The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-02-05
4 PLEA FOR MORE eREENBAcKs.
Foreib1e Speech by Senator Sawyer.

PLEA FOR MORE GREENBACKS.
ForcibIe Speech by Senator Sawyer.
During the debate on the "Grccnback" Dill
IN the United States Senate, on Wednesday,
Senator Sawyer gave forcible description OF
the Injustice done the Southern States IN the
distribution of the national currency. In re-
ply to Senator Patterson, of New Hampshire,
Senator Sawyer said;
Iwish to say one word in reply to some r..
marks which fell from the honorable S senator @u',
from New Hampshire. He THINKS tHaG NV
England has been pommelled IN tnls uee"tG ~
and in every ether Important measure y,
ier1slation that is brought up. l desire, on
M,S oven mart. to Iisclaim any purpose to throw
any blame on New England for havinS tnis
large circulation; but, on the other nana,
desire to put in my proteSt asans' ne
heinz 90 constantly claimed mere IhaI
the reason New England has TINS large har
tional bank circulation IS on account VI
her patriotism, for it VIII oG G oUrnc w.nr ,vos 20
mind that in July, 1865, after the war was was
ali over, after the last Confederate SOLDIER
had laid down his arms. tho three STATES
of New England which are most largely III eH-
cess. Massachusetts,, Connecticut anu a isnouc oac
Island, had but $40 900, 600 OF the Si3i ,ouU,ooo
OF national bank circulation then outs!aiiu.ns' .,
subsequently to that, within one year, $ ciine;
thew had increased the amount OF national sa
hank circulation which they. had to SS2,G3i,4'3
ont of a total of s267, 100000. In view Oh the
claim that this circulation was gwen 10 lEese
States because they were SO mucn more paerl-
oticsthan other States, put in the suggestion
that the su plus fund, as reported IN July, 1860,
as belonging to the national banks, after pay
inc all dividends, and they were large, was
nearly or quite ten per cent. OF their entire
capital stock. Now, when the patriotism Oh
those States at that time went so evenly WIN
the size of the surplus fund. as compared win
the capital stock, question II IL ls not l1ltncr
matter of doubt whether it was pure patrl-
otism which induced the addition OF that S42,-
0OO, 600 to their bank circulation.
how NEW ENGLAND GOT THE LIONS spAKE.
The senator from New Hampshire has given
us an argument, and very strong argument,
wby New England should get rid OF some OF
her circulation. He tells us that the money
In the national banks of New England does not
20, as we very well know it did not 60, to help
the farmers and manufacturers In those states,
but 1t goes into Wall street and Broad street IN
New York, and into State street in Boston, anu
is there used by STOCKHOLDERS and gold-gyam-
bers to raise the price Of gold and to l1llse inc
price of stocks. 1t is because they get hold OF
this circulation, when 1t Is so near the great
commercial and financial centres, that we want
to distribute 1t over the country and bringlt IN
to the neighborhood Of those men who do want
it, to enable them to produce andito remove
the great staples which lie at the foundation OF
the commerce of this country. We wish TO
relieve the people of New England OF some
portion of that which, as this honorable sena-
tor from New Hampshire has shown us, Is
such curse to those people and the country
We wish t9 tke fem .ns,S New j iEasasna Where
L,ey are so near the 49,. O.. s,.-.-----e
and and s stock.iobbins, the means BY which that
gold-gambing and stockjobbing are carried
on, and carry 1t all over the country, wilere IL
will be brought into the neighborhood OF thc
men who can use and viii les'umSleiy asc
that money instead Of leaving II IN .e i,S .ial"S
and unholy purposes. That Is one of the rea-
sons WHY we think it viii not only be not endan-
perinr New England, but be bencht 10 inc
Eew England States, anu those otler SUITES -
which have this large amount o. circI.,on, LIZ ~
take it from them. l am GLAD 10 nhe 50 aT,e
an advocate for taking this excess OF clrcula-
tion from those banks In one OF the senators
from New Hamshirc, who says that HIS ueiSl-
bor. the farmer who raises WOOL, cannot Set
money TO move that wool to market, wnlle INC
gold-gambler can get it to throw dlsoraer ano
Confusion over the finances OF this country.
Rut. sir. there is another Item IN the speech
Of the senator from New Hampshire to which
Iwish to allude. He says that adding TO the
volume of the currency, adding to the circula-
tion: will not make money plenty. am quite
aware that his reckoning on that point IS true
If 1t were applicable; but we do not propose 10
increase the volume OF the currency at al.
We only propose to take it and put it where II
will be used for legitimate purposes, and take
it away from those places where it Is used lor
illcgitimate purposes
WHAT 1T COSTS TO MoyS TIE soUTHERS CROPS.
Now. what is the illustration Of the use OF
money issued from points where we Wish u
should not be issued, and issued from points
where we wish to haYe 1t issued! suppose
planter in South Carolina desires to get money
to raise crop or to move crop; WHAT aoGs
he do? There is no national bank IN his neisn-
borhood The people there cannot @ seo seS aoG GNo
ter for such an institution. The SaOO, ,OoO,oUo
of national banking capital is all taken up.
What does he do? He goes 10 his factor III
Charleston. and asks him for money Tor TINS
purpose. The factor says, ~ have no money;
we hsve no banking capital here; we used to
have 4,O00,0 QUO in this city, but now we have
less than half i million; there is NO opportuIl-
ty to get money here, but know gentleman
In New York who is in correspondence with
capitalists there; will write 10 him and see
what can be- done" The planter tells him to
write to his friend in New York. He writes
to his friend in New York. The New York
man is perhaps director OF national bank,
or if not, he knows some director of o national
hank. lie borrOws the money of u national
bank In New York or New England. The ma,
tional bank in New York or New England re-
ceives Certain rate of interest .or it. Tht
New York man sends the money or gives ;
credit to the Charleston factor. But in tha
process the New York man does not do hi:
work for nothing. There is commission tt
be paid him. ana that commission IS added tt
the interest which the bank receives for tht
money.
Again. when the Charleston factor lends the
money to the planter, the Charleston factor
does not do his part OF the business for moth
ing; he charges another commission, and tlia
Is to be added again to the tribute which We
nav to the bank which issued that money
when it gets into the hands OF the planter ht
ia having the interest, in the first place, wnicl
the bank gets, the commission Which the New
York man gets, and the commission whicl
the Charleston factor gets, and these commis
sions are generally larger than the amount
interest. So that tho common bank rate OF IN
terest in the cities Of the South Is never, OF
very rarely, less than one per cent. mohln
and very frequently one and one half per cent
month.
THE TRIBUTE PAID NEW ENG!.ANr.
This is the tribute which we pay to The New