Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1874-04-24
Extracts from Hon. I. r. SherwOOd's
Speech on Currenoy.
INEouAI1rIra nr nnn arsrrM

have now letters from parties in T0ledo, a
city that Is In need Of more banks, asking me
IN secure them currency for a national bank.
The Government bonds are ready To deposit.
These bonds are worth inore Than their face
value in gold In all the markets Of this
country and Eunlpe, and yet this currency
cannot be supplied even at the rate Of 90 per
cent. | applied TO the Comptroller of the
Currency t0 secure some currency from ma
tional banks shat have wound up but this cur
rency cannot he bad. 1t is in the hands of
New York brokers. and is offered at per cent.
premium,
Now, suppose my Toledo friends, having
read the able arguments delivered here upon
the evils OF our present system, desire to bank
on a gold basis. They therefore sell their
bonds for gold. and attempt to bank under the
State laws Of Ohio Here comes your 10 per
cent. tax and drives them out uf the field. NV
constituents are therefre practically prohibited
from banking under either State or national
laws. Their only privilege is To borrow
money Of eastern none y-lenders at exhurbi-
tant rates Of interest, which they are now
doing. They are compelled TO contribute large
share Of tie profits OF their business to eastern
capitalists.
There is no defense for such sy stem M this.
II is an outrageous oppression. The Eastern
States have an excess OF circulation of ma
tional- l-bank currency Of over $50. 900 900. Ohio
has a deficiency " 81 500 456, and Illinois
deficiency of 50 33l ,22t Massachusetts alone
has an excess Of $4,000 900 and even the
little State Of Rhode Island has an excess Of
SO ,63j, 1893 The city Of Providence, Rhode
Island. has a natinnal-bahk circulation of So
4S3 no; while the city 0f Toledo Ohio, a city
with an immense inbbing trade and great
commercial mart, has but 8 1881 400. Hart
ford, Connecticut finished town, with 81 $50
inhabitants, owns 81 495, 100 of natinnal-bnnk
circulation while Milwaukee. the metropolis
r Al. 80
has only $6lf 800. The little town of Fall
River Massachusetts. has nearly two millions
of this circulation, while Lawrence, Kansas,
haa bat sl5l, 500.
Take two States, Ohio and Connecticut
Ohio is only authorized to issue 500 SlS 9S3 Of
this currency, Connecticut issues S3S ,047 ,G32
and yet Ohio has three times the property and
five times the population Of Connecticut. |
submit a comparison, as shown by the census
Of 1870:
Items. Connecticut. Ohio.
Population 53I Asa 1895, $50
Engaged in agriculture AZ 6sS S0YO24
In trade aud transportd 24.720 49, SIT
Mechanical md mining S6.34I l9T 0l0
Professional & personal 3S 70l l6s,308
Yalua'u ofproperty $7i7, ,63I ,52i s2225430 300
Taxation'.. S6,06l,S43 $23.526.5lS
The six New Nngand States, with apopula-
tion Of 34s7. 924, with u property valuation Of
81 OO9 SIS ,247 have a circulation Of StlO. 49,
1885, while the twenty-three Western and
Snuthern states, with a population ~ "a 2l7.-
34l with property valuation Of Sl2.T70 Ill.,
6S3 have a circulation OF only Sill 400 So.
The Representatives Of Western constituent
cies who advocate the equitable rights of their
sections are denounced as Iepudintors, or as
too ignorant to comprehend the complex science
Of finance.
THE FARMERS INTEREST.
III L..
logic to the president Of the Illinois State
grange, repeating the oft exploded theory that
it is the farmers Of the West who are suffering
most by the so.called inflated or deprecated
currency. Mr.. Walker recaptulates how the
farmers suffer, as follows:
First. From the low or gold prices OF their
own prsducts, and the high or the currency
products Of all other commodities.
Second. By the larger profits and higher
taxes they are compelled to pay.
For all these there is no remedy but the res
toration Of the standard OF value by return
to specie pay ments:
The argument to the erudite Walker can be
| answered briefly. II the farmer sells his grain
for gold on a gold basis, Of course he reaIizes
gold or gold value. II he buys his goods for
deprecated paper at an enha need price because
OF the deprecated paper, he realizes the differ
ence in price by the premium on bis gold be-
fore he makes his purchases.
~
economists we are led to believe that the egiti-
mate market for the surplus products of the
| western farmer is England and that he ia de.
| pendent for his articles of consumption upon
| the importers. Ii can be demonstrated that o
comparatively small portion Of the grain crop
of the Wesl finds its way to English mouths
and articles imported are prjnciDalIy luxuries
| not consumed by western farmers.
| Statistics show that Great Britain raises fve-
| eighths Of all the cereals she consumes, Ieav.
| ing three -eights to be drawn from foreign soil
What proportion OF this three. epbtbs Is sup.
piled by the United Staes7 It is stated b7
competent authority that our grain export for
| 1872 was the largest in the decade. In thai
| year we exported to Great Britain in wheat
| rye, oats, and barley %, ,3i3 95I bushels. The
shortage of the grain crop in Great Britain
| that year was lS6, 600 900 bushels. Tins il
| viii, be seen that we supplied England with
| about IL per cent. of her shortage
The grain crop OF Ohio in 1872 was over
$50 900 600 bushels. or sufficient 10 supply The
entire export trade tn Great Britain for six
years and Ohio is not tue greatest grain-pro-
ducing State.
The aggregate grain crop Of the grain grow
ing States in 1872 was III ,857 600 bushels.
But 81, ,0O0, 900 OF tsis immense product was
sold for The coveted British gold, or less than
~ per cent. When we consider these statis-
tics we are better prepared to estimate the au
the west are dependent upon Oreat britain,
either to make market OF hG the market price
OF their products.
II the price OF wheat in the West is regula-
ted by the price IN Liverpool, as the book econ
omlsts all teach us, how is 1t that last August,
when wheat IN oncaRo from the oh to the 10Th
OF oeptemoer Ie"3 80 cents per 6"shef, The price
same period, Io-wlt, from lis. lOd to Us. bd.
per hnndred'welRht, september to l2s. I'd. to
lZs va. per hunnred-we'ght september ~,
AS these statistics drawn IRON the market
reports, iAi' 10 iorhiy the theory OF the book
economists may oe allowed 10 say tlat II was
prooaoIy owing 10 ihe tact that tue greenoack,
which serves the admirable purpose OF moving
lhe corps was locked up IN the vaults OF the
could not convert gold bond into currency
PROMISE even TO save the nation from bank