New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-09-28

I ing sudden and enormous drafts for extra
sums IN period o: about eighteen months
I which the .arses: and heal:hies. moneyet
| community IN the world MUS. have felt.
4 second cause. and antec edenc - This
i. probably the immense amount OF L.ther
20 floating capital absorbed (snd thus sunk
/ for a. available use by TIE community il
new railroad enterprises. and nc: assisted
o: only partially 60. by foreign capital. l.
! 1890! :!:les o: new railway have been coz
| struc:e.; IN the last two years a. S3o. 900 aa:
| mile. ". have ALI outlay of 100000 .o0J
and pres tla: domestic capita. formed
the oa-:. o: oEe-hal:. the yesUl: IS slJ0.5j1
! cpO-say az ..uc.. As the absolute ies.cuc
;!or O.: :i..
| Again. the recent act. Of Con yres.. passed
with view Of fulfilling I'll. construction
pc.cr." operating iurin. some eighteen
month. or more, have ie.sened. by the e.fee:
| c. withdrawn. some S33J0o,0) o: three
! per cent certificates and some sis 500 900 o!
| .ega. tenders. II. ab...tC OF oanh accoMmc
! dat:oE y :Le way o: discounts and OF loans
| to :I.e bushes. community :. the amour:
| o.! say :ouv zines cla. sum. or 1872 o1t. Qj.l
| When :aese three enormous item. ar.
summed Up. :.e aggregate "a such that on.
| can scarcely wonder :ha: soiIe axtraorC!.
| na-v :!aa.c!a. revolution should be p-o.
,iuce!, ard TIA: money itself shcuid prove
I'll. NOS: desirable investment. with rate,
ranging ~. 20 :'6. per cen: per annun.
America astonishss the word Wiz. na.;,.
"a. AZ! national. d. wei: as even COCA!
wonders. :u: su.:l financial MACHINERY
| whether caused by crude and ignorant. q.
vel. as experimental! legislation. G: the re.
.I.: d: negative action OF the par: o: tie
| executive. when. by The Adjournment. o:
| Congress 60 ocae: relief could be procured.
! may WEI. BE cited as never ,efo.e eci.a.eG
| il injury g any business interests.
These are The classes tha: pay the taxes:
| :i.ese constitute the vea: "bonc and sinew'
| .; tie na..on. Moaev. III .le hand. o: oar
energetic people. has made the country
| what i: Is. anu TIE question arises. WI! the
| government. now strangle tia: enterprise.
! and bring al! the pending. partially exc
cutei project, to ruin IL q bushes. com.
| IL uE!IE . ICIll sIl Az. .LuuCk Ou SIt pd i. W
it. several business interests, each in its
Owa way. witt. the ability to afford a.,
reasonable security to the capitalist. is. in
the ;ud gnent o: cautious. :nanciers, one o:
| the :leai:i!ies: signs OF lie and vigor. and
! in eifec: tie government: says. money you
! sAal! not have except at .uinous rates o;
! interest: 'tra'y il. or cease your enter.
| p:ises; TIA y0l;. mills or halt time: dis.
| charge sonc of your operatives: ask no: for
discounts. on: wal: until your notes ma.
:are" /, til. no: suicidal. tina: IT,. pro.
| tectn. power turns against tia. which
! created x. u?hc.ds it. pays chiefly ITS way.
! and. in fact. makes t.Iis country the envy
| OF al! others
There have been Operat.n. IN :hi. city 4
combination of circumstances which fear.
fully Increased the evils 0: tis,: n.one-
alluded -:
Eirst-The "usury law" which scarcely
Leaves a tree make: :o- money over seven
per cent. o.t practically limits the money
ocr:a, to borrc Eecs. - :Aose few large
combinations. fully unde:stanG!n, i. risk.
an! .ahin. an immense us"rr :or tina. risk.
Sr:rEd-'T.e general corruption IL .!:-i,
places. /. Is TIE prevaIeil: ..uprs sa!on i:
" al. stree; Ina: Ner.T !ua,T :. not :l.c nos.
OF the officers Of :he banks and other cor; 90
ra:ioDs. 2r.samp:iv..v chartered fer tie
public benefit. iin,. the oppog;ul:..: ;c.esis:.
ibe % prof: immensely by MONEY shares
a portion o: which. so!n: TO the inferno.
date "iroker." there is large "coin,n:.-
s!o,." .et; for their own pockets. the .nst::ii-
ton receiving only. as they legally may.
simply seven per cent. Now this :. 70 nn-
founded assertion. bu: probably was Car.
lied Oh 20 a very grea: eXten: during the
late months .: str!ngency. IL many eases
have not . ''committ.e" OF directors been
tae de.iacTents Rigorous invest! cations
should arIai II foc punishment: and hold IL,
70 public .co.n such officers. Tor betrayal o:
trus: and criniina. misuse o: o,iic;a. power.
Th!-d-As opera,;u: % create the money
urgency. i: were the artificial effort. OF q
scrawec SCI OF spectators. The bank.
being extended il: loans and discounts ID
to their legal ability to assist the borrowers.
sJiA.t lt " Iii.4itDLs StutIb!.tu .UtHt inca
was the balance Of power" and relatively
5u: little :ega. assistance from tAc treasury
would have destroyed the last conspiracy.
For ICON s,Iracy' in cusreny it was. as
muc.. az was the gold corner on Black Ell.
day a conspiracy IL gold, and these artiti.
Cha! influences. aided powerfully by the
causes herein cited. created VIVA: we have
seen ard wha: he whole commercial com.
H@lnity SO severely and unus.!y suffered.
lie; the government: take nCte tina. reDe'
:it:ol o! such another 81 months suggests
min 20 its commercial classes calamity.
from the presen. melancholy outlook. which
wcal! come through Ignorance. and
serious backward step in our progress.
II.