Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1869-04-22

power. This country to-day is intrin-
sically weaker than any on the face OF
the globe, not excepting Mexico. Now,
let me explain; but frat let me enlighten
you upon the purpose of the speech, the
opening one Of the late series / made in
the Senate. 1t was necessary l should
draw the attention of the people to Cen
gress to invite greater attention to the
speech | made upon the finances and the
bill offered in connection Herewith. l
began by skirmishing, my objective
point being the Treasury-the great ma
tional curse. My scheme was no hur-
riedly considered affair. For three
| years / have devoted my mind exclu-
sively to this subject, and you will find,
| if am mad, there was some method In
| my madness, after all. You saw how
| that first speech awakened thrill of in-
terest throughout the nation. There is
some of the evidence (pointing to the
bundles of letters). Now, if had made
my proposition alone, without any
preparation of the public mind, it might
have gone the way of all like propesi-
tions. l hold that the Treasury is the
root of our present evils. Forty millions
| of dollars, we will say, are received there
this month. This money comes out of
| the pockets of the people. One man
whose taxes are large has perhaps to
borrow the money at high rate OF
interest to pay his Indebtedness to the
| Government. That money goes into the
Treasury and lies there boarded up for a
month or six weeks without producing a
particle of benefit to the government or
the people. Twenty millions OF that
amount, we will say, are paid out by the
Government and twenty millions remain.
The market in New York, where the cap
| ital of the country is centralized, is de-
clared scarce. When money is scarce
those who have the least put their stocks
| on the market at a low rate to induce
purchasers and procure capital to carry
| on their business. There is always in
| New York class OF spectators who
| buy up all such stocks and wait for the
favorable time-next month, we will say
when the Treasury, in place of S20,-
100000, pays out S6O,0O0,0O0 Then
money becomes abundant, and these
stocks are rushed in upon the market
aud the gamblers make their harvest
You see there is no equilibrium here.
Our money market is all the time huc-
tuating, influenced by that vast over
grown corporation, the national Treas
ury. Then, again, all kinds of stocks are
affected in this way. | can go into the
market in New York any day in my bus
mess, and by the process that obtains
there, smash by my superior force Of cap
ital the small dealers that venture com.
petition with me. The whole country is
affected by this. Money is entirely toe
dear. The cotton planters at the South
pay almost twenty-five per cent. for the
capital to work their plantations. Eng
land is the chief market for cotton, but
she is every year extending her pur-
chases in India and Egypt, and finally
by manipulating the markets she
will damage our cotton interests at
the South irretrievably. Agricultural
interests suffer in the same manner from
this dearness Of money. England will
after awhile buy less of our agricultural
staples. Capital is too dear, the cost of
transportation too high, the taxes too
many and too crushing for our farmers.
Same way with the manufacturing inte-
rests. Twenty years ago our firm in
Rhode Island was one among twenty lit
tie ones, now we have the whole field to
ourselves; but then we crushed out the
others and are now engaged fighting the
big fellows, until finally New England
will have nothing but small sggrega'
ton Of enormous monopolies welding
power dangerous to the State and to the
liberties and happiness Of the people.
But think of all that money that goes
into the treasury being committed to the
charge of boy, formerly secretary OF
mine, whereas in Europe the most re-
sponsible men in the community are in
variably selected for the duty of receiv-
ing and looking after the public funds.
The Treasury, above all things, should
be iealously guarded, and all its incomes
and expenditures scrutinized with ex-
ceeding care.
"Who are these people in Rhode
Island you alluded to recently in your
onslaught on Anthony p we inquired.
Brown and Ivers, replied the Sens-
tor. "They belong to that class Of cspi-
taiists that are the bsne and the burden
of the country. They have Anthony for
a champion. They hold him, body and
breeches, and make him perform all their
dirty jobs"
"That's pretty hard on Anthony"
mo; not halfhard enough. That whole
State is ia the hands of these men. Now,
out Of that big bundle Of applications for
my speeches only two came from my
State. The truth is unpalatabls, and
they don't want to hear il.
"Well, Governor, when do you intend |
to renew your attack on legislative in |
competency and corruption ? "
sin due time shall have my heavy /
artillery in position, and shall blaze away
at every mark worth a shot I'm not |
going to waste any ammunition. 1t am
attacked Of course ! shall reply; but in |
a few days must 20 home and recruit,
and bY the middle of summer my health |
vii! be fully recuperated, and BY the time |
Congress assemblies again my voice will |
be heard about the ears Of those fellows /
up there at the Capitol"
Here we babe the Senator good after |
noon, with parting word Of encourage
nent TO fght it out on that line, II il took |
him till the return Of spring,