New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-02
TIE MYSTERIES OF FINANCE.


impressed with the financial knowledg,
Of President Grant and Secreta,
:. Richardson, because those honest of
Gals refused to be humbugged by ''tt
mysteries of finance" These straigh
forward, watchful sentinels of the publ
interest and public credit evidently di
not mean to be misled by a system {
finance tina. was TO be kept profoun
secret to all save the heavy financiers
who were laying thei, traps to gull th
unwary Of ali classes Of persons engage
in legitimate business. Neither the re
representatives. Of banks. Of stock-boards
clearing houses. gold corners. Q
margins" for making money withou
capital OF labor (of useful kind) pos
sessed the power SO much coveted b.
them of inducing the.President AMI thu
Secretary Of the Treasury to become
initiated into the mysteries OF system
Of finance that enables the few to live anG
bask in the sunshine Of plenty at tbs
expense Of the toiling millions. They
needed no instructions from the ''heavy
fnanciers" Of this kind for the simple
reason tha: they had already
solved their ''nysteries' and de.
termined to pursue financial and none.
/ tary course far more compatible with the
public interest. The statesman and la
triot is not dependent on Wall street for
correct lessons in finance OF statesman.
ship, and we are, therefore. not surprised
at the xefusa! Of President Grant and Sec.
rotary Richardson TO comply with the de-
mands of the Wall street sharks after pa
tiert attention had been given 20 wLa.
they had TO say in regard 70 their fnan-
cial troubles. The President and Secre.
.ary were too intelligent and wise no: 70
know tina: the boundless resources and
wealth Of the United States were too great
to be controlled or influenced to any con.
siderable extent by the mysteries Of Wall
street fin anciering OF the fears Of "a body
Of agitated bankers" who were undoubt-
eddy initiated 70 certain extent in the
Wall street mysteries Of finance. I: is
quite natural that tie men who had in
voked the al i of the governmental relieve
their poor condition, brought on by greed
and extravaganza, should have poor
opinion Of those who, from a sense OF !
public duty, refused 70 grant it. We.
Therefore, give their opinion in full, be.
cause j: shows how men, when they have
failed 20 use the government for personal
ggrandizement, can turn upon those
faithful public servants who have hon.
sstly Maintained the best interests OF the
people o: large. The following is an ez-
tract from the letter referred to in the
Of this article:
Neither Grant nor his Secretary Of the
Treasury gave the heavy fnanciers WHO
waited on them profound impression OF
heir financial knowledge. One OF them |
ellis me that Grant seemed 20 have hardly
Inv idea OF what they were talking about:
nd. though he hardly said anything, he !
lever opened his mouth without showing
ow Obscure the mysteries of finance were
o his understanding. AS for Richardson ,
aid this gentleman, che is an ass When ,
body o: agitated bankers, who felt the
Immediate perils of the situation, were i'm
loIing him to devise or consider some pol. | I
y by which the banking system might be
emporarily relieved. he replied by some
'ng -winGed remarks about the boundless &
'sources Of this country: said tina: our | .
Opulation was greater than that of France,
hlch had got out of her financial Difficult. X
es and was about to refer to the ''strong =
Ok Of gold which Grant once said he be. !.
eyed was concealed in the Rocky noun.
ms. when one OF the fnanciers inter | p
piled his remarks by question which | =,
as puzzler TO the Secretary of the Treas. =
y. and they retired. feeling that on the II
hole 1t would be bes: for the government =,
90 nothing, or. at least. nothing more
an buy some bonds, and convinced that, d
ough Richardson admitted the financial | Il
ccess OF France. he did not possess the
ancai genius Or knowledge Of Theirs.
10 brought it about. 4
1: is to be presumed tia. the .,:ts'1: II
? letter from which the above extrac. is
zen has done full justice. in language II
! otherwise. to the judgment and feel re
IS Of the men who ta7e employed him y"
them upon special occasion. CT
e public need not be surprised that II.
Sc very same men can trace 'the true 81
'ses Of the New York catastrophe" to
folly and dishonesty Of the govern tn
ut instead of the mysteries of finance as cli
cticed by the ''heavy fnanciers" and in
honest money sharks Of New York. NJ
h men have existed in all time, and 70
y have practiced their ''tine art" as un
cessfully under one form of currency an
mother. Gold and silver is 10 protec- th'
| against the fnancia! disorders and Ter
les that country is subjected to at "h
es by those who prefer to live by spec IA
ion instead Of honest and useful in. INC
try. In all the former financial and me
ley panics that have arisen in this fey
atry they occurred under sys- epi
Of banking with a recognized specie has
S. Tie bank note issues were made dis
enable in gold and silver, and the the
sequence was that when the banks sus- by
led specie payments their notes be- be
e q: once deprecated and. in many TO .
ances. finally worthless. With this pee
srieHce i: can not be correctly said Orr
gold and silver IS protection against vii
etary ranics. PFC