The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1840-08-07
S5,509,ii5 ~

$5,599,li At
If this amount was all the time in the banks the
interest accrung on it at 6 per cent would be D5,-
800, AS II: but at per cent it will be 6,52i,-
9S6 40, Apply the same rule to this that we did
to the other, viz that they issue two dollars in
notes for each dollar Of deposite, and loan that ont
also, and YOU have the sum of 1854 ,S5S 81.
Add this to the profits of the United States Bank,
and YOU have the round sum Of D4l,lif APO "A
realized by less than one hundred banks, by their
having the custody and use Of the public money.
This explains the reason to great extent of the
opposition TO the bill now under considerations
Those gentlemen who live by their WITS and not
by their labor, understand all these things.
Here it will be- proper TO remark that portion Of
the money in the United States Bank belonged TO
the sinking fund.- under the act Of Of March 5, 1917,
setting apart ten millions If dollars to pay the in
tercst and also to reduce the principal of the debt
of the revolution and late war. On the 18th of
February, 1916, the whole debt amounted to Dl23,-
go, 692 %. On the 3Oh September following it
was reduced to Dl0s,7i5,Sls. The whole AVER
age annual amount in the bank for l6 years was
D6,1l7, l0l H. OF this sum think it is fair to
charge Do 900 900 to the sinking fund, leaving
D,7l7, l9l II rs the amount applicable to ordi-
nary expenses all the time in the treasury for 10
wears From this il would appear that the sum of
D5,O0O 600, as estimated by the secretary of the
treasury, is not much out of the way, and not
DO coo ,0O0 rs the gentleman from PENNSYLVANIA
Nlr. Sergeant supposed.
The worst times, said the gentleman, that the
country has ever seen, has been under the sub
treasury system Now am certain, said Mr. d.,
that my honorable colleague does no, intend to mis-
lead the committee or the public in this matter, but
he has surely forgotten The distress in the country
about twelve years ago. will here relate my own
personal experience at that period and experience,
we all know, is the hest Of teachers II is not
ccssary, therefore, for TO 90 to the statistics of
the country, when my own experience is a compo-
uent part of them.
In 1916, wheat brought, in Philadelphia market,
where the gentleman resides, three dollars per
bushc; corn ~, - to D2; oats 10 to so cents.
In 1921, prices sunk down so low that wheat
brought only 62 l2 cents corn 81 cents, and oats
only Is 81 cents per bushcl. | poughed the
ground, and sowcd the seed. cut it, thrcshed it, and
hauled il 10 market, ut both those periods. The
land on whirh this grain grew cost, in 1915, DIPS
per acre, and at that time it would not bring more
fifty dollars. Mechanics, who had received rs
cent per day, and were found, were reduced down
TO 81 l-2 cents, and many were ont Unemployment
altogether, and other aboring men received wages
in the same proportion. and fell from DIPS to
DjO. and in some cases lower. Hundreds and
thousands Of honest farmers who had passed the
meridian of life. aud, by long course Of indus
trv. had accumulated II little property TO make
comfortable in old age, if they were onc-fourth
in debt for their land. and were pushed for
it, the whole was swept from them. Or if a man
had one farm clear, and second one for which he
owed onc-half the purchase money, it took them
both to pay the debt. A. gentlemen Of the bar
generally fattcn on the miserics of the people, |
presume the gentlemen did not experience any en-
bnrrassment at that time.
What will the farmer say at this tme' WIN,
his produce won't sell for as much as he formerly
got for it.
Here again will YOU my own practical expert
encc. Ny last years crop brought me more money
than any one crop Of the last three wears. The
increased quantity more than made up for The d.
minniion of price. This is the case also with many
of my neighhors. ] recently received letter from
farmer in nv neighborhood. who informed me
tina, he had sold from hls last years crop 1877 dol
lars worth Of hay. and that he had yet four or
five tons to spare, which would make It up TO
D5On. lie had besides this, his wheat. corn, aud
OATS TO SELL and he owns and works only about 30
acres of land. lie farmers know that when we
have nm abundant crop Gall other things being
eouaD the prize will be lower than when the crop
is short. Ii is therefore not always the best times
for farmers when prices are very high, because il
is generally owing to short crop. II requires
certain quantity of grain for the use Of his family
and stock, and il he consumes il all, the high price
i. Of 40 advantage to him. We had better have
Two hundred bushels of wheat at one dollar, than
one hundred at two dollars per bushel. For exam
plc-say that il takes 80 bushels for bread and
seed. In that case we would have 80 bushels left
at two dollars, making one hundred dollars, and IN
a N Ill If