, 1874-11-10

bold toFothcr.. (Laushtor.] Every lady had 10
content heraoIf With ono dreas yoar inatead Of
s"o; aoa tue Lancaslite man found that no
goods Et' wore coming to lin to foed him aud koep D
nm hi aliye. beca1so tho mills woio closed, ~ roo
plo who used cotton did not bny il, or
p.oughs It IN vory small quantities. Now
snoIe raa destructlon of wealth mud there uas
eon noss h. tae q pros' and dlminntlon Of bust
rs,n ~ came on gradually; 1t was understood all
sonua there Was no panic iu tho sol,so Of nm.
otelsa1nty about tho matter; everybody under
@ woslth ''fe and Ha' I'd a'm!auton Of tho nationa
oashlro I'9 had to do lil;o tho ' Fronohmsn on men,
80 without his moat, though l,o usod to hnva =
grand, good Engliahman's dinner o,ory dav :
an and ne hea Ito to meos tho coming trial, aid ~
ne @ aoa Dat thlaGs that II 1y @gt h's own personal
"oro tho elements Of oriBig buk not -
proper. NV t~s
Nor you SEQ from this HOW nation Il
suffering and dininution OF ttailo bY !; ;,ao o
"P1oa Nosx o3mls9n 1ns a',t1t the national capttal
:, s" ~" ssns' Tn,s ~onn ',on,s,H %" $
NO doubt, In crises there III sud- g ia an,
pnrent: Il comee like thundcr-stk : ut Of :
clear Hky. az tue Romano used to Ea3 Nobody
for Mas r. ts5pe%3tng sp% n IT. notso3dy was lookout
nlng' the M town ia on fire tlorol.., auudaring
and rolling; fortunes arc disappearing. md liz
fright is tremendous. Teso aro al olrouns
stances, gentlonon, as nm going to explain to
3o {ou. eltcumstancos " Of dotsii circumstances In
the reality OF tho fact7 Tint mons9 ne9
crihcs, ~ q goporal rule, aro brought
on by unwise. unncIontiiio, thoughtlesy.
seok'ess distinctions Of capital which everybody
Tas thlnxing was an excellent thing. Every
body could understand, It cotton was not COM
ing from America, tile banks wore not lending to
tho Manchestor merchants; tho factory people
wore not applying to tho different money. Lend
ora to giyo them funds and means; thc,o
thcro was thia state Of thlugs. A railway Ia an
excelont thing; there is nothing enrichoa a
country Ike = railway ; that nothing onriches a
seountfy spu IKE = railway IN porfecuy true It IL
known. Robert Stephenson said mora than
twenty years. ago that tho railways of Eug)auI.
though shay hadn't paid shilling to their pro.
l'rietols. haa paid OF the national debt;
a"a i.Sv o9o,t t stophonson IN asying that per
have not time to explain it. Well, gentlemen,
TIz RAILWAYS LOOKED yEnx pnon1s1Yo:
We arc all going to BE- richer, and are yorv
much q, encouraged by tho banking world.
1non @ tho thing goes 80 veil that up
q, oa,yerybodv is eager to set SHARES, aud sud
Tho railsay-mRkerB are flush Of money and thcr
spin, and they 60 fAas, and more sclle,ueu ara
aud moro railways nse brourht fnr
saso and, mild you. II it was merely gambling
oata upon tho btook-Exoaange,-if it was, II
bot you three to ono that tie national dait ~
England viii etand at 49, or ut 49, this iay month
'hat "ou!ti not produce q crisis. however largo
'has would only be Tint ono ulan would Laye
ron. ana another man would .havo loat: hut tho
operation an describing Ia of wholly JitTaront
'haraotor. What is tho moaning Of theno
associations that raias the lre,niuu,s2 What IN
nc meaning OF this2 That norkmcn arc net to
8ork to maks tho railway; thai tllo worA,neu
ro receiving capital wages, thera ia such
,na tho iron people Of pannBylyania aro
long splondld!y; md thcse ia great do.
nand for makers OF cars, and they nre
ioang prosperous business. aud they ayo
nd IF eha.mpasne and buying 1no clothes,
na na a., ~ 80 stores snd shops III tho torn aro
ibse. and the consumption and destruction Of
gealth is going OH gsaMdy; and, as happened In
england, tho middle classes, witl, mciarato in-
ONES bqy shares with every shilling thor oom-
lano y vas recSoncd that the cergymon and
oasrs % III 1866 b! the great crisis Of tha: yqar.
Unt mark tue process anl describing ..This
J our harsl-cnrned monoy." said the clergy and |
ho medical mon. What became Of It.? It wos |
arnea !lIo Instruments Of destruction. 1t WAS
lrnod into dustroyer8 OF woatfi. 1t was turned |
ato machines for a lot Of people to so and mako
olea IN the ground; to 20 and pile up great
caps Of earth; to 60 and laypiocos Of iron over
nat eapital9 Did I not tell you @ tho m test' test Of #
ap!eal Is that it is reproducod2 IL no
Unfinished railway power? If I said to ali ti,o
orkn'on in tho State OF Illinois to make holes
tno ground, there would not be c,isis,
roeably, !, becauHo you would say: "They arc
I'd therefore thcro nould not be nillcl, surpliso
oont tue matter with the thing right boforo
ou; but suppose sou persuaded yourself that
MAK1Sd HoLE8 IN THE pIlAII1E
se saa% gonE TO 9 ges you immensely .ieh and you
goue. and there WAS nothing left Gut holoa in
g ground! [Laushtcr and applansc.l
When that discovery IL mado, thero iR terri
Q thing. small mau haa been putting All ho
YES into What ho supposes il good securitios-
70 sn!s fail"ay. nnd' when tho timo comes, ho
Ids that tue wot kmen haze eateu it, tho work
On have drunk II, and ho las no Bhare IN it.
's all unfinished lno u not that = destruc-
u OF capital* Wan not that tho matter with
ur conntry last year Was not there 4 num-
X OF c!evor things called bonds aud ncre not
oso no.ca bought by the people viii tbcir
oney But mark
HOW DID THE PEOPLE GET THE MONEY
buy bonda7 With thoir wealth, with thor
ioat, or with their wool, or with their grapes,
with their factory work, or with ttlcr iron
allowed it all up. Il went into the holeB ii
ground; aud money WAS their instrumental
;, aud at tho ena Of the tino tho cupital Ind
ne. and tho grcat mercantile houses Of Now
rk iound-"hnt? That they had unfinished
y had destroyed their properly. Bit how
. Consumed tho "aiva railway, q sna 'nG lad men eo
nds to aoll in return. II it de-
eyed Y The wool uron your sheep; II 1t destroy
tho slkwortn aud turned 1t into latly's dresp. {
sEe iH lahy'n flrcss tn wcnr fnr ,.I,o ,,onto.f |