Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-10-28


Of the general government. For many
reasons, was opposed 10 tins national
banking scheme As Governor OF tho
State OF New York vetoed law author
izing our banks to organize under the ma
tioual system, because / though, it need
lessly increased the taxes of our people.
Cheers | will not now discuss the
merits of our National Bank law, but all
will agree, when the government under
took to give to comparatively small
number Of citizens the exclusive right to
issue paper money, this valuable monop-
oly should have been fairly aud wisely
distributed. At the close of the war the
people Of the West were not ready to
take an interest in these banks. The
manufacturers Of the East had been
enriched by the fruits of the
war, and they grasped at this great
prize. Fairness and foresight should
have warned the Government against the
hap-hazsrd policy of giving this privilege
to the first-comers. What was the re-
suit? This currency was given to those
who did not need it; the business Of New
York, Boston and Philadelphia did not
need large amounts of currency; their
banks in many instances did not carry
out bills until the right to do so became
valuable monopoly. Under this law the
agricultural States do not need currency.
Without it the price of your produce, is
cut down; the rates of interest become
ruinious the people of the South, where
there are no banks, have no currency and
in many instances are forced to pay as
high as twenty per cent; how can 1t re-
cover under this fearful exaction 7 In
our Western commercial cities you are
forced to pay ten or twelve per cent. in
terest. At these rates, at times, your
business is checked for the want OF sui
ficient amount to carry it on. Cheers. ]
It cannot be said that this ruinous usury
is owing to want Of. value of your COM
mercial paper as whole, none better is
made in any part of the world. APP
plause It is mostly given to send for
ward the wheat, and corn, and pork, and
beef, and wool, raised by your farmers.
The whole prosperity Of our country de-
mands that this should be done. Unless
it is, commerce languishes and trade suf-
fers. This paper is sssurable in its forms
it is payable at short dates, and at the
commercial centers Of the East it is
amply secured by some form of pledge
of the property which is bought with its
pro ceeds, in addition TO the means OF the
makers and acceptors
Every one tells you that agriculture
lies at the basis of nations prosperity
and happiness. Every one knows that
there is distress all over our land if pro-
ducers cannot sell for fair prices, yet just
here usury is eating away at the very
foundations Of commerce and of natural
wealth. Is this q matter Of necessity or
does it grow out Of your rulers, and out
OF follies sg ainst which they were warned
at the outset by myself and Others, when
our official duties called on us to protest
against them2 [Cheers. Why to day,
in your competition with the commercial
cities of the East, are your growing cities
of the West thus trammeled by the want
of circulating nedium-thus loaded
down by an interest that no business
community can pay and prosper under
in the long run When look over the
statements, | find that more than $751;
000, 900 of the currency was given to the
State Of Massachusetts,, and less than
$40 900 900 to the State Of Illinois. You
have twice the population of Msssacbu.
sets; yet that State needs but small
amount, while yours requires more cur
rency than any other State in the Union.
If determinations we're to be made, the
interests of our whole country demanded
that they should be in favor OF the
agricultural States. II the dis
tribu,ion had been made in prosor-
ton to the population, you would have
had about twenty millions of this cur
rency, and Massachusetts about ten mil
lions. The adj 1ining States of Wiscon.
sin, Michigan, Iowa, and others, would
also have had q much larger proportion
than they get now. 10 fact, the States of
Illinois, Ohio, Indiana, Michigan, Wis
consin, Iowa, Minnesota, Kansas, Mis-
souri, Nebraska, Nevada and Oregon,
with the Territories of Colorado, Mon
tana. Idaho aud Utah, have some mil.
lions less national bank circulation than
the single State of Massachusetts,. You
would have gained in another respect, as
these States had, all the time this cur
reucy was distributed, the capital to take
it themselves If it had been allotted to
them, the capitalists of the Hast would
hardly have brought their money here to
employ it in this region in the business
of banking. This addition to the husi-
ness capital of the West would have made
a charge in our affairs. Interest would
not at this time range at its present rates.
A vast amount Of money would have
been permanently used TO promote your
enterprises and prosperity, and We at the
East should have been saved from grea,
moral and business evils
While you are getting forward your
crops this earrenoy is forced into this
secticu " the high rate Of interest paid |
for il during the winter. II sccumulates
in vast volumes in the great cities OF the |
East There is no want Of il there II
these banks we're here this money eould |
be lent for useful objects, but those who |
held il in New York are anxious to get |
90 interest in the vile-speculaiive move
ments in stocks or in produce which have
been hurtful 20 business snd morals. Not
uufreQuently tie provisions which have
been gathered ia the store-houses Of our |
citizens are bought Up. the price Of food
i re- sed against our lsborers. exportstion !
is stopped, and great misery i oonss.
qusntly caused IN the homes OF ]