The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1874-03-05
The Great Need of Increased Carr
remcy i'm the South and West.

The most interesting question now be-
fore Congress is the Currency. That body
is divided into two parties; one is in favor
of the present green-back monopoly, and
the other in favor of distributing and
expandingit, SO as tomake it cheaper, and
placing it within the reach of the labor
ing and debtor class. The South stands
almost a unit on this issue. The West,
her natural ally, is largely in favor of
expansion, the Middle states are divided,
| with slight preponderence in favor of a
stringent market and monopoly; and the
New England representatives, are unani-
mously opposed to expansion.
Whatever may be said of the eccentrici-
ties ex-senator Brownslow, his head, to bor-
row an expressive slang phrase, is Level
on that question. The argument is con-
densed and strongly presented in the
following extract of a recent address of
his to his constituents:
THE CURRENCY.
L
all parts of Tennessee, see there is much
anxiety to know "what Congress will do"
on this subject. The people of Tennessee
want more greenbacks, because they
are not monopolists. The only alarm
greenback creates is among monopolists.
They dread it more than a mad dog does
water. If, as its enemies assert, it is a
worthless rag"-has no value--why, l
would ask, so much uneasiness about it
The extraordinary sensitiveness on this
question among the members Of Congress
from the States having monopoly of the
circulating medium, no matter in what
shape it is presented, argues more strong
ly than anything else in favor of expansion,
free banking and equal distribution. The
motive for this is so plain that the dullest
mind need not fail to discern it. The
alarm of these congressman from the States
having the ''ion's share" of the currency,
is not because they are afraid of its value
or solidity, or that its increase would
breed any disaster in business. They are
too shrewd in the arts of trade for that;
they too well understand the effects OF an
equal distribution of anything that good.
AS matter Of policy, the advocates of
contraction and return to specie pay
ments preach the adverse doctrine This
grasping for all the currency is the most
unpatriotic selishness, and it is at the
bottom of the opposition to expansion and
the clamor for return to specie payments.
The partiality and desplcable unfairness
of this whole question was illustrated in
the brief remarks / submitted last mon tn
to the Senate, and which were published
a. ~ t.
the State of Pennsylvania has more popu.
lation than the whole of New England;
yet Pennsylvania has allotted to her only
$40, 600, 900 of national bank circulation.
while the New England States have more
than twice as much, or $110, 500, 900.
New England has a circulation of S31 IS
per capita; the Middle States $12.82; tae
South and Southwest 1921 on an aver
age, and in Tennessee we have less than
81 per capita. 1t is surprising that with
such distribution as this the people of
Tennessee are compelled to pay such ruin
Gus rates of interest? If the reply is made
to this that the Eastern states need more
currency than the West and South, would
answer that such was not the case when
the war broke out, and is not necessarily
the case now. In 1860, the South and
Southwest had a bank circulation, issued
under the State laws, of ST. 900, 600; UNI
der the national bank system, the same
States have only $38, 200, 900. In 1862,
the bank circulation of New England
was So, 600, 900; now it is S110, zoo, 900. |
Such facts as these give the explanation |
why money is plentiful in the East and |
scarce at the West and South But these |
specie-paying congressman tell us that /
money will flow wherever there is de- |
mand for it. This simply means that in |
the East they will issue all the circulation |
their own people need at six per cent. |
per annum, and if our people in Tennes-
see want any of it, we have just to bid up
TO two per cent. per month, and we will |
get it. twill flow to US then. And this
is what we have been doing in Tennessee
until our people are almost ruined by
usurious rates of interest As said in
my remarks made weeks ago, there ia no
legitimate kind of business in Tennessee
which can stand these rates of interest.
They grow out of the absolute scarcity of
money; their legitimate consequences are
and ruin. People thus situ-
ated don't care to be talked to about the
danger of expansion" You might as
well talk to starving man about the dan
ger of eating too much. Instead of re-
'tricting the national bank circulation to
IN arbitrary sum, which bears no relation
% the needs of the country, let il be free
Q be increased BY anybody who can fur {
llsh the money to do it. I don't expect
congress 70 pass just the kind Of bill |
which viii do Justice to the West and .
south In this matter, but think it will s.
go one much improving the present !