New-York tribune., 1874-12-01
TIE LECTURE.


detat the main propositions connected with the resump
ton OF payments. and With your permission shall be
glad 70 read them cut to you:
/ Arm determination OF the American people that
tbr psper cnrrencv UniIed States should be pay
able ip cod on demand surcesssfnl solution hinges
manly the existence OF SUCH VIII as OASIS Va
. fixed day shall he appointed absolutely by law on
w1nh every note IN circulation shall be rendered thuS
3 Tae history OF the resumption OF specie payments IN
EEland and the probaois actual stae OF me AherlcdH
currency relative the wants OF the American peipo
warrant belief mat The excess oa paper notes nov
consider BIZ aui v N not require large amount 10 6e
The same Si.IoIy Of English resumption shows that
large previous accumulation OF god SiH 1e r'qureu
for the operation When the excess OF The accumulation
Is cleared awIy oy cdncens ana tne na9h ieelS a1a.
tie notes are really oonveTlDle lnto eo Ine Page,
note viii trusted and VIII not be sent IN fUf payihs
bcycnd the ordinary fluctuations OF business yagl. ~
Tie determination o. the qucs;lOn wao snaI4 he tne
uryf isFuer the future Tracucal pro0ein 10 De
setra by the American Legislature under tnil cosla
Grafton 0I tne actual circumstances O tns naVh ahG ~,
currency But vital element OF this rrOoei1 That
currency shan be regarded In no other ghl tn az
t tool OF exchang. aud that other idea or IrposS
shall he any other way mixed up WIN II: r,,, -
sound and sn untrustworthy
Ar the issue OF goods is attended by large ronts,
eLd Ii necessarily puohc and not priyae fH1tS On
tie nation entitled 70 the sold portion OF tha poAt
t. One single form Of issue Is the hlgnest degree; -,
Tue Of notes 10y tue Bank OF Lngiand uDder the
1874 presents features when Algay deserve Inc
study Americas people at the present HolheA-
These features are O. The sO-raIled Bank OF Engla0d
nor. are issued not by OF England. bEI by an
automaiUn or seiactfng machine called the Issue De
puruen- OF the Bauk OF England. whhh Is no part OF
IN Bank though II works IN the Banks premises and
over Inch neither fht dcrUry Gf thc Bank Of Ed gland
pur the Brgh Government hHVc any control WbaieVer
cJ All Tie notes uncovered by gold actually in hand
ARE lent hv the autonst0n the Bank OF England cor
marathon which pu1s them in circulation IN return for
p7ymenf given the Bank bv the public and subject to
drd perfectly safe by the stabty OF
tne Bank OF England, It's banking traditions anu H1DiT
and the large deOt Of Sl4eNDU que lhe b1uA t
by the Government. a. Ii IS not conceiYaDie that
single Of these notes unless EngLnd l. tne prey
of narrlv should he presented 1y the puohc Tor
Dayment IN gold by the Bank Of England t5) Inc pay
meat oy the pubic FOR tnese sl'oOOP sl'o oi NOES NOES
rryrr DESTROYED which is worked by trade for the sis
ren@;nred in its integrity and always exists guods
ana property i6) The socaled BANK OF hlsaha ho!es
stovc these S5ooOo are covered Dy sod odgd IN Ine
yaults OF tie autOmatOn and consequently are IN SUD
stance a metallic currency. G) These sl5UO,oO are
leut without caarge Bank OF England out OF e-
srd for the services state for The man
agcmcnt Of the National deot ana also the large debt
Gentlenen now address yself the subject Of this
ov'""IPl5'Irs - and Cases The words are intimately
connected with the money market We know tIat n
means an aq1ta and cOmmOuOn ana disorder Ia wall
a. mucn cutting down OF great fortunes ana great
SrI'. crra anxiety OF every kind and great disturb
an,c throughout tie nation AND, gem emen there Is
second ry OF pauics vast deal more important
tp ANYTHING which does or ever can happen IN WaI-
ST md II II not for tue Importance ot Wnat nap
ucus III Is second part should not nave "a
Yin a,y observations ight. The whole bent and
eff ci Of what am TO speak TO you ABOUT Is 10 trans
~ W list. INTO your conn ry into your property.
OF your people, INTO Wldt Is SpiIIuE
IN your industries, what Is gong on Win every aoorne
man as wei as to the fae gentlemen whose Ior'uhes
may have been injured by speculation.
STRANGE INCONGRUITY OF AMERICA.
Let me read TO you what may happen in these regions
= am quoting now from American:
We have a country for its size. its agriculture, It's
manufacturing anu commercai adV antages' tar suIpSss
ing other nation recorded IN history ]. proUi 0d
which ala We not export last year nearly s4O'OOcNO
OF bread meatsuls ana cotton iet 0Hr Tepu1 pun
lie presented to The gaze OF mankind last Fan ana
Winter the greatest incOngrmty Of any other
na0n that ever existed when hundreds OF thousands
Of uative-Oorn American mechanics were reGuceu
10 the first step towards pauperism-when they ap-
prOached sOuphOuses as mendicants win Dldshng
eountenances aud aching hearts while corn by the
Ten thousand bushels was consumed In the west
rzlus lett this bOasted country during the September
panc and returned their respective countries To OBJ
tam employment whereby they preserved tAer true
manhood and dignity oil character
And read IN one OF the journals Of NewYork to-day
that IN the great OF Pennsylvania, in the coa
regonstne very of wealth the very productive
,rce Of modern times-employment cannot be obtained
there is no food for the women iaDorers families are
starving and every kind OF moral anu socla disorder IS
IonmuC into prospect. Gentlemen, tnat is the great
lAlns IL, comes II 10 mass that in America teeuiuR
win every powerful resource for making men worthy
and great that fearful caantes are IN prospect
and Vita the fearful reality that Is detailed in that little
Am-rcan book We all know 1t Is not in the money
market But who think these things depend upon
what happens in Wal-st, who think tlat WaiI-st;
Ans BUYERS for the people OF America, that the food
or soup what ever IL may De, comes through tha-
WaI-st were burned. II all these books and documents
DESTROYED do you suPpose MAJ InaI year aTS IISr
Ingl DO you suppose there would De any
Ting more than disorder certain rich
men To deal with paper currency deal with gold
currency s only deal with tools II is our business
TO 90 down INTO Pennsylvania and into the towns and
homes there and try to discover what has happened
and to possible the causes ana II there be any
remedies must say that unfortunately on this great
theme TO bankers there is too much writing ana every
SoCy VINO talks of great crisis. forthwith aks about
shS rS1 V noies are in circulation and ali such tries
as this III comparison with the stern reates nave ue-
"a
saner.ip Of PROPERTY 1t only hotds property
II goes on That is all WalI-st can 90 P&re- &
the English shilling. II passes property
frOm nand to hand tnat Is all Inere Is no GherEnee @
ARE trausfcrrers Of the right OF Ownerehp lhey nave
not Things themselves and they may oe trshserng
lcan people should understand this Ihen am toiG
that banks deal n credit and nave neard the aenni @
heard in tGis country from several bankcrs Cen
beautiful Broadway and into Of your pretty
stores and orders beautiful hat aud pretty coat, and
- navinc for them. That is dealer IN credit.
Iangiter'l don't know the meaning of the
xnrs credit II is unlnteglDe TO Inc. II ONLY means
that man has goods and has not pad Tor tAenl
BsnSers may deal 10 debts-that Is all. They make
rresh debts in lending what they receive But you Will
allow me- hope, ~ say what said 70 the Chamoef OF
commerce: The banker Is q broker standing between
two principles The first principle is seller OF goods
man sells q, 600 worth week TO ChicaSo' ana the
brsIue ss be will buy than s. 900 worth In three
months A banking business permits sales OF goods
corresponding buying The OF the banker
is 10 buy in place OF the man who has sold. but
does not buy to the faii extent OF what he
d mot have eaVftal ashamed 10 say that
English literature. and OF that Ia London especially,
thcy say they eaptal Where rs their capital
They have got lax stands they have get pens. they
nave got buildings. aud furniture But where Is
They have got ne eapatai What rhey have got s-te
nDd buyer Tor 1's man wac sod whesI and that ,s
tAe wheat they have not got IL at al.