The Birmingham age-herald., 1913-07-25
EIGHT GOVERNORS OF ALABAMA
1874-I901
No. 45-Administration of Governor Cobb
Good Effects of Political Change

> and representatives in Congress. It de-
clared that the act of Congress fnpos-
ing a tax of 10 per centum on issues
of state banks creates IN the national
banks an unjust and odfous monopoly
and is an unwarrantable abridgement
of the power and authority of the state
| by appropriate acts of Incorporation
to provide its citizens with a lawful
currency suitable to their needs
The power and authority of the
state here referred to was the power
and authority to charter banks of IS
sue created by private capital. These
banks had no connection with state
| banks, They We're Independent of state
control except under their charters.
The millions of bales Of cotton delivered
from Alabama and Mississippi planta-
tions before the war were all sold at
| that port and paid for by bills of the
banks of Mobile. The effect of this kind
of commercial transaction was most
senstively felt in the sources of pro-
duction, the up-country plantations.
Money was ever abundant and cheap
in Mobile for the planters. The pros
perity arising from the use of the bank
bills acted to secure the solvency OF
| the bank of issue.
The unjust and odious monopoly
which the resolution cited, attached IL.
self to the productive assets OF the
south, where agricultural products con
stituted the fruits of Industry, requir-
ing them to pay a consuming tax to
commercial and speculative pursuits.
Consequently the possession and con-
troll of the federal currency became
concentrated IN a few hands, the cur
reney practically delivered TO a few
corporations and individuals devoted
to commerce and speculation, to the
corruption of government and the op-
preston OF the masses
Another expression OF the Views OF
the senate of Alabama was laid berore
Congress. This was in the form of Il
| memorial" setting forth the value or
the waters of the Tennessee river to
the general commerce of the country
The memorial declared this stream TO
be the natural highway of seven states;
of the union. So equable is the climate
through which the waters flow that
the stream is open at all seasons More
than 1000 miles Of navigable waters
invite Improvement. The commodities
OF commerce that await along its
banks consist OF all known varieties
OF grain, hay, cotton. live stock timber
in great variety and of rare quality
coal, iron, roofing slate marble of
purest quality. lead, copper, building
stone.
so much for the Tennessee only,
open the Oostanaula and the Coosa
then the entire Mississippi valley from
Cairo north would possess new
mouth in the harbor of Mobile
The memorial reminded Congress In
furtherance of its purpose that the
penetrating mind of John Quincy Ad-
ans pointed out the propriety and ad-
vantage of connecting the Tennessee
with the Coosa."
Eight or 10 years before J. C. Long.
an engineer of Jefferson county. nm
der direction of Major Mcfarland of
the engineer corps, United States army.
surveyed a line of canal for connects
ing Guntersville on the Tennessee with
Gadsden on the Coosa. The line was
reported as less than 90 miles long and
the cost of construction estimated at
$3,O00,O00. "The cost OF this enter
prise" insisted the memorial. "when
contrasted with that OF the Erie canal
and that or the Chesapeake and Ohio
canal, Is insignificant amounting TO
nothing"
Congress was ardently beseeched to
reflect that the improvements of nav
igation urged for the rivers of Ala
bama, IL allowed, would bring with
them more general benefit to the in
| dustry and commerce of the union than
the combined results from the other
two enterprises named.
Here the currency monopoly exposed
Its hydra head. The banks preferred
other directions for the disbursement of
| FEDERAL revenues Gen. Joseph Wheeler
later drew up a comparison of dis
bursements from the federal treasury
| in relation to receipts from the two
sections of the union, north and soutb
showing that the former was favored
In the proportion of $40 there to 81
| here.
| JOHN wIrHERsPooN DuBosr
.s..s...sss.................