Year: 1874

w nv Is UnlS so : w ny, because, MI.
Speaker, those gentlemen of the East
have been literally provided for; and
do not blame them for voting just as they
do in sustaining the interests of their
people, and they must not blame us for
voting as we do Our rights are equal
here upon this floor, and we propose to
keep it so. In the apportionment of the
banking capital the Eastern States have
seventy millions in excess over that
which their population and wealth enti-
tie them to- The Middle States have
about nine millions of excess. The
Southern, Southwestern, the Western,
and the Northwestern States have def
cheney of nearly eighty millions. Now,
Mr.. Speaker, if the Eastern and Middle
States insist upon contraction, or if they
oppose an increase of the capital and cur
rency, will they not ought they not, to
be willing to accept as compromise the
surrender of one-half of the excess of
their authorized capital and currency to
the Southern, Southwestern, Western,
and Northwestern States, in proportion
to the wealth and population of each
Then there would be an equitable divis-
ion of the banking facilities among all
the sections of our great country, accord
ing to the wealth and population of each
7 have no hopes of effecting any such
arrangement by the consent of the inter
ested parties.


You of the Eastern and Middle States
are provided for, and there will be no
complaints on your part. Why should
there be2, You are fixed, and could not
dispose Of your case better than by quot
ing from the language of the patriarch
Job, when he said, Doth the wild ass
bray when he hath grass2 or loweth the
OK over his fodder !?


What we want in the first place is more
currency; if we cannot get that, then an
equitable division among the people of
all sections of the country. We have no
fears of any bad effects resulting from a
legitimate and proper increase of the
currency; and you having eighty millions
more than your distributive share ac-
cording to your wealth and population
We will be satisfied to have our deficien-
cy made up to US. There must be some
thing done to relieve the country This
state of things cannot and must not con-
tinue. If you have seventy-nine millions
more than your wealth and population
entitle you to, we are not afraid of any
coniectured effects that would flow from
ma king up our deficiency of near eighty
millions, and the country will not suffer,
but gain infinitely, by the operation.
will here give an abstract of the re-
port of the Comptroller of the Currency
of November last, which will show in
tabular form and in detail the population
of the States by the census reports of
1870, the capital paid into the national
banks in each of the States, the appor-
tionment of each State according to pop
uIation and wealth, outstanding author
lied circulation of the banks in each
State, the excess and DEFICIENCIES Of each
State, upon the basis of the population
and wealth of each; and also the popula-
ton and national banking capital, and
what ought to have been the just appor-
tionment, excess and deficiency to each
group of States, Eastern Middle, South
ern and Western States


I'VE omit the table for want of space.-ED
Standard


If we had sufficient quantity such a
proposition need not have been mooted.
| The question after all is, whether we
have enough? How shall we determine
it? The law of supply and demand de-
termines it to great extent The rate
of interest testifes in the case. Is it
possible that the quantity of the curren,
! CIV is sufficient to make the necessary eX-
changes of the country when the holders
of the currency demand and receive l.
to Is percent interest for it Shall not
! this medium of exchange be measured
by the same laws which govern all other
! commodities as to the quantity on the
market?


If we have abundance why are the pro
! ducers and manufacturers compelled tc
paw such rates of interest?


/ heard singular argument the other
day put forth by statesman. This gen
tleman said that we had so much cur
rency that its purchasing power was de
preciated, and the lender therefore hao
to charge greater rates in order to make
his legitimate relative profits. Mr.
Speaker, that will not do. Apply his
rule to any other commodity and you
will see that it will not do.


By his theory, if you wanted CHEAP
horses, cattle, or other property, the OBJ
tanning the object would be by destroy
ing one-half of the whole number. | un
dertake to say another erroneous idei
seems to atfiict the minds of the contrac
tionists, and that is that the gold dollar
is the absolute standard of value Why
sir, it has often been demonstrated II
the history of our country that bushe


of wheat would as frequently buy two
dollars in gold as that one dollar in golc
would buy one bushel of wheat in the


market. This | believe, will hold gooC


in all the great markets of the world


How do you account for it? Is tn,


STANDARD of gold measured by the val


ue' of wheat, or by the quantity of eacl
on the market2 Why, sir, the whea
measures the value of the gold as much