The Conservative. (M'connelsville, Ohio) 1866-1871, 1868-10-29

the very reason that they most needed !
it. If the rule of proportion was to be |
disregardod, it should have been done
in favor of the very States that now have
the smallest share. II was the duty Of
wise statesmanship TO see that the cur |
rency was given whereit would be of
the greatest service TO the public. 1t
may be asked If the West was not able
! to take bonds, how would they avail
themselves Of this privilegeH If this
action had been reversed, and fifty
millions had been given to the State Of
| Illinois, and nine millions had been
given To the State of Massachusetts,,
which would be much more fair than
! the present distribution, the people of
| Illinois could not have established
| these banks, but the capitalists Of New
England and New York would gladly
| have established banks in these States
for the sake of the advantage gained
Now, this would not only have been
more fair as any oneseeE, but it would
have avoided a great evil, TO which |
will call your attention. And in con-
sidcring this | will not 60 so far as TO
say that any State should have less than
its due share. The people Of the Nor
, thern Atlantic States, who hold about
two-thirds Of all the 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 ". Y.
did not deem it worth while to issue
notes for circulation. We now see that
at certain ses/ons Of the year they send
currency to the West TO bring forward
the crops. When IL is not needed for
these purposes, it is accumulated in
vast sums in the cities OF New York,
Boston and Philadelphia, where, as il
is not wanted for regular business pur-
poses, it is used 10 promote unhealthy
and demoralizing speculations. 1--we
turn our attention TO the great agricul-
tural States of the West, We find that
they need currency in their business
transactions, and that they suffer great
evils and losses from want oft. What
is now going on over all Of these great
regions2 IL is necessary for the vel
fare of our country and for the health
, and- eeinipr tsvol ,onr -peeple that the
! wheat, Corn, beefand pork Of the West
should be sent to market, not only to
feed our own people, but by its sale in
foreign lands to pay the interests on
our debts and the articles we purchase
abroad
, This is the first great financial neccs.
sity Of our country To do this the
best commercial paper is that which is
made for this object. 1t is payable at
tho commercial Ccntcrs, at short date.
! II has not only an acceptance at the
, East, but is fortified ly bill! of sale Of
/ 10 l,-,,-l.t l.,
, its proceeds Why is it that this com.
/ mercial paper, made for purposes so es.
} sential and meritOrious amply secur.
D cd and having about it every feature
. which should command credit can
l command the monstrous interest often
, or twelve per cent. This is a grave
. question, affecting the welfare Of every
= citizen Of our land There is a great
wrong here at the very basis OF tho bus.
incss prosperity of the United States
When the Westorn dealer in produce
! goes to the bankers OF Chicago, Nil.
waukic, Toledo, or other Commercial
e cen Lers Of the West, and offers q draft,
- payable in an Eastern city, of undoubt-
, ed credit, to get the currency 90 buy
. the wheat, beef pork or produce of the
| Western farmer, he is charged this
= monstrous interest, and when he OBJ
! iccts that it is ruinous and unjust, he
, is told that the banker can do bctter
| that he has no currency Of his own; that
, he cannot get II for himself; that the
whole volume authorized by Congress
has been Ia en- up mainly in the East,
| Grn States; that, in order TO get this
, currency, the bankers may 60 TO the
} East and borrow it, and must pay an
| interest for its use, and then he must
: charge al that interest, and another
interest as a compensation for him
: Sc I. Then, says the borrower, | find
that must pay interest to two bank
= ers. ls it right that Rhode Island, ol
!, Massachusetts or New York should
t have the share Of currency which be
: onCs to our Western States 2 Are moi
, we, the citizens Of the West, forced tC
a lay to these Eastern States interest up
on the cmregcy which r;ghtiu ly be
longs to us2 If must pay you, The
q ban er Of the West, and the banker o.
{ the East, ten or twelve per cent. inter
[ est when l ought to pay but one la
a that amount, / must take il out Of tho
j, price which | pay to tho farmer for hi
: produce. Now, n this is true, anC
here is tho great wrong which tondi
o to produce l-feeling between tn,
: States; a jea ousy Of the creditor State
= and a sense ofinjury which harms tn'
n National credit.
q This unwise disiribu ion of he cur,
3 rency les II he iounda ion of much o
# he feeling in Ger ain sec ions of hi
n coun ry against he bond-holders. |
Is is no unusual hing o see 8 Il cd il
/ the papers Of Chicago and her Wes
n ern ci les ha, he grain market i
is checked for he wan OF ha, currcnc
r which righfu ly belongs o Ina sec
!, lion. Mo- ony is he farmer hus pal,
It a lower price for his produce, but h
II carriers upon our lakes and canals, AM
o the whole commerce Of he coun ~
d internal and foreign, ere injured b
v this lack Of foresigh' on he part of on
d rulers IApplau5e,
It Blu he evil does no sop herer.
S. When he currency which has bee
ss used place he agricu ural produc
y on he marke S of he Eas is no longe
e nerded for hese purposes, il piles upi
S, vast volumes in he ci les of Now Hor.
10 and Bos on during he wiu'er months
Those who hold are impa len, haY
II i prof ably emp Dyed, They inyi
e borrowers use / for purposes 'ha
- eud in hose wild and demoralizin
J. specula ions ha have done so much
H. corrupI The morals and des roy tho hi
D, bi ofindua ry, which alone can max
10 peope truly prosperous, No unh'
" ouen ly i ia used buy up again a