The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1869-03-19
sANDUSKY COUNTY OHIO: FRIDAY. MARCH 49, 1862

= "hAOh ha'O a Aoi SCA NlECuldtlOu bHd
If their proportional amount according
IS the law Of 1865, and gives it to tbol
e States which have now less than fI
e dollars per inhabitant. There woul
u be, I think, two hundred and forty-tw
n Representatives in Congress were a
+ the States represented, who represer
) the population of the several States q
: it was in 1860. The growing wester
], States at this time have a much large
e population than in 1860; butif we tax
? the representative population of 1860 a
/, basis for apportioning the bankini
+ circulation of $500, OOO,0 900 we viii fin
/, it to give little less than 1880, ,0OI
: to each Representative in Congress from
r the several States.
i I think it would be fair to take ten
fifteen, or twenty millions, or whatevs
D is necessary at this time to distribute t,
' States which are in want of circulation
/ from the States having larger amour
: of circulation than 81, $50, 600 for eacI
, Representative in Congress. Certainly
the eastern States cannot object to that
because the population of all the west
, ern States has much more largely in.
creased than that of the eastern States
since the census of 1850. If we take
THAT as the basis it will indicate that
i Congress intends in the futnre to dis
tribute these privileges among the peo-
pie of the several States according to
their numbers, and not according to
their wealth. 1 object to all legislation
which has tendency to make the rich
richer and the poor poorer. think the
people of these States will demand a
more equal distribution of the national
bank currency, because $500, 900, 900
is not sufficient to supply all who desire
to go into the banking business. There
fore if you would continue that limit
you must distribute that amount not
according to capital, but according to
population, in order to satisfy the peo-
Iple that the national banking system is
not being maintained mainly for the
benefit of the larger capitalists.
Mr.. Speaker, I propose an amend
ment to the Senate bill which if adopt
ed will require the $40, 100000 for dis
tributiOn to the States having a less ma
tional banking circulation than five
dollars per inhabitant to be withdrawn
pro rata from banks in States having
an excess of national bank circulating
notes over one million two hundred and
fifty thousand dollars to each Represen-
tatiEe in Congress. This is better than
the Senate plan, for the reason that the
law of 1866 is very indefinite and un-
certain as the apportionment of $780,
100000 of the circulation. Ny amend
ment will make the law so plain that it
can be Understood by everybody, and
will leave nothing to the discretion or
faVoritism of the Secretary of the Treas
ury. The experience of the past warns
US to make suitable precautionary pro-
visions for the future.
Mr.. Speaker, there is one provision in the
proposed by the committee
which l approve, aud hope it viii be adopted.
| allude to the proviso that no association
shall have an amount Of rculating notes ex-
ceeding $1,000, 900; and every association
having a larger amount shall, as soon as
practicable, withdraw from circulation and /
return to the Comptroller of the Ourrsucv 10
be cancelled all its circulating notes in excess
Of that amount. One million is as much a.
any one association ought to be allowed to
have. In the city Of New York there are
i've banks which have over SI4, OO0, ZOO. Il
One Of these, the National Bank of CON.
nerce, has 5000, 900. In the city of Bos-
on Two banks have about 50 ,000, 900. Re.
iucing these banks to 81 ,000, 900 each will II
about Sl0,O00,00O, one half of the
mount required by the Senate bill. l |,
hink it would be good policy and Just to
axe the balance Of the S20, 900 600 from the
'anks which have over $780, 600 of circulate I
ng notes in the States having an excess in
lroPortion to their representative population.
81 this means the circulation in these States
Till be left more equitably distributed, The I
xcess of circulation in these States is most {
7 absorbed by mammoth banks in the cities, Z
Thereas the business of the cities requires
sss proportional circulation thsn the country
lew York city has about $50, 100000, and 9
Il the rest of the State $3S, ,000, 600. The tt
Ity Of Boston has about $26, ,000, 900, and I
u the rest Of The State Massachusetts about J
81 ,OOO, 900. Before the war, under the
tate oank system, New York city had less c
lan $7,OOO,O00 of bank circulation, which s
royes copclusiY9ly that the New York city a
anks can surrender large amount of their \
resent circulation without at all affecting =
le business interests of the city, The city q
anks do not need much circulation to enable Iii
lem to do profitable business. Their de- N
'sits are large; whereas the deposits of the =,
'untry banks are comparatively small, and :.
icy rely more upon the profits of their cir II
llau0g notes. The concentrated money in b
lence OF New York city has become too Z,
eat for the good of the country, and the
sproportionate amount of the national a.
lnk currency which the banks Of that city 81
I've has done MUCH 10 produce that evil lw
be proper distribution of the national bank y,
rrency among the several States and Ter
tories will have tendency to correct the 81
II. The bill Of the Senate will not give SO
bio any additional bank circulation, but lty
g amendment Of the committee will take a.
I'm that State between two ana three mill
N dollars without returning any, whereas p
no has now at least S. 100000 less than fsU
T ratable proportion. | cannot therefore 10
nsent to any decrease. -
desire to say a few words in replV to
me remarks made by gentlemen here In u
gard to requiring banks that propose to 90 r
Q liquidation to substitute greenbaeks for vi
sir circulation. 1t has been claimed bv AZ
} gentlemen from Illinois Mr.. Ingersoli1 =.
4 others that it would enable the banks to ne
up hundreds of millions of dollars of cur WI
ICY. For the life of me cannot see how an
gentleman could have got such an idea a.
0 his head y
dr. IEeERsOLL. I can tell the gentleman ail
y easilyl because it is correct. mi
hr. BUCKIAND. When the banks substi- =
e greenbacks for their circulation the he
enb cks become so much money in the
sasury. 1t is not destroyed, but may be
d out the same as any other money in the soi
sasuFy. And the effect is contrary to lit
at the gentleman supposes; it is to give of
Government the benefit of the circula- Ln.
! of the national banks, substituting :
enbacks until it is redeemed, without in laQ
'st, and the use of the greenbacks paid Mr
the Treasury for the redemption Of the Jus
IOnaI banking circulation until that cir Nh
ition is presented for redemption. And
is not presented for five or ten years so mel
n the Ger for the Government hig
II. INslssotL. There is no provision 10 fax
bill Which authorizes the Treasurer Of the
Uniteg States, or the Secretary of the has
lsury, or the Government to use the -
nbaeks thus deposited as a fund from tne
n to redeem the national banking cur .
y. ]
?. BUcKLAND. No new law Is required terd
hat purpose. If it is paid into the Treas of +,
1t is money 10 be used like any other u
ey in the Treasury. The gentleman is one
AIKEN as to the law as it now stands, and eigt
the provisions of the bill upon that sub feet,
The law as it now stands and the bill -
ire the banks to pay into the Treasury POP