The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-01-09
From the New York World, 7th

/
speech at the Open Board-He Ad.
vocates Two Thousand Millions of
| Greenbacks-OT I'm the scotia Wed
nesday.
George Francis Train dropped into the
open Board of Brokers about half-past 3
yesterday, when the entire room set up q
shout for speech.
Mr.. Train: Draw upon me at sight, gen.
tlemen. What will you have? A voice !:
One hundred dollars.] Train, you must
be short to want only hundred.
[Laughter.l Name your subject, gentle
men; will answer the call. Here the
cries were renewed for Regular Board,"
"Old Board" Tell us about Rock Island.
The old board is played. [Cheers.l
What next, gentlemen? [Mr. Kennedy:
Tell US about the currency.] What we
want is stability something certain-and
that is greenbacks. IApplause.l It re-
quires ten per cent. at least margin to
move stocks; fifteen at least to move mer-
chandise, cotton, rice, tobacco; and twenty
per cent to move real estate. That's so. ]
We have an aggregate Of $25,OO0,OO0 900
of property in this country, and not $780,
100000 of currency to move it; hence
stagnation, ruin. We want ten per cent.
margin. Ten per cent. on s25,0OO,O 900
is S2,5OO,OO0,000 of greenbacks. Loud
applause and cheering.l Once we had
ST, 500, 100000 currency in notes, three,
six, nine, and twelve months mercantile
and banking paper-now that is wiped out.
[Sensation. What else have we? Ma
tional banks? Yes. They advance only
arguments. The governments eat up the
greenbacks, and the greenbacks eat up the
national bank notes; so we really have no
currency at all. [Sensation and applause.]
Hence 10000 men are out of work, as
stated in the World, and paralysis every
where. That's SOL All rich men have
to do is to sell out, shut up shop, buy
governments, and collect twelve per cent.
interest out of the losses Of the people
out Of the poor. Shame.
Mr.. Hale (Hale s. Burr: Tell US how
the market is going to turn.
Train: Everything is going up. Green
backs will prevail. McCulloch must ex-
pand or lose his place. [Applause.l All
stocks will rise. When spoke last spring,
I told you in the gold-room there would be
rumors of war. There was. Gold would
60 up. 1t did. Stocks must 60 down.
They fell. [Applause.l Do you remem-
Der my predictions? Yes. Well, pre-
dict it again. Everything will 60 up ten
or twenty per cent. We are on the eve of
great prosperity. No panic, no crash a
complete change at Washington. I am
going out Wednesday on the Scotia to
listen to our citizens in Jail loud ap-
plause1, and when I come back, in few
weeks, I shall find that stocks have gone
| frua in oh
Loud cheers.l Specie payments mean re-
pudiation. Greenbaclls save the national
debt.
A voice How do you make that out7
Mr.. Train Simply because specie pay
ments mean contraction; contraction
means panic; panic means bankruptcy
bankruptcy means no money to pay taxes
and no taxes means reputation. [Ap-
plause, and "That's SOL While green
backs mean expansion, expansion means
} confidence; confidence means speculation
and the payment Of taxes. Speculation
signifies new railroads, new woollen mills,
new cotton factories, new cotton planta-
tions, new ocean steamers [applause], new
lines of packets, new mines opened and
old mines resuscitated [applausel. Capt.
tai is the baluster to the staircase; we
seldom use it, but like to know it is there
in case Of panic or the dark. Laughter,
and "That's so."] Cash is the axle of the
wheel; rough riding and slow. Credit is
? circumference two-forty on plank road.
Loud applause.] Now there is no conf
dence, no faith; all is doubt, uncertainty !;
hence no trade, no enterprise, no long
loans, no future. With greenbacks we
can pay the debt; with gold we are bank
rupt. Three kinds of money is insol-
vency-gold for Alabama bondholders
! Tsensationl greenbacks for national bank
SPECTATORS, and national bank shinplasters
for the poor man. [Sensation.l BY pay
ing imports and bonds in gold, and every
thing else in paper, the Government cried
sinking fish" on it's own credit at the
start, [:sThat's so."I All through the
West passed this resolution by acclama-
ton:
ReSoIUed, That currency good enough
for our butchers, bakers, and grocers, was
good enough for the Alabama bondholders.
Loud applause.l
TRAIN THE AUTHOR OF THE GREENBACK PRO-
GRAMME.
You remember my gold-room speech,
published in the World March %, and then
all over the land. Six months after, Pen
dleton took it up and carried Ohio. [Ap-
plause, "and he stole your thunder."]
Not so. Ny copyright holds good; my pa
tent, like my English steel railways, will
give me my royalty when claim it. Ap-
plause.1 My knob speech to the Ben
Wade party was in June; my demagogue
speech to the Radical clergymen at Cliff
ton Springs was in July. These greenback
speeches were cut off in pieces and retail
ed at every stump in Ohio, ["that's so, u
and were copied everywhere long be-
fore anybody else came out fiat-tooted.
[Applause.l Forty square nominations
for the White House already in ten States
point that way. Loud applause.] AL
ready Congress begins to shake under the
voice of the people. The Administration,
having bought an iceberg and volcano, had
better prepare for an earthquake-[loud
laughter]-or stop the panic McCulloch
has been forcing on the nation. Loud
applause.l Look at the bills the Thinkers
are at work on-all apprentices. There
are no iourneymen workers at the capitol.
[Laughter.] Vermont Edmunds and Nor
rill lump to the rescue of bondholders to
have fve-twenties paid in gold, while But
ler gets fifty-fve votes against it to have
them paid in greenbacks. Kisses and ap-
plause.j Perham, of Maine; Poland, OF
Vermont; Eggleston, of Ohio; Bramhall,
of Pennsylvania; Bingham, Of Ohio; and
Ross, of illinois, are all out for more green
backs. A dozen bills are up. The birds
are flying. The ball is moving; confidence
ia coming hack: and stocks will jump to