Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1874-01-28

should seek TO supply. Tho tinanc ial ad-
RtDistratioE,Of the Government dur ing tho
war was one which displayed al nazing
wisdom, and which sheds n lustre on tho
history of that period scarcely, if at ALL in-
feriOr to that OF its political and m ilitary
departments. Few Americans an be
found who question its wisdom or dc lubtits
grand efficiency. Yet It is no disI Darage.
ment to that system that, with alter, I'd con-
ditiOns of the nation, lie icieneies sh, puld he
disclosed. Among these are the u nequal
distribution CT banking facilities tn rougk-
out the various States. sf the Unio n, and
the bestowal Of exclusive privileges upon
certain classes of our citizens. let he fol-
lowing comparative faets.illustrate he in,
eq,fality of distribution complain ed of
With "a population of one million and
quarter, Tennessee has. a. cioulation of its
national banks-of, say, SS,500,000, or frac-
ton less than tive dollars for each person
in the State.
Bhode Islandy with a, population of less
than a quarter 0t q. .milliont-2l7, ,3j3 hasa
circulation of, say, So, 900, ,000-o' yer SIX
times as much as Tennessee-wt lille the
population of Tennessee is nearly 81 times
as largea as that Of Rhods Island that is,
Rhode Island, SDith ORC-Siuth of the pOpu!a-
ton OF Tennessee has, relatively TO its pop
ulatton, fifty times more circulate IN than
Tennessee. There are, perhaps, OF her con-
ditions than mere numbers whicl woad
reduce this proportion sonewha t, yet it
does not require much reasoning u or arith-
metic To see that tive distribution is uneC, aaI
aud unfair.
FSBe banking has always been favo-ite
idea with me, and which may iope yet
to see incorporated ! in oursyssem Of finance
But / would by no means favor a return to
the system of State banks. Our banking
system should be national, and not State
The currency should have equa value in
all parts of the country. No min should
toe obliged, in pGssing from one state TO
another to change his money, p erhapS at
a loss of or more per cent, into the sur
rency of the State he enters. 1t would not
be Bhe most convenient nor comfortable
thing to do, surprising that j leavs my
home in TenneSse4, on my way to IDn-
;,ress, with $500 in Tennessee ElnR Notes,
to have to lie over one train Oh reaching
the Virginia line, aud get my money
changed into notes of the Virginia banks
if were bound for New York, to lave to
do the same thing OH reaching Maryland,
Pennsylvania and New York.
Without dwelling longer uporl chose
matters at this moment, take the liberty
of inviting the attention of the Senate te n
letter which L have recently received from
one of the most valuable citizens 0f Ten
nessee. 1t oOnt95ns concise ana accurate
statement of opinions, some of which 1
have long entertained. The author of this.
letter has long been known by Inc. His
triotisIn, and for financial experience and
skill, give additional value ana importance
to the views which he enunciabes. The
letter is rs follows
NASHVILLE, Des. ., 1873.
DEAR SIR: We need about 1.-Two hundred |
millions more greenbacks added TO, oar present
circulation to, enable us 10 meet the wants of
commerce and trade" The foregoing is report
ed to be tho closing paragraph Of your letter to
Hon. Henry L. Blow, of Saint louis. ! am
pleased to find that you are alive lpon subject
OF such vital importance TO our growing com |
try. The extensive territory now covered and
settling up in the United Statqs makes it nec- |
essary for Il large increase in bank-paper cir |
culation, or, | would say, legal tenders. l
would stpulate for one thousand millions Of le- |
gal tenders issued by the Government and sup |
ply the banks with them, and require the banks |
TO take up and return all their circulating notes
to be canceled thereby giving the 6.lyera-
ment the entire control of all she paper Circup-
ton in. oar country, and at the same time re-
quiro all payments or collections through the
various custom houses to be made in legal>urn-
der notes This policy wCuld nj once place
gold and legal TENDERS on par. value. Such {.
policy is certainly desirable for the credit anC
stability Of our Government and it opens tn Q
way to specie payments wsahout great embarr
rassmen. to the country. u would st once in
spire confidence and put stop to tho gold gaIRr
bling in Wall street, NeV York, and q large I
portion of the gold in tie treasury might be
applied to the liquidation of that amount of our
nation debt. Who wol Ia want gold when thu
legal tonder5 pay all Government dues lea,
who would want any better money 2.The band
holders abroad may DO paid in sterling OK
change, which is goA to them at Liverpool,
London, Paris or elsewhere You will rApsion
me tOr making these Suggestions to you, rs there
will be many opinions and suggestions made in
regard to the currency and finance of ouF ooun-
try, and rs free American citizen, summing
fast on the down hill of time, | can not conceive
it amiss to give you the views.of man now al
most seventy-eight years Of age. Another s1~
vahtage the Government viii gain in. the notes
lost by fire and ,Serwise. which will Su4ount to
Il sreat deal in lew years.
Please accept she assurance of tba regard of
an old friend an brother, N E.oBsoN.
p S-The bEaEs in NeR York sAoSlld bepro-
hibited from paying interest on deposits. The
banks in the Soath keep e large GnOunt on inS
terest in the New York banks, the use OF which
should be gysa TO own people. " HoBSoS
Hon. VIC BrownluE,
Mr.. HobsSn has not beea misinfornAil
as to my views on tais deeply interesting
and important subject. L most cordially
Indorse each of the several propositions
set forth IN this letter as have more than
once and with ns0re or less Of pNhlhity
heretofore expressed them.
am utterly at u loss to ooG colv0 how
any usprejuiiCed ana sound mimi can
doubt SOr moAent that the present vol
| ume II curre8cy needs enlargement. l
| agree with ME. Hobson IN regarding the
moSe Of increasing the amount OF curren
| cy specified by him as by far tho most ju-
| ds0ious vet prIpOunded. The commercial