davidaulloa/AmericanStories huggingface dataset:
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03
THE INITIATION BUBBLE.
Additional Views Of Bank officials on
the Financial Situation.
THE DANGER OF INITIATION

The possibility OF ne,c issue or i'aconpertiote
paper regard pith amazenaent and anxiety, ana.
ia my opinion, such an issue ,rould be a det,'t-
Went ana shame.-CHARLEs SUMNER
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03
The German -American Bank.

MI. q. II. Schreiner, cashier OF the German Amer.
lean Bank, said:- am opposed to the bill now
before the President, by which our paper currency
is to be further inflated, and am glad to see the
determined opposition Of the HERALD II the pa
per dollar is ever to become worth the god dollar
the government must cease increasing the green
back issues as well as fix an nnexible limit to their
amount. The growlng population, with its con.
stantly increasing demands and uses for currency,
Will then gradually cause 1t to appreciate IN value
until 1t shall approximate gold. The Inauguration
OF a regular and systematic redemption IN green
backs OF the national bank issues and the proven
ton of the excessive now OF interest deposits to
New York would he desirable auxiarics thereto.
The ffty-nine Clearing House banks OF New York
increased in DEPOSITS from December 8. 1873, to
January a. 1874, $5o,ooo,ooo. One-hal, or
$25,000,000 Of this increase, occurred in
but Blk OF the ffty-nine--these Six being
country accounts. Thus wall Street spectators
are glusted with money, which. but for this per-
niclous system, would lind use in allevatlng the
general needs Of tine interior. There is great
and universal law, independent alike OF govern
ments and individuals, whose working are all
visionary schemes and Legislatures or Congress
may enact laws yet It's silent but reslst.ess force
moves toward the attainment OF its results as
surely as the hours run their course. This law-of
demand and supply-has always regulated the
or scarcity OF money and VIII do so in the future.
The value of an irredeemable currency Is no
less governed tnereOy, IN proportion as
Its supply exceeds the amount which can
be circulated ar the standard OF gold.
The cry for more currency only demonstrates
that the mass OF property Is held at too high
prices, and that holders are unwilling to lind re-
lief at lower rates; nor viii they, until the lncreas
ing value ana demand for currency, with the
amount OF legal tenders unalterably limited, shall
compel them thereto as the only resort to obtain
money. We have permitted q stimulated prosper
ity, and seeming increase OF money, resulting
IRON an over-supply OF irredeemable currency, TO
deude US into extravaganza living, hazardous
hna
railroad buildng), and their train OF DEBTS PILED
mountain HIGH We must therefore retrace our
steps, unearn our visionary experience, and real-
ize that 1t was not our riches or property
that had so much increased, but that
their measure-our dOlars-had decreased In
value. SO long as the public confidence does
not sustain the government by accepting Its paper
on a par value with its gold there IS a sign OF
weakness which should protest against any further
issue OF the currency. The question with the
friends and advocates OF specie resumption has
been, ''How can greenbacks he made equal in
value to goldY" SO sudden contraction could not
be more productive OF evil consequences than VIII
further imitation. This is the very last way OF re-
turning to q gold basis
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03

The President Of the Bank OF New York was out,
but the Vice President said that they were all
strongly opposed to imitation, and Of the opinion
that all banks run a secure basis would take
the same view. The only ones that could favor
this extra issue OF currency would be those who
are noatng railroad bonds and other securities
that might become salabe on q rising market.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03

The possibility o. ,ae,o issue OF fnconuerttole
paper Iregard ,ciM amazement and anriety, and,
In my j,IdgDaent such an issue could be a deni-
snent and a shaDle.-CHARLEs SUMNER
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03
Bank of America.

This bank Is one OF the old hardpan school, and
its President, on being asked his views In regard
to imitation, SAID, mo more currency; we don't
want what we have got. l am very strongly
opposed to ipnation and think 1t is
one OF those advised measures that
viii probably ruin the finances OF the
country. 1t will not be of the slightest
possible benefit TO the South and West, as the
money will all eventually return here. 1t goes to
relieve their embarrassed credit, to take up their
paper and their paper is neary all held here 1t Is
ridiculous to issue more paper when what we have
at present Is often drug on our hands. When we
cam we take 1T In at one window and pass 1t out
at the other. Sometimes we nave lent 800, 900 In
national bank notes Tor ten days, without interest,"
IN order TO get check chat would he paid us IN
greenoacks. II the government we're TO mum.
Der all the national banks and make them stamp
their number on their notes, 1t would be
OF great service to us, as we then
could sort them with greater rapidity. At
present ABOUT every national bank makes
use OF the same plate, and consequently we
have to read every note in order 10 find out
where 1t came from. This extra issue OF cur
rency viii do no possible good, ana the sooner we
come down TO hardpan the better. At present
we have inflated rents, iniat ed prices and inflated
stocks; aud II we were down at specie basis
every one would know how he stood. Rents
would go down. provisions would be cheaper, the
stock market would fail To its proper level, and
fancy speculation would be killed.n
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03
Gallatin National Bank,

Mr.. F. D. Tappen, the President OF the above
bank, on being asked for his views in relation to
the present financial question, said :-''I am very
strongly opposed to imitation, and went In person
before the committee In Washington to enter my
protest against such mistaken legislation. have
not the slightest hopes, however, that the Presi-
dent will veto any bill that Congress chooses to
pass. 1 firmly believe that this imitation OF
currency Is going TO be OF great and material in
jury to the progress OIL the country, and those
congressman who nave assisted In the movement
Will eventually und out the weakness and fallacy
OF their action The whole thing appears to me
thoroughly unconstitutional, and II Congress can
TINS year legaze the Issue OF S44, 600, 600 OF ma
tional bank notes 1t may IN like manner issue
500 100000 more next year, and then one Will
have the most remote Idea how he stands. l am
also opposed to tree banking until there Is IL
change IN the course OF our snip and we are steer
ing towards specie payments by a contraction OF
legal tender paper. There should also be some
proper restrictions to govern the bank issue OF
paper, SO as to keep 1t within proper limits"
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03

The President OF the above bank being absent on
business in the South, Mr.. Gillespie, one OF the d.
rectors. and now acting in charge for Mr.. Nor
rison, said Ell am, personally, very strongly OPP
posed to any more Imitation, We already have
more paper than we require. 1t is entirely false
move, and will not really be OF any benefit to the
South and West, for whose relief the issue purports
to be made. Ii the south and West get the money
IT VIII ali eventually return here to pay their in
debtedness, and then, suppose, next year, they
VIII be as badly or as they ever were-perhaps
worse-and Congress will give them $50, 000,O 900
more. What the South and West had better do is
to produce crops, and then they VIII nd plenty OF
thing OF value out OF their land, and then they Will
md plenty OF our greenbacks at hand. AS it Is
now there is really plenty or money; but during
the present legislation there Is decided want OF
confidence, aad people are holding their ready
cash until things are definitely settled one way or
the other"
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03

capita, while the average circulation of
France and Germany was $2s co. He complained
particularly or the unequal distribution or cur
rency through the country. While the south was
entitled 10 $50, Ooo 900 1t had only $685. goo. The
reason was that New England was represented
by experienced statesmen and had the chairman
snip Of all the important committees in either
House. Well might the East, with one foot on the
South and the other on the West, entrench itself
BEHIND It's money bags and excaim, 1--WE want no
more money!
Mr.. BURoHARD, (rep.) of Ill.,, said he was heartily
In favor OF some features OIL the bill, but he did not
think ~ would afford to the South and West what
was expected. II would not increase the amount
OF removing the monopoly IRON the banking sys-
tenn OF the country. He was also in favor OF redc-
ing the reserve OF banks from twenty-five to five
per cent. lie had never regarded that provision
as security for depositors.
SUBSTITUTE.
Mr.. WILSON, (rep.) OF Ind, gave notice of sub
stltute winch he proposed to Oler for the pending
BILL In part, 1t was substantially the same but in
some respects It was different. A feature common
remedy leading defect IN the currency system,
the limitation of currency by law. He Iaid down
as an unanswerabe proposition that the amount
OF currency should be governed, not by law, but
BY the demands Of business What was needed
was currency system that possessed the quality
OF elasticity. 1t should be free TO expand or to
contract according to the wants OF legitimate
trade. To his mind this was not only reasonable
conclusion, but IT was supported by the experience
or history. lie did not believe in the redlstribu-
ton policy. He was willing that New England
should nave all the facilities for business that IL
new had, and all he asked for was that the South
and West should not be deprived OF IKE facilities
WARNING.
He warned New England that the South and
West could control the government II they chose.
But II they did, IL would be on the principles OF
justice to all aud equal rights and privileges to ALL
lie reared, however, that that was not the spirit
OF the East
Mr.. DAVIS, rep.) OF Mass did not understand
Gil what ground Mr Wilson arraigned New Eng
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03

Mechanics' Banking Association.
The President Of the Mechanics Banking Associ.
alton stated that he was strongly opposed to any
imitation, and that it would be OF far more service
to the country If legislators would apply their in
genuity to some scheme leading towards resump-
riOn OF specie payment. This flooding the country
with paper may create false prosperity Tor
snort space oil time, but 1t will surely result In an
other crash. Manufacturers and others through.
out the country nave at present very little con-
fdence in the general credit, and this imitation
business Will naturally make them even more chary
OF their customers.
The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-03

The possibility or ne,c issue or tnconrertibe
paper regard NTH amazement and anriety and,
in ny judgment, such an issue would be detri
naem ana q shGne.-CHARLEs SUMNER.
The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-03-18
ThC Simmons Stew.

J The entire Republican press of
New England is,in open revolt against
Grants recent surrender to Butler.
Tho Boston Transcript interprets
the meaning Of tho administration
in the Simmons appointment to be
"H!o merchant need apply.'
: Harrcr's Weekly closes an cdito-
rial on tho Simmons ease as follows:
" Nm attempt in the White House to
!ohnsonize the Republican party
failed, and an effort 70 Bu,lcrize it
will be cqually'usoless."
The Springfield Republican OBJ
serves that it is wortl. mention that
the leading Republican paper in each
of the three States, Connocticutn
Pennsylvania and Maryland; recog-
nizes the gravity Of: the situation
created by the Grant Butler alliance,
and is in sympathy with the protes.
ting Massachusetts, Republicans.
The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-03-18
A Strange Case.

The waite-W aller polygamy case
is certainly the most singular that
ever came before the courts of Maine.
Mr.. Waller, Mrs. Holden. his sister,
Mr.. West, brother.in law >of Wal
Ter, and Waller's sister, Elizabeth
Identified Mrs. Waite positively as
Carrie, eleven y'as yrsry is oia, afSrHsS' aba soa
y !ch" seven years old, testified that
she was their movncr uonn H..
Stiles, of Pictou, also identified her.
and several witnesses swore to her
idcntity, and photographs of her
children were produced and proved
to have boen in her possession. The
indictment in the case charges that
Catharine Waller, alias Carrie NJ.
Kent, alias Carrie NJ. Waite. OH the
goth of May, 1862, married John
WalleS: at Piotou, Nova'Scotia, and
on the Gath Of April, 1878, while her
husband Waller was still living no
divorce having been granted to either
party, and DO separation of seven
years having occurred, she was mar
ried in Portland to y. Waite, felou-
lously, knowing aud unlawfully COM
mittipg the crime Of polygamy.. The
defendant is ABOUT thirty years old
of slight figure end attractive appear.
ance. She denies ever having seen
Waller, who claims to be her husband,
Also ever having known the five chit
dren who appeared as witnesses.
During the entire trial Mrs. Waller
Waite has maintained the most per-
feet composure. The evidence is
overwhelmingly against her, and if
she is guilty, her acting is wond crful.
Her last husband (Waite) still be.
lieves her innocent.
The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-03-18
A Dish of II errors.

ATLANTA, Marc 6.--The mershal
of Lawrenceville, Ga. yesterday shot
and killed q young man who was
trying to escape. TO day an old and
prominent citizen, named Braswell,
of Lothonia, Ca, committed SUICIDE
by shooting himself with d bird gun.
Mrs. Petlbope, Of Atlanta commit.
ted suicide: TO dGy, by taking NOR
phine, on.account: Of financial distress
She prov Ter little daughter
fifty con,s to take ddscS who did 81.
The physician will save the girl.
The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-03-18
II is the "GoQd ,rAlCu" Who Owe the
Printer.

1t is loss strange than truo. that
nearly I'll of tho so-called "good
men, chat is, the healthy and veal
thy men Of the country, are they who
are tho tardiest in paying the prin
ter. Tho man Of small means al.
most in7ariablypaSs up andr keeps
clear Of f.bccks-te has o fel!ow.fccl.
ing for these who Soil, and pays ut
once for what hs gets. But the good
man, he Of whom everybody says,
"oh hos good for it yeu know"-wo
lament to say is the l$hgest in pay.
ing. : Why is it,so7 For shc reason
thatthey think tl,at;two C: three or
tivs dollars is such C. small amount
tp.thcn,, thut'it is tritlc to the prin-
ter. Dear "good mou'--you arc
laboring under delusion. Add all
of the small amounts together and it
will make you think Otherwise. We
rejoice 70 know that tho country 10
full Of "good men" they are the
salt of the earth, but they won't save
e paper from "bustihg," thcss pauicy
times. Open your ponderous fist
that clcnches that old time worn
pocket book, that you have carried in
those blue jeans breeches pockets for
10, these many years and give us h
healthy shove up the hill.-Pisdmont
Press. =
we hcaatily concur in Che above
remarks, and say that it is the "good
uen" on our books that keep us from
having plenty of money in our pock-
cts. We have asked, pleaded and
begged for what is due us, but it is
I'll Of no avail. Thank Heaven, there
will be settlement omeday- and
then Concord San. :.
Our opinion is that beth the good"
and "5ad' men might pay up o..
leetle moro promptly.:. /
The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-03-18
DiSgraCtful Scenes.

The General Assembly Of South
Carolin is on the eve Of closing its
arduous duties. (O Its protractod
sessions (extra and rogular) have been
eventful in measures as varied as the
contents of pandora's. box K. many
"olng o. quesIionaple onaraotcr, ~
many moro Of useless expense, onu
but few fruitful with good to tho
State. There have been scenes, too,
,that presented the humorous aud
ridiculous character of the Solons
but "tho last scene Of all, which
closes this strange eventful history"
~"~ M~ ehemoruf md indie corous
proceedings at tho session last even
ing.
A bill to amend tho Act relative
to the pay Of members was being Dis.
cusscd, when 4 oolorcd member from
Orangcburg - Abram Dannerly-
who was, apparently very much un-
der tho influence of liquor, obtained
tho floor, and used such improper
language as to force tho Srcnitnr
repeatedly to call him to order.
This excited Danncrly's :rc, and in
crease his foul and harsh language
when tho Speaker was compelled to
ordcI tho Scrgcant-at- Arms to re-
move the offending momber. That
officer being absent, Assistant Simons
attempted to perform that duty, but
was resisted cd-Danncrly even dra awing
a weapon. Hero arose a scene Of
confusion. Henry Riley, another
colored member, from Ornpgeburg,
went to tho assistance Of Danncrly,
and d row at once cnsucd. Members
crowd ID around, desks md chairs
we're upset, oaths and loud foul
mouthcd expressions were to be
heard, and linallya muscular mem
bcr pushed forward, seized one Of The
offending members, anl bore him by
main force out Of the hall. Quiet was
then restored. Resolutions of cen
sure and expulsion wore thon. intro
duccd, tho on'endors were brought be"
fore tho bcr of tho House, and finally
expellcd--Rilcy by n vote of CG,'to
Ill, and Dannorly II to l8. Airs
Crittcnden, one Of tho Conservative
members, attempted to excuse Dam
ncrly, on the sooro Of intoxication---
stating that ho WIS usually very
quiet and pcaccablc man, but tha5
tho whiskey demon had possession Of
him. The House, however, felt that
the indignity was too great, and acted
as above recorded - |hmnin.
The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-03-18
Singular Discovery of $97,OQO,OOO OF
vIrginia State Bonds.

Tie Committee Of the General
A sscmbly. appointed to investigate
the alleged defalcation by w. D..
Coleman, late Secretary of tho Board
of Commissioners Of tho State Sink
ing Fund, to-day discovered the
enormous amount Of S07,000,0 600 Of
state bonds slowed carclcssly away
in an old wooden press in the base"
uucnt Of tho Capital buildirg.-Thcso
bonds we're printed and signed by
The State Treasurer under tho fund.
ing aet,of 1871, to be issued to hold
crs of old bonds, rs the latter were
brought in to be funded. The iuca
cccdlng Legislature Of 1872 d'sap.
proved Of the funding act, and' 8 90
pended its operation when e1out
half Of tho State dobt had been fu I'd
ed, and hence the large amount now
found in the Treasurcr's otlico which
had never been cancelled or destroy.
ed. The whole amount of. tho State
debt IS about $4,000, 900, but more
,han double thata mount hal to be
printed and signed to meet the dc~
man1s Of holders oe all classes Of
bonds. What is strange about it is
that, although these bonds wcre mar
kctablc all over tho world. and were
lying in an insecure place, mono Of
them had been stolen, although op.
portunitics to tako them without any
chance Of detection occurred every
day almost. A resolution was al
once passed to build proper vault,
in which to deposit tho State funds
and papers.
The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-03-18
Ad and lnsp. General, S, G,
The $liG, 900.

The lit;Io Senate Grab Of $l56, ,0aO
met with II warm reception in the
House Wednesday. 1t was vohe.
,ncntly attacked by Holmes and NV.
crS, and dcfcnaed by Greene. Spcrry
read a letter from r.. Flnnegan Ga
clerk in Fines Galoon,) Indignantly
discl"iming any knowledge of war.
rant Of Slo0 purporting to DO given
him rs clerk, and demanding that
it should be destroyed in his pres,
cnce. Green, who as acting chair.
man of tho committee fathcred tho
bill, denied the gcnuincness of Finro.
san's letter. Greene claimed that
Spcrry had been bribed to PASS NJ.
II. Berry's bill. Bowlcy opposed
the bill, as requiring heavy taxation.
lie claimed not to hrvo been at the
committee meeting (of which he 20
chairnan,l but was ronplusscd at the
question how the committo could
have gotten the bill without his oon-
nivance. Attempts wero made to
cough him down while speaking.
Hurley said that the men who
were on the floor to-day trying to
make Il ch.an re-"t",i"" Gov -h"" ""A.
were the very men who did get the
g., 800, and if the books of that bank
could be examined, he believed thoy
would prove it. He hoped that the
clalm would not pass. And beforo I
conclude, will say that tho fi1an who
got tho $4,000 from the South Caro-.
lima Bank md Trust Gn-ai,eny 30 .Lo
worry man who, on thjs floor this
".,.u.ng, las uoon trying to make a
cheap reputation, SO that he can bo
returned to the next General Assem-
bly, he hoped the people of that
county would never send him back.
Smith, Of Spnrtanburg, made a
strong appeal to the representatives
of the pcoplc-not as Democrats or
Rcpublicans-not to vote for any
such claim, which is covered all
over with fraud and corrup.ioA. He
called upon Ito m",n' crs to vn!a
against the claim, and " yinIicatc
themselves. y
After long debate, tho enacting
clause was stricken out. But tho mat
ter is not dead yet. So little self
respect have the legislature that they
stultify their record day after day
for the smallest bribe.
We are happy to see thaS The Leg.
islaturc has resolved to adjourn, to
meet on tho tho written call of
ma iorjtv of the tncmhrrs Tho aoon
cr 1t goes home, the better.
The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-03-18

Tho publishers Of the "South," o f
which we have frequently made men,
tion, recently addressed commnnica.
tion to the New York Herald contain-
ing the following suggestion: Ycu
know, perhaps, that through the South
as has been especially manifested of
late in South Carolina, the people
earnestly desire an accession of white
labor to render productive their vast
extent of::idle lands. Here are two
wants, each immediate and pressing.
Cannot something be. done which
shall supply both at tho samo time
by bringing theae weuld-bc employ
erS and employed together 7 To-day
weisteppco into one. of the soup
houses, where one day recently no
fewer than l,0l0 persons, of whom
895 were males, had :receiYcd relief.
We put the qucktion, "Would. you
like to 60 South p! to the crowd, of
miserables whom We there saw, and,
a very large number answered eyes,"
1t would want some effective agency
in the different, States and in this
city to carry out the idea. aud the
means of transportation arc wanted.
Will any one volunteer to help in
any way to do this thing provided
really good homes and permuncntcm
pioyment are guaranteed T.: If SO we
would like to hear from them.
The Fairfield herald. [volume] (Winnsboro, S.C.) 1849-1876, 1874-03-18
Duel.

AuGUsrA, Ga, March. S.-Two nc.
grocs, Peter Blair andy Moses Salli.
van, had some angry words, during
which Blair told Sullivan he was no
gentleman. The latter de mauded an
apology, or satisfaction with shot.g uno
or pistols. Blair replied that he bad
no apology, to make, but accepted
the challenge, naming the time, place
and weapons. Tho. parties met at
Sand Bar Ferry, this morning, at
O'Clock, accompanied by their sec.
onds, two negroes, named Ralph
Knight and William Armstrong.
The ground was stepped of, and
Colts five-shooters placed in the
hands Of tHo princtPe!s. Kaight
gave the words of CONF y: lie lie sad SAID:
Peter, are you ready p Peter said,
eyes," "Moses, are you ready 2"
Moses replied. eyes" Then COM
mcnced the shooting, and both par
ties fired away until the last barrel
was discharged. The pistols were
reloaded, and the principals resumed
their positions., The words of COM
mand were repeated,:. and tho firing
RECOMMENDED, and continued until
Blair fell to: the ground, shot throiigh
both legs. The parties then returned
to the city Immediately Sullivan
fought at tho same place last, year,
and Blair fought another negro near
Savannah some time ago.