First off - Welcome to FABO...
Chances are that your hose may soon fail if it is leaking.
I would recommend replacing it with a good quality one. There is a post in the mechanical for sale forum with a member that is selling silicone ones.
Or get a good Gates or Goodyear hose. If you get gates, see if they carry the ECR hose. It's a different formula that helps resist breakdown from electro-chemical reactions in the coolant and doesn't cost much more than the regular hose. I've seen test data of those hoses going over 250,000 miles.
Be aware that there are two different size bypass hoses. One size for the 69 and earlier small blocks with the cast iron water pump, and another one for the 70 and later small blocks with the aluminum water pump. Measure yours to make sure that you get the proper diameter one.
I've also seen where someone mixes and matches an intake from one generation engine to the other and there used to be a special hose with one size on one end and the other on the opposite. You may want to measure both nipples for the hose to be sure that they are the same and not mixed and matched and some tried to force the wrong hose on it...
Silicone is a little more expensive but longer lasting than standard rubber hoses.
Here's the link to the silicone hose thread:
http://www.forabodiesonly.com/mopar/showthread.php?t=258754&highlight=silicone+bypass+hose
Also if it's leaking, pay attention to the hose to barb on the nipple and the clamp location. Always place the clamps just behind the lip/flare of the nipple for best sealing and resistance for blow off. See my thread on hose clamps in the link below:
http://www.forabodiesonly.com/mopar/showthread.php?t=298905