The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-04-03
RATE OF SUBSCRIPTIONS.
GEORGE FRANCIS TRAIS ON III
t.r NANCE

GEORGE FRANCIS TRAIN ON FL
'ts.c NANCE.
Characteristic View OF the SItuRtIOn--
BankfnR---URited States Securities
and Stock OPeFatIOns--An Unusual
Address In the New York Gold
Room. -----..,5 II ail.
On last Wednesday afternoon, Mr..
George Francis Train. accompa-
MED by single personal friend, paid a
visit to the Gold Exchange, in New
York, to see the new room and ascer-
tain if his own membership of two
years ago held good. Mr.. Train, who
seems to beal8ays hail fellow, and very
popular with the brokers'. found him
self suddenly hemmed in by a crowd,
while the whole room Joined in the cry
of speech-speech- He
tried to get out in vain. There was no
retreat. He pushed for the door, when
some dozen of the brokers now thor
toughly demoralized, lifted him up
bodily to the Presidents platform,
while the Board, packed fuller than
usual, demanded speech.
The President hammered away with
his gavel, but could not restore order.
l"Decorum, gentlemen; we must have
decorum; surely You have no right to
4SANV @hAs AAdAA " dEdluSL nus
wishes" Twill protect you, said the
President to Mr.. Train. But it was OF
no use. 1t was beyond his power. The
gold brokers had got Mr.. Train fast,
and suspended all operations, and in
sisted upon a speech. Mr.. Train, see
ing that he was in for it, arose, when
the cries OF hats on were renewed, and
silence was restored. We can only give
a sketch of Mr.. Trains remarks bear
ing on the financial question.
R.TRAIN's SPEECH. o.
Mr.. Train-You have cornered me,
gentlemen (laughter). and 1 am willing
TO sell ten minute speech, long or
short (laughter), as you may decide.
Mr.. Colgate-Are you long or short?
Mr.. Train-I have not been in The mar
ket for two years. and, this is the first
time was ever in this room, although
have been a member from the first.
But past experience would tell me that
Long metre answers for q Common song
But Common metre will not answer Long" !"
/ What shall 1 talk about? daughter,
and cries of stFinance. Expansion or
Contradictory Well, then, will throw
out some suggestions, and you can
draw your own conclusions. .-.r -r,r
In 1850, we had recovered from the
financial panic of 1857, and had not
commenced the panic of rebellion aud
war. Prosperity all over the land; five
million bales of cotton, on thousand
plantations; five million tons of ship
ping on every ocean; agriculture we'll
to do; manufacturers prosperous; banks
and insurance companies paying good
dividends; railroads succeeding; the pc
troleum wells Just being developed;
sixty millions ofgold sent us annually
from the Pacific mines; the stock mar
ket giving harvest to the brokers
(applause); the dry goods merchants
KING TnnnRv--iFn short FNrnaFAarifHy IL
over the land, and yet all done on a
currency of two hundred and fifty mil
lions. Applause, and that's so."J
Now, then, for another picture, 1867,
five million tons of shipping wiped off
the sea by England's neutrality, no five
millions OF cotton in the South, three
hundred millions sunk in petroleum,
the gold mining companies played out.
+ E(Eaughter.1 I mean that the investor
who confidently puts his 5000 in Col
orado, Idaho, Montana and Nevada,
has never seen his money. tfThat's
soy Where there is plenty Of quartz
there are no stamps no mills, and
where there are plenty of mills there is
no quartz. (Applause and laughter.)
Agricultural products are not doing
we'll. The crops have not been flourish
ing, woolen and other manufacture
companies are failing. Steamship
property is dying out. The rottenest.
security in the street is your so-called
gilt-edged paper. The rich men are all
poor. They are the first to call the
loans. Those pail fotfc Radicals who
put-their money into Southern cotton
plantations, have planted it there for
ever. Laughter.) The West is not
paying up promptly The South have
nothing to pay The--bonded ware
houses are full Of foreign goods not yet
paid for. The country is stocked with
merchandise. The gold market, as YOU
see it to-day, loud laughter,9 fifly mill
lions sunk In the stock exchanges, that
financial -morgue of the land laugh
teri since January; in short, paralysis
everywhere, the dry rot in Wall street
is the new disease, brokers market;
nobody paying expenses, checks ex-
changed 10 show life, all loans on call,
no business doing, no industrial en-
terprise going on, no confidence any
where, and all this on an expansion OF
one thousand millions, make your own
ihferehces, gentlemen, (sensation), shall
i go on (cEies of HYes"J another point.
When the old Banking Companies of,
England organized under the Limited
Liability act, they were all or most of
them insolvents-as instanced by Over
end, Gurney tS Co. Our old banks We're
in the position when Mr.. Chase.
the largest head, the longest head, of
his party, created the national banking
system, to make himself President.
(ApPlausey. Yon remember he put his
handsome photograph ON the one dol,
lar notes to circulate among the people.
'(LaughterJ. Our national banks, like
the English Limited Liability act, were
the salvation of most OF the rotten
banks of the county, tSensationl. =
Take their loan this time last year,
IS6efive hundred millions; take them
now, 1s6T-six hundred and twenty
millions. OF course I said as they have
increased their loans, they have added
to their capital only twenty-five mil
lions. 1 found leaving one hundred
millions more now than wien expand
ed last year. What Is this loaned5on i?
On Ere at 90. North Western at so,
Cum berland Coal at 40. Paeific Mail at
1S9-and Pork at 50. tLaughter).=r5I4-E
q The last panic was peculiar-usualIy
we outsiders caught il. This time YOU
insiders got cleaned OUT -tApplause
and '.thalis soyf. Msn who had accu-
mulated their two hundred olive hum
dred Thousand dollars in small sums
these last few years--buried it all In
the Greenwood cemetery of the Stock
Exchange. (Mr. 0iBrien-or in E
.PtRribHS .Ulitnl. Mr.. Train-yes, you
are one of the many whose epitaph IS
among the tomb stOnes.=-t Loud laugh
ter aud applause, continuing for sever
alminutes atthe repartee1.
~ The Comptroller Is abroad. he IS