Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1868-11-06


were located, and it became a matter OF
necessity that this currency should give
way and make room Tor one which
could be employed by the Government
in carrying on the war. Whoever,
therefore, feels aggrieved by this mea-
sure sympathized with the rebellion,
and not with the Government. It was
necessary at this time, and it received
| but little opposition, except from those
| who desired the success of the rebellion.
But the principal burden of his speech
at Buffalo, and Chicago, and here, was
that when the National Banks were To-
Gated and the national currency distrib-
uted, it was left open to be grabbed up
by those who first applied for it, where
/ by the Eastern States get more Of il, and
4 that this was great blunder upon the
4 the part of Congress.
Again, I must say that Governor Sey-
mOur is not well informed, as Congress
did everything in its power to equa1ize
| the distribution of that currency. Ifthe
! Governor had read the National Bank
ing Act he could not have made that
] statement.
| The seventeenth section of the act
provides as follows: 'sSec. II. And 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 sum shall be ap-
/ in the District of Columbia and in the
/ Territories, according to the representa-
I tive population, and the remainder
shall be appOrtioned by the Secretary of
I the Treasury among associations form
| ed in the several States, IN the District
| of Columbia, and in the Territories, hay
| ing due regard to the existing banking
I capital, revenues, and business of such
State, District and Territory. The State
/ of Indiana got just so much of that cur
I ~ -
1 people were urged by the Controller of
! the currency, Judge McCu1Och, to take
/ more than they did but Mr.. Seymour
says that the matter should have been
kept open until Western States were able
to take their full share. The Government
bonds. we were in the midst of ter
rible war and could not wait for money
until the States were all prepared to
take equal portions of the banking cap
ital. The people in the Eastern States
had more capital, and more money to
purchase bonds with than the people of
the West, and 1t was so before the war.
The Western States have a larger pro-
portion of national banking currency
than they had of State or local banks
before the war.
I have a statement, made up from the
books Of the Bank of the State of Indi-
ana, and from the books of Auditor of
State, which shows the following facts /:
In October 1867, the capital of the Ma
tiOna1 Banks in Indiana amounted to
So, ,767, 600; their circulation was S11,-
042, 600; their loans were S12, ,2IO, ,258. In
March, 1861, the entire bank capital Of
Indiana was 81, 1853, ,425; the entire bank
circulation was S5.368, ,296; their loans
were Sc, 444, ,753, so that under the nation
al banking system Indiana has $S, 49,
575 of an increased Banking capital,
S., ,663, ,704 of an increased circulation,
and S6,444, 743 of increased banking
loans, so that, under the present sys-
tenn, our banking capital has been
tripled, and our bank circulation more
than doubled. Mr.. Seymour goes on
to say that while Indiana has SIz, 900, 900
of National Banking currency, Massa-
chusetts has $57, 100000, but he fails to
notice that in 1862 Massachusetts had
S67, ,O00, 600 of banking capital, while In
diana had but 81, .000, and this was
when Indiana and the National Gov
ernment was just passing from Demo-
cratic into Republican hands; but on
examination we shall find that the
taxes are distributed among Eastern
and Western States in about the same
proportion. Rhode Island has two re-
presentatives in Congress, and paid last
year two millions, eight hundred and
fifty three thousand, five hundred and
seventy dollars of internal revenue
tax. Massachusetts has ten representa-
nearly eighteen millions of dollars of
internal revenue tax. Indiana has
eleven representatives in Congress, and
last year she -paid-Fs'at 1.-Two millions,
three hundred and forty-two thousand
dollars of internal revenue tax. But
Mr.. Seymour does not complain that
there is any hardship in this, for his
mission is to array the West against the
East. On last Saturday evening he
showed to the people of Chicago how
terribly they were Wronged py ms own
and other Eastern States, in the distri-
button of the National Bank Currency.
That while Massachusetts has 81, 600, 900
of this currency, Illinois has but S10,-
OOO, 600. Now, to show how terribly IL
Hnois has been outraged iu this man
ner will read from the official report
from which it appears that in 1861 and
in 1862, all the banks of Illinois, togeth-
er had but S619 ,286 in currency, which,
according to Mr.. SeymOur's statement,
was driven out to give place to $40, ,000,~
600 of National Banking currency, and
to further prove hoW terribly the North
west has been Wronged in this whole
business, I read from the same report,
that all the Northwestern States, inclu-
ding Illinois, Indiana, Ohio, Michigan,
Arkansas, Iowa, Minnesota, Kansas,
and Nebraska, had, in 1861, SIS, ,684, ,564
of currency, all told, and that the same
States have now, of national banking
currency, $50, 639,610, being an addition
Of 80 millions to their currency, growing
out of the change from the loca1-to the
National Banking systetn. In January,
1862, before National Banks were
esta nIfshed, the total amount of bank
circulation, including all the Rebel
States, was S238, ,617, ,2lS, of which the
nine Northwestern States had, as before
stated. S10i ,684, ,564, which was about
one-thirteenth of the whole
amount of circulation. Now
q afy Tafs snr
of $500, ,000, 900, of which the nine North
western States have one-sixth, or fifty
millions. Mr.. Seymour makes much
ado because the rates of interest are
higher in the West than In the East, but
he greatly exaggerates the difference.
1t is not more than one-third Of what he
represents, still the rates of interest are
higher in the Eastern than in the West
ern States, and always have teen So
Money is cheaper in the old and
wealthy States than in new countries
which are but partially developed and
are rapidly improving. Money is cheap
er in New York than it is in Chicago,
and it is much cheaper in London than
il is in New York. Mr.. Seymour pre-
sents the difference in the rate of inter
est between New York and Chicago as
something new and wonderful, as a
great oppression brought about by the
action of the Republican party, when
the truth is that the difference is less
than it was ten years ago, and is grow
ing smaller from year to year as the
West increases in wealth and capital.