The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1861-01-18

a pubic benefit or 10 MD public enterprises.
/ bit their eTB asgraud cement 1t furnish
| ed short and easy method of getting mo-
! roy without earning it, and provided ample
/ neshS al The ey. 'en@e OF l4bOring citiZ:Hs,
/ Of living without LABOR. An ancient na
/ tom had 10 law Tor furnishing a nan who
! murdered hi mother. The reason was
/ that il had never been conceiree that any
| man could commit such Il crime. IL the
/ history OF the financial speCHations OF his
country SO bold, open, unbiushiEg frauds.
| taking in a large body of men. were never
| perpeir=ted- There was, and is 40 law to
| punish them; because such rascality could
tot have been anticipated.
1t becomes q matter Of State i'm
| portauce. The State cannot afford
to lose the labor, and en-
ergy, and enterprise Of five thousand
Of its best citizens, nor can the State
afford to suffer fifteen millions OF dol
! lars Of the earnings OF these men II
feed the hungry nav of a gigantic
swindlc. Every legitimate means,
warranted by law and good faith,
| should be used for their relief. The
railroad companies ought to be able
| 10 TcllCl tlcSe iliOItyr63pi>.
AS 4 measure of relief, a new dis
position Of a portion of the Grant Of
Lands made by Congress to the
! State, III trust for railroad purposes,
and turned over by the State to the
La Crosse and Milwaukee Railroad
Company, might be made, with the
consent ofCongress. In case all that
portion Of the Grant not sold to the
St. Croix Is Lake Superior Railroad
Company, is not to be given to new
Company, to carry out the designs
of Congress, and urder conditions
which shalt beyond contingency save
the farm mortgagors, suggest for
| Your consideration, a memorial to
Congress, asking that the act ma
king the grant to the State be so
changed as TO give the State abso-
lutte control Of the same, so far as
rights of private parties or compa>
mes have not become legally, per-
mancntly fixed. That relief granted
BY which could unorcs.
tinnably be obtained if an energetic
effort should be mad, for the purpose
the lands could be sold at some
price, the minimum Of which should
. be fixed by law, and the proceeds
used 10 relieve the mortgagors, di>
rectly, or to aid the companies or
their representatives, in relieving
| these farmers Of such uuconscionable
| burdens.
EXCHANGES.
| The recent embarassments under
| which merchants and business men
| Ct the State have laborcd from the
| arrangements in financial affairs, are
| deserving otyour attention. These
! difficulties have evidently arisen from
causes quite out Of the ordinary
course OF. events; although, in their
effects upon US; traceabic to pc
culiar exigencies in our export
trade.
The law OF commercial exchan-
GEES is OF course subject 20 the law Of
| traffic; that Of supply and demand.
| In foreign trade exports and imports
being nearly equal, money is only re-
| quircd to adjust balances, while III
| the Internal and export trade Of this
State, large disbursements are first
required for the purchase OF pro-
duets. Time, for shipment and
sales in eastern marts, is very inn
portant element in the grain traffic,
and has necessarily at all times
controlling influence upon the rates of
financial exchange; and this was
especially true Of the late temporary
panic.
The surplus wheat crop of our far
mers, for sale after the last harvest,
was full twenty five millions ofbush-
els. To purchase and remove this
immense surplus, or even consider
able part of it, would require the
disbursement Of several millions Of
dollars. In past years grain buyers
usually brought into the state cas-
tern currency to effect their purcha>
ses; but our local banks having now
circulation adequate to the public
wants, has rcndcro this course no
longer necessary. Accordingly, the
purchases Of the late harvest, SO far
40 IiI'ANt, " tI Z tiicGltu TiiIilIJ ny
eastern acccptanccs, or by drafts
drawing against the grain in transit,
negotiated at western banks which
furnished buy crs the currency used
III the traffic. II all ordinary con
ditlons Of the money market, no diff
ticulty could have arisen from these
accommodations; since the maturity
Of acdeptanccs at eastern banks, or
the grain shipped and sold, would
furnish an adequate and reliable ba-
sis for the furnishing Of eastern ex-
change to our merchants and busi-
ness men. But suddenly, in the
midst of this great movement of our
principal staple, and while agricultu~
rlSts were hopeful and happy in the
prospect Of speedily receiving the
rewards Of honest and well directed
industry, the commercial world was
startled by panic. OHc OF the chief
causes Of this seems now to have
been the felonions abstraction of
large amount of state stocks, held as
Indiana Trust Funds, from the pro-
per Department ut Washington, and
which were Unexpectedly and stran-
gely thrown into market. \ sudden
depression in such stocks was the