The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1868-10-10
why the New England States
are the HOt-Bed of Radical.
ism.

The National Bants-T Their Unequal Dis
tribution Throughout the Country,
Extract from Speech by Hon, A. G, Thur.
man, Of Ohio;l
But of all the contrivances to give
one section of the country an advanN
tage over the other, the National
Bank system is the most cunningly
devised and the most effective, You
know that this system was created by
act of Congress, and to make way for
it, Congress taxed the State banks
out of existence. Under the State
bank system, each State regulated for
itself the amount of bank notes its
! banks should issue, regulating the
mount by the wants Of its own peo.
Die. By the National Bank system,
the Federal Government furnishes
the notes to the banks organized uns
der it, giving to each bank ninety
dollars in notes for every one hundred
dollars of Government bonds it de,
posits with the Treasurer of the
| United States. The consequence is
that the section of the country that
holds the most bonds can have the
most banks, and consequently the
most money.
But, as l have shown, the Eastern
States hold far the greater number of
| the bonds ; and what is the conse-
Iquence? / will state it from this
official report of the Comptroller of
the Currency, that hold in my hand
transmitted by the Secretary of the
Treasury to Congress, at the opening
of its session last winter. In this re-
port is a table, with the caption
"The following table will exhibit the
> number of banks, with the amount Of
capital and circulation in each State
and Territory" From this table it
appears that the six New England
States have an actual circulation Of
$1O4,3OO,629.
The six great Northwestern States
Ohio, Indiana, Illinois, Michigan
Wisconsin and Iowa-have an actual
oirculatioh of $48,554,335
The six great cotton, tobacco anC
rice States of the South-North anC
South Carolina, Georgia, Alabama
Mississippi and Arkansas-have au
actual circulation of two million two
hundred and fiity.six thousand one
, hundred and twenty-five dollars
, ($2, ,256,125.)
The population Of tie six New
+ England States, by the census Of 1860
EHniffUyh Eniff yhfaNs hyfaNese elibbGd9p",qps- hundred. s9'
T eightyothroe G, 1875, ,283)' Of the 81:
. Northwestern States, seven mlllo
six hundred and Que thousand eigf
hundred aud twenty-three Q,6Ol
4 833).
d OF the six Southern States, fou
: million pine hundred and forty tou
y thousand five hundred and seventy
s, : two (49+5,572)
u, O, the six Southern States, fou
} million nine hundred aud forty-fol
- thousand five hundred aud seyent,
- two (4,944,572)
- These eighteen States increase
population in very different ratios, 4
ipcreas in the West aud South bell
a much greater than in New Englan
~ Making proper allowance for t
= =, increase since 1860, their prese
y population is, in round numbers,
Of follows:
VI The six New England States........".35 50O,l
,es The six Northwestern States.....,...lO,OOOl
nv The six Southern States...."..". ...."o,oUU'
''' Total. l9,5OOI
a From this it appears that
nm w. National Bank circulation in the
10 New England States is at the rate
roc S29 so for each woman and child
roI M In the six Northwestern Sta'
're 81 S5.
IN In the six Southern States,4l Gel
oat So the effect of the National b'
Los system is to give to the New EngI'
sb. States over six times as much mo-
. "a per head as it gives to the Nor
80 western States, and over seventy
b;o times as much as it gives to the
ed GREAT Southern States. Or, It
Ior take the number of voters as
81; basis of comparison, you Ind
ofIit gives to each New England y
of $3.50, to each Northwestern Y
nah about S28, and to each Southern Y
NM less than So so. When you had
nile own bank system you regulated
amount Of your bank circul'
ants yourselves, according to your
onth necessities but now, if you
, of more money than YOU have, you
.nd borrow of New England, and all
interest you pay leaves the State
is another drain in addition to
I have before mentioned.
I was
IS, in The grasshoppers have put a
near up to 25 cents apiece in Utah,
ID in -s'
body Bob Brettle, the Lannon'S ~
lcces' puglllst, is a "lion III H ~