Year: 1873

CURRENCY 70 our own people AT nome tuStedu vi III
gold 70 foreigners abroad.


UNITED STATES SAVINGS BANK


The Postmaster General has done me the honor
proposes to recommend 70 CONGRESS for the crea
tion OF United States savings institution under
the Joint management OF the Post ONCE and the
Treasury departments. BY this scheme. which In
some shape has been adopted in Great Britain ana
IN other countries, all persons will be enabled 10
deposit with posmasters In all parts Of the coun,
try amounts OF money for which, when received at
the Treasury, will be issued to them currency IN
terest bearing bonds OF q like character as herein
before described. As this would change large
amount OF the Indebtedness OF the nation from
six per cent gold interest bearing bonds TO
others bearing lower rate OF interest, payable
nation and at the same time giving to all the
people who choose to avail themselves OF lts Dehe-
OF sale nes az and as
Will be an auxiliary ana help In the project before
indicated for the Improvement OF the currency
the plan commends itself strongly 70 my !uagment AZ
as one that would not only be or great Denent 10
the individual depo5tors, who would at al
times De aple 70 receive M, uneit aeposi' he ne"ne
OF the whole country as WELL should the pians
herein proposed go INTO operation tney would, no
doubt on the one hand arrest the wild schemes oil
Missionaries who contract large debts ABROAD, lot
which there is O continuous dram on this country
for the payment OF the interest on their unpro-
ductiye undertakings and on the other hand would
facilitate the early and rapid transportation OF the
staple products OF the country to the seaboard for
exportati0n TO foreign and profitable market.
Both combined would soon bring the balance OF
trade largely In favor after watch IL would re-
quire no statutory enactments to ENFORCE return
TO specie payments.


THE NATURAL LAWS OF TRADE


and commerce will, under such circumstances,
bring about the desired resumption in way pecu-
liar 70 themselves, and the transmission nom
state OF suspension to that OF honest specie pay
ments will be so easy that the world will wonder
why 1t did not take place before. With paper
currency as proposed, secured as ours is that will
at all times adjust and accommodate itself to the
real business wants OF the country and made still
more elastic by the return TO specie payments, and
thus being at all times convertible into coin at the
pleasure OF the holder. the country Will possess
circulating medium superior to that of any that
has ever been known to any nation OF the earth.


THE OUTSTANDING NATIONAL CURRENCY.


The Treasurer shows that the amount OF out
standing national currency at the close of the
fiscal year was $3Ss, 424, ,649. From this amount
kinds that have been DESTROYED and lost and that
viii never be presented for redemption. The fig
ures which ne presents indicate that the United
and half, and the national banks only one note
IN sixty. Some idea may be formed from this
statement nId OF the relative & condition OF the
are 80 badly worn. torn, dirty and
unable to correctly Judge OF their genuineness,
making 1t always risk often ending In loss to
% take them some me remedy must be @ iolnd ior the
induced TO provide for the prompt retirement OF
such of their notes as are and may become unfit
for circulation. Congress should be asked Tor the
passage OF a law compelling them to do so, or to
authorize some arrangement through which the
exchange OF new for old and deiaced notes
OF all the national banks can be made
through the instrumen talty OF the Treasury
Department. The Treasurer feels sure that the
Secretary of the Treasury will be able to devise
some plan on which Congress Will, on his recon-
incubation, enact a law which will work q perfect
cure OF the evil or which complaint is made. The
Treasurer recommends that the former rules and
regulations In regard TO the redemption of United
States notes and fractional currency from which
parts may be missing may be again put in force.
on that Congress may be asked TO pass such a law
as may, at least in part, prevent IN this regard
frauds upon the Treasury, and. in conclusion,
sayS:-


'sTHE BUSINESS OF THE OFFICE


has been regularly performed by the officers,
clerks and other employees belonging to it 70 the
satisfaction OF the public doing business with them
and 1t really Affords me great pleasure TO commend
ance OF their Official duties. In this connection /
desire to reiterate my often repeated expressions
Of opinion In former years, tlfat the employees Of
this ONCE through whose hands pass millions
upon millions OF money, receive a compensation
lower than that paid lor like but less responsible
services in banks or the Offices OF business 4
men. I am sure that they earn and de-
serve to receive better pay from the government
that they serve so faithfully. Notwithstanding
their inadequate pay, not one OF the hundreds
employed Ia this office has since my last report
taken a cent from the money that is always within
their reach, and through their vigilance others
have not been able to steal. / congratulate with
you that not cent has been lost to the Treasury
within the fiscal year, or slnce through any iault
OF any one connected with this ofice.n