The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-12-07

left this boosted country during the Sep
tember panic, and returned to their re-
spectiye countries to obtain employment
whereby they preserved their true man
hood and dignity of character.
And read in one of the journals of
New York to-day that in the great state of
Pennsylvania, in the coal regions-the very
center of wealth, the very productive force
of modern times-employment cannot be
obtained, there is no food for the women,
laborers families are starving, and every
kind of moral and social disorder is loom
ing into prospect. Gentlemen that is the
great thing which l propose shall occupy
our attention tonight. How comes
with every pomerful resource for making
men worthy and great, that these fearful
calamities are in prospect, and with the
fearful reality that is detailed in that little
American book? We all know it is not in
the money market. But those who think
these things depend upon what happens in
Wall st., who think that Wall-st. finds buy
ers for the people of America, that the
food or soup or whatever it may be, comes
through that--why, how absurd If every
book and every ledger in Walls,. were
burned, if all these books and documents
were destroyed, do you suppose that year
after that the Pennsylvania miners would
be starving? Do you suppose there would
be anything more than disorder among GER
tain rich men? To deal with paper cur
rency, or to deal with gold currency,is only
to deal with tools. 1t is our business to go
down into Pennsylvania, and into the towns
and homes there, and try to discover what
has happened, and to learn if possible the
causes, and if there be any remedies /
must say that unfortunately on this great
theme to bankers. there is too much writ
ing, and every body who talks Of great
crisis forth with talks about the right OF dis
count, and cali it monetary, and about how
many notes are in circulation, and all such
trifes as this in comparison with the stern
realities | have described. The bank Is
merely means of transfer of the owner
ship Of property. 1t only holds the prop
erty as it goes on its way. That sail Wall
st. can do. Precisely like the Gold dollar !:
precisely like the English shilling. 1t pas
SEES property from hand to hand. that is all
There is no difference between Wallst. and
all the banks in the world, They are trans
ferrers of the right of ownership. They
have not the things themselves, and they
NAV be transferring merely idle shams. 1t
il yery important that the American PEG
bic should understand this. Then | am
told that banks deal in credit and | have
heard the definition that a banker is man
who deals in credit. l have heard that in
this country from several bankers. Gen
temen, he is dealer in credit who goes
down your beautiful Broadway and goes
into one of your pretty stores and orders a
beautiful hat and pretty coat, and knows
perfectly well that he has not the means
of paying for them. That is dealer in
credit Laughter. | don't know the
meaning of the word credit 1t is uuin
telligble to me. 1t only means that man
has taken goods and has not paid for them.
That is its only meaning,
Bankers may deal in debts-that is all.
They make fresh debts in lending what
they receive. But you will allow me
hope to say what said to the Cham.
Der OF Commerce: The banker is a
broker standing between two principles
The first principle is seller OF goods.
A man sells s. 200 worth "a week tC
Chicago, and the banker knows that by
: the habits of that man in his bushes he
5 will not buy more than $1,000 worth in
: three months. A banking business yer
mits sales of goods without corresponding
buying. The essence Of the banker is tt
buy in place Of the man who Sold, but
does not buy to the full extent of what
he has sold Now, you will see how lha
bankers do not have capital, | au
ashamed to say that English literature
and Of that in London especially. they
say they have got capital Where is then
capital2 They have got iuk-stauds, the,
have got pens, they have got buildings
and some furniture But whc re is tht
crpital? | don't see it.
They have got no capital. What they
have got is--to find buyer for the mar
who sold wheat, and that is all. And tc
say. You 20 and buy 5000 worth, but
the capital and the wheat they have not
! got it at all. Therefore all this discussion
l that implies that the banker has capital
a in Wall St, is an absurdity Of the yer,
first order ana d il j. thasf Notwithstanding
incapable of seeing the truth. If | can be
of any use, it is to transfer you to a.world of
realities aud facts. There are no greater
uttcrers of jargon in this world than the
English bankers.
Now then gentlemen. let us get to these
mechanics who go to soup kitchens, who
have no employment. Let US go to this
country. which ought to be the receiver of
emigrants with open arms, but which is
unable to employ them. They must go
back to Europe from the land Of unparal
leled resources to old European countries
which can still feed them better. That is
fact OF most startling order.
ITO be continued