New-York tribune., 1874-08-04
INITIATION REPUDIATED.

TIE SENTIMENT OF The PEOPLE MIsHEPEaSENTFD
II CONGRESS SENATOR WINDOW DISCOVERS
HIS MfsTAKE-aISSEsoTA WITHOUT REASON To
DEMAND EXPANsiON-vAIN EFFORTS 70 HAVE
THE IMITATION HEREsIEs APPROVED.
PROM THE SPECIAL CORRESPONDENT THE TRIBUNE
st. PAUL, Minn., July 2s.-prof. Sumner, in a let
ter to Gov. Davis last Spring, inspired by reading
his speech TO the workingmen Of 80. Paul in which
ne set forth with remarkable ability TIE principles
which must undere sound and stable currency,
expressed surprise that any public man in the West
should dare to take his stand against the prevalent
imitation heresos IL is not strange that, after the per-
fsrmances OF such men Morton and Ferry AMI
Logan, claiming 10 represent the almost unanimous
sentiment of the West and the solid support which
the Minnesota delegation in both Houses Of Con-
gre gave them, Prof Sumner should have supposed
this State given over to the idolatry of paper
money, but the truth is that, as far a. they bayo
thought Of discussed this great question Of tho
currency at all the people of Minnesota surpassed
by State in the Union in their devotion TO sound
financial views. They were misrepresented IN Con-
gress last session by men who, when the debate
opened had no very settled convictions on the sub
iect but who took Logan's and Ferry's word for
what the sentiments of their constituents wero
instead Of ascertaining them for themselves.
SENATOR'S MISTAKE
first learned that Minnesota was not "a wild and
unreasonable as il had been represented in its de-
mand for a new flood of irredeemable paper dunng
a conversation with Senator Window, few days
ago, at his residence at Winona. He volun-
teered the remark that he had since his return TO
the State found very few who were in favor OF in
flatiOn. expressed my surprise, and he went on to
say that never since he had been in political life in
the State, had he been so much deceived in regard
TO the wishes Of his constituents He had spent tho
entire of Congress in the study of tie trans
poration question: and after the session began, had
devoted himself to the preparation Of his report SD
that he had ttle time TO give to the currency prob
lem. His first inclination had been 10 vote
against imitation, and did, indeed, two Of
the first divisions, record himself the other side
but believing that bis constituents desired further
issue Of currency, he voted for the bill which tho
President vetoed and for the subsequent ones
passed, although he never thought that either would
bring about any great expansion. ! have not talked
with any Others of the Minnesota delegation tho
subject, but suspect that they have all made tho
same discovery that Senator Window has. The Re-
publican party of this State will hardly make the
currency question an issue of the Fan campaign
unless forced by the opposition TO defend its record.
The people of this State have no more reason To
demand an increase in the volume of the currency
than they have to ask tho railroad companies to
operate their lines at loss The strongholds Of tho
nhationists are those parts of the West aud South
where the people are poor and their business is
Improbable that they find themselves deeper an,t
deeper in debt at the end of each year. popula-
tion like this is easily led astray by the sopbstres
of the expansionsts They get a vague idea that II
there was more money in circulation portion of
it would in some way fall into their hands But
this is not the condition of the people of Minnesota
For several years the crop Of wheat, which IL tho
principal staple of the State has been good and has
brought to the farmers good prices. Last year thu
surplus shipped out of the State was about
2j 100000 bushels, worth to the farmers here ~
many dollars In 1872 the surplus of wheat was at
least 90 COO 900 bushels, and this year the crop viii
fall very little if any short of that of 1873 1t is not
strange therefore, that with this constant dow of
money into this State, for only portion OF IT goes
out again for the purchase of goods in the Last and
Europe money should be plenty here. And 1t IL
plenty and has been for the last twelve months
THE EFFECTS OF TIE PANIC LITTLE FELr
The effects of the panic were very little felt in
Minnesota. few spectators in lands who were
carving too heavy loads found some trouble in
raising money, but the banks in this city M.nnelp-
oils aud Winona were never short OF currency. and
their temporary suspension turned out to be an nn-
necessary precaution. The country banAs were all
strong aud most of them had money 20 lend.
This year the call upon the city banks in this state
for money to carry the farmers through the harvest
has been, am informed. very small. and has been
moro than counterbalanced by deposits made by
country banks that have more money than they can
use This shows that the farmers of this State arc
becoming creditors instead of debtors their abund-
dant crops and the fair prices have made them
lenders Of money instead of borrowers. Very
little if any Eastern foreign capital Is now COM
ing here for investment; the construction of rail-
roads, which two or three years ago swallowed mp
such immense sums of money, has been suspended
mortgages on real estate are not as plenty now ~
they formerly were. and many Of those that arc
now offered are taken by home capital
am speaking now of the State at large. Taken
as a whole it is in a most prosperous c)nd ton.
There are of course many cases of individual mis-
fortune, and some whole communities Ike that
devastated by the grasshOpperS in grca distress.
Business in the towns and cities too Is dull owing
to the unsettled state oftrade throughout the country
and the tendency Oftbe people 10 practice economy
and to abstain from the purchase of all goods not
Immediately necessary. But take the State as a
unit and it is in the condition of a man whose
income for several years has considerably exceeded
his expenditures easy circumstances.
AN UNsUCCEssFCL ATTEMPT TO HAVE INFLATIoN
APPRONED
Itmust not be supposed that no attempt made
TO create pabic sentiment III this STATE IN favor Of
imitation. The very meeting at which Gov. Davis
made the speech which referred la opening This
letter. was called to ratify the platform of tho
Rochester n. T., In lustral Congress. plank Of
which meant nothing it not initiation. Bat tho
Governor expounded the subject 100 clearly and
showed so plainly by statistics and other illustra
IL.