Year: 1872

lieu thereof to issue five millions year ad-
ditional circulation for the next five years, to
meet the wants of those States which have not
had their full proportion. This, of course,
would be an imitation of the currency of the coun-
try to the amount of twenty-five millions, and
all oft in national bank notes. True, the Comp
troller proposes this imitation in small doses of
Eve millions annually; but it is, after all, an
increase of paper money and one which is for
the special benefit of the national banking
associations. The Comptroller assumes evil
IDENTIFY, that the Middle and Eastern States
have not too much currency. He is o cordial
advocate Of the national bank interests and
sendeavors to place gradually the whole circu-
Iation of the country and its profits in those
banks. But he does not tell us how we are to
reach specie payments if this insidious pro-
cess Of national bank note imitation is to go on.
He calls upon Congress for some declaration
or amendment of the law imposing penalties
upon the banks for taking usurious interest,
In consequence of meeting with difficulties in
acting upon cases that have occurred


The entire circulation authorized by Con-
gress amounts to three hundred and fifty-four
millions, the whole of which has been abb
sorbed, except twelve millions which have
been promised to the banking associations that
have filed their applications and have taken
the preliminary steps for organization. The
Comptroller is opposed to any change in the
law with regard to the reserve which the banks
are required to hold, but suggests that it
would be better for the banks to keep larger
proportion of their reserve in their own vaults
instead Of placing it on deposit with the city
banks He parades the fact that the
national banks have paid in taxes to the fed
deral government about ten millions year.
Well, does not every other kind of business and
capital pay taxes? He does not tell US what
the gratuity by the government to these insti-
buttons of three hundred and fifty-four mil
lions Of circulation is worth. We will supply
the defect. It is worth over twenty millions a
year-twenty millions that properly belong to
the government and people The Comptroller
states that the net earnings OF the banks
capital and surplus-have been about ten per
cent annually, exclusive of bad debts He does
not include in this the profits on circulation.
If we mistake not the profit on the capi-
tai invested, including the interest drawn
from the bonds deposited, will amount to
nearer fifteen or sixteen per cent Two things
suggested by the report are worthy Of consid-
Grafton by Congress and the people-First,
as to how we are to reach specie payments if
the process Of imitation goes on; and, next
how con the banks be made to contribute
something more out Of their enormous profits
to the revenue of the government for the great
privileges they enjoy? The present Comp
troller is q national bank man, and is the
friend of those institutions much more than
he is the servant Of the public.


Secretary Robeson's scheme to Pro-


mote American Shipping and Com


mcrcc.


It is reported that similar recommendations
will be made by the Secretaries in their re-
ports to Congress with regard to improving
American shipping interests and commerce
to those made last session, and that Secretary
Robeson has scheme to aid shipbuilders and
shipowners, by connecting in certain way
steamship lines with the navy. He proposes,
1t is said, to make subsidized and govern
ment-fostered mercantile steam marine the
foundation of new sort of navy. The ves-
sells can be used, he argues, for carrying the
mails, as well as being available for war pur-
poses in time Of need. The proposition is to
assign portion of the appropriations for the
navy to aid in constructing swift iron steam
ers, which will be owned and controlled by
private companies or individuals, except as
regards the postal service and the right of
government to use them in time Of war; The
Navy Department, however, is to have some
thing to say as to the plan and manner Of
constructing these steamers. This is gigan-
tic and novel scheme, and is one probably
that will be urged by shipbuilders and steam
ship companies, for it would furnish
them with o vast amount of capital from the
Treasury of the United States We hardly
think the taxpaying people of this country will
consent to such union OF partnership be-
tween the government and business firms
which is to be sustained by money from the
Treasury. Nor are they likely to admit that
this is the way to build up an efficient navy.
It seems that both the Cabinet officers and
OonBreSS are apt Ut lnventlnB lmpfacucaDle
schemes to restore our shipping and COM
merce and ignore the plan that is practicable.
The proper course would be to repeal or sus-
pend the navigation laws so as to let our mer-
chants and capitalists build or buy steamships
where they can get them cheapest and best
But there would be no job in this, and hence
the great interests of the country are to be
sacrificed for the benefit of local interests-for
the benefit of shipbuilders, iron manufactur-
ers and timber merchants. The benefit to the
republic of acquiring steamships in this way


we suggest, would be for greater in two or