New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-12-06
VIEWS OF A RAILWAY CHIEF.
col. THOMAS SCOTS OPINIONS ON THE
AEEAIRS OF THE COUNTRY.

RENCYv THE GREAT NEUTRALITY-SUSPICIOUS.
IN TEXAS AND THE FUTURE OF THAT STATE.
IYRoM AN OCCASIONAL CORRESPONDENTS OF THE TRiBUNEl
Pun ppIPmA. Nov 3O.-Conversatons with Col.
Thomas A Scott First Vice President of the Penn
rylvania Railroad Company during the past week,
gave material for the following statement of his
views on some of the questions which will engage
the attention of Congress the early stages of it's
session 1t is thought preferable to give Mr. SCOTS
own frank and natural expressions uttered in general
conversation.
The true remedy for our domestic trouble, said Mr..
Scott is to put our financial affairs in such shape that
the people of the country get money at reasona-
BILE price aboring people be set to work and our
manufacturing, mining, and all other industries, be
started upon basis on which they be sustained
At present manufacturers and others cannot get
money at anything like reasonable prices; nor can
IT be had in sufficient quantities to carry on the
business OF the country; consequently there is
great stagnation and this condition of things VIII
remain until our people assured OF some perma-
nent financial relief. by which there viii be money
enough in the country to do its work.
Seasons of financial depression occur periodically
in the United States and have their origin in the
depletion of our money centers for the movement OF
the crops To Duy and move these large crops the
money Of the East is transferred TO the West and
vanees in price, and upon very slight provocaton
or a purely imaginary of dstrust i'll the public
mind panic is brought about, greatly to the dam
age of everything connected with commercial
interests and prices go up TO such an enormous ex
tent that business cannot be transacted. | hope,
however the day is not far distant when the Gov
eminent will provide the means whereby money viii
he made plentiful enough to keep our people secure
from all such interruptions and enable them III sea-
Sons when capital is most active TO get money at
such reasonable prices that they may go on with
their manufacturing and other industries Until
We have cheaper money than that which our country
now has. We cannot hope TO compete with nations
that furnish it III greater abundance and so mnch
lower in price than our own There Is no good rea-
son why our people should not have a form of money
on which reliance can be placed in percentage
equal 10 that of England and France; and
perhaps il would be wise TO have our percent
age greater than that of either of those countries,
for the reason that our trade centers being terri
torially so wide apart the transfers of money can
not be made with the prOmptness with which they
are made in a State like that of England or that of
France. where the great amounts of money now con-
centrated are used within comparatively limited
areas.
A GOVERNMENT CURRENCY.
In the United States all we want is a good cur
renew based on the faith of the Government one
that viii pass current for ali purposes throughout
the length and breadth of this great gland. have
no faith m the immediate resumption of specie pay
ments nor do believe that for any special reason 1t
is very desirable. l think all the business of our
country can he done with general satisfaction to the
people by a good Governmental currency, provided
we have enough of it to keep the business of the
whole nation in a healthy and active condition and
il is possessed of some elasticity mode of eXpan
sion by which, when increased amounts of money
are needed TO the crops or to meet other press
ing wants, they may be had from the Government,
and when not required for active use, 1T can he
funded at some low rate of interest for the periods
of time for which il may not be required All these
considerations will of course be pressed upon Con-
gTess and no doubt a wise solution viii he reached
and one winch will be the best for the interests of
the people
O. What is your view OF the remedy for this
scarcity of money! How are you going TO create
that species of financial relief A. As have just
stated it is simply this to make a currency which
is in some form elastic. for which the Government
will furnish money in large quantities when IT is
most needed and one which the people can deposit
with the Government again, and upon 1t receive
some low rate rate of interest through representa-
tive bond. l think that that is the true remedy
In this country at present when the people nave
surplus of money they very apt to 90 TO various
paces of deposit to secure fair rates of interest and
the consequence is. that in times like the present
they are awakened TO the fact that their money has
been invested in real estate i'll bonds, stocks or
lands or in some form in which the owner OF the
money when he most needs it, Is not able to get 1T
AT all Consequently much trouble has arisen
from causes of that kind and much of this could
have been and may be avoided if the Government
Df le Governments
own currency and let the depcstors have in lieu of
If bond bearing a low rate of interest. In word,
The Government ought to issue its notes, to be re-
doomed nv bonds convertible again, at the will of
the holder into currency and bearing i'll the mean
time low rate of interest.
O. You would have the Government have It's de-
positories, aside from the National banks over the
country OF would you have ii have them at fnan-
cial centers? A. The Government has its deposi-
tories in nearly every city now II has ITS deposit
tories here and in New-York. and at various other
large centers, all easily accessible
O. But would not the people still put that surplus
money in real estate and other investments as IT is
now iuvested' A. | think that when there would
be an abundance of currency in the country, great
MANY of those who would deposit money on call or
where they could get it OH demand, bearing low
rate of interest would deposit greenbacks with the
Government if they had a system that would en-
able them to do this. Then again, when the bust
ness wants of the country would make money worth
five or SIX per cent, seven per cent these people
who had money on call would undoubtedly return
the call-bonds of the Government and the business
community would again have access to the greater
volume of currency and get it at moderate rates.
O Then YOU would have the Government keep its
greenbacks lying in its vaults and paying interest
gu them. without having the use of the money
g. Yes, SIR. When Government first issues green
backs il gets valne on them. These suggestions of
mine are not entirely new they have been very
Ill fhn nfrun md