The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-23

ing 500, 00O, 000-less than two-thirds--was
distributed among the forty-one States and Ter
ritories excluding Alaska, comprising all that por-
ton Of our national domain lying south and west Of
the favored States and containing nine-tcnths OF
our population.
Eminent statisticians agree In fixing the present
population OF the United states. excluding Alaska,
at 4oooo,ooo. OF which the New England states con-
tain 100000. 1t viii be seen, therefore. that those
six States have been favored with distribution Of
the national bank subsidy ct the generous rate OF
twenty-six dollars per head OF Its entire population,
while the remaining fortyone States and Territories
cSnmlnng people, get but I'VE dollars ana
The bare statement OF this nefRri0us apportion-
ment Is bad enough in all conscience bur Mr.. Secre
tary McCuiochs share in the business Is the worst
part OF It. One OF the most servile organs Of the
Treasury ring IN elaborate defence OF its patrons
policy just published, states reason for the dne
quail apportionment that 1.-THE present banking sys-
tenn went into effect when the West was too poor to
embrace fully its advantages and when the rebellion
prevented the South from doing sou
This Il the only reason given by the ring organ in
an article upon the subject and 1t Is particular TO
omit all mention OF the fact that every EFFORT to right
the wrong since the close OF the war; three and one
Treasury ring and that Secretary McCulloch gives
quite another reason for such gross Partially. A
bi was introduced in the Thirty-ninth Congress,
early IN 1865 remedyfng In part the inequality, but
was opposed and defeated by the Treasury ring In
his letter to the Senate Finance Committee, trans
mIutOu 1PhH so iooo, ocCEctdIy mCSullOCu WTOtC ~
f0ll0ws:--
Senate bill @S proposes furnish circulation those
sna s w' not se y sS for
ls 6y the amount any State may have received
viii Be Sn but
States have received secured circulation Of this
nssisS and Rhode is'sna sos
dehciency other States and TerIsores .A' supply
The c . seemingly ss1sr. II provisions but in sse.
to certain arbitrary standard It practically says"The
Connecticut shall 30 diminished aytwo per cent and the
diminished seventy-four per cent"
APar se IRON hs n s t. which such p proposition
ton based not correct There Is no necessary
tom One hundred and seven,yve thousand Of the rural
and nd
Rhode Island welto-do farmer may receive for his
nifty require the way Of banking fac
ties but skilled labor capital and machinery combined
AS piece OF special pleading this statement of our
finance minister would delight Tombs lawyer.
observe with wat assurance ne represents the popn
mere pastoral and agricultural Arcadians, who
want but little here below, nor want that little
loDg.r Mr. McCulloch must have known that the
largest household furniture manufactures in the
world located in Cincinnati; that the greatest
lumber and grain marts in the United States are at
Chicago and Milwaukee, and In short, that for rail-
road building. farm improving and the thousand and
needs Of the daily use OF money the per capita
where outside OF the city OF New York.
The merchants OF New York are vitality Interested
merchants Of the West. South and Southwest. The
merchants sales In Cincinnati, Chicago 81. Louis,
Milwaukee and Louisville alone amounted last year,
according to the Internal revenue returns to $685.,
36l, S23-neary equal to $780, per month. Yet
Mr.. McCulloch tells us that "175,000 OF the rural
population Of Ohio or Illinois do not need one-tenth
part Of the circulation required by the manufactur
ing ana commercial communities OF Rhode Island"
Very good. Now supposlng we put it this wayY One
hundred and seventy live thousand labOrers in Mas
sachusetts and Rhode Island, whose average earn
ings do not amount to over $500 each annually do
not need one-tenth part OF the circulation required
by the merchants OF five western cities whose aver
Age sales amount to 800 10000 per month. The
very worst feature OF Mr.. McCulIoch's management
Is his constant and untring efforts to keep the money
eSe Ss
more apparent In the letter under consideration than
elsewhere lie says II will be remarked that though
Massachusetts, Connecticut and Rhode Island have
received $59373 S37 in excess of per capita appor
tionment OF twenty dollars withdrawai OF such
button in the fortyone States and Territories where
the per capita superintendent is less than SIX dollars
would be In effect singing out those three States
and reducing their circulation TO an arbitrary
standard.n
an EQUALIZATION Of the apportlonment IL only made
q small advance towards 1t. Yet our Secretary de-
nounced IL AZ arbitrary, and opposed It in such q
present arrangement is altogether fair and satsfac
factory. If reducing the circulation or the most
STATES 10 twenty neuu IL HI dTDI-
fYsiry arrangement, what shall be said Of Mr.. McCu
loc,'s OF action In keeping the apporttonment
OF forfyonc States and Territories ut five dollars and
fifty cents per heady
There IS but ono way to right this wrong and that
by repeating the National Banking law, calling in the
notes issued under IT, substituting greenbacks there
Tor and canccling the bonds now deposited to secure
circulation. This would necessIate no wrong TO the
national banking associations, and would he an
uuspcakable financial relief to tax burdened
people.
There IL, however a bogus scheme OF relief being
concoccd by tie Treasury ring that, # carried out.
would be unspeakably worse than The disease. IL Is
nvitingly announced ~ .throwtng open The national
banking privileges 10 the public without Imitation
but II really IL extending the monopoly TO all bond
holders, and 10 them only Under It's operations any
one holding u one hundred dollar United States bond
can draw from the national Treasury ninety dollars
additional IN national bank notes. The holders Of
over $500 OF bonds would be entitled TO an addi-
tionai issue OF 81 80 600 In currency In other
words the scheme is nothing more or less than water
ing our entire national debt by additional Issue
20 the holders thereof Of ninety per cent Of its full
face I'm national bank notes.
II has been well said that '.whOcvcr will take the
trouble To read the sxtyve sections OF The act Great
Inc national banks will find 1t happily closes In these
woris:--sCongrcss may amend. alter or repeal tins
aci.' This " the best part Of the whole law"