Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-10-25
give all races in that section peace and

give all races in that section peace and
prosperity. Cheers.l gT
Did these rulers stretch out helping
| hand? No. They said to the white man
and negro alike, we viii not let you get the
full value of your products in the markets
of the world We will put a heavy tax
upon the cotton which you send out of the
country, and you shall sell it TO the East
ern manufactures for less than its value in
the European markets. This act was not
only cruel, it was unWise. Il crushed the
first efforts Of reviving industry. II pushed
back an impoverished and disoFganized
people in their efforts to build up their 80
cial system. 1t was one of the first and
greatest causes of the disorder which exists
at the South.
The unpaid African could not see why
his ruined employer was unable TO pay
him his wages, and he was filled with hate
and rage toward him. The employer found
hisslender credit still farther weakened. Ia
whose instance was the wrong done, ifnot
that of the cotton manufacturer of the East,
whose profits have been enormous and who
are protected BY the highest thrift?
TCheers. How did this measure tell upon
the farmer of the West and the planter OF
the South, who could not buy your corn or
pork He was compelled by starvation TO
raise these things for himself. You lost the
markets; you should have gained the ex-
port duty on cotton.
At this time the Western States are 10
the enjoyment of a good degree Of pros
perity. When you compare the present
with the past, you are struck with your
great progress; but this question comes to
US : Are you as prosperous az you should
be? Does not the policy Of this govern
ment harm you? Is not the progress of
this great city hindered by its financial
management? The great draWback to the
prosperity Of the farmers of the WGs. are
the high rates of interest, the want of cur
rency and cost of transportation, and /
charge that all these are due in great de-
gree to the mistakes Of the party in power.
They took upon themselves the response
bility of taxing ont of existence all State
currency. They allowed no bills to be
issued by any banks except a limited
amount, which might be put forth under
the laws of the general government.
For many reasons was opposed to this
National Banking system. As Governor
of the State of New York, vetoed law
authorizing our BInks 10 organizing under
the National system because l thought it
needlessly increased the taxes of our peo-
pie. 1Cheers. l will not now discuss the
merits of our National Bank law, but all
will argree when the government under
took to give comparatively small number
of citizens the exclusive right 10 issue pa
per money. This valuable monopoly
should have been fairly and wisely dis
tributed at the close Of the war. The peo-
pie of the West we're not ready to take an
interest in these Banks. The manufac-
turers of the East had been enriched by the
war and they eagerly grasped at this great
prize. Fairness and foresight should have
warned the government against the hap
hazardous policy Of giving this privilege
to the first corners. What were the results
This currency was given to those who did
not need it, The business Of New
York, Boston and Philadelphia, do
not need large amounts of currency.
Ii cannot be said that this ruinous usury
is owing to want of value of your TOM
mercial paper; as a whole none better is
made in any part of the world. 1t is mostly
given to send forward the wheat, and corn,
pork and beef, and wool raised by your
farmers. The whole prosperity of our
country demands that this should be done.
Unless it is, commerce languishes and trade
suffers; this paper is payable at short dates
and at the commercial centers of the East
it is amply secured by some form of pledge
of the prosperity which is bought with its
proceeds.
Everyone tells you that agricul-
ture lies at the basis of nations prosperity
and happiness. Everyone knows that there
is distress all over land IL producers cannot
sell for fair prices, yet just here usury is eat
ing away the very foundation Of CONNER
Cial and national wealth.
Mr.. Seymour continued at great length,
handling financial matters with great ease
and effect. His speech was received amid
much enthusiasm, and has doubtless added
much strength to the Democratic cause.