The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1870-02-16
The Distribution Of the National
Currency.

. To-.
- Nt
Judge Thurman, of Ohio. in di,
cussing the bill introduced in the Ser
ate to equalize the currency of th
country, shows that New England
with a population of 3,644, sos, les
than one-tenth of the population Q
the Union, has a bank circulation q
one hundred and four millions fv
hundred and nine thousand nine hun
dred and nineteen dollars. (1O4,509
9l9), while the States of the North
west, with a population of fourteei
million and over. have but $57,644,
OG ,; New York and Pennsylvani
and the Middle States, with a popu
iation OF 1J,227,000, have a %circnIa
ton of 1857 per capita to every MAJ
woman and child in it, borders; tn,
circulation in the Middle States be
ing Sl2,S7 psr capita. and the grea
Northwest S4,8U per capita. Tin
Southern States are worse off thai
the northwest, their circulation onl,
being SO, 143. 925-per capita ninety.
even cents! The single city o
Providence, Rhode Island, has almost
rs much circulation as the, entire
southern States, and one seventh a,
much as the great States OF Ohio, In
diana, Michigan. Illinois, Wisconsin,
Minnesota, Iowa, Missouri, Kansas,
Kentucky, Nevada and Nebraska
Judge Thurman said, further:
/ confess / am amazed to hear
anybody - this system of injustice,
this state of inequality and wrong.
ought to be perpetuated, and that if
not perpetuated injustice is done to
the States whose banks have such an
excess of circulation. Sir, do these
New England banks and the banks of
New York need that circulation for
their own people Is it for their own
people that they must have such a
circulation ? When in the worl,l, be.
fore your national banking sy*tem
was adopted, did the six New Eng
land States ever have q circu alton or
600, 600? And it must be re-.
that they have their share
Of greenbacas too. When did they
ever find it necessary to have any
suciI circulation as that? Never in
rvorId N, n /, rot f,r ,bair
,wn-nurnoses Il il NOT fors,hair own
business; but if is to have certain
hines with Won Inv .vod1r k,w have
nada tn ~circniata a: MONEY "a Wi,
rational han notes - land at
,spr;ons r.,tas of Interest to other
of the country that. they cling
with such tenacity to the ADVANTAGE
which they have
Everybody knows b1w it worIxs-
We see it in OHIO we'll enough. Ey-
.ry fail when onr wool cron and our
crop are ready to be mo ed,
vbot do yga fnd w. have mo,,a,
nm NV York m,nay
,orro,rsd from H.. Nv E,,,,I.nd
;ta,ss bv tho naonia ofOh;o 70 nov
ha; orons "a ,rho, = tic r],nm.v
49, oat IT, 80, IT, ,a,i"n.;
All notas ond nv ,bom No nao.
of Ohio nav an annual ,r;bute
h wor ~ t-ost - 10 No.
~ ~. nUrro T. e
lfmiar 6ra;n m,on nb;oI Rnt sir
= folt ~ M ~.rv m,nob To-, tb.n
, o,ber states becan.e Ohio has
caro-, ber nronortinn of ,h.. not;onai
ank cnrropcy tn wh;cb sbeis entitled.
hons verr nea,ir Tho fnu ,mnnnt
, mhf-,b shs i t;,IaJ R,u nov is
with ,he Son,b9 Hnw aro their
70 10 romnra5h u. bv hnrr,yvinn
.orav q, rsur;ors ra,es Of n,aret1
$50 naonle wb, bove monon.
80 tSa - , :
II Is slsihs 'hereiore " Ihe Peopie
Que sect..h d mohopoiy Oh I'e
Nlege VI ''eulns no'es ~ oiio"i"te 1
fl. Union tr;hu1,rv to them
ayy;ng money from all other narts
the loan q: their credit tor it is
thing bu, borrowino c,r.lit. Con-
ess has authorized these hanks to I
,uc notes and loan them. II is :
,tbino Int a loan of credit. and q
h;le tho neonle of the south and the ;
of the West couId II vou |
,uld allow them to do it, carry on 4
cir business and move their CROPS 7
their own credit, you by this sys- :
and this inequality compel them :
borrow the credit of the people of =
w England and the people of New :
Drk and pay interest Tor it; and "
# to that extent do YOU drain the
ople of the West and drain the peo- r
} of the South. 1t is nothing but =
1t is as much tribute as if
u required the tax-gatherers OF the n
L
uited States tolevy so much taxes y
V those taxes, mol INTO the uatlOlai D.