Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-04-09

thc Present Situation ia None.
sary Matters.
On Wednesday George Francis Train,
so, in casdal visit to tho god roon. was
allied on for speech upon th. finances and
Ipon expansion OF the currency. and re
poaded a. follows
ADDRESS OF IN. TRAIN
In 1890 we had recovered from The iinan.
ial panic Of 1861, and had no, commenced
he panic o. rebellion and Of war Proper
ty ali over the land, five miliisn bales OF
;otion on q thousand plantations; I've nil
ion tons Of shipping on every ocean ; agri>
culture we'll 10 do manufactures prosper>
,vs; bank and insurance companies paying
rood dividends railroads succeeding the
petroleum wells just being developed, sixty
millions Of gold sent ~ anieal.y from the
Pacific mines the stock market giving
hasvsst 10 the brokers lapplaus,l the ary
goods merchants making n,one, IN short.
prosperity all over the land, Ind yet all done
on . currency Of two hundred ai.i MY mil
lions fApr.suse. and chats e.
Nov. then for another picture: lso'-bvs
million tons Of shipping wiped on the sea
bv Epsland's neutrality no five millions Of
cotton in the South three hundred millions
sunk in petroleum-the gold minin. COM
panies played out. Laughter. l mean
that the inventor who confidently put his
&lO, 900 in Colorada. Idaho, Montsna and
Nevada, has never seen his money. That's
~. Where there 10 plenty Of quartz there
are no stamps, ne mills-tnd where there
are plenty Of mills there is no quar,z. APP
plause and laughter. Agricultural pros
ducts are not doing well. The crops hare
not been Gourishing-wo WOODEN and other
manufacturers are suspending payment -
insurance companies are fAiling. Steam
ship property is dying out. The rottenest
security in the street - your soSealled gilt.
edged paper. The rich men are all poor.-
They are first TO call their loans. Those
patriotic radicals who pu. their money into
Southern cot on plantations have planted Il
there forever. Laughter.
The West 10 not paying up promptly
The South have nothing to pay. The bond
ed warehouses are full Of foreign goods not
vet paid for. The country Is stocked with
merchandise. The gold market, A. you see
il ts-dsy-llsrd laughter l-hfty millions
sunk In the stock exchange. that financial
,uorgue Of the land laugh liter since JAM
uary in short. paralysis every whers--ths
dry ret ia Wall street. 10 the new disease
brokers masket-nobody paying expenses
checks exchanged 10 show lifs-all loans %
call no business doing-no industrial en-
tsrpriss going on-no confidence any where.
and all this on an expansion Of one III ,us>
and millions-maks your own infssencss,
- 4
cries Of yes -anothss point. When the cid
banking sompaniss Of England organized
under The limited liability act, they were al
or most Of them insolvents as instancsd by
Overend, Quincy 4 Go. Our old blanks
were in the came condition when Mr. Chase,
the largest head. the longest head Of his
party, created the nat onal banking syste,n,
to make himself President. Applause. =
You remsmbss he put his handsome photo,
graph On the one dollar notes to circulate
among the people. Laughter. Our national
banks. like the Eoglish liability act, wess
the salvation Of most Of the rotten banks oil
the country. (Scnsssion.) Take their
loans this time last year, ls06-five hun
bred millions. or course, I said, % they
have increased their loans they have added
TO their capital. only twenty >iivs millions.
found. leaving Uns hundred millions more
now than when expanded asst year. What
is this loanci on! On Erie Al 90, North
western at go. Cumberland Coal Mt 70, Pa
cific Mail at $50, and Pork at 80. Laugh
ter The last panic was peculiar-usuall,
We outsiders caught it. This time you in
Aiders got cleaned out: Applause, Ant
CHATS So" Men who had accumulated
their two hundred to five hundred Thousand
dollars in small sums these last few years
buried i. all in the Greenwood Cemetery q
the stock exchange. The Comptroller j.
abroad; ne is after the dsliaqutnts; 100 o
thesc institutions are in a furry alread,
he big loans are called in, AID the stree
will feel the shock within week.
The recent national bank failures il
Washington, Baltimore, Oil Wells, Newton
Hudssn, Boston, and Nashville, are only th,
pimples. the slight sruptiens on the skin
that tells the experienced eye the painful
disease that is struggling within. APP
plause These oanks were established VI
ten per cent margin, $lOO, 900 bonds CAV,
500, 900 notes. THIS margin - lost, and g
per cent. more. a. shown by the loan &C
count one hundred millions more than Las
year. iSensat,on When the countr
understands this, they will sell govern
ments. Then look abroad. Five hundrc,
millions Of our securities in Europe OF cal
-nominally held at - or . per cent il
gol while the rottcnest security in III
old world, per cent. British consols nr
selling at 81. That shows how little the
think of our bonds. They are simply de
posted there and drawn ngainst-a simpl
kvtering operation which you understand
Laughter When yon want to see wha
is going to happen abrUad-look at tia
neveT>failing barometer down there IN til
southeastern part Of Europe, the Easteil
question. All say peace yet five million
of brcech- leaders, OF needle guns are bein
made. When war breaks out. as likely Il
London or Paris as in Greece or Turkey
back come the bonds. Send homo nc
$780, 100000. but sec, 900, 900, and IN
dozen international bankers will rush to IN
government slaughter house to sell. aud III
amount will aeon BE- exaggerated to 5000,
100000. Suppose they meet there, sos,
of the iiquidating national bank bonds, an
other frightened holders Of the bonds, o
rushing 70 asll-who is roin, to buy Sha
| 60 on! Cries of yea Remembs
that the loan Was taken up on margins. w
subscribed $4,000 and borrowed g.. 500
and kept The Mill going Ill day. making ii
MAJ with $4,000 capital talk and act Lib
the millionaire. The public 10 . ball o
govsrnoents only when shove pas-whe
below par they are bears. Let govsrnmen,
drsp T. per, and down they g 70 3. The
national bask notes are 10 per cent di,
CT unit. Then comes the rush on nation,
banks for srsenbaeks. Sensation Wins
IL the result! Does Csngress help Us! n
tho lawyers are in power what do the
carsl They odd $500, 000, 900 to The deb
and advance thsls own salaries to %, OOO!-
Il the South to b admitted under The mill
tary bill.
No; Stevens holds the ssins; conlSsca
tion 10 the order. The estates are to Be Gu
up ameng the Germans, and the nsgroe
wiped out. Where, then, are ~ floating
Congress ssss AeCulloch has made nis
take. and - il 10 IN Administrator blu.
der, ths radicals intsad 70 pass 40 bill Of RI
lief. They will piach the country this YEA,
end bring on . financial crash in the fall
(remeuber this is the panic year Of III
never> sil.ng scrsws) lay it on the Admin
istTation policy. and when everything
broken Congress will meet in the winte
aud pass Randalrs bill, putting gresnback
m the place Of the 54O,o0O,00O nation,
bank bonds psss another bill paying du
I ,ia. ,v,,,neta IN, ,k.r a. :.