New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-12-28
Unequal Distribution OF National Cur.
reney. -A4"'S ,

| Unequal Distribution or National Cur.
rency. -la'' A
The Philadelphia, Pennsylvaria, NORTH
| American, in an editorial ON the unequal
distribution of the currency, furnishes the
| following statistics in support Of its objec-
tion to the present system. which, as q mat
ter of information, are highly important
| just now, and an additional argument for
| prompt legislation on this subject:
In 1862, when the only bank notes in use
were those issued under the State laws, the
bank circulation of the Southern and South
| western States was 81 ,097 ,408, and Of the
Wester States 81, ,6S4 1854. In 1873, under
the national banking system, these cond-
tions were reversed; the banking circula-
S48, l6O, ,306, while that OF the West had risen
to SIS. .785, l48. In 1862 the ratio of ciroula
tion per capita was: In the South and
South west S. 81; West q 40; in 1873 it Was
in the South and Southwest 81 80; West
81 %. In fact, New England and the West
seem to have feathered their nests at the
expense Of the South and the Middle States.
These compare in population thus: New
Engls1S, 34I ,s2S West, 246 4o; total
ern and Southwestern States, 1881 ,685;
total, 22,Sl6940.
The inequality Of the present distribution
of currency is such as 10 leave NO doubt
that New England and the West awaited
themselves Of the absence of the South to
isolate its old powerful ally, the Middle
States section, and to weaken it. In 1862
the bank circulation Of New England WAS
SIS. Isle, 1855, and of the Middle States
S., ,372, ,608. In 1879, when We had shot clear
out of sight of New England in population,
wealth, commerce, industry, and everything
else, the bank circulation stood: New Eng
land Sic, ,489, $685. Middle States $l24, 4,6O8,
l39, the former gaining instead OF losing
In 1873 Pennsylvania, though 81, ,OO0, ,O00, 900
ahead OF Massachusetts in wealth, and ex
ceeding all New England in population,
had yet but 81, ,055, ,78l. In 1871 our bank
circulation was nearly equal, but in the in
favors Of the national government at our
expense. The Middle States control two
thirds of the railway systom of the whole
republic. In productive industry they are
ahead Of New England and the West COM
bined. In commerce they eclipse all the
rest Of the republic. The following state
ment will show the trade of the two chief
ports of New York and Massachusetts, and
the bank circulation allowed to those
States:
1879. Few York. Boston.
Foreign imports. ..".... s42s.aal.427 s6s ota 81
Domestic exports....... 3l3 l2s,s6J 1898 .s2s
sss1ssa ssDs eireaRsson: saRssss ssSsSss = .s @
As natural consequence of this stats
of things, while New York and Psnnsyl-
vania we're paralyzed tor want of circu-
lation in the revulsion, Boston was un-
moved. A single Southern port New Or
leans) exported during the last fiscal year
domestic produce to the amount of
$l04, ,329 ,965, yet had not half as much
circulation AZ the little State of Rhode
Island! The same port imported of for
eign goods 4l9, ,933, ,344, while Providence
imported $7& ,438. In fact the present
distribution Of bank currency proceeds
upon no system that can be recOnciled with |
reason, business or common sense. No
test can be applied that will not show that |
the rankest injustice has been done to the |
Middle and Southern States. !
II the circulation of the national our
rency Is to be issued only through national |
banks, let it be apportioned to the States
IN proportion to wealth and population. |
Wealth is the only true basis, after all, on
which all currency should be issued; say 81 |
in currency to every $40 in wealth. This |
would regulate expansion as business,
wealth and population increased. without |
deranging values in the least Warrington |
Sunday Chr0sfseLe.