The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-09-16
THE CAMPAIGN INOHIO.
speech of Judge Allen C. Thurman

THE CAMPAIGN IN OHIO.
speech OF Judge Allen G.. Thurman.
Judge Thurman delivered q speech at
Democratic meeting in Sandusky on
the 9TH instant. in which he made the
following reference to the
NATIONAL BANKS:
But of all the contrivances to give
one section of the country an advan-
tage over the other the National Bank
system is the most canningly devised
and the most effective. You know that
this system was created by act of Con-
gress, 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, reg
ulating the amount of the wants Of its
own people. But under this National
Bank system the Federal Government
furnishes the notes to the banks organ
lied under it, giving to each bank $50
in notes for every 500 in Government
bonds it deposits 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 you, the Eastern
States hold by far the greatest number
of the bonds, and what is the conse-
quencei will state it from this Off
cial report of the Comptroller of the
CURRENCY which l hold in my hand,
transmitted by the Secretary of the
Treasury to Congress at the opening of
it's session last winter. In this report
| is a table with this caption: "The fol-
lowing table will exhibit the number
of banks, with the amount of capital
and circulation, in each State and Ter
ritory." From this table it appears
that the six New England States have
an actual circulation of Sl04, ,S00,629.
The six great Northwestern States
Ohio, Indiana, Illinois, Michigan, Wis
consin and Iowa-have an actual circu-
lation of S4S, ,554, 1886.
The six great cotton, tobacco and rice
States of the South-North Carolina,
South Carolina, Georgia, Alabama, Mis-
sissippi and Arkansas-haye an actual
circulation of &, 2,255, 1875.
The population of the six New Eng
ANOOt
3,l35, ,2S3; of the six Northwestern
States, 1901, ,S23; of the six Southern
States, 4,944,672.
These eighteen States increase in pep
ulation in very different ratios, the in
crease in the West and South being
much greater than in New Eng land.
Making proper allowance for the in
crease since 1860, their present pepula-
ton is, in round numbers, about as fol.
lows:
The six New England States. $500, 400
The six Northwestern States. 100000
| The six Southern States. .-........... 5,jOO,eOO
Total 10, 600, 900
From this it appears that the national
bank circulation in the six New Eng
land States is at the rate of $3.50 for
each man, woman and child; in the six
Northwestern States S4.S5; in the six
Southern States forty-one cents.
So the effect of the national bank sys-
tenn is to give to the six New England
States over six times as much money
pei head as it gives to the six North
western States, and over seventy-two
times as much as it gives to the six
great Southern States. Or, if you take
the number of voters on the basis OF
comparison, You will find that it gives
to each New England voter about $3.50,
to each Northwestern voter about S29.
and to each Southern voter less than
$3.50.
When you had your own bank system
yuu ruguiutcu tnc amount or your paBk
circulation yourselves, according to-
your own necessities; but now, if you
need more money than You have, You
must borrow of New England, and all
the interest you pay leaves the State
and is another drain in addition to
those have already mentioned. Now,
Iput it to any man, "Should this in
equality existp You can not get even
| by starting new national banks, for the
acts of Congress limit tho aggregate
amount of their circulation, and the
limit has been already reached. But
the way to redress this wrong is plain.
Compel the banks to withdraw their
circulation and supply its place with
greenbacks. There will then be the
same amount of money in the country
as now, but You will have your fall
share of it. AS matters now stand you
have no such chance. And why should
| not bDlS DC uOne no u1uh uOLCo aiC
no better than greenbacks, for they are
redeemable in greenbacks. lfyou pre-
sent one of them to the bank for re-
demption the bank pays you, not gold
nor silver, but greenbacks, and the law
compels you to take them. Then why
not have the greenbacks at once in
stead of the bank notes, and thus put an
end to the monstrous monopoly that
the Eastern States, and especially New
England States, enjoy under the ma
tional bank system No man can
give o good reason why this should
not be done, and were the bonds depOs-
tied by the banks to secure their circu.
lation paid off in greehbacks, as they
ought to be, you would save by that
operation eighteen or twenty millions
interest that you now pay every year
upon these bonds. And tho banks be-
ing compelled to withdraw their circu-
lation, its place could be supplied with
greenbacks, and thus an end be put to
this outrageous inequality introduced
by this national bank system.
And, finally, if you then needed State
banks you could have them and regu-
late their circulation according to your
wants.