Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-04-06
AniOn aud 9ispateh.
SATURDAY, APRIL 6, 1867.
largest Circulation in City and State.
THE NATIONAL FINANCES.

New York "Gold Room" a few days ago,
for the first time. Having some reputation
as an extempore speaker, he was called
upon for speech. Among other things he
said:
In 1860, we had recovered the financial
panic Of 1857, and had not commenced the
panic Of rebellion and Of war Prosperity
all over the land; five million bales Of cot
ton on a thousand plantations; five mil
lion tons Of shipping on every ocean; agri-
culture well to do; manufactures prosper
Gus banks and insurance companies pay
ing good dividends; railroads succeeding !;
the petroleum wells just being developed;
sixty millions of gold sent us annually from
the Pacific mines; the stock market giving
a harvest to the brokers, (applause); the
drygoods merchants making money--in
short prosperity all over the land, and yet
all done on a currency Of two hundred and
fifty millions (applause, and that's so.'
Now, then, for another picture-1S67-
FIVE million tons of shipping wiped of the
sea by England's neutrality-no five mil
lions of cotton in the South-three hum
bred millions sunk in petroleum-the gold
mining companies played out. Laugh
ter. mean that the inventor who conf
IDENTIFY put bis $4,000 in Colorado, Idaho,
Montana, and Nevada, has never seen his
money. ['That's SOL 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 laugh
ter. Agricultural products are not doing
well. The crops have not been flourish
ing. Wooden and other manufacturers are
su5pending payment. Insurance compa-
mics 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 first
TO call their loans. Those patriotic Radi-
Gals who put their money into Southern
cotton plantalionr, have planted it there
forever. Laughter.l The West is not
paying up promptly. The bonded ware
houses are full of foreign goods not yet
paid for. The country is stocked with
merchandise. The gold markets. you
see it to-day, loud laughter fifty mil
lions sunk in the Stock Exchange that
financial morgue Of the land laughter
since January; in short paralysis every
where-the dry rot in Wall street is the
new disease-brokers market-nobody paw
ing xpenses-checks exchanged to show
liie-all loans on call-no business doing
no industrial enterprises going on-no con-
fdence anywhere, and all shis or an ex-
pansion OF one thousand millions.
When the old banking companies of
England organized under the limited LA
bility act, they were all, or most of them.
insolvents-as instanced by Overend, Cur
ney q Co. Ourfld banks were in he same
position when Mr. Chase, the largest head,
the longest head of his party, created the
national banking system, to make himself
President (Applause.) You remember
he put his handsome photograph on the
one dollar notes to circulate among the peo-
pie (Laughter) Our national banks.
like the limited liability act, were the sal
walton Of most Of the rotten banks of the
country. (Sensation.)
Take their loans this time last year, 1866
five hundred millions-take them now.
lS67-six hundred and twenty millions.
OF course ] said as they have increased
their loans they have added to their CAPT.
tai, only twenty-five millions, | found, leav-
ing one hundred millions more than when
expanded last year, What is this loaned
on? On Erie at 80, Northwestern at so,
Cumberland Coal alto, Pacific Mail at $50,
and pork at Sc. (Laughter,)
The last panic was peculiar-usually we
outsiders caught it. This time youinsiders
got cleaned out Applause and that's
SOL Men who had accumulated their two
hundred or FIVE hundred thousand dollars
in small Sums these last few years, buried
il all in the Greenwood cemetery of the
Stock Exchange.
The Controller is abroad He is after
the delinquents; 100 Of these institutions
are in furry; already the big loans are
called in, and the street will feel the shock
within week The recent National
bank failures in Washington, Baltimore,
Oil Wells, Newton, Hudson, Boston and
Nashville, are only the pimples, the
slight eruption on the skin, that tells the
experienced eye the painful disease that is
struggling within. (Applause.) These
banks were established on ten per cent.
margin 100000 bonds gave $4,000
notes. This margin is lost, and % per
cent. more, as shown by the loan account
one hundred million more than last year.
(Sensation.)
When the country understands this they
will sell governments. Then look abroad
$500 000, 900 Ofour securities in Europe ON
Call-nominally held at "A, or 9 per cent.
in gold--while the rottenest security in
the Old World, per cent British consols,
are selling at 81. That shows how little
they think Of our bonds. They are simply
deposited there and drawn against sim
pie kytering operation which you under
stand. (Laughter) When you want to
see what is going TO happen abroad, look
at that never-failing barometer down there
in the southeastern part of Europe-the
Eastern question. All say peace, vet five
millions of breech loaders-of needle guns,
are being made. When war breaks out, as
likely in London or Paris as in Greece
or Turkey, back come the bonds Send
home not five hundred million dol
lars, bat twenty million dollars, and the
dozen international bankers will rush
10 the government slaughter house
60 sell, and the amount will soon be
exaggerated 20 100000, GOO Suppose they
meet there. some Of the liquidating ma
tional bank bonds, and other frightened
holders Of the bonds, all rushing 70 sell
who is going 10 buy? Remember that the
loan was taken up on margins. We sub
scribed $4,000 and borrowed $4,000, and
kept the mill going all day, making the
man with $4,000 capital talk and act like
the millionaire. The public Is a bull on
governments only when above par-when
below par, they are bears. Let govern
ments drop 10 par, and down they SO to SO.
Then national bank notes are one per cent.
discount. Then comes the rush on national
banks for greenbacks, and the greenbacks
are not there. Sensation.) " hat is the
result? Does Congress helpus? No-the
lawyers are in power; what do they care?
They add SIO0,O00,O 900 bounty TO the debt,
aud advance their own salaries 70 S5OOOl
Thoy viii pinch the country this year
and bring on q financial crash in the fall
remember this is the panic year Of the
never falling seyen)-lsy il on the admin
istration policy, and when everybody is
broken, Congress will meet in the winter
and pass Randal's bin, putting greenhacls
m the place Of the $40, 600 600 National
bank bonds. Pass another bill paving du-
ties on imports in greenbacks-and then
another bill paying interest on the 81. 400
GOO, OoO hve-twenties in legal tenders. In
other words give the country one currency
that Is twenty-five hundred millions of
legal tender, instead Of sixteen currencies
as at present, lAppla1se This makes
all happy for the Presidential election OF
1865. Deierilum treHens requires national
whisky % recupcrate the system. The
whisky will make all vote for radicalism
They elect the President, and after that the
delnpe The next war Is 10 be financial