to be employed as provided by the
Immigrant act, as woll AZ for tho deporta-
tion of passengers illegally landed II
the recommendation hcreinbefore: made
DO adopted. viz, that passengers may be
landed at designated places for examina-
tion, tho penalty suggested should bo
made to apply in cases where, having
been so landed and examined, they arc
found to be Of tho prescribed classes. 1t
isrecommended thatthe law,bc so amended
as to allow the commissioners of immi-
| grafton or their representatives equal
privileges with tho agents of vessels in
respect to boarding.
In reference to the marine hospital tho
report states that the department., in pur-
suance of the proclamation of the Presi-
dent, dated July 10, 1884, directing ex-
treme vigilance in measures for tho pre-
vention of tho introduction of contagious
diseases, among other precautions, has
issued various orders providing for the
restriction aud temporary prohibition of
tho importation Of old rags and of tho ad =
mission Of baggage of immigrants and re-
turning travellers from infected cou ntries
| In Wow of tho recent outbreak of
cholera in France, this subject has as
sumod groat Importance, both rs affecting
tho health of the country and the inter
ests of those engaged in the importation
of rags and the manufacture of paper
Doubt has been expressed whether, under
existing laws, sufficient authority Is
vested in any department to prevent tho
importation of infected merchandise. 1t
is recommended that such legislation he
provided as may be deemed proper to pro-
tect our country from the introduction of
contagious diseases through its foreign
| commerce.
The item in the book of estimates pro-
viding for all inspection of foreign quar-
| antines and maritime hospitals is ap-
| proved, in the belief that an examination
of the methods employed by tho enlight-
ened nations, of the world would be of
benefit to this department in devising
| and carrying out quarantine measures in
this country.
1t appears that tho tonnage tax which
| is now appropriated for the support of tho
marine hospital service is insufficient and
an appropriation is asked to supply the
| deficiency.
Attention is called to the paragraph in
the annual report of last year relating to
| tho necessity for the construction of q
building for the safe and convenient stor-
| age of the files and records of the several
| departments. This matter is of such
| grave Importance that | recommend tho
construction of building for this pur-
pose at the earliest practicable date.
| earnestly direct attention to the pro.
visions of tho act of May T. 1873, creating
II sinking fund for the Union Pacific aud
Central Pacific Railroad companies, in
| the hope that congress may devise q
method for more ,judiciou5 investment
OF that fund. The law now requires
the fund TO be invested in bonds OF the
| United States; and in making such in
| vostments the per centum bonds are to
be preferred, unless, for good reasons ap-
pcaring to him, and which he shall report
to congress, the secretary of the treasury
shall at any time deem it advisable to
invest in other bonds of the United Stat es.
| The per centum bonds have all been re-
deemed or have ceased to bear interest
and while IL would be manifestly unjust
to select for investment the 3 per ceutum
bonds only to be called in for REDEMPTION
at short intervals thereafter. tho only
alternative is investment in the higher.
rate bonds which now sell in the market
at prices ranging from 10 to % nor centum
premium,
deem the plan recommended bv Sec.
retary Sherman in a communication to
congress in December, 1879, and again IN
the first mortgage bonds of the com mnanies
worthy of the consideration of oonyress
Tho amounts standing to tho credit of
the fund available for Investment Nov. /.