The home journal. (Winchester, Tenn.) 1858-188?, 1867-04-25
A TALK ON MONEY.

isuoe bDiA VIZ w W Wv 'N"N' Nv
uation in Monetary Matters.
On Wednesday George Francis Train
Esq in a casual visit to the Gold
Room was called on for q speech upon
the finances AID upon expansion OF the
currency, and responded as follows:
ADDRESS OF MR.. TRAIN.
In 1860 we had recovered from the
financial panic of 1857, and had no:
commenced the panic Of rebellion and
Of war. Prosperity all over the land:
five million bales Of cotton on a thou
sand plantations; five million tons OF
shipping on every ocean agriculture
well to do manufactures prosperous (;
banks and insurance companies paying
good dividends railroads succeeding ;
the petroleum wells just deing develop
cd sixty millions of gold sent us an.
nually from the Pacific mines the stock
market giving a harvest TO the brokers
applausc the dry goods merchants
making money in short, prosperity all
over the land. and yet all done on o
currency of two hundred and fifty mil
lions. Applause and That's So
Now, then for another picture: 1867
five million tons of shipping wiped OF
the sea by England's neutrality--no
five millions of cotton in the South
three hundred millions sunk In petro
leum--thc gold mining companies play
cd out. Laughter. | mean that thu
inventor who confidently put his &c..
900 in Colorado, Idaho, Montana and
Nevada, has never seen his money
+" That's 500" Where there is plenty
ofQuartz there are no stamps no mills
and where there are plenty Of mills
there is no quartz. [Applause an!
laughter, Agricultural products are
not doing we'll. The crops have not
been fourishing-woolen and Others
manufactures are %saspending payment.
Insurance Companies are failing, Steam
ship property is dying out. The rot
tenest security in the street is your So
called gilt-edged paper. The ricE men
arc all poor. They are first to call in
their loans. Those patriotic Radicals
who put their money into Southern cot
ton plantations, have planted it there
forever. Laughter. The West is
not paying up promptly. The South
have nothing to pay. The bonded
warehouses are full oftorcin goods not
yet paid for. The country is stocked
with merchandise. The gold market,
as you see is to day-[loud laughter
fifty millions sunk in the Stock Elk.
change, that Financial Morgue of the
land laughter since January; In
short, paralysis cverywhere-the dry
rot in Wall street is the new disease
brokers marke.--nobody paying ex.
penses--checks exchanged to show
life--a!l loans on call-no business do.
ing--no contiden ,e anywhere, and all
this on an expansion Of n thousand
millions make your own infercnces
gentlcmcn-- scnsation]-shall l 60 on
ferries of yes another point. When
the old banking companies of England
organized under the limited Liability
act, they were all or most Of them in
solvents--as instanced by Overcnd
Quincy IL Co. Our old banks were in
the same condition when Mr.. Chase
the largest head, the longest head o.
his party, created the national banking
system to make himself President. Zap
: plause.) You remember he put his
handsome photograph on the one dol
lar notes to circulate among the peo'
pie. daughter. } Our national banks,
like the English Limited Liability act,
were the salvation of most of the rot.
ten banks of the country. [Sensation. |
Take their loans this time last year,
lSG6-five hundred millions. Take
them now, lSG7-six hundred and
twenty millions. OF course, I said, as
they have increased their loans they
have added to their capital, only TWEEN
ty-fve millions, 1 found, leaving on,
hundred millions more now than whel
expended last year. What is this loan
ed on? On Erie at 30, Northwestern
at 50, Cumberland Coal at 10, Pacific
Mail at 1870, and Pork at 30. Laugh
ter. The last panic was peculiar
usually we outsiders caught it. Thi
time you insiders not cleaned out. Ap
plause, and "That's so." Men VIII
had accumulated their two hundred t,
five hundred thousand dollars in small
sums these last few years, buried it al
in the Greenwood Cemetery Of tn,
Stock Exchange. The Comptroller i
abroad; he is after the delinquents
100 of these institutions are in furry
already the big loans are called in, AM
the street will feel the shock within
week. The recent National banks foil
ures in Washington, Baltimore, Oi
Wells, Newton, Hudson, Boston AM
Nashville, are only the pimplcs, th
slight eruption of the skin, tells the ex
perienced eye the painful disease tina
is struggling within. Applause.
These banks were established on a tel
. per cent margin, 100000 bonds CAV
100000 notes. This margin Is lost
and % per cont more. as shown by tn
loan account one hundred million
morethan last year. Sensation.
Where the country understands thi
they will sell governments. Then loo
, abroad. Five hundred millions Of gu
securities in Europe on call-nomipal
ly held at "A or Q per cent In gold
while the rottcnest security in the oil
world, 3 per cent. British consols or
selling at 81. That shows how littl,
they think of our bonds. They ar,
simply deposited there and draw
against-a simple kytering operation
which you understand. Laughter.
When you want to see what is coins
to happen abroad-look at that never
failing barometer down there in til,
southeastern part Of Europe, tho Eas.
tern question. All say peace; yet av,
millions Of breach leaders. Of needl,
1uns ara haipg maIa When var hroak,