Carson daily appeal. [volume] (Carson City, Nev.) 1873-1877, 1874-05-27
FREE BANKING, sc.

we 90 NOT pIttenu W AL UNNECESSARILY
ing of the financial problems which SO
trouble the Congress Of the United
States. We only know few plain facts.
such as that there are two antaSonistie
elements in that body, one representing
the desire for initiation and the other
being in favor of contraction. We can
also understand the pithiness of Senator
Jones' question, as to how the South e1-
pected to avail itself of the proposed in
crease of the volume of paper money,
while its planters still dogsedly held on
TO their lands and refused to part with
them at any price. Another interesting
turn in this perplexins question is within
the range of our comprehension and is
embraced in an amendment offered by
Mr.. Conkling to the Free Banking and
Currency Bill when that measure came
up for consideration in the Senate on
the Nth inst. One of the principal
reasons given by the infation;sts for
their demands for an increase of the vol
ume of the currency has been, all along.
the excess of circulation enjoyed by the
New England National Banks. The
purpose aimed at by Senator Conklins's
amendment was to obviate this Unequal
ity by such provision of law as should
compel those New England banks to re-
1iuo,,iSb fba;r axcoSS IF c1rrapcv in Snch
4 manner as that the said excess might
at once be added to the banking capital
of the South. The eff C. of tlis prop osi-
ton would be, that such New England
Banks AZ were carrying an excess of their
pro rata of the paper money sanctioned
under existing acts might take their
choice, either to surrender given per
centage of their circulation to the United
States Treasury, or use it to 60 into the
banking business at the South, or West
or in whatever section the supply of cur
rency was less than a fair distribu-
proposed amendment of Mr. Conkling's
put the inhationists in something
of a dilemma:-They must either de-
cline to avail themselves of a prof
fered chance to have tie banks
of their section reinforced by the
transfer of New England's excess of the
currency, or admit that they had been
employing the facts regarding those
banks merely as a stalking horse to help
on the proposition of imitation. 1t was
very ingenious device and was sus-
tanned by Mr.. Conkling in a no less in
genious handling of his side of the de-
bate. Senator Edmonds of Vermont,
who sustained the Conkling amendment,
made some very strong points in its
favor, and not only that, but succeeded
in turning the tables, very successfully.
upon that persistent champion of infla-
ton, Mr.. Merrimon of North Carolina.
The last named Senator having said
that the Banks of New England had
sent memorials to Congress protesting
against the proposed redistribution of
the currency, and that Edmunds himself
had opposed it on former occasion. the
hard-headed and hard hitting Vermonter
turned upon the North Carolinian and
said. II beg the Senator's pardon. l
stated on q former occasion, as would
state now if there we're any use in it.
that when the bankers of New England
and the Eastern States took this circu-
lation, the inhabitants of tho Southern
States were unwilling to take it. They
were somewhat more than unwilling to
take it. They had circulation Of their
own; they did not want this. To be
sure, that circulation has rather fallen
through; but do not think it is to be
imputed to New England, or to the
North, or to the East, that they we're
committing any wrong upon the people
of the Southern States when in 1853
and 1864 they took up this circulation.
there being no application for it from
any place south of Mason and Dixon's
line that l know Of" Mr.. Ner1imon,
in reply. having disclaimsd any inten-
ton Of aitributing improper motives to
the New Englanders for the part taken
by them With regard to the currency.
Mr.. Eimunds made the following very
clearst.tements showing the unimporsance
~ ,;,.. .c,nal location of banks of issue