Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-05-15
FEE JOURNAL AND INELATION

~ -'iAi tiiO it'S1 ofGy-elSi1G nOufS we
have received two letters, one from
Detroit, Michigan, and the other from
Syracuse, New York, each enclosing
an article from the JOURNAL, in regard
to the currency question. In the De-
trolt letter the writer stated that the
article had been reprinted and had
also been published in the form of a
circular and sent to every principal
city in the United States. In SYRIA
cuse the article did not meet with SO
flatterlng reception and the object
of the writer of the letter from that
city was to controvert the views of the
JOURNAL, and to that end he presents
the following points for our considera-
ton
l. AS tie currency issued in New
England circulates in all parts of the
country, and as there is plenty of it in
New York and other monied centres
available for any one who has anything
with which to pay for it, [ cannot see
the force of your argument.
2. Although your article seems to
imply as much, yet you cannot mean
| that distribution of more currency
would place it in the hands of any one
not having the means of paying for it,
and as for those who hare there is
plenty ready to be exchanged for any
| thing of real value how would an in
crease in the volume help those who
| hare not.
B. The National Banks never see
their own notes after they have been
issued until they are returned mutt
lated for redemption. The currency is
therefore substantially the same as if
issued from one central point and
flows to the monied centres simply be-
cause there they have the means of
paying for it.
Whether the fact that the city of Sy-
racuse, with a population of 43, 051 has
an outstanding National Bank note
circulation of $969, ,451, or twenty-five
dollars and fifty cents to each person,
while Detroit, with population of
1851 persons has National Bank
note circulation of only 81 ,31S, ,069, or
only sixteen dollars and fifty cents to
each person, has anything to do with
the difference of opinion between our
correspondents we cannot tell. It is
natural, however, that under such cir
cumstances, q citizen of Syracuse
should take different view of
the currency question from that
taken by citizen of Detroit.
Let us see how North Carolina and
Syracuse compare North Carolina has
a population Of l,071, ,361 persons, and
a National Bank note circulation Of
$1,S19, 800, or one dollar and seventy
cents to each person. Syracuse, with
only one twenty-fourth part of the
population, has moro than half OF that
amount of circulation. The total as
sessed value of the real and personal
property III the county Of Cnondaga, in
which Syracuse is situated, is accord
ing to the last census, $50, 553 COS.
That Of North Carolina, according to
the same authority, is S13O, BIS, G22.
With these preliminary facts we pro
ceed to notice the points made by our
correspondent.
l. We deny that the currency issued
in New England does, in point of fact,
circulate in all parts of the country,
according to their wants and ability,
and we deny that there is in New
Iork City a plenty of currency rvalla-
bic for the whole country able to pay
for it. These are the very points at
issue.
2 We 10 not mean that 4 fanrer distrl-
i;ution Of currency, nor that the issue
Of more currency would put money in
tie pockets Of those who have no
equivalent Of property, or labor, or
skill to give in exchange, but we DO
mean to say that either plan would
enable men who have such equivalents
Of real value to raise money on them at
& cheaper rate.
8. We deny that currency flows to
each section :of the country equally
and solely according to its needs and
ability to pay for it.
There caI be 10 doubt that we need
more money in North Carolina. Hon
ey is undeniably scarce, when it costs
from fifteen to eighteen per cent. per
annum yet, though we pay this
exhorbitant rate of interest, with
$3.50, 100000 of property, we can
get only $1,819,3OO of currency,
while Onondaga, the county in
which Syracuse is situated, with proper
ty tothe amount of $32, 900, 900 can get
S9G9, 900. If S32, 900 900 an d a popula-
ton of 1O4, 1873 persons can draw $685.
600 of circulation to the county of On
ondaga, including the city of Syracuse,
why do not $13O, 100000 of property
and 1 ,O71, ,361 population draw curren-
cy to North Carolina in the same pro-
portion If we measure by property
we ought to have four times what
Syracuse has and ten times if we
measure by population.
If population of 1O4,1o3 persons
c~vn,irg only 800 square miles of ter
ritory requlru S3CJ,O0 OF currency
one would think that a population ten
times as great covering a territory OF
more than sixty times as many square
| Il,