Idaho semi-weekly world. (Idaho City, Boise County, Idaho Territory) 1867-1868, 1867-06-05
SPEECH OF G. r. TRAIN.

SPEECH OF G.. b. TRAIN.
It is rarely we give speeches in this paper,
but the following, delivered by the eccentric
George Francis Train, iii the New York Gold
Room, lately, is too good to exclude. It,was
an extemporaneous effort, invited by the great
gold brokers during his visit to their room. He
said
You have cornered me, gentlemen, Elaugh-
teri and I am willing to sell a ten minute
speech-long or short laughter, as you may
decide. Mr., Cogate-Are you long or short?
Mr.. Train-T have not been in the market for
two years, and this is the first time was ever
in this room, although have been member
from the FIRST. But past experience would tell
Ele that
Long metre answers for Common song,
But Common metre will not answer Long"
What shall talk about? Laughter and
cries 0" Finance--ExpansiOn or Contraction"
Well, then, will throw out some suggestions,
and you can draw your own conclusions.
In 1860, we had recovered from the financial
panic of 1857, and had not commenced the panic
of Rebellion and OF war. Prosperity ail over
the land five millions of bales of cotton on a
thousand plantations; five million tons of ship
ping on every ocean-agriculture well to do
manufacturers prosperous-banks and insur-
ance companies paying good diyidends-rail-
roads succeeding petroleum wells just be-
ing develOped-sixty millions of gold sent US
annually from the Pacific mines-the Stock
market giving a harvest to the brokers, Zap
plause, THE dry goods merchants making mo-
ney-in short prosperity all over the land, and
yet all done on a currency of two hundred and
T Abo4,
Now. then, for another picture-1S67-
million tons of shipping wiped off the sea by
England's ,.e,ttrGlity-no five millions of cotton
in the SOuth-three hundred millions sunk in
petroleum-the gold mining companies played
out. Laughter mean that the inventor,
who confidently put his $4,000 in Colora-
do, Idaho. Montana, and Nevada, has never
seen his money. E"That's so."1 Where there
isplenty ofquartz there reno stamps, nOmills-
and where there are plenty Of mills there is no
quartz. Applause and laughter. Agricultu-
raj products are not doing well. The crops
have not been fiourishing-woolen and other
manufacturers are suspending payment. In
surance companies are failing. Steamship
property is dying out. The rottenest security
in your street is your so called gilt edged paper
The rich men are all poor. They are first to
call their loans. Those patriotic Radicals who
put their money into Southern cotton planta-
lions, have planted it there forever. Laugh
ter. The West is not paying up promptly
The South have nothing to pay. The bonded
warehouses are full of foreign goods not yet
paid for The country is stocked with nler-
ehandise. The gold markets. you see it to-
day, loud laughter fifty millions sunk in the
stock exchange, that financial Morgue of the
land laughter ]-since January; in short, par
alysis eyeryWhere-the dry rot in Wall street
is the new disease-brOkers' market-nObOdy
Taying expeHses-checks exchanged to show
hte-all loans on call-nO business dOing-nO
industrial enterprises going on--nO confidence
anywhere, and all this on an expansion Of one
thousand mlllions-make your own inferences-
gentemen- sensation l-shal / go on- cries
ct yes -anoJher point.
When the old Banking Companies of England
organized under the Limited Liability Act,
they were all or most of them insolyents-as
lnstanced by Oyerend, Quincy & Co. Our old
banks were in the same position when Mr.
Chase, the largest head, the longest head, of
his party, created the National Banking system,
u make himself President [Applause.l You
remember ne put his handsome photograph on
the one doliaf notes to circulate among the peO-
pie. Laughter Our National Banks, like
the English Limited Liability Act. were the
salvation Of most of the rotten banks of the
country. SensatlOn-
Take their loans this time last year. 1866
FIVE hundred millions-take them new. 1867
six hundred and twenty millions. OF course /
said as they have increased their loans thew
have added to their capital, only twenty-five
millions. found, leaving one hundred million
more now than when expanded last year.
What is this loaned on2 On Erie at 80, North
Western at 80, Cumberland Coal at 20, Pacific
Mail at l90-and Pork at 36. Laughter.
Tue last panic was peculiar-usually we
outsiders caughtit. This time you insiders got
cleaned out. [Applause, and 9 that's So" T.
Men who had accumulated their two hundred