The Plymouth weekly Democrat. (Plymouth, Ind.) 1860-1869, 1868-10-29

w niis tne STATE OF MaSsacnuseItS, Win
about 100000 inhabitants, has about
s57 600, 900 of this currency, the state OF
. Illinois, with about twice that population,
f has less than Sl0,OOO,OOO. In the state
) of Rhode Island they have about $40 to
; each inhabitant; while in Illinois, Michi.
gau, Wisconsin, and other western states,
they have only abcuts8. IF go much cur
reuey is good for Massachusetts,, why is it
not good thing out west?
But the injustice of this distribution
was the least of the evils which grew out
Of this lack Of foresight and craftsmanship.
1t is no answer to say in justification of
this inequality, that the west had as good
a chance to get this privilege first as the
other states. 1t was not matter to leave
to chance. The western states were not
then in condition to secure this curren-
cy, for the very reason that they most
needed it. If the rule of proportion was
to be disregarGed, it should have been
done in favor Of the very states that now
have the smallest share 1t was the duty
of wise craftsmanship to see that the cur
rency was given where it would be of the
greatest service to the public. 1t may be
asked, if the west was net able to take
bonds, how would they avail themselves of
this privilege. If this action had been
revised, and s57 900, 900 had been given
to the state of Illinois and $4,000 GOO had
been given to the state of Massa chusetts,
which would be much more fair than the
present distribution, the people Of Illinois
could not have established these banks !;
but the capital Of New England and New
York would gladly have established banks
in these states, for the sake Of the advanta-
Ses gained. Now tliis would not only have
avoided great evil, to which | Will call
your attention ard, in consideration of
this. | will go SO far as to say that any
state should have less than its due share.
The people of the northern Atlantic
states, who hold about two-thirds of all
this currency, do not need this amount for
their business purposes. Their modes of
conducting business do not require this
form of credit Formerly the banks of the
city Of New York did rot deem it worth
while to issue notes for circulation. We
now see that, at certain seasons of the
year, they send currency to the west to
bring forward the crops. When it is not
needed for these purposes it is accumula-
ted in vast sums in the cities of New York.
Boston and Philadelphia, where, as it is
not wanted for regular business purposes,
it is used to promote unhealthy and de-
moralizing speculations. If we turn our
attention to the great agricultural states
of the west, we find that they do not need
currency in their business transactions,
and that they suffer great evils and losses
from want of it. What is now going on
over all Of those great regions 1t IS
necessary for the welfare of our country,
and for the health and comfort of our
people, that the wheat, corn, beef, and
pork of the west should be sent to mar
ket,-not only to feed our people, but, by
its sale in foreign lands, to pay the inter
est on our debts, and for the articles we
purchase abroad. 1t is the great financial
necessity of our country to do this. The
vests commercial paper is that which is
made for this object. 1t is payable at the
commercial counters at short dateI 1t has
not only an acceptor at the east, but is for
titled by bill of sale of the very property
which is bought by its proceeds. Why is
it that this paper--made for purposes SO
essential and meritorious, amply secured
and having about it every feature which
should command credit-ccmmands the
monstrous interest of 10 or II per cent !?
This is a very grave question, affecting the
welfare of every citizen Of our land. There
ID SiCue HiVuS hCIC at tuO vel OdolS Va
the business, property, and persons al CON-
: fort of the citizens of these United States
When the western dealer in produce goes
to the bankers of Chicago, Milwaukee, To-
!edo, or other commercial cities of the
west, and offers draft payable in an east
ern city, Of undou5ted credit, to get the
currency to buy the wheat, beef, pork, or
wool Of the western farmer, he is charged
this monstrous interest and, when be OBJ
jects that it is ruinous and unjust, he is
told that the banker can do no better that
he has no currency of his own; that he
cannot get it for himself; that the whole
volume authorized by congress has been
taken up, mainly in the eastern states /;
that in order to get this currency the
banker must go cast and borrow it, and
| r.