Herald and tribune. [volume] (Jonesborough, Tenn.) 1869-current, 1874-01-29
THE CURRENCY-SPEClE PAY
MENT.
Speech Of Hon. w. G. Brownlew
Delivered I'm the Senate, Janu-
nry 2I, Is71. .r1r.


western sections of the country, and cspe'
cially in Tennessee, there has been, and
there still remains, much suffering. caused
by the want of an adequate supply of
money, of any h'ad, to meet the imperi>
Gus emergencies of business. Every de-
partment Of commerce aad of manufact>
ures, and every material interest of the
whole country, and especially of the sec,
tions named, have been deeply injured by
deficiency Of money.
1t is this state of facts which induces
me to break my accustomed silerce in
this body, and to submit my views upon
the gravity of the question, and the most
promising measures by which safe and
general relief may be realized.
| am the more inclined to submit
few remarks on thissubject in consequence
Of certain views recently expressed in
the Senate by several gentlemen for whom
| entertain great respect, and, also, be-
cause of the fact that something like q
concerted movement has been in progress
in several important commercial centers
evidently designed to induce, if not to
force, the Government to reduce the
amount OF money in circulation and to re
sort prematurely to resumption of specie
payments. | am distinctly and utterly
opposed to reducing epresent volume of
the currency. am equally opposed to
an immediate resumption of specie pay
ments. Nor can for moment agree in
opinion with those who distrust the ability
and usefulness of our existing system Of
banking and currency. On the contrary,
| hold that, properly administered, it is
not only adequate but largely benefcent
in its scope This system sprang into ex>
lstence during the late civil war. 1t or
iginated in the necessities created by that
war. Yet it has proved most effective
agency in avcrting the destruction of the
Government itself,'in preserving in fact
this sacred Union Of States, and, at
longth, in opening the way to the renewal
of the earlier feelings Of brotherhood and
amity so rudely destroyed by civil strife,
but which are so essential to the happiness
OF society and to the rapid and general
development Of the country. The hnar-
cial system SO rapidly conceived and pro-
| iected by the illustrious and lamented late
Chief Justice. while at the head of tho
Treasury, was, perhaps, closer approxi-
nation to perfection than which history
has recorded. 1t is no reflection upon the
comprehensive skill displayed in estab~
fishing this great financial plan that ex-
perience has developed deficiencies In it
which wise craftsmanship should seek to
supply. The financial administration Of
the Government during the war was one
which displayed amazing wisdom, and
which sheds luster on the history Of
that period scarcely, if at all, inferior to
that of its political and military dep art
ments. Few Americans can be found
who question its wisdom or doubt its
grand efficiency. Yet it is no dlspar-
agement to that system that, with altered
conditions of the nation, deficiencies should
be disclosed. Among these are unequal
distribution of banking facilities through
out the various States of the Union, and
the bestowal of exclusive privileges upon
certain classes of our citizens. Let the
following comparative facts illustrate the
inequality of distribution complained of,
With population of one million and q
quarter. Tennessee has circulation OF Its
national banks of, say, $S,500,0OO, or q
fraction less than two dollars for each per
son in the State. .5...
Rhode Island, with population OF les
: than quarter of a millon-2l7,353-
: has circulation of, say-S22 O00,ooo-
over six times as much as Tennessee
: while the population of Tennessee is near
ly six times as large as that of Rhode
r Island-that is, Rhode Island, with one
!, sixth of the population of Tennessee, ha
C relatively to its population fifty time
more circulation than Tennessee. Their
= are, perhaps. other conditions than mer
numbers which would reduce this proper
| ton somewhat, yet it does not requir
y. much reasoning nor arithmetic to sec tha
i the distribution is unequal and unfair.
Free banking has always beeua favorit'
idea with me, and which I may hope ye
q to see incorporated in ursystsm of dnanc'
But would by no means favor return
/, to the system Of State banks. Our bank
n =, ing system chould be national. and nj
y State. The currency should have equ'
y n value in all parts of the country. N
a man should be obliged, in passing frol
,S es one State to another, to change his none,