Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1867-04-18
A TALK IN THE GoLD.ROoM.

A TALK IN THE GOLD.ROOM. 3,
On Wednesday, George Francis Train, Esq, in
acasual visit to tho golstSoon Sas called on for
speech upon the finances and upon expansion of
the currency, and responded as follows: =.
In 1860, we had recovered from the financial
panic of 1857, and had not commenced the panic
land five million bales of cotton on a thousand
plantations five million tons Of shipping on every
ocean agriculture well to do manufacturers pros
porous banks apd insurance companies paying
good dividends; railroads succeeding; the petro-
feum wells just being developed; sixty millions of
gold sent us annually from the Pacific mines; the
stock market giving harvest to the brokers-(ap-
plause)-the dry goods merchants making money;
In short prosperity all over the land, and yet all
done on currency of two hundred and fifty mil
lions (Applause; That's so. ."l Now, then, for
another picture: lS67-fve million tons of ship
ping wiped off the sea by Englands neutrality !;
no five millions Of cotton in the South; three hun
dred millions sunk in petroleum; the gold mining
companies played out. Laughter. l mean that
the inventor who confidently put his 5000 in
Colorado Idaho, Montana Ion and Nevada has never
seen his money. ('That's 50. ," Where there is
where there are plenty of mills there is no quartz
Applause and laughter Agricultural products
are not doing well The cropshave not been -four
ishing- and other manufactures are sus-
pending payment. Insurance companies are fail
Ing Steamship property is dying out. The rot
tenest security in the street is your socalled gilt
edged paper The rich men are all poor. They
are first to call their loans Those patriotic Radi-
Gals who put their money in Southern cotton plan
tations, have planted it there forever. Laughter.
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 coun-
try is stocked with merchandise. The gold market
as you see itto-day-( loud laughter millions
of the Neutrality-suspicious. January, in short,
paralysis everywhere the dry rot in Wall street
is the new disease brokers' market nobody pay
ing expenses-checks exchanged to show Me-aI
loans on call-no business doing gAno industrial en-
terprises going on-no confidence anywhere, and
all this.o an expansion Of one thousand millions
make your own inferences- gentlemen; (sensa-
ton shall go on cries of yes) another point.
When the old banking companies of England Or
ganized under the Limited Liability act, they were
all or most of them insolvents- instanced by
Oyerend, Quincy & Go. Our old banks were in
the same position when Mr.. Chase, the largest
head, the longest head Of his party, created the
national banking systeQ ITO e!
handsome photograph on the one dollar notes tc
circulate among the people (Laughter.)
Our national banks, like the English Limited
Liability act, were the salvation of most of the rot
ten banks of the country. (Sensation.) Take
their loans this time last year, lS66-fve hundred
millions Take them now, l867-six hundred and
twenty millions. Of course, l said, as they have
increased their oans they have added to their cap
ital only twenty-five millions I. found, leaving
one hundred millions more now than when expand
ed last year. What is this loaned on2 On Erie
at 90, Northwestern at 80, Cumberland coal at TO-
Pacific Mail at 1S0 and Pork at 30. Laughter.
The last panic was pecdliar-usually we outsiders
caught it.. This time you insiders got cleaned out.
Applause and that's SOY Men who had accu.
muated their two hundred to FIVE hundred thous-
and dollars in small sums these last few years, bu-
ried it all in the Greenwood Cemetery Of the Stock
Exchange. The Comptroller is abroad he is af:
ter the deinquents 1700 of these institutions are
the street will feel the shock within week. The
recent national bank failures in Washington, Bal.
timore, Oil Wells, Newton, Hudson, Boston and
Nashville, are only the pimples, the slight erup-
ton on the skin, that tells the experienced eye the
painful disease that is struggling within. ZAP
plause.) These banks were established on ten
per cent. margin, 100000 bonds gave 100000
notes. This margin is lost, and % per cent. more,
as showed by the loan account, one hundred million
more than last year. (Sensation.)
When the country understands this they will sell
governments. Then look abroad Five hundred
millions of our securities in Europe on call -nomi.
nally held at 74-or per cent, in gold, while the
rottenest securities in the old world per cent
little they think of our bonds. They are simply
deposited there and drawn against simple KY
te.:ng operation, which you understand. (Langh-
ter.) When you want to see what is going to hap
pen abroad, look at the never-failng barometer
down there in the southeastern part Of Europe, the
Eastern question All say peace, yet 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 $780, OOO 900, but 20, 900 900, and
the dozen International bankers will rush to the
government slaughter-house to sell, and the amount
will soon be exaggerated to 5000, 100000. Sup
pose they meet there some of the lquidating ma
tional bank bonds, and other frightened holders Of
the bonds, all rushing to sewwho is going to buy!
Shall 1 60 on? (Cries of ''Yes.') Remember
that the loan was taken up on margins. We sub
scribed $10,0 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 bull on governments only when
above par-when below par they are bears. Let
governments drop to par, and down they 60 to SO.
Then national bank notes are per cent discount.
Then comes the rush on national banks for green
backs (Sensation.) What is the resultP Does
Congress help us? No-the lawyers are in power;
what do they care? They add $40O, 100000 to
the debt, and advance their own salaries 5000
Is theSouth to be admitted under the military
bill? Stevens holds the rens confiscation is the
order. The estates are to be cut up among the
Germans, and the negroes wiped out Where are
mistakes and as It is an administration blunder,
the Radicals intend to pass no bill of relief They
will pinch the country this year, and bring on f.
nancial crash in the fall remember this is the
panic year of the never-failing screws elay it on
the administration policy, and when! everything is