Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1870-09-16
THE CURRENCY Law.

The Gu hhENC4 Law.
Many differences Of opinion exist
among the members of both parties In
regard to the currency and the banks.
and multitudes of plans and the theo-
Tles were proposed at the late session
Of Congress, few of which secured the
general assentsof either party. But
few practical and pressing necessities
OF the country, In connection with the
currency were referred to Congress for
its action. lt was found thatwhile
there was a glut Of currency in New
York and the other money eenters of
the East, the West and South were
suffering greatly for want of currency
and banking facilities. 1t was easy to
borrow money on call at a low rate to
carry stock and gold gambling in Wall
street; but W estern and Southern bust
ness men found it difficult 10 obtain
money for the great industries, even at
exoTbitant rates. A most UNEQUAL
distribution of currency had been
made during the war when the South
was financially separated from the
Union 1t was found that while the
eleven States east of the Alleghanies
and north Of the Potamac. with
population of less than eleven and a
half millions, had 1,078 banks, and
more than 232 millions of bank circu.
latlon, tWenty-six great States of the
West and South, with a population of
twenty millions, had less than sixty-siv
millions of circulation. Indeed Mass
achusetts aud Connecticut alone had
ten millions more than all these
tWenty-six Western and Southern
States put together. There can be no
defense of this injustice TO this great
and rapidly developing portion Of the !
country.
Another evil connected with the |
currency was the fact that the New |
Y ork and other city banks of the East
held Ia their vaults, and were allowed /
to count, as part of their lawful reserve
tUFty-hve million dollars Of three ner
cent. certificates, on which they draw /
from the Government. while 4
all Western and country banks were
compelled to hold green backs as their
reserve, on which they drew no inter
est. Moreover. these three per cent.
certificates were the most dangerous
form Of the public debt. They were
payable on demand !; and, in time Of
financial panic, might be preeipitated
on the Treasury at once, to the grea4
embarrassment ofits affairs. X
To remedy these evils, a bill was
passed on the 9th Of July last, which
provided for the redemption and cancel
lation Of the forty-fve millions of three
per cent. certificates, and the issuing Of
millions of bank circulation to
the destitute States of the West and |.
South. 1t provided. also, for withdraw
ing twenty-five millions from the East
ern States and cities having a surplus,
and distributing the amount thus with
~1,-,vrrT, %~, f1,a Mast a,,I
from the banks their MONOPOLY of priv
ileges, and to preparation a return to spe-
Gle payments, it was provided that
banking should be free to all who com
ply with the terms of the banking laws.
as soon and as long as they redeem !
their notes in coin, whenever it is de-
Inanded. This bill passed the House of
by vote of 100 to II. !
Only four Democrats voting for it. For i
ty-four voted against it. Invited them
to explain why they voted to continue
this monopoly of privilege with the East 7
ern banks, and to allow the New York i
banks to continue to receive interest on I
their reserve. Perhaps it may console
these gentlemen to know that their vete {
appears to have been approved by ev- y
cry stock gambler of Wall street, from
he magnificent James Fisk, fr,, to the
lunblest curbstone brokers.
It is not necessary to detaiA you with II
he record of the Democracy in their !
iolid opposition to the laws passed at | I
he late session for the enforcement of
he 18th Amendment, for amending the :
laws, and to prevent their
yiolation by fraudulent voting, and all /
he similar measures that so deeply con
'ern the success OF that party in the T
south, and in the great cities of New =
fork and Brooklyn. i
/ have not reviewed the leading meas
Ires Of the late session ef Congress, on y
which the two parties were opposed, il
md confidently appeal to the people f
or verdict as to the comparative wis L
lom and patriotism exhibited on each. n
now, as during the war, we see that the i
curse of the Democracy has been re p
and obstructive, their policy o
Negative rather than positive, destruct- L
We rather than conservative. p