The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1869-03-19

Massachusetts has more circulation tn.
4 Ohio, Indiana, Illinois, Michigan, WI
consin, Iowa, Minnesota, Kansas, N
braska, and Missouri; and yet Mass
ehusetts has only ten Representative
l while the other States named ha,
ssventy-fVe. Connecticut with on
six Representatives, has S17, 443, 70
and Rhode Island, with only two R
representatives., has $11, ,491, 4sO; Main
New Hampshire, Vermont, Pennsylv
MIA, and Maryland have an excess ov,
their proportion according to popul
! ton, but not near so great an excess.
Now, Mr.. Speaker, l do not desire
find fault with Massachusetts or Ne
York, or any other State, or to do thel
injustice; but do say that if this banl
ing system is to remain in force th
people of the West will demand tn,
they have their share of its benefit
and the people of the South will max
the same demand; and, sir, they hav
a right to demand it. Because certai
fortunate people of these eastern State
have already laid up princely fortune
out of this business, is that any reaso
why they should continue to do so +
the exclusion of the people of the othe
States2 l think not. l contend tha
the privilege of using the credit of th,
United States for making money SHOULD
be distributed among the people of al
the States as nearly equal as possible
and if the national bank currency is tt
be limited to 100000, 900 it should b,
distributed not according to property
but according to population, provided
the population of the several States de
sire this proportion. Because the peo
pie in certain portions of the country
have more capital than in others is nc
reason why they should have more ol
these facilities than the less wealthy
people of other States. On the con-
trary, the fact that the people of some
of the States have less wealth than in
others is very good reason why this
Government should legislate to better
their condition.
But the proposition of the majority
of the committee is to cut down all the
banks for the purpose of obtaining the
desired amount to be distributed in the
Southern States. 1t proposes to raze
the circulation of all the banks in the
same proportion, in the States which
now have less than their proper share
of the circulation as well as in those
which have large excess, even in those
which have not the least.
Mr.. Speaker, 1 claim that the popu-
lation Of the Western States require
more circulation per capita than that of
the Eastern States, which are more
densely populated. The business of
The eastern cities, New York and Bos-.
ION, is done by checks, handling COM
paratiyely little currency. 1t is simply.
4 transfer of the the credit of one man
1pou the books of the banks TO the.
credit of another mau by checks. But
n the country, where large portion of
he people reside remote from banks,
business is not and cannot be done in
hat way. There mechanics and farm.
RS must have currency TO carry in their
pockets wherever they go. But, how
iver that may be, what 1 claim this
congress ought to do now is to provide
whatever circulating medium these des-
itute States need by taking it from
hose States which have an excess over
heir proportion, leaving the banks in |
hose States which have no excess ,un-
disturbed. We ought not to take bank /
REGULATION from Indiana, Ohio, and II
nois for the purpose of distributing it
the other States SO long as there is
D large disproportion of this circula-
on in Massachusetts, Connecticut,
,hode Island, and New York.
Mr. Speaker, all exclusive privilegesI,
'oner or later become odious to the |,
eople. l do not believe that this na-
onal banking system, upon the present
Iclusive plan, will exist or can exist
any years, for the reason that the peo!
e see that few men in every town
Id city are building up fortunes out ofli
privilege which they themselves are
snied. Unless Congress enacts a free II
.nking law which shall be open to all L
no can furnish the necessary securities. l.
corrects she present unequal distri- h
ltion of the bank currency, sooner or L
ter this national banking system will &
by the board. If therefore, it is
'sirable to perpetuate the system, Con- !
ess must show a disposition to do ius- 9
'e to all the people, and not confine E
e greater share of its benefits to fourlGe
five States in great disproportion to Il
cir population. In my judgment. Fl
9 time is not far distant when the Il
ople will demand a free banking sys- :
n or the substitution of United States c,
rrency for all bank paper. But that
a question which it is not now nv SC
rpose to discuss. The country is not ;E 3
W in condition to warrant the at ltE
npt to make any great change in the th
item or quantity Of the currency. The az
'st that We can or ought to do now y y
% remedy the defects in the present It6
:, and confer the benefits of the pres in
national bank system upon all parts
the country as equally as eircum. y
noes will permit. >,
Mr.. Speaker, if the settlement of this gr
'stion depended upon my Judgment Il
7ould first determine how much of r,
circulating medium it is necessary vi
provide for the present wants of the tn
thern and western States, which TIC
re much below their proportional A. 3,
unit; and when I ascertained that I int
lld take it from the States which ma
g an excess in proportion to the s. e Gu
unit of that excess. But the priuci- mn
upon which this amendment of the !
lmittee proceeds is to keep up the the
proportion between the West and the the
in the distribution of the circula- Is II,
hereafter. ] do not think it would III III
rood policy to cut down that dispro- reD
ion all at once; but if you want \
100000 this year to supply the for
demands of the South and West ury
itfrom the States which have more mis- mis-
they ought 10 have, and give it to as /
States which need it; and if Won ject
S2O,0O0,O0O next year for the re- reg
purpose, take it from the States Stat 81
n then have more than belongs to ing
and give it to those which have ursr
and keep doing so until you have Pre- pres
7 distributed the $500, 900, 600 the the
lC all the States aecordino. 70 a. deer