The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-10-28

as he alleges, was the dividing out OF
! the circulation of the State and local
banks, and by heavy taxation during
the war to make room for the circu
lation of National Bank and legal
fender notes. This was a war meas
ure upon the part of the Government,
and one Of absolute necessity; the
Government had to have money to
carry on the war, to pay the army and
navy, to purchase supplies for them,
and to NEST the vast expenses which
were necessary to be incurred. The
notes of the local banks coald not be
used to pay the Government for the
purpose. They were at par only IN
their immediate localities, even in
time of peace. In 1860. the notes OF
the Bank of the State of Indiana, as
good a bank as there was IN the coun-
try, would not pay bills nor buy goods
in the city of New York. They were
at discount In all the Western cities;
and what was true of the banks of
Indiana was true Of the banks Of
Ohio and of all the other Western
States. The issues of these local
banks could not be used in paying the
army nor IN the purchase of supplies
in parts of the country from where
the banks were located, and 1t became
a matter of absolute necessity that
this currency should give way
and make room for one Of uniform
value in every part of the United
States, and which could be employed
by the Government in carrying on
the war. Whoever, therefore, feels
aggrieved by this measure sympathiz-
ed with the rebellion, and not with
the Government. 1t was so manifest
ly proper and necessary at the time
that it received but little opposition,
except from those who desired the
success of the rebellion; but the
burden of his speech at
Buffalo, Chicago and here was that
these National Banks were located,
and the national currency distributed,
was left open to be grabbed up
by those who first applied for it,
the Eastern States got most
of it.. and that this was great blum
der upon the part of Congress.
Again L must say that Gov. Seymour
is not well informed, as Congress did
everything 10 its power to equalize
the distribution of that currency of
lHS (OSGTum6uI. Ildu HC ICGu
the National Banking Act be could
not have made that statement: The
18th section of the act provides as
follows:
Sec. II. Aud be it further enacted,
that the entire amount of circulating
notes to be issued under this act shall |
not exceed three hundred millions of
dollars, one hundred and fifty millions
of WHICH shall be appOrtioned to the |
associations In the States, ia the Dis |
trict of Columbia and In the Terrific
ries, according to representative pop
and the remainder sha be |
apportioned by the Secretary of the |
Treasury, among associations formed |
in the several States, In the District |
of Columbia and in the Territories,
having due regard to the existing |
banking capital. revenue and business |
of such State, district and territories.
The State of Indiana got just as
much of that currency as she was able |
to take, and her people were urged by !
the Comntroller of the Currency, |
Judge McCulloch to take more than
they did But Mr.. Seymour says that
the matter should have been kept |
open until the Western States were !
able to take their full share. The |
had to have the money, |
aud had to sell her bonds. We we're |
in the midst of terrible war, aud |
could not wait for money until the |
States were all prepared to take equal |
portions of the banking capital. The |
people In the Eastern States had |
more capital and more money to pur-
chase bonds with than the people of
the West, and it was so before the |
war. The Western States have a
larger proportion of national banking |
currency than they had of State or
local banks before the war. L havs a |
made up from the books OF |
the Bank of the State Of Indiana and |
from the books of the Auditor of
State, which shows the following
facts: In October, 1867, the capital of
the National Banks in Indiana
amounted to $12.767. 600; their circa-
lation was $11 O42,0 900; their loans
were $13,210,258. In March. 1861,
the entire bank capital in Indiana
was 81, ,353, ,425; the entire bank cir
culation was 5,56S, ,297; their loans
So, ,444, 1853; so that under the national
banking system, Indiana has $S, Abb
OtO VI al IuCIOdSS0 JANatS
$5,673, ,703 of increased circulation,
and $6,4I4, ,753 of increased banking
loans; so that under the present sys-
tenn our banking capital has been
trebled, aud our bank circulation
more than doubled.
Mr.. Seymour goes on to say that
while Indiana has $4,000 600 of pa
tional bank currency. Massachusetts
has $57, 100000; but he fails to notice
that in 1862 Massachusetts had $67,-
600, 900 of banking capital, while In
diana had but 81 353 600, and this
when Indiana and the National
Government were just passing
from Democratic into Republican
hands. But on examination we
shall find that the taxes are dis
IributedE among the Eastern and
Western States, and in about the same
proportion. Rhode Island has two
Representative in Congress, and paid
last year $2S53. .574 of internal reve-
nue. tax; Massachusetts has ten Rep
resentatives ir Congress, and last year
paid nearly eighteen millions OF dol
lars of internal revenue tax; Indiana
has eleven Representatives. 10 Con
gress, and last year she paid but two
millions three hundred and forty-two
thousand dollars of internal revenue
tax; but Mr.. Seymour does not com
plain that there is any hardship ln
this, for his nilsson is to array the
West against the East.
On last Saturday evening he showed
to the people of Chicago how terribly
they were wronged by his own and
other Eastern States, in the distribu-
ton of the national bank currency;
that while Massachusetts, had fifty
seven millions of this currency. Illi-
uois had but ten millions. Now, to
shn,r how terribly Illinois has been