The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-10-24

| lof Tue articles we purcnhso hu'o@N ~ 20
the great 6nanca necessity OF our country
to do this. The vests commercial paper is
that which is made for this object. IL -
payable at the commercial counters at short
date. 1t has not only an acceptor at the
east, but is fortified by n bill Of sale OF the
very property which is bought by its pro.
ceeds. Why is it that this paper-made TOR
purposes so essential aud meritorious, amply
secured, and having about il every feature
which should command credt-commands
the monstrOus interest Of 10 or y per cent
This is very grave question, affecting the
welfare Of every citizen in our land. There
is a great wrong here at the very basis OF
the business, property, and personal comfort
Of the citizens of these United States. when
the western dealer in produce goes 70 the
bankers Of Chicago, Milwaukee, Toledo, or
other commercial cities of the west, ana Of
ier5 draft payable in an eastern city, OF
undoubted credit, TO get the currency to buy
the wheat, beet, or wool Of the western far
mer, he is charged this monstrous interest
and, when he objects that it IS rulnous and
unjust, he is told that he has no currency OF
his own that he cannot get it for h'mseIti
| that the whole volume authorized by con
gress has been taken up, mainly IN the
eastern states; that in order TO get this cur.
rency, the banker must 60 to the east and
| borrow it, and that he must pay an interest
| for its use and another interest, as com
pcnsation for himself Then says the Dor
rover, ~ find that | must pay interest to
two bankers. Is it right that Rhode Island,
or Massachusetts, or New York should have
the share of currency which belongs to our
western states Are not we, the citizens Of
the west, forced to pay to these eastern states
interests upon the currency which rightiuIly
belongs to us? If must pay you, the
| banker Of the west, aud the banker Of the
east 10 or IL per cent. interest, when ought
to ray but one-hAlf that amount, must take
it out of the price which pay the farmer
for his produce"
Now, all this is true, and here is a great
wrong, which tends to produce ill.ieeling be.
tween the states,-a jealousy Of the creditor
states,-and a sense Of injury which harms
the national credit. This unwise dis.ribu.
ton of the currency lies at the foundation Of
the feeling in certain sections Of our cOun.
try against the bondho,ders. 1t is no unus.
ual thing to see it stated, IN the papers Of
| Chicago and other western cities, that the
Grain market is checked for the want of that
currency which righuully belongs 10 that
section. Not only is the farmer thus paid a
lower price for his produce, but the carriers
upon our lakes and canals, and the whole
commerce Of our country, Internal and for.
cigR, are injured by this lack of foresight on
the part Of our rulers. Applause.
But the evil does not stop here When
the currency has been used TO place the agr
cultural products in the markets Of the east
and is no longer needed for those purposes
it piles up in vast volumes in the cities Of
New York and Boston, During the winter
months, those who hold it are impatient &c
have it proftably employed. They invite
borrowers to use it for purposes that end II
these wild and demorallzing speculation!
that have done 80 much TO corrupt the NOR
ais and DESTROY the habits Of industry, whicf
alone can make people truly prosperous
Not unfrequeutly it is used again to buy W
again the beef pork, flour, and grain in the
hands of eastern holders and ia the ware
houses of our commercial cities' and to put
up their prices against the laboring poor, the
toiling mechanic, and the consumer Of tht
in this way checking the expectation
abroad, and destroying the commerce Of oul
lands. (Cheers) Now, if, with wise states
manship, under this same national banking
system, care had been used to place this
: capital where it was needed, the share which
would have been given to the western state,
would never have remained idle, or would
have been employed for hurtful purposes
There would always have been use for thai
capital there, which would have promoted
prosperity and advanced the healthy enter
prises of great and growing communities
, This error of our rulers is attended with an.
. other great evil.
5 There was no provision made for tn,
s south no care taken to receive their pros
t perity, 50 that its people might aid in ad
/. yancing the prosperity Of our land. tits 70
4 our interest az well as theirs, that their pur
+ suits should again be prosperous. We tjnC
{ that this error in the distribution of our cur
y rency is Cursing our business with enormou
rates Of interest. 1t lessons the prices whicl
the farmer gets for his produce Injuries on
D career, and harms both our domestic an,
o. foreign commerce. This great, fragrant, ma
e tional evil should have been corrected bu
! it has not even received the attention of the
S party IN power. (Choers.)
EQUALITY OF TAXATION.
There are other great wrongs to which
will briefly Rlludo, and which | will discuss
more at length on other occasions. We say
3 that taxation should be equal upon ever
species Of property, according to its real val
ne. The republicans say so, too. The
, declare, in their fourth resolution, THAT /
is due to the labor Of the nation that taxa
ton should be equalized." Wit