Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1867-11-14
rIsANCs AND AaloR,, !,
An hour with Henry G. carey.

An hour with Henry G. Carey.
Nothing can be more evident than tho growing
Importance of the Financial, business, and Labor
questions. They thrust themselves upon the at
tention of the nation, and demand action at the
hands of Congress. Business Is PROSTATE, though
out the country. Capital Is centred IN New York
and the New England States, while the Central,
Western, and Southern States are starving to
death for want Of circulating medium to make
the exchanges of trade. With depleted pockets,
aud no prospect Of filing them, the people de-
mand that there should be proper Legislation on
these great subjects.
On Saturday, we listened an hour, among the
books and paintings of his pleasant md quiet
library, to the views, conyersationally and famil-
iarly expressed, of that greatest of living Amer
lean writers on Economy, Henry G. Carey.
THE PROSPECT OF RESUMPTION"
Mr. Carey's recent letters showing the absurdi-
iy of the plans by which Mr.. McCulloch pretends
to expect to accomplish Resumption, and stating
the very unjust and unequal distribution of the
National Banks, have attracted great attention
Mr.. q. further spoke in extension Of tho facts
quoted and views expressed therein. He said 1t
was impossible to resume specie payments as Mr.
McCulloch proposes, or at the time he suggests.
The balance of trade, increased by interest due
abroad, travelling expenses freights, &C., is ter
rbly against us. For the present, we are keeping
tho account even by sending abroad bonds, pro-
cess which must end after while, for the supply
will be exhausted. In the meantime, every bond
increases our payment of gold interest abroad
Strange to say, McCulloch is converting 1905,
Compound Interest es, and grcenbacks, which
from their form cannot be sent away, into just
the securities the foreign capitalists want. e.
gold bearing bonds He ought to know, but does
not seem to care, that this makes the possibility
Of resumption more and mole remote.
CONGRESSIONAL KNOWLEDGE.
Congress has had no financial policy. Few Of
the members have any intelligent knowledge
upon which to form one. Like nearly everybody
else they neglect the facts In our own experience
which they should take as the basis for conclu-
sions and read instead, the theories and abstrac-
tions OF foreign economists, whose conclusions
are totally inapplicable to this country, because
based on entirely different premises. In respect
to Banking, lsays Mr.. Carey, lot any one who
wishes to understand its true character in this
Souhhlf tahc thC icpolto vi IstW Eugiuuu
Banks for the last fifty years. They have grown
| up, naturally, and are the result of general laws
days patient study Of them would give bet
ter idea Of the whole system in this country than
any amount of reading upon the Bank of France,
| or Bank Of England. or other artificial and ex-
| ccptional institutions.
TIE CURRENCY NOT REDUNDANT
In the summer of 1866, Mr.. Carey published a
series of letters to Mr.. McCulloch, in which he
showed that not only was there, then, not too
much currency for the necessities of trade. but
that 1t was deficient. Since then McCulloch has
been, by permission of Congress, retiring four
millions month-taking that amount of in
debtedncss bearing no interest, and converting ii
into securities bearing gold interest. and
crpRling business more md more Mr..
Carey had not only not changed the view that
the currency was deficient in 1866, but of course
by this process of reduction his facts then stated
are becoming more and more applicable.
THE DANGER OF REPUTATION.
He says the New England and New York cap
italists are pursuing most suicidal policy. as
well as McCulloch. The stringency of the money
market, which the latter has labored to produce,
has obliged nearly all the small bondholders, who
during the war took $50, or 800, or $500, to sell
ont to large capitalists, and these are located al.
most entirely North of Maryland and East OF
Ohio. 1t will soon come to be an understood
fact that all the rest of the country is paying
taxes to this small section, and to Europe. Can
the masses then Withstand the adroit arguments
Of dcmagogues who will plead for Reputation
Mr.. Carey says the Southern States are Ian.
gushing for the want of circulation. They have
everything but that. But that has been given
avishly to the East till the limit was fully reach
ed, and now they are unable to obtain authorit,
for cent of bank issue.
MEASURES OF RELIEF FOR THE SOUTH.
lie would give to Tennessee ten millions Of
greenbacks, OF small denominations, in exchange
Tor bonds of that State, bearing six per cent
Let Tennessee take the money to reconstruct hei
material resources, her railroads and their rolling
stock, bridges. &C., &c. The money would dc
service in three ways; it would help rebuild the
prosperity of Tennessee help set in motion thu
wheels OF trade; and ii relieve the nation Of In
dcbtedness to that extent, while costing not
cent but the paper and printing of the notes.
so with Louisiana. As soon us she is recon
constructed SO as to be duly responsible, take hel
bonds, and give her ten millions to build her de
stoycd lcvces.
And SO with Others Of the Southern States
sEcTIoNAIIsM.
We were ruled long time by the seclionaljst
at the South who had but one set of ideas. an,
were blindly devoted to slavery. With the pre-
sent prosect there will soon be an an equal depre
Of sectional rule on the part of the money des
potism at the extreme North.
LET THE CENTRAL STATES UNITE
MIR. Carey says the interests of Pennsylvania
i Maryland and Virginia are Identical. The
should unite and press national policy on til
country. If they would but labor together the
could succeed.
CONGRESS- AND M'cuILoru
The Republicans in Congress permit them
selves to be led by the nose by the secretar,
When he makes his suicidal propositions know
they show their weakness, by not attempting
meet them and show their fallacy, but b
. simply modifying them somewhat, and adoptin
them. They arc practically under McCulloch
control.
:. Much more was said during the interview
: which we do not give here for various reasons
The above notes will give an idea of the tenor q
0 Mr.. Carey's views at this juncture. The lang,
/ age used is our own, and does not pretend to d
any more than express as nearly as possible OF
/ understanding Of what he said.
Ii ur AT MANAYuNK, the Pennsylvania Lowell
;, n busy active hive of working men and womer
somebody got up Grant meeting, the other ey
ming and Rnnkel, who used to edit the New Err