New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-06
makes 70 great burden upon business people as to
paralyze entirely many of our active interests

paralyze entirely many of our active interests.
@. Why did not this occur last year, The same
necessity existed then for moving heavy crops.
A. Wen, we arc liable to it every year. No cause
of disrus arose last year and the dangerous period
was passed over, though there was great strn-
gency in the money market and great difficulty in
getting money at anything like ordinary prices.
1t will always be until we have some mode of
increasing our currency to meet these extraordinary
wants.
When the distrust occurs in the public mind, the
people all over the country begin to hoard money.
Surprising that the seven millions of farmers and
two or three millions of others in small business
lay away on an average, $50 apiece. There are. we
| will say, nine or ten millions of that class in this
country; consequently there is locked up sum
amounting TO from SEQ TO $500 900 out Of
a total currency of less than S70O0OOOOo Then so
long are left without any mode of increasing
the currency to meet these extraordinary demands
for the use of money, or of applying a remedy to
overcOms that partial lookup which occurs, and al
ways will occur when the panicky feeling comes
over the community, the business of this country
will never be in a satisfactory shape. i am not at
all in favor of great superabundance of money, but
am simply in favor of such an amount as may be re-
quired to meet the regular proper business wants OF
the country Another consideration is that, as the
land il growing rapidly in the development of her
material sesOurces and Ill every other
way mode should be provided for
keeping pace with this development of
wealth by enabling any addition to be made to
our currency that would be necessary for keeping
business upon a sound and healthy basis. Our cur
rency now stands at a less aggregate than it did at
about the close of the war. whereas it is very well
known that we have greatly increased our wants
for money. first, by the addition of the Southern
States and secondly, by the great development OF
our business and the creating of much additional
wealth during the last six eight years. To give
our great business operations an aspect of security
financially and enable them to be conducted on an
economical and safe financial basis they should be
provided each year with additional amounts OF
| money.
O. What is your idea of how the working people
now out of employment will meet the coming Win
terand its wants! A. think that unless Congress
devise some plan that will give our whole bust
ness community relief. and relief in such form
that public confidence viii not again be terribly
interrupted as it has been during this year, there
will be great suffering But believe that Congress
will give relief and give it in form that will en-
able our great interests start out again into active
working and under which the laboring people Of
the country can and ought to be employed. Thus
Won can see that this Congress has to meet graver
questions than were probably submitted to
representative and delibcTative body before. The
condition of the South alone requires comprehen-
sve breadth of thought and energy of action worthy
of the best minds in the country. Now. III tbs very
matter of finance, the South cannot borrow money
70 plant her crops to move them when ripe at less
than % or p per cent and TO do this she has to
mortgage her real estate heavily and if any mshap
occurs her people are pushed to the wall.
This attemnt of the Government, or rather this
failure TO provide means to carry on the business OF
the country which has doubled since 1866, with the
same volume of currency then in circulation, not
only reaches our interests directly, but the silent
indirect channels of wealth are also choked up or
turned aside in their course startling example of
this was seen tho other day, when one steamer of
the White Star line actually took back to Europe 600
skilled worklnen-the first time in our history a
nation that the tide of immigration has rolled
backward No. Sir; as TO specie payments, / was
struck in reading a speech lecture by Horace I.
Day recently, by the thought that we wanted
money i'm this country which nobody else could use
Tho use of cold could thus he entirely superseded
as a general circulating medium by good govern
mental currency. You ask, Would If not be liable
70 The depreciation which followed in times of panic.
as was the case years ago" No, for then the money
vos miscellaneous currency, based on personal or
corporate credit and the people in times of general
dstrst rushed out into the street to sell ii for gold
a+ any price; but now the trouble is that the Gov
eminent currency is so good that the people hoard
if. You saw the practical working of this idea the
other day. when the banks in New-York voted down
fine recommendation of the committee in favor of
resumption Of specie payments.
Observe again how il works. When railroad or
anv large capitalist or corporation wants a heavy
loan of $40 900 or more England or France Is
applied to for it and gets eXorbtant interest for it
interest which might just well 90 into the pockets
of our own money-lenders or even the Government.
! was saving to prominent political economist,
few DAYS ago. that soon as our manufacturers
have 10 borrow money at or per cent in c0mpetl-
t,on with European manufacturers at 3 or per
cent. their mills begin 10 lauguish when the price
of money rises above that figure. their hands begin
10 be discharged and half-time working hours are
resorted to- and the result is felt everywhere. We
do MI want any more gold. The country will pro-
duce all that is needed, and when the Northern Pa
ci6c goes through Montana, the mines thus opened
will produce more than we want. There is no spe-
cial reason why gold should be the medium. Indeed
even Sent so far say that il would he Just as
well to have greenbacks exchaDgeable for corn or
potatoes or BesseIner steel In short, the remedy
for these troubles may he summed up in a word-a
good Governmental currency at cheap rates, like
| that of England and France
RAILROADS.
O Turning 10 the general railroad interests of the
country, do you think there has been reckless
bnilding of new unnecessary roads a. have
no doubt that great many roads have been built in
various parts of the country that are not required at
present. and that the expenditure of great deal of
capital in that direction might have been saved in
various localities.
O. This panic necessarily has All effect upon your
business interests A. No; the business of the
roads has not been materially affected our gross
revenues will be greater than they in previous