The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1872-12-27
"MONlng the CrOps.v

InCre Is t1e smack OF Au ancient duu
familiar flavor in one portion of Secre
tary Boutwell's report, to wit, the learn
ed and laborious paragraph which re
lates to the crops and their transporta'
ton. The secretary's idea Is that there
should be great ilexibility in the cur.
roncy, and that the power to tighten OF
loosen should reside in his hands, and
this is his way of putting it:
'There Is necessity every autumn
for moving the crops without delay
from the south and west to the seaboard,
that they may be in hand for export
and consumption as wanted. This work
should be done in the main before the
lakes, rivers and canals are closed, and
yet it cannot be done without the use of
large amounts of currency. In the sum-
mer months funds accumulate at the
centres, but the renewal of business in
August and September gives employ
ment for large sums and leaves little or
nothing for forwarding the crops in
October or November. Nor would this
difficulty be obviated by permanent
increase or permanent reduction of
the volume of currency. The difficulty
is due to the natural order of things,
and increases with the prosperity of the
its harvests. The crops cannotb be moved
generally by the aid of bank balances,
checks, and letters of credit, but only by
bank notes and United States notes paid
at once to the producers. This money
finds its way into the channels of trade
and to the commercial cen tres, but if it
be allowed to remain for general use
after the reason for its issue has ceased,
the volume of currency would be in
creased permanently, and the year fol-
lowing the same process would be re-
peated with the same results, and thus
would the country depart more and
more widely from the policy of resump.
tion. The problem is to find way of
increasing the currency for moving the
crops and diminishing it at once when
the work is done. This is necessary
work, and inasmuch as it cannot be con.
fined to the banks, where but in the
treasury department can the power be
reposed?'
This hath the sound of wisdom. II
reeks with political economy. But there
is somehow familiar taste about it.
Crops! Crops! Moving the crops! 1t
carries us back on memory's wings, so
to speak. In dreamy way we catch
the dull roar of a long-gone struggle of
bulls and bears-through the mist we
see great tangle and snarl of men in
Wall street, with one broker gone mad
and several gone up, with gold at 100,
and Fisk and Gould and Abel r. Corbin
the money market so as to
"move the crops" Ah yes, we have it.
Mr.. Boutwell, is an impossible man.
This is the idea of Mr.. Able r. Corbin,
that great'a and good political economist,
who felt himself called upon by his re.
to the President IN Septem-
ber, 1869, to take hold and move the
crops.
Yes, that is it. We knew we recog-
nized the flavor. Mr.. Corbin had an
editorial article in the Times on the 25th
of August, 1869, broaching this view.
He impressed Mr.. Jay Gould with it.
In answer to the inquiry ofsome offic ial
persons in January, 1870, Mr.. COrbin
said:
"While at home Mr.. Gould used to
call at my house occasionally: and as 1
had heard that he was Wall street
operator 1 always improved the oppor-
tunity to talk to him. l took advan.
tage of every occasion to impress upon
him what thought was vital point
and that was to let the farmers and me.
chanics and manufacturers have good |
prices for their productions. was i'm
pressed with the idea that gold should |
be- high, if we would have good prices
Tor the crops; and as he was engaged |
IN the management of a railroad which |
was very much stigmatized, told him
thought that the true road to populari-
" lay through the field of usefulness,
and think so now. Ifthe crops brought
out low prices we could not ship them
With profit. That was enforced again
md again, l insisting that gold ought
% be high in order to move the crops.
Mr.. Gould concurred in all that, and
gave me good many reasons himself.
He talked to me much ON the subject of
,old."
Mr.. Gould was impressed. He impress.
I'd Mr.. James Fisk, jr- The two i'm.
PRESSED President Grant and the Presi.
lent with the aid of Fisk and Gould
md Corbin impressed Mr.. Boutwell,,
And when Mr.. Boutwell, grasps an idea
le holds on to it. Ah, it's grand con
financiering, andstates.
nanship and money in it-this theory
# the flexibility and elasticity of the
urrency, giving the secretary of the
reasury power to pinch the business
nteres.s of the country when he thinks
hey will bear pinching, and to expand
he currency as in his judgment it may
70 expedient whenever it is necessary
o move the crops. The first experiment
behalf of the crops was not a con-
picuous success; but the theory is a
Inc one, and If Mr.. Boutwell, sticks to
he will have splendid opportunity
o make something handsome out of it.
But the credit of it is Corbin's.-N. Y.
'un.
Nnf EndarpaI |