Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-04-22

not excepting Mexico. Nov, let me ex-
plain but first let me eDIIghten you up
on the puTposa Of the speech, the open
ing ore of the late series / made in the
Senate. It was necessary l should draw
the attention OF the people to Congress
to invite greater attention to the speech
I made upon the finances aud the bill
offered in connection herewith. be-
gan by skirmishing, my objective point
being the Treasury-the great national
curse My scheme was no huTrledly
considered affair. For three years have
devoted my mimi exclusively to this sub
ject, and you will find, If l am mad, there
was some method in my madness, after
all. You saw how that first speech
awakened thrill Of interest throughout
the nation. There is some OF the evi
denee (pointing to q bundle OF lettsys1 J
Now, If | had made my proposition alone
without any preparation OF the public
mind, it might have gone the way Of all
like PROPOSITIONS. hold that the Treas
ury is the root of our present evils
Forty millions Of dsllsrs, 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 indebt-
edness to the Government. That money
goes into the Treasury, and lies there
boarded up for g month or six weeks
without producing q particle OF bsneht
to the Government or the Pc pie.
Twenty millions OF that amount, We viii
say, are paid ct by the Govern ment,
and twenty millions remain. The mar
kat in New York, where the capital OF
the country Is centralized, is declared
scarce. When money Is scarce, those
who have the least put thsir stocks on
the market at low rate to induce pur-
chasers snd procure capital to carry on
theiF business. There is always 10 New
York q class OF spectators VINO buy up
all such stocks and wait for the fsvorsble
tims-next month, we will ssy-when
the Treasury, in place OF $50 ,OOO,OO0, pays
out $50, 600 COO Then money becomes
abundsnt, and these stocks are rushed in
upon the market, and the gamblers make
their harvest. You see there Is no equi-
librium here. Oar money market is all
the time fuctuating, il fdeneed by that
vast, overgrown corporation, the Ma
ti0nsl Treasury. Then, again, al kinds
Of stocks aFe affected ~ this WSv., l can
20 into the market in New York any
day in my business, snd by the process
that obtains there, smash, by nay supe-
riOr force of capital, the small dealers
that venture compatitiOs With me. The
whole country is affected by this. Money
is entirely too dear. The cotton planters
at the South psy almost twenty-five per
cent. for the capital - work their pisuta-
tions. England is eee chief market for
cotton, but she Is every ysar extending
her purchases ia India and Egypt, and
finally, by manipulating the markets,
she Will damage OU1 cotton Interests al
the South irretrievably. Agricultural
interests suffer 10 the same manner from
this desrnsss OF money. England will,
after q while, buy less OF our agricultural
staples. Capital is too dear, the cost Of
transportation too high, taxes too many
and too crushing for cur farmers.. Same
way with the misunderstanding interests.
Twenty years ago our firm in Rhode T.
land was One among twenty little ones
now we have the whole field 20 our
selves; but then We eTushsd out the 9TH
srs aud are now engaged fighting the big
fellows, until fiually y ~ England Will
have nothing but = sm all aggregation OF
enormous rl0n0pOlies, welding 3 p0Eer
dangerous to the State and to the iibsr-
ties and happiness of the people. But
think OF all that money that gHes into
the Treasury being committed to the
charge ca a boy, flrneriy a secretary Of
mine, whereas in ls IFOpe ths most re-
sponsible men ia the CON muoity are in
variab,y selected foC the duty cf rsceiv-
ing aud looking after the public fu1ds.
The Treasury, above all things should
be jealousy guarded, sud al lss incomes
and ex0enditures scrutlnized with Gx-
ceeding care"