The New York herald., 1869-10-04
A TALK WITH SENATOR SpRAGUE.
HIS Opinions on Great Questions OF the Day
The Danger 60 the Couniry--WaN Street
cyclones and How to Prevent Thcm-Neces-
siiy Tor National Council Of Einnnce.-IIis
Views on the Labor Question.

dence its chief city. with million cotton spndles
ana facilities also for making everything from O
tack TO locomotive, and Jewelry and silver ware
iof the whole country, is naturally suggestive OF the
spragues, who, would incidentally remark, give
employment to over ten thousand persons. When
one speaks OF Rhode Island he means the Spragues.
Great are the spragues. Their pay roll monthly
amounts TO sl.50000D. The Amasg SDrague pan
taion" is principally In Cranston and II embraces
about three thousand acres. So much about where
the Spragues live and what they do. Senator
Sprague's views upon finance. II is well known are
at variance with those OF most Of the leading men
Of the republican party; and whenever pre-
sents itself the Senator is not at al bashiul In pro-
sentlng them, whether It be In the Senate Chamber
at Washington among the farmers or Massachu-
setts or at his own residence at Cranston. Senator
Sprague talked to tho farmers Of Worcester county
the other day. and he told the sturdy yeo.
manry Just what ne thought OF the American
finances. After having told the farmers. who proba
bly, did not know before that civilization owed Its
thanks and gratitude to the men and women OF
Massachusetts, he had the bodness 70 cay that
America was not In q state OF progress but rather
the reverse. And no sought to point out the cause
and the remedy. but the most Intelligent manner
OF giving Senator Spragues views on the great
questions OF the day Is to be foun1 In the following
'snterviewn with him:-
Senator Sprague said he considered money as the
great social leud OF the times as at the bottom OF
politics and religion well as OF business.
"Money," said Senator Sprague 'stagnatng In the
United states Treasury, or IN the hands OF It's
great army OF revenue collectors through
out tho country, Is the cause OF oil our
financial woes. Wall street cyclones and business
fluctuations. continual mo ton and circulation Is as
necessary to keep up the equilibrium In the none
tary world as It is IN the atmosphere winch
eQuable by the continual interaction OF polar and
equatorial currents OF cold and heated air. The
United States Treasury. as at present managed, is
the very centre OF monetary CONFUSION aud the
fruitful cause Of speculation panic and high prices.
Whatever Boutwell, does, he s bound 10 do damage.
For example, II he goes into the market and sells
$4,000 600 gold he taxes out of circulation
soOOO,OO0 OF greenbacks and locks them up and
makes currency high. straitening the business
community 10 that extent. In fact the money power
its present utterly unreguated condition Is nearly
omnipoent. and finally aosorbs all the profits OF
business Money is the rudder OF property. and un.
regulated and unfestralned as II Is at present Is
rapidly steering us to financial perditon and ruin.
What Is the government dong at preseltp 1t is
levyng forced loans on the puDlic IN the shape OF
taxes to an unprecedented amount and alternately
boarding and letting them loose on the market in the
most uncertain manner. creating aternate scarcity
OF funds and repetition Hence the fluctuations OF
very centre giving 1t earthquake shocks. which
cannot be stood much longer And these crashes
pose as q remedy is simple but | have no doubt 1t
would be enicacious. when President Washington
asked Mr. Hamilton what was to be done with the
Bank upon it, So he did, but the profits OF the
operations OF the bank went to make and swell pr
vate fortunes. do not propose that. do propose
the erection IN New fork-the great money centre
OF the country-of a National Council OF Finance.
whose function 1t shall pe to take charge OF the
public debt and the public revenues. anu instead
Of using those great instrumentalties for private
sSem ne to h asag
frm and uniform course IN the money market |
DO not now speak OF the precise composition OF tnat
council, further than TO say that Its members should
be chosen from among the most repnipRa, OF opr w
woulo make 1t sufficiently independent In its
sphere 70 protect It from the interference OF poll
tlcans, though its members should be amenable to
impeachment 1t should be large enough in num-
bers to command the respect ant confidence OF the
people. I would at once take from tine naiionai
banks the power of Issuing circulating bank notes,
and give to the council the exc.uys c2hlrgl we
currency Of the country. II should loan daily upon
adequate guarantees OF payment. any funds in Its
custody not required for the uses OF the government;
It should ISSUE ana loan gold notes upon the govern
ment gold in its charge: y should issue such notes
upon the gold OF private deposirors and should col
lect upon It's loans suc1 interest as would be war.
ranted by It's own Judgment Briefly, II should 1s ps
collect the revenues and disburso them but so con.
stituted that 1t might do any business o bank may
vate purposes to serve. and devoting Its energies
honestly to the purposes ior which IT was created
tanty and conidence to all our business Interests
and at once Iut us in position TO compete with
the most favored nation II would not fail 70 give
uniformity and steadne5s to the money market; IL
would be too powerful for successful competition by
The spectators and its infaible eject would be;
in my judgment, to cheaper the cost OF money and
lower prices because 1t would cheaper the cost OF
To the objection OF corrupt bad management and
OF entrusting 80 extensive powers TO 80 lew men he
said:-"l answer that powers as great or even
greater than those proposed to be vested IN the
Council Of Finance are now exercised by the
single individual who happens to be Secretary ol
the Treasury. Besides which, as the people give to
this institution It's powers whether great or
little the people may also take them away when
the Council fails tc meet their Just expectations
The power. in other words, that creates may also
destroy third objection is the danger OF corrupt
and bad management But could any man agement
be worse than that we nave endured for nve years
Human ingenuity could hardly devise methods for
the conduct Of our monetary affairs more at war
with the interests OF the people than those which
have prevailed since Lees surrender. Inc whole
mauacement has been in the interest or brokers
anu SPECTATORS state osacts so patent 10 the pco
pie tnat not few Of them PROPOSE remedy aa very very
OF reputation. The PROFITS VIII come from the loan
OF the surplus funds in the treasury, derived
used used from day to day; on tie loan or It's
biis, based on its own bonds and securities;
bills of exchange; and in word on the the
whole business now performed oy tae bankers. lhe
government furnishes the Foundation upon which
the banking business rests want the people to
use this foundation TO lessen the burden OF their
taxes, to procure facilities Tor their business enter
money and essenIng Its cost by turning means
now used by the bankers into legitimate business
channels. and no longer paying tribute upon what is
rightfully their own"
As to the national debt, as 1t has been manipulated
since the close OF the war; senator Sprague considers
1t an unmtgated evil, national curse. The 81 S0o
600 600 which, invested IN slaves, gave the SOUTH
ern shareholders dctatorlal control OF the federal
politics and the federal adminisiat ion now, trans
formed into the same amount OF federa securities,
gives the bondhoders the same despotic control OF
the central government and MAKES the republican
party and It's leaders their supple tools VIII be
as hard, perhaps, to shake OF the bondhoders des-
potism as 1t was that OF the Shareholders 1t Is
through the oondho!ders that the radical clutch on
tho throats Of the people and their means OF SUBJ
sistence is 60 be maintained indefinitely. Sen.
ator sprague thinks that American politics
have always meant capital invested IN some
great and controlling interest, such as cotton and
slaves before the war and bonds since. Go down a
iittle WAYS below the surface and you come upon
sone vast investment OF capital whose owners are
the real despots and auocrats oi the country, who
tax the people they deem most conducive TO their
safah interoats Senator Sprague thinks tnat indus.