The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1868-10-27

passions which prompted its enactment. II
Ia true, the measure is repealed, but the evil
it has done cannot be recalled.
DESTINATION OF THE CURRENCY
Fellow-citizens, at this time the western
states are in the enjoyment Of good degree
OF prosperity. When you compare the pres
en-: with the past, you arc struck with your
great progress. But this question comes
up: Are you as prosperous as you should
be ? Does not the policy Of the govern
ment harm you? Is not the progress of this
great city hindered by its financial manage
ment2 The great drawbacks to the pros
perity of the farmers of the west are the
high rates of interest, the want Of currency
aud the cost Of transportation and ! charge
that all these are due, in great degree, 70
the mistakes Of the party in power. They
took upon themselves the responsibility OF
taxing out Of existence all state currency.
| They allowed no bills to be issued by any
banks, except limited amount which might
be put forth under the laws OF the general
government. For many reasons, ] was OPP
posed to this national banking scheme. As
governor Of the state Of New York, ! vetoed
law authorizing our banks to organize
under the national system, because !
thought it needlessly increased the taxes Of
our people. Cheers. | will not now dis
cuss the merits Of our national banking law.
But all will agree, when the government
undertook TO give to comparatively small
number If citizens the exclusive right to is.
sue paper money, this valuable monopoly
should have been fairly and wisely distribu.
ted At the close of the war, the people OF
the west we're not ready to take an interest
in these banks. The manufacturers Of the
east had been enriched by the fruits Of the
war, and they eagerly grasped at this great
prize. Fairness and foresight should have
warned the government against the hAphAz
ard policy Of giving this privilege to the first
corners. What we're the results? This
currency was given to those who did not
need it. The business of the cities Of New
York, Of Boston, of Philadelphia do not
need large amounts Of currency. Their
banks, in many instances, did not care to
put out bank bills until the right to do so
became a valuable monopoly under this
law. The agricultural states do need cur.
rency. Without it, the price Of your pro.
duce is cut down the rates Of interest be.
comes ruinous. The people Of the south,
where there are no banks, aud no currency,
10 many instances, are forced to pay a.
high as twenty per cent. How can
it recover under this fearful exaction ? In
our western commercial cities you are forced
to pay ten or twelve per cent. interest. At
those ratios, at times,your business is checked
for the want of sufficient amount to carry
it on. Cheers 1t cannot be said that
this ruinOus usury is owing to the want OF
value to your commercial paper. As a
whole, none better is made in any part OF
the world. Applause 1t is mostly given
to send forward the wheat, and corn, and
pork, and beef, and wool raised by your
farmers. The whole prosperity of our eoun,
try demands that this should be done. I'm.
less it is, commerce languishes and labor
suffers. This paper is desirable in its forms.
1t is payable at short dates and at the com.
mercial centres Of the east. 1t is amply
secured by some form of pledge of the
property which is bought with its proceeds
in addition to the means Of the makers and
acceptors. Every one tells you that agricul
ture lies at the basis Of a nations prosperity
and happiness Every one knows that there
is distress oil over our land If produce does
not sell for fair prices Yet just here usury
is eating away at the very foundations of
commerce and national wealth Is this
matter of necessity, or does it grow out of
your rulers, and out of follies against which
they were warned at the outset by myself
and others when our official duties called
upon US to protest against them2 Cheers.
Why, to-day, in your competition with the
commercial cities of the east, are your grow
ing cities Of the west thus trammelcd by the
want Of a circulating medium, thus loaded
down by an interest that no business com
muniLy can pay and prosper under in the
| long run7 When | look over the statements
find that more than ffy.seven millions Of
this currency was given to the state of Mass.
aChusetts, and less than ten millions to the
state Of Illinois, yet you have twice the pop.
| ulatlon Of Massachusetts Yet that state
needs but small amount, while yours re.
quires more currency than any other state
| in the Union. If discrimination we're to be
made, the interest Of our whole country de.
manded they should be in favor of the az.
ricultural states. If the distribution had
been made in proportion to the population,
you would have had about twenty millions
Of this currency and Massachusetts, about
ten. The adjoining states OF Wisconsin,
| Michigan, Iowa, and others would also have
much larger proportion than they get now.
In fact, the states Of Illinois, Ohio, Indiana,
Michigan, Wisconsin, Iowa, Minnesota,
Kansas, Missouri, Nebraska, Nevada, and
Oregon, with the territories of Colorado,
Montana Idaho, and Utah, have some mil.
lions less bank circulation than the single
state Of Massachusetts. You would have
gained, too, in another respect. As these
states had not at the time this currency WAS
distributed, the capital to take it up them.
selves, if it had been allotted to them the
capitalists OF the east would gladly have
brought their money here to employ it in
this region in the business of banking. This
addition to the business capital of the west
would have made great change in your
affairs. Interest would not at this time have
ranged at its present rates, vast amount of
money would have been permanently used
to promote your enterprises and prosperity
and we at the east should have been saved
from great moral and business evils.
THE EFFECT UPON WESTERN INTERESTS.
While you are getting forward your crops,
this currency is forced into this section by
the high rate Of interest paid for it. During
| the winter 1t accumulstes in vast volumes in
the great cities of the east. There is no
want of it there for any fair purposes. If
those banks were here, this money could be
loaned Tor useful objects. But those who hold
It in New ork,anxious to get some interest,
invite speculative movements in stocks or in
produce, which have been so hurtful to bust
ness and to morals. Not unfrequently is the
provisions which have been gathered in the
storehouses of our cities bought up, the
price of food raised against our laborers,
expectation stopped, and great misery
often caused in the homes of those who live
by their daily toll. lie who will carefullr