New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-08-28
THE MEN WHO FAVOR INITIATION.

. TINE or SPECULATION DESIRED by HOLDERS OF
uNcuITIyAIYD WESTERN LANDs-ABUNDANcE
or CURRENCY IN WESTERN BANKS
TO the Editor Of The Tr,buns
SIR: As one Of the people," also con-
slant reader your valuable paper presume upon your
liberal treatment Of correspondents to ocr one OF TWO
faots which have gathered In an extended business
trim from New-York to Nebraska. touching upon the
question of "The National Finances In conversation
with safely say 100 or more bank cashiers sc''E
tered in seven OF tho Western States when asked II
there was q deficiency of currency In their LOCALITY the
uyaable reply was. Oh no; we have larger surplus
idle than before in our experience" then asked'
" Whence then, Genes this demand for more paper
moncyT They answered owe find In Il majority OF
cases those wko the strongest advocates Tor more cur
rency either largely In DEBT for real estate pohgh
ON speculation, have oyer-trado or nave hotng vi
real value 10 offer security for oan Accidentally
discovered that the most active persons I'D ORIGINATING
the petition sent last year from Chicago to certain United
States Senator'S In Congress, praying for legislation
which should give increase OF currency, were either
real estate agents. and that the petition con-
tanned very large nuTber OF names OF those VINO were
loaded down with "ousidc" city lots. and whose only
hore of release in the new era OF speculation whch
they were led to believe would be started when tierc
was an increase tho currency have reason for be-
eying that ono OF the Senators who then WERE
and now are, oui-nouhsd advocates of the" soitmonoy
psn arc largely interested IN certain pet schemes OF
spectators In Chicago. ana are aiNiuHS 10
rliz. before their profits eaten up by the .nterc5t
accom-. which j. running against thc!l
La I,us fDuud no same siatc OF tbn9s cNiStco,
and many whom kn personally as fho strOng:S al
ynrltas Of more currency were up Ia the ey"is III
uusaressfni ueculaions In real estate OF railroads Az
central point In one the states indicated where the
farIrra wealthy, AID in iaany case, lave balance. "
their credit banks asked ore OF tie Old stoi LEO
;I cashiers Why he approved the theory OF IN ncIctsa
o currency "a recf to he dull times, when Ms own
exporrucr ,archt hbl there V.S already large idio
surI lrs beyond the wants Oi Ills EnsrrDhnhS country
ptiny 10 Il map above his desk. show tie outncs
OF several fnoisand NJ unimpr ycd land IN near
H. cni.es which lau Is his own bank completed 20
ttso IN payment for mJn4y loaned long ago, ne cphcd,
rhore il too much paper money already nut II thr
hlnblg doctrine that legislation by ConS'css gii.iS
an uciclsr the volume Of currency, 40 Hotum, VIII
helm to start tie spirit OF rrcciatiun III western iands
am 80 dispose Cf oars, olir ana "iil nave
pecn acccI !ishcd meantime we pr0rOfe - Keep close
To shoe" found nearly al poins in the West ,!ie
rate o; interest real estate security lower than ever
eforc in many being quoted AZ q st per cent ana
THIS the extra charge Of lar" combustion py
Inc rcroator Of the loan E7pecaii l.: TINS trie III
Ii,uG.s Wisconsin, Iowa. Missouri, i.d Ensas. The
largest iUhDcrs goods in all III" West RI cites were
generally agreed Ia Tie opinion that Ii was the com iued
rgaion 81 financial cues. ion by loliticils and inc
uncertainty Of the future politically when Checked Ous
ness rather than tie need OF more currency
Jc;,e,iors A. L., Aug. 20, 1873. INVESTIGATOR