Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-12-19
eONuE Ess AND THE CURRENCY

urn without expressing some opinion |
! regard h the wrong and injustice |
one to the people of North Carolina
y the restrictions Of the present Ma
.onal bank md currency system. Ex-
derived from the business
of every day that passes
YER our heads, teaches that the
mount OF the currency in the country
) plainly too small for the easy trans
ction Of business. And yet Congress
.hough it has been in session some two
7eelks during The greatest money pres
gure that has ever afflicted the people,
las failed TO do anything for Their re-
lief. The objection IS not to the qjlal-
.ty Of the National currency, hut to the
inadequate quantity of it. The Nation
Il bank notes are indeed god notes,
buttEere IS nos enough OF them. y
radical Congress has passed. law fix
ing the amount OF the currency It its
present absurdly small amount, and q
Radical Congress refuses to repeal it.
There is no power that can give relief
except Congress. Congress did the
mischief and Congress must undo it.
We trust, therefore, that the Legis.
lature now in session, recognizing the
heavy grievances under which the peo-
ole of North Carolina labor, in COM
mon with the people of the South and
those of the West, and recognizing its
cause and its remedy, will instruct onr
Senators and Representatives in Con-
gress to take action at once to secure
q repeal of the law which prevents the
people from increasing the volume Of
the currency SO as tomeet the demands
OF the business of the country.
We never can reasonably expect the
monetary affairs of the country to get
into a healthy condition until they are
left to regulate themselves, in word,
until there shall be free banking sys-
TEN. The business mon Of North Car
Dina are much better judges Of the
amount of currency needed for the
transaction of their business than any
New York or Boston bankers can be.
Let the business men Of North Caro-
lima then say what that amount shall
be by enactiIg laws to bring abont free
banking.
There is another point connected
with this matter of the currency that it
is to be hoped the Legislature will in
struct our Senator and Eeprcs cntatives
to call to the attention Of Congress, and
that IS its unfair distribution. 1T will
be remembered By the readers of the
Journal that VIC have moro than once
called attentiont0 The glaring injustice
lone TO us III this matter. 1t will be
remembered that we showed from the
official report of the Comptroller of-the
Currency that while tho currency pcl
head allowed 10 the people Of Rhode
Is,and w:s sixty Go,ltr5, and that
allowed to the people OF Ma5sachusctt;
wa, forty dollars q head, there was
al. led to the people of North Caro-
lima only one dollar and sixty-twc
ceui> Il head. It will be remembered
that, while before the war, when tht
ncgro,: were slaves and needed nc
money, and when the business OF
agriculture was conducted almost
without tho Use of cash, there was
oyer eight millions Of bank notes il
circu1at;o, in North Carolina over and
above the gold and silver in circula
ton. And that now, when the negroes
are citize:.s and require money, and
when farmers need caslt every day OF
their lives, the Federal Government
allows us only about one million and 9
half OF national bank notes.
Il is time that some action should be
taken in this matter, and we are glad
to believe that ii may be done now
with hope OF success. All the States
# the South and West and Northwest
feel the blighting influence Of this
great grievance and stand ready te
unite with rs III the demand for moro
equitable distribution Of currency.
We have Senator'S sid Representa-
tiyes in Congress, end they owe it Il
themselves and 10 lis, their constitu
ents, to move promptly in tits matter
and NC feel that they have every dis
position to DO it. Our purpose il not
to imply airy censurc upon them, but
rather to strengthen their hands in
their efforts to bring about tho desired
result. That such Will be the effect o.
resolutions passed by the Legislature
Of tie State Of North Carolina, when
presented by oar Senator's and Repre-
scntatives, there can 30 no doubt.
North Carolina no longer stands with
ont representatives in the Halls OF
Congress, and the day has passed
when the voice OF her representatives
can be silenced. Backed by the formal
remonstrance of the Legislature OF
their State, we trust that WADDELL or
MERklMoS, AISLE, or RANSOM, or
ROBBINS, OF LEACH, or VANCE, will be
able to do something to relieve the
people from their present great
difficulties.
As measure of party policy there
can be 10 doubt of the ezpediency OF
the measure suggested. There can be
10 doubt in the mind of any Sane man
that the present panic is the result of
the interference of Congress and the
Government in the business affairs of
the country there can be no doubt
thet the Radical party controlled
Congress and the Government, and
,.ava shape and form and life and
power to TIC policy that las brought
such Widespread ruin upon thc people
=, need 10 to is to point the people
81: fruits of this Radical policy,
.,ld t. the fact that Radical Congress
refuses to undo the mischief that n
t;aIiCcl Congress wrought Let us do