The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-10-30

T0
Y, and that this wasa great blnnder
on tne part OF Congress. Again, I muSt
say mat Governor Seymour is not well
iiniossIledt as Congress did everptllife
u u l Us power to equaltzethe listribnfi6y
~. iaAt currency. It the Governor had
Ee ~. the National Banking act he could
NOT nave made that statement. The
as follows; az p siAes
SEoTIoN II. A1ld be Il further. enact.
eG. That the entire amount OF circn-
taung notes TO be issued under this
cEsnall not exceed three hundred mil.
mons OF dollars, one hundred and fiIiv
- ii,llliions OF which sum shall be appor-
.ionea 10 asso elations in the States. in
the the DISTRICT of Columbia and in the
errltortes, according to representative
kSoPulaNopi and the remainder shall
! % apport1oned by the Secretary of the
treasury among associations formed
IN the several States, "a he District OF Co.
ionbiai and in the Territories, having
que regard to the existing baukinS
ca pltalt revenues and business of snch
State, District and Terfitofies.v The
STATE oil Indiana got just as much OF
that currency as she was able to take.
anu her people were urged by the Comp.
loch, To- take more than they did.
but Mr.. Seymour says that the mat
ter should have been kept open until
the western States we're able to take
Lhelr full share. The government had
10 nave the money, and had to sell her
ponds. We were in the midst OF a ter
rlple war, and could not wait for
money until the States were all pIepar-
ed 10 take equal portions of the bank
ing capital. The people of the Eastern
States had more capital and more
money TO purchase bonds with than
the people of the West, and it was SO
before the war. The Western States
have a larger proportion of national
banking currency than they had of
State or local banks before the war. 1
have statement made up from the
books of thea-Auditor of State, which
shows the following facts: In October,
| 1867, the capital OF the National Banks
IN Indiana amounted 10 Sl2, 767, 600;
their circulatiOnsWas 81, 042 900; their
loans were $1S, 210, 25s. In March, 1861,
the entire bank capital in Indiana was
81, S53, 425; the entire bank circulation
4 was s., 1858, 2o7; their loans were $6,444,
75S; so that under the national bank.
ing system Indiana has IS, as, $50 of an
increased banking capital, s.. $50 ,703 of
increased circulation, and So, 444, 753 OF
Increased banking loans, SO that under
the presentsystemo our banking capital
has been trebled, and our banking cir
iGuldl1Ou llOE6 ludu' OOuOieus
Mr.. Seymour goes on TO say that
while Indiana has twelve millions OF
4 dollars of national banking currency,
Massachusetts has fiftyEseVen millions;
but he fails TO notice that in 1852 Mas
sachusetts had sixty-seven millions OF
banking capital, while Indiana had but
four million, three hundred and fifty
three thousand, and this, when Indt-
II ana and the National government were
mat fFnnn Dam nnFatin infn
Il publican hands.
Il : On examination we: shall find that
the taxes are distributed among the
Eastern and Western States in about
the same proportion. Rhode Island
has two Representatives in Congress,
and paid last year 81, 1853. 5I4 OF internal
4 revenualaX. Massachusetts has TWEEN
ty-one Representatives in Congress. and
I last year paid nearly SIS, DOC, 900 of in
ternaI reYenuetax. Indiana has eleven
Representatives in Congress, and last
year paid but 50. $40, 600 of internal rev
enue tax. '.a-<r -
! But Mr.. Seymour does not complain
that there Is any hardship In this fol
his mission is to array the West against
the East. Onlast Saturday evening he
showed to the people of Chicago how
terribly they were wronged by his owr
and other Eastern States, in the distri
/, button of the National bank currency
that while Massachusetts had nifty
seven millions of this currency, Hi
( nois had but ten millions. NOW. C
show how terribly Illinois has beer
outraged in the matter, will fsou
the otficial report, from which It ap
pears that in 1861 md 1862, all the
banks If Illinois together had but si1
hundred and nineteen. thousand two
hundred and eighty-st1 dollars IN cur
rency, which, according TO Mr.. Sey
q
give place to ten millions of Natlona
banking currency. TO further prove
how terribly the Northwest has beer
wrouped in this whole business, read
from the same report that all the North
western States, including Illinois, In
diana, Ohio Michigan, Arkahsas
Il lows. Minnesota, Kansas and Nebraska
md. in 1851, SIS, 6S4, 564 of currency, al
i. mid. and that the same States have now
of national banking currency $50, 639,
sin being an addition of thirty mil
lions to their currency, growing out o.
the change from the local TO the ma
tional banking system. In january
1862, before the National Banks weEt
establisbed, the total amount OF bank
cIrculation, including all the rebe
States. WAS S23S, 6l7, 2IS,- of which this
nine NorthHestern,St States had as before
stated, Sl9,6S4. 564i (which was abou
one.thirteenth of the whole amount o.
circulation. Now, the National Bank
J have a circulation. of $500, O0V, OVOi o
which the nine Northwestern States
have one.slXth, or hfty millions.
Mr. Seymour makes much ado be
canse. the rates of interest are higher II
Inc West than in the East, but b.
greatly exaggerates the. -diherence. 1
N mt more than one.third OF what h.
represents. Still the rates of interes
| are HIGHER in the Western than IN. tn
; Eastern States, and have always peel
J So Money is cheaper IN the OLD ant
v1ealthy States, than in new countrle
which are but partially developed, an
are rapidly improving. money -,
eheaper'in New York thanit Is in CHI
I capo. and. it is much cheaperin in. I6ndo
, thsnsiE isIn New York. Mr.. SeyInon
l nreaeIlts the difference, in the rates
l fnterpst between New York and Oh!
{ cago as something new and wonderin
as q great oppression, brought aooufp
!, when the truth is that the difference
: less than 1t was ten years ago, and
I growing smaller from year TO year,
! fne West increases insWealth aud cap
I raj. And now j come TO MrsS5ym our
J. nosition as7to the hve-twenty bona
Q whether they shall be paid IN golo {
3 In -ureenbackB. On the 10Th OF June,
!, made a speech at Cooper Institute ]
v New York, in which he assumed, Will
: ant coniescending to argue the que
: ton. that all the bonds were to be pal
q in gold, and went on 10 snow Wha -. y!
g insIfce and hardship would result
D 'yIe holders of the bonds If they WEI
: Maid in paper. The position he took |
o mat time was positive and emphati
: and to show the views of the Nortl
9 nsestern Democracy upon his speech,
9 win read brief editorial from the en-
d oinnaif Enquirer, OF June 80, lS6
sn1oI1G the most influential Democrat
s napers in the Northwest: