The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-03-21

western States have hfty.one millions
less Than they are entitled TO-; also that!
the nine " ssterp States. commencipg
with Ohio, have itwenty-one millions
less than the act OF July II. 1870, gives
them. Massachusetts, alone has forty
millions more than she is entitled 10
under the law, while Virginia has
more than four millions less than she
is legally and Justly entitled to.
Virginia paid into the Treasury OF
the United States last year in internal
revenue over s., 100000. This is con-
sidersbly more than all New England
paid; aud yet Virginia has less than
Jour millions Of national bank circula'
ton, while New England has over one
hundred and ten millions. & E TN
Massachusetts, has more excess OF
than the fourteen Southern
and Southw estern States have in all.
The excess of Massach usetts is SO. 1884,.
4S2. and the fifteen States named, I'M
Guiding the District OF Columbia, have
but S38, l60,30S.
Again, New England has within lesss
than ten millions Of circulation OF what
the twenty-six States and nine Terrific
rice, known as Southern and Western
States and Territories, have. ".i -
Irepeat, what ia needed is a transfer,
an equal distribution. under the act OF
July IL, 1870. II this il done, some o.
the capital OF the national banks now
doing BUSH ess in the North and East
NAV find its way South and West. The
transfer will close none OF the banks,
but simply reduce their circulation
Mr.. DAVIS then showed that the
amoaut OF currency per capita in 1867
when the bank note circulation wac
greater than at any previous per'oi, was
81 80, while the per capita circulation
at the present time taking forty mil
lions as the basis Of population is Slo.
The amount Of paper money now IN
circulation is more than double what it
was in 1862 or at any previous time,
the Increase Of currency beiog about
100 per cent. The increase OF wealth
in the meantime has been sc per cent,
and OF population about % per cent
making an average Of So per cent. ihe
paper circulation has, therefore, in
creased nearly three times as much IS
the combined increase in wealth and
population. Mr.. DAVIS here submitted
q table showing the amount OF al kinds
OF paper circulation and the premium
on gold each June 30 aud December 81
from 1862 to 1873 Ga June 90
1862, gold was Is per cent. pre-
MUM June so. 1864, it WAS l5S per
cent premium +; December 1871 and
1873 it was per cent premium. The
Target amount OF currency out at any
time was in December 1866. 81 ,57l 49,.
780 32 and from that it was reduced
until in December 1866 it was $685.
$50 347.22 which is less than it is at the
present time.
Mr. DAVIS then called attention 10
the fact that previous to the panic last
September, there were 40 complaints o.
a lack Of circulation; it was generally
stated that there was too much paper
money. The abundance led to wild
speculations whose failure brought on
the panic. Previous to September no
body, in the Senate or elsewhere denied
that there was An abundance o.
money Tor the legitimate demand.
of trade aud yet there is now S26 .OOO.'
900 or s27,000,000 more than there
WAS then, "Liks g thunder shower in
harvest-time the panic came; ell lost
confidence banks and people held all
the currency they had, and got all they
could, holding tight to it, for sale al a
premium, or fearing demand would
be made on them This caused want
OF confidence, which it has taken and
will take time 10 restore. When 1t IS
fully restored, and transfer made Of a
part OF the excess Of bank circulation
held in the North to tue States OF the
South aud West, ! fully believe that q
large majority Of the people will agree
we have paper money enough.
Mr.. DAVIS then insisted that II more
currency IS issued it ought 20 be such
az would cost the government nothing
in the way Of interest. Instead OF ap
increase OF national bank circulation
the increase should be in greenbaCks
and a CORES pondiug amount OF per
cent bonds ought TO be returned and
Cancelled lie spoke OF the mode OF
organizing national hank and show
cd that to start naiiopsl bank OF
800, 900 you take from your town or
county $4,000 and bring back 800, 900
only SO 500 OF which is available
banking capital, He thought that il
the Is and 25 per cent. required TO be
held as reserves by the national banks
were reduced one half it would not i'm
pair the security OF these banks and
would have the effect OF lsttieg loose
about S50,O00,0V0 o. currercy and
would greatly benefit the country banks
Mr.. DAVIS believes that the country
will soon demand O! Congress free
banking law, and also that the interest
paid 10 the national banks on the bond,
owed by them shsl be reduced.
In lS62in round numbers, there wer,
l..