The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-10-29

to mistakes Of the party Id power. Ihey 'ook
Of existepce al state currency; they allowed NO
bills 70 be issued BY any banks except nmIeo
amount, which might be put fortn unaer tne
laws of the general government. rot many ia
was opposed d e the sss state Of New Yor.
vetoed Law authorizing our banks 20 orgsni1.e
under the national system, because tnouent
peedlesely increased the taxes OF our people:
(Cheers) I will not now discuss tne mel. y,
when the government undertook TO give 70 .
comparatively small number OF citzens sne
exclusive right to issue paper money, tnis vaaan
BILE mon poly shonld have been fairiy suu woy
distributed At The close OF the war tne peopie
of the West we're not ready to take an interest," IN
these banks. The manufacturers OF tne ns,' rsu
beep enriched BY the fruits OF the war, ano tney
eagerly grasped ct this great prize. Fairness snu
foresight should have warned the governmen'
against the hsp-hazard policy OF giving tnis pnv'
Iege to the first corners. What was the result
The currency was given to those who did not need
it the business of New York. Boston and Phiia-
delphia did not need large amounts Of currency II
their banks in many instances did not carry out n
bills until the right to do SO became valuable
monopoly Under this law the agricultural states
do not need currency. Without II the price OF
your produce is cut down the rate OF interest
becomes ruinous the people OF the South, where
there are no banks, have no currency and 10
MANY instances are forced to pay as high as TWEEN.
ty per cent: how can it recover under TINS ieariui
exaction? In our Western commercial ciues you
are forced to pay ten or twelve per cent, interest,"
At these rates. at times, your business Is checked
for the want of sufficient amount TO carry u on.I
(Cheers.) 1t cannot be said that tnis ruinoas
usury IL owing to want OF value oil your CONNER
cial paper as q WHOLE none better Is made In any
part of the world. lApplause.) 1t 10 mostly gwen
TO sepd forward for wheat. and corn. and pork
and beef and WOOL raised by your farmers. Inc
sbouId be DONE Unless il IL, commerce LAM
guishes and trade suffers. This paper sssursplY
ID its forms it is payable at short dates, aud ~
the commercial centers of the East 1t 10 amply sci
cured BY some form of pledge OF the properly
which is bought with its proceeds 10 addition To
| Vie means Of the makers and acceptors
| Every one tells you that agriculture lies 81 IMP
| basis of o nations prosperity and happiness
| our land if producers cannot sell for fair pricer,
l vet lust here usury is eating away at the very
| foundations Of commerce and OF natural weaito.
| Is this matter of necessity or does u grow oct
| of your rulers and out of follies against which
| thew were warned at the outset by myself anr
others. when our official duties called on US tp
protest against themi (Cheers.) Why to-day, ~
| your competition with the commercial cities cf
the East, are your growing ciues % .ne wsr
| medium-thus loaded down by an interest tnat np
business community can pay and prosper unoer u
| the long run, When look over the statement 4
find that more than s5I 1000 OF the currency
was given to the State of Massachusetts,, and lefs
than $40 900 600 to the State OF ILLINOIS. fcH
| have twice the population Of Massachusetts,; YET
that State needs but small amount, while yours
requires more currency than any other state 70
the Union. If determinations we're 10 De maeY,
the interests of our whole country demanded tn4t
they should be In favor OF the agriculture
States. II the distribution had been MADE 10
proportion to the population. you would nave
had about twenty millions OF this currency, arg
Massachusetts about ten millions. The adJon'Dg
States of Wisconsin. Michigan, Iowa ana others
would also have had much larger proporufn
than they get now. In fact the States OF linnos'
| Ohio Indiana, Michigan, Wisconsin Iowa, MinLe,
sofa. kansas, Missouri Nebraska, Nevada aAd
| Oregon with the Territories OF Colorado, Men'
tsns, Idaho and Utah, have some millions less re,
| tiopsl bank circulation than the single state OF
| Massac nusetts. You would have gained In anoteer
resnect "a these States bad all the time currenpy
was distributed the capital to take 1t themselves
If il had been allotted to them, the capitalists ol
the East would hardly have brought their money
here to employ II IN TINS region N ,ns NJ
, the West would have made q great cnsnge "
, | your AFFAIRS Interest would not at this tune
, range at it's present rates. vast amount OF
money would have been permanently us snd ~ S
, | the East should have been saved rom great moFs
.. While Won are getting forward yoar crops ihi
currency 10 forced into TINS secuon .ns ~
] | accumulstes in vast volumes In the great eiuey
i the Fast There is no want of II there. II tnes
banks ss,s bSt those who Sod IL New
anxions 70 get an interest In the vile specuiapv
movements in stocks or In produce which nsv
t been burtful to business and morals. MOI unsfe
r ouenty the provisions which have been gstn9re
: IN the atone houses of our citizens are bought u[
the price of food is raised against our iaootel,
h expectation is stopped, and great misery Is cops'
!, ouently caused in the homes OF those who 1--we
J. the evils growing out of the violence done tb
e fairness and all wise statesmanship VIII see En'
9 II has been curse alike to the East and Yves
IS (Cheers.) s;,l.
IN buv mn the products of your State he Is Obliged
r 90 10 the East to borrow these bills in that Sc
le lion and then to charge further usury, SOL
Is Won psy interest to two bankers. Thereior1 70
aiscount upon your paper IL Of such ruinous rate
~ IN state il in other TERMS Illinois pays intPre
ut To Massachusetts upon what should De its ov
lg money. The West is tributary to the East Eor
ID circulation which rightfully belongs 10 the 81
Appaus The men 10 Rorsr s Sa0 consent
n TO the law, come now and ask our approval
4, their conduct II it is good thing to have mo
1t than seventy dollars of currency 20 each pfrs
10 Rhode Island, why is 1t not gooo taias ~ -
Massachusetts should have fftytwo dollars " Ga
tn | citizsn. while Illinois has but six dolarst Q
es Michigan and Wisconsin but three dollars
he TRANSPORT ALTON OF PRODUCE.
IN Fellow citizens, there is another drawback
ur your prosperity l mean cost Of transported
lid and the existing method of taxation. The prpoi
zee with the farmer of this country 10 always %
he Can he raise grain here, send IT to the sea pos
de have II carried across the ocean and then rno
bly, sell the farmers of Europe" And this quest
- mainly turns upon the cost Of transportation.
be find that when buy barrel Of -four ct mp Q
hat home the farmers who own the land, till t1e
he raise the wheat and ft it for market, confe
the far short Of getting all pay: The prosperity
AIS the West and the whole land turns In Q gqod
er- gree upon this matter Of cheapening ranfpo'
~ ton. - :.
dg- | bring forward now for the final time WHEN
90 a candidate for your vote. Years since, VINE
the was governor Of the State of New York, aS II
3 at INV duty, looked to see what made It's grtatl
and prosperity. found that Our chief CITY,
euriched because II was vast agency TO fell
ton productions of the people OF the United Sta
ont and 10 buy for them what they needed ron o.
nan Countries We who lived In the interior PAD
ful benefits Of carrying upon our canals AMI 70
rid the persons and property Of the citizens q o.
bicb sections. We found our chief support was
n 10 relationships with the West. In, my message
n in the legislature urged II TO enlarge
nal bv Wise and liberal policy. That We eugh
L. fall ro NM