The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1872-09-22

applause. When quiet was restored, he
spoke as follows:
MIR. PRESIDENT AND GENTLEMEN OF
THE CHAMBER OF COMMERCE.: ION will do
me- the justice to believe that I would
not have chosen to appear before you as
an instructor; for 80 it will seem to you,
with regard to matters which you must
understand better perhaps than I. lam
here because [ am asked to be here, and
being here. propose to make to you q
few suggestions, which I trust will have
q practical bearing. I fully comprehend
that you are business men; and that this
is business hour; and that whatever is
SAID by me at any rate must 10 verv
brlef. To plunge at once, then, into
the middle Of the subject. I am one OF
those who do not feel entirely satisfied
With the financial and commercial condi-
tlon and prospects OF our country. I
realize that we hove just reaped very
abundant harvests, and that these are
very important elements of our COM
meroial prosperity. realize that W.,
have currency quite abundant in its
volume and acceptable at par over the
larger portion of our country. We have
many elements OF strength, and yet there
seems to be also elements or portents
OF weakness, which ought not to be
passed over in silence. You will
bear me witness that, for the last
two or three years, at least, we have
heard more, felt more, suffered more,
OF commercial oollapses. I might say
commercial difficulty, from the opera.
lions OF what are properly called rings"
than ever before in the history of this,
and, 1 think, in the history of any,
country. Corners in wheat, corners in
oats. corners in pork, great laughter,
corners In gold, corners in stock, and 30
on, and 30 on. Now, gentlemen, I am
not here to say that this particular
clique. which tried to force up prices, or
that opposite clique, which triod to force
them down, was right or wrong, in any
instance. am not sufficiently familiar
to Judge. What I say. and think you
must believe with me, is. that these ex-
hibitions. these ebullitions, ire symp-
toms of financial weakness, if not
financial disease. They are incidents
which are not likely to occur in per
fectly sound and healthy condition of
the commercial business and currency of
the country. Well, we get ON with
them as we'll as We can; or, rather, we
choose one away, and another soon pre-
sents itself, and every now and then, in
the great commercial centre where my
work has been carried on, there comes a
superior corner-a kind of Black Fri
day, or something that threatens com
merclai dlSaster-genoral disaster; and
then appears the Secretary of the Trea.
sury, with his horn of plenty, and lie
let's loose something or other. He either
bnys stock or he sells gold. or he does
both, and he puts us at ease for little
time again. Now. am not here to de-
eide that that is not the best he can do.
don't know about that. do not in.
sist that the business of the country
ought not to be in condition to require
this continual application of something
artificial. something let down from above;
that there should be state Of things
wherein business men and business inte-
rests should take care of themselves, and
not require the continual interruption
OF some public authority, in suoh die
tatorial form. Some men are swamped
when he appears; other men are relieved:
perhaps the greatest good to the greatest
number is accomplished. for aught I
HHow. want to see state of things
where the Government is not continually
called upon to help us out. 1t reminds
me OF state of things that existed in
my earlier dnys, when every once in
q while Nicholas Biddle was called to
Wall street, in about the same capacity
that the Secretary of the Treasury is
now, to put his shoulder to the wheel.
and lift us out Of some catastrophe; lift
us ont OF some mire, or ward off some
catastrophe. think we ought to be
able, that you, gentlemen, ought to be
able, to devise the ways and means, not
only of getting as out of our particular
corner, but preventing corners in
future; rendering them impo ssible,
or, at oil events, disastrous to their
contrivers. Now, am supposed by
many persons to be man of isms. or
whatever is the word; a man of hobbies
on this subject. Some men imagine that
l am very furious in the demand of inn.
mediate resumption of specie ayments.
My opinion Was. years ago, and 1 have
seen no reason to change 1t, that when
we bad 1925, 100000 in the Treasury.
mainly gold, and when we had revenue
exceeding the necessary outlaws of the
Treasury by more than $lOO. OOO, 600 Der
annum, that we were then in q condition
to resume specie payments. That, if the
Government had chosen to say, "We
will resume; we will take our greenbaoks.
a n ri I'll