Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1863-11-14

i universal settIemeut. ] don't know how
/, Is ia gland bat In Autefica We need
If financial Ildgment-dqy once in ten year
+ and we iEetiG lIheSe cFdshGs, although
r. onaiWRy Oflookibg at them are unfaVori
# bic, 3inlanother are always beneficial.
Il new county must have credit, As cOuu
O. tries grow old and rich they can contraC
d II more and more, but new country ths
vi hRg its resources 70 developireQ1tres cred
/ lit, aud with II you must have the AttendAn
d evils of intense stimulation of hopeful an
/, sang6ine natutes. Once ia ten years th
: thing comes round Ia a kind Of miscella
/. neous crash The bubble is broken, til
0 Lpaparis gqqei and the property remains
8 The map that yesterday says this is m,
house, don't say so Tomorrow; but tn
8 community - not huft-the property 1
: there--the difference is ia shifting owners
| Laughter. These commercial reVerse
may be unhealthy but not Of that kind o
unhealt lthineas thsf many political ecOnO
mists have believed, aud these periodical
settlements are always salutary. We ha6
settlement In 1857, and there was the
less at the beginning 0fthis war to be set.
tied. But VII there was we swept out o.
the way. Aud since the day when the in
fant colony OEPlymouth Bay had to pay
90 per cent. for money loaned to her In
England, / dOnt believe there has ever
been so sound state OF business ia the
North as to-day. And your business men
in Manchester will see that these reasons
work that way. Furthermore, there being
so much of uncertainty in the commercial
world, men will no more go on the credit
system as before; they are buying for cash,
and then going home and selling for cash.
Some of you in Manchester can say
whether it is not the case here to an extent
never before known, that American mer-
chants are buying for cash; and, though
there may be facts the other way. yet In
America the business is mainly taking that
direction, You recOIlect the story Of the
Frenchman In Boston; he had got money
enough and goods enOugh, bat thought
man ought to fail when he could not collect
his debts. We may fail SO, bat don't see
any other form Of bankruptcy awaiting Us
daughter. Our Government Is issuing
bonds largely that are becoming the basis
of the whole banking system in the North.
The Government bonds become the seCus
rites Of our State banks. They issue Gov
ernment notes as their circulation, and al
though there is an immense amount of Gov.
ernment notes in circulation they are TAX
iug the place of the individual State bank
notes. / don't profess to be posted on this,
but my impression is there is no more
paper money 10 circulation than there has
been at many periods in American history. |
But it is not circulation of individual |
banks nor of States; it is "a circulation of
the total United States; and whereas, be- |
fore these bills had the. security Of what
was in the vault of the State, the guarantee |
of these bills with only the same circula.
ton is the guarantee of the credit and /
total property of the United States. Hear,
hear cannot stntas as should have
done Ii ii had supposed was to be called
an, fdr these faCtsfiust how much has been
investeds hi,t ss..s7 - islE four or Eve hnp.e
not Invested already Ia business, has been
invested in what is called Government
which are just your ConsOls
over again. our people feel two things
first, that our Government must stand,
and therefore they cannot help it;
aud, secondly, that it viii stand, and |
il is safe to invest in it. Cheers.
Our savings banks, insurance companies,
trust fund commissioners, and men who |
have in charge the money of widows and |
orphans, old men who wish to secure them
selves against contingencies and bankrupt
CieS, men who have sums in hand and are
looking about for inVestmeat, are showing |
that of all securities, none seems to them |
so sound as the faith and credit of tae |
United States. Loud cheers That Gov
arnmeut, then, has lien on all the unOpe. |
rative capital Of the North and West, and
it has become the interest of every bnsi-
ness aud moneyed man in the whole |
Northern States 10 maintain the Govern |
ment as the way to maintain himself II
it be said that have said that the Gov
eminent paper had been Issued as only |
three to one of bullion, l never made any |
statement on that question at all but that |
since Government issued this paper, since |
il better represents not only what had |
been paid in for these bonds as invested, |
but represents, also, the total available |
property of the Uuited States itself, il is a |
better circulation than thai OflOeal banks, |
which issueithF6e papers 10 one pound Of !
bullion, That IS what meant to say at |
Rlinburgh, whether said it or not.
ought not, Of course, to speak in this mat
ter, because ! am not tiuancier, but q
Clergyman and a patriot only; and IL you
were to get hold Of man who knew a
great deal more, he would state the matter
not weaker, but stronger fAPPlause,1 If
there is anything I have inadVertenly omit
ted 70 notice on this fisCal question, l shall
be ready to attend to any question that
may be put to me now. Mr.. Baecher
paused, and then resnmed1 I may pre-
sumo, them 1 am entirely correct, aud you
are entirely satisfied lAPPlause.] ~ r
THREE QUESTIONS ANSWERED. cess
I am told there are three questions
which have been addressed TO me through
a Manchester paper, switch have never
got straightforward answer !" and
will endeator TO show you what straight
forward ansWersis. The first question is,
oDo colored persons ever attend your
church in Brooklyn ~ Yes, by scores and
hundreds. rcheers.1 Second, Alf 80,
where do they STIR Wherever they can
get seat. (Oheers and laughter.) Our
church will hold but 5000, and it is ex-
tremeIy difficult for any one to geta seat
l have said humorously, In expOstulating
with our people, who are sometimes imPa-
tient of having s0.little use of their peWs.
for which they pay IN inOrdiuate rent,
aGentlemeni you Know YerR well when