The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1870-02-15

perhaps. two or three others, have not
much more than their proportion; but
taking the three leading States, Massa
chusetts, Rhode Island and Connecticut,
the average is about $50 an inhabtant.
Mr.. Thurman-That may be / do not
say how that matter is; but take the
whole of those States and it makes S2S
81 per head
Now take the Middle States and the
District of Columbia, New York, New
Jersey, Pennsylvania, Maryland, Della
ware and the District of Columbia have
a population of 10,227 900, and circu-
lation of $127,916.972, being S12 81
per capita.
Now, take tile great Northwest. /
use that word great with respect to
her territory, not for the purpose of brag
ging. / take the States of Ohio, Indi
ana, Michigan, Illinois, Wisconsin, Min
nesota,. Iowa, Missouri, Kansas, Ken
tucky, Nebraska and Nevada. / include
Nevada because it was in the calculation
which l had seen and saved me some
figuring Their population is 14,120,-
772, and their circulation S57, GA, ,066.
The per capita is only 81 0S. That is
the condition of the Northwest.
Now take the Southern States. Vir,
ginia, West Virginia, North Carolina,
South Carolina, Georgia, Florida, Ala
bama, Mississippi, Louisiana, Texas, Ar
kansas and Tennessee, have popula-
ton of 9,42S,SS3, and circulation of
So, ,143, ,935-per capita, ninety-seven
cents The single city of Providence,
Rhode Island, has about as much circu-
lation as the whole of these Southern
States She has sS,S72,035, while they
have only S9,143,935.
1 confess I am amazed to hear any
body say that this system Of injustice,
this state of inequality and wrong, ought
to be perpetuated, and that if lot per-
petuated injustice is done to the States
whose banks have such an excess of cir
culation Sir, do these New England
banks and the banks of New York need
that circulation for their own people p
Is it for their own people that they must
have such circulation? When in the
world, before your national banking sys-
tenn was adopted, did the six New En-
gland States have circulation of Sl04,-
100000? And it must be remembered
that they have their share of 2reenbacks
too. When did they ever find it neces
sary to have any such circulation as
that2 Never in the world No, it is
not for their own purposes, it is not for
their own business but it is to have GER
tain things which you by your law have
made to circulate as money, to wit: the
national bank notes, to lend At usurlous
interest to other sections of the coun
try that they cling with such tenacity to
the advantage which they have.
Everybody knows how it works. We
see it in Ohio well enough. Every fall
when our wool crop and our wheat crop
are ready to be moved, What do we find ?
We find money borrowed from New
York, money borrowed from Boston,
money borrowed from the New England
States by the people of Ohio to move
their crops. and what is the money they
get? They get these national bank
notes, and upon them the people of Ohio
pay an annual tribute in the way of in
terest to these monopolists of this cur
rency. 1t is regular drain upon Ohio.
But, sir, it is felt in Ohio very much less
than in other States, because Ohio has
nearer her proportion of the national
bank currency to which she is entitled !;
perhaps very nearly the full amount to
which she is entitled But how is it with
the South How is their crop to be
moved but by borrowing money at usu-
rious rates of interest from these people
who have monopoly of the currency ?
Itis giving, therefore, to the people in
one section monopoly Of the privilege
of issuing notes to circulate as money,
and making all other parts of the Union
tributary to them, drawing money from
all other parts for the loan Of their creo-
it. Congress has authorized these banks
to issue notes and loan them. Iti is moth
ing but loan of credit; and while the
people of the South and the people of
the West could,if you would allow them
to do it,carry,o on their business and move
their crops on their own credit, you by
this system and this inequality compel
them to borrow the credit of the people
of New England and the people of New
! York and pay interest for it; and just to
that extent do you drain the people of
the West and drain the people of the
South. 1t is nothing but tribute. 1t is
as much tribute as if you required the
tax -gatherers of the United States to levy
so much taxes upon the people of the
West and upon the people of the South
and pay those taxes, not into the national
Golfers, but into the Golfers Of the national
banks of the East.
Ny colleague was perfectly right in
saying, and rejoiced to hear him say it,
that this is an injustice which will not be
Submitted to. When / heard him make
that declaration, when l felt strengthen
ed by that declaration,I was sorry to see
that his performance in the shape of that
bill, came so much short of his sense of
Justice and of right.
1 Mr.. President, see no way to get at
this injustice but to take the course indi-
Gated by the Senator from Kentucky
| Mr.. Davis and redistribute this cur
rency. l do not ask you to redistribute
Lit all ct once do not wish to disturb
the business relations of any section of
this Union. l have no prejudice against
any section of the Union. do not wish
to destroy trade; but | wish something
like Justice done and if We cannot have
a complete redistribution now, let us be-
gin that redistribution in the right way,
and ultimately carry it to its proper end.
g-Affected young lady. seated in a
rocking chair, reading the Bible,cxclaim-
cd:
"Mother, here is a grammatical error
in the Bible"
MOtbor lowarinr har Speotac claS aud