New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-01-15

40
" IN other words deposits Of 1850 were not made good n l,
@ Sers Increase compound interest 1t d, evident therefore
year. previously aud has occssond the Withdrawal d pOon Of a'
~ tins statement be fair the deposits in the savings
hanks Of the country huctuated feafuy on the Iih OF
bT and snc OF the depositors as were that end Of the
NCwYOrk gOld.roOm where II was selling at l3' were
IN The other end where Albert Spires buying IT for
story told in connection with Mr onress olt,ra-
lions on that occasion to me 10 illustrate the value
II MI Weiss theory II IS said that young man WIN
out capital who had onnd his way 10 nehDtrsh Oh lhe
Oy the operations OF the preceding day or Two SOod near
Mr spree, anu az o' Finn on the s6onlGeT ana said
Taken" "Same price for two millions more, cle1
tc had bid and he taken his bids for S3OoOOo They
then separated and the young bankrupt drawing ASIDE
with pencil upon the back Of letter calculated his
profits and turning "A friend riugphantly exclaimed
have Just made $4,000 ont OF old spires Why
aid 10y stander you do not expect 70 get any OF H. 40
0uW NO. certainly not said he, " but, blast nm
thought would give him gold enough iIis operation
between lunauc ana bankrupt htilhtr Oh Wh9 g
owned dOor Of gold and by which neither iolleltod
cent had about as much relation 10 tnelr as ,e
market price OF gold has upon me pTlct on com
modites, deposits IN the banks 10 whoh MI wei" 'P
plies it. s -
In further proof Of its absurdty invite attention to
the fact that theory be correct the depOstOs IN the
savings banks Of Massachusetts have since tue pepara
non OF ms report by effort OF their own. without in
crease Of industry unusual economy on their part but
v his mn 0c power acquired than 81 OOO gold
i. at l33 but at 100 aud that they VIII II they 90
not make haste and withdraw their deposits and we go
IA az We have gone for the last two OF three months
luder the financial management OF Grant ana boutwell,
.noT make Sl5 900 900 more in the easy, and fear
Inhalowed way for when gold comes 10 par even Mr.
Wells with all his ingenious enrOntely VIII moi uchy
hat having been able TO maintain deposit Of but
az zoo Oo0 In $50 they have eight years become able
70 Of $50o0Oo which amount they NH be
able 20 draw IN gold or redeemaDle currency though
hey deposited greenbacks when gold was at more thah
MR. WELLS A CHAMPION ENGLAND.
Weiss
,udacty and advocacy Of the interests OF England and
her American colonies That 1t is ingenious and plau
sie cannot be denied; but that II does not IN my
Judgment furnish proof OF the Commissioners ability or
violence OF bis possession Of well grounded convictions
n Industrial questions. Indeed the fact that many Of
tine suggestions which are most earnestly pressed con
avowa that IN offering them he has placed himself
in antsgonism To many with whom he was formerly ~
close agreement AFFORD ample ground Tor doubt on OO
points. Remember, gentieineD SAID the experienced
merchant who now so any hls tne once ~ no. ~
zee OF Ways aud Means, that the legal ability Of In
gland aud the continent Il constantly retained by foreign
IsnufactuTors 70 Indicate the means by which your
taTins NAV De eySded" Mr. Wells visited our transat.
ldntc rivals IN his official capacity, and whlo among
item doubtless ayaied himself Of the ability Of their
large array Of able aud welllad counsel WhetDer
ture But that lac enforces the opinions aud recon-
inendsons which have been forced hin by eoDyic
the wishes Of the English manufacturers there Is
abundant evidence IN the report as propose 10 show
The most audacOus Of Mr. Weiss assertions and one
that perYades the whole report s that customs duties
always tax the consumer increasing the price oil
imported article on ~hch lbey are levied ana en-
aiding the home producer 20 realize undue profits by
keeping production steadily below the current demand
for Inc commodity be produces His bad faith IN this
proven, THINK by single extract from MS report made
december 1851 in which, speaking OF the higher duties
he then advised Congress 70 put on steel, he SAID
bgbs Of doy than those recommended
ron are srbasd Although these rates much higher and are
protested ss.nl By w American consumers o. STEEL st he cyl
sSe pTsssssd CouOSsr tsDd' 70 b. The 'st ih,.
ay srsns The Development most Important and desirable
domestic industry will owEg the present eurfssg asIsng
high and scarcity Of skilled labor be srrs. no
claimed 10 be especially true 10 regard
b. o higher grades qualities also represented "a hs
nrodact0B OF the manufacture 81 these
-. 81 49, u Slstss 1883 the 81 f0tsIa