The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-03-21
SENATOR PAWS sPEECHON THE
DisTRIBUTIOS OF CURRENCY.

DISTRIBUTION OF CURRENCY.
The urgency OF other demands upon
our columns prevents the publication
in full OF the remarks made in the SEN
ate last Wednesday on the bill to
amend the act relating to an increase
0, national bank notes. We present,
however, the following extracts from ard
synopsis OF the speech which will serve
to show the DRIFT Of the argument. The
uepding question was the motion OF
Mr. BUCKINGHAM 10 refer the bill 10 the
Committee on Finance with the instruc'
lions adopted on the motion OF
Mr.. MERRIMoN: which provided
we believe for the addition
OF SAC 100000 to the present
volume Of National Bank circulation.
We quote from the Congressional!
Record:
Mr.. DAVIS Mr.. President, the sub
iect OF finance is vast one, There are,
perhaps, nearly as many views "a there
are Senators in this chamber. Much
has already been said on the bill now
pending. II is my intention to be as
brie' as the subject will admit.
The people are becoming impatient.
Business men are a. loss 10 know how
10 act. Uncertainty as TO our action
p.ralyzes industry. think we ought,
al an early day. 10 pass the bill now
pending with amendments, so that the
manufacturers, mechanics and mer-
chants may know how to act. II we
intend to do nothing, the country ought
to know it at once Money" says an
eminent political economist and
banker, il IAN instrument Of COM
merce. designed to facilitate the
exchange OF all commodities, by pre-.
.enting an equivalent IN portable and
convenient shape" What is needed in
our present currency js stability, q
fixed value, and that measured by a
standard recognized by the world. This
would give stability and safety 10 trade,
and business would be healthy. In
the money centers it ia estimated that
lot more than five per cent. OF the bus
mess is done in currency or coin; and
this is due TO the system OF exchanges
between the banks by means OF their
Clearinghouse facilities; and hence
the larger cities require less currency
proportioDately than the more sparsely
settled communities.
Mr.. DAVIS then traced the history Of
bank legislation by Congress from lts
beginning in 1871, cbarteriug the Bank
OF North America, until the present
time. The National Bank act was
passed February %, 1868, and the first
bank under it was organized in Phila-
delphia IN June Of the same yesr.
Since that time 2l99 national banks
lave been organized, 80 OF which have
failed and III gone into voluntary
liquidation. During the last year
,irty.eight banks have been or
ganized, ii have failed. aud p
have gone into voluntary liquidation
leaving 1850 in existerCe on November
l,lS-3.
The act Of February p, 1868, and the
subsequent acts Of June 3, 1864. AID
March ., 1865, authorize the issue OF
three hundred millions OF circulating
notes to national banks to be organized
under tie provisions OF those acts, one
hundred and fifty millions of which
were required to be "spportionsd 10 as
socialions in the States, in tue District
of Columbia, and the Territories, accord,
ing to representative population, and
the remainder among associations form
Ell in the several States, the District Of
Columbia, and the Territories having
due regard 10 the existing capital, the
resources ard business OF each State
District and Territory.
ca the 18th OF July, 1876, gu act wa.
gassed authorizing an additional issue
sj4.00O,0O0 to be apportioned in the
same way and it also provided for 6 new
apportionment based on The census oil
1870.
1t will be four years next July since
the i'ty-iour millions were ready for the
States having less than their proportion.
They have taken it ST the rate OF about
fourteen millions year. aud during the
YEAR eoding November last only about
seven and a half millions were taken.
From this it is fair to estimate that
twelve or Gfteen millions per annum
would be as much as the States that
have less than their proportion would
take of national back currency. Now,
1.-The bill pending could be amended
by striking out twenty-five" aud in
serting fifty" it would probably fill
the wants OF the States that are enti"
tied TO additional circulation for the
next three or four years. This would
ct once transfer gradually from the
States North that have an excess Of
national bank currency 10 the States in
the South that ar. entitled to it under
existing lave; aud they ought to have
it. Nearly all agree that if the curren.
cy were fairly distributed it would serve
the wants of the people much better
than now. In my opinion, trarsfer
of the excess from the North and East
10 the South and West is the true rem-
edy, and not Initiation
It's we'll known, and has been often
stated since the subject has been before
the Senate, that the six New England
States have over seventy millions excess
and the five Middle States have over