Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-11-17
A n \ s~TATEsMAH.
what Senator MCPHERSON Thinks
OF Recent Elections.

Gath's spscial.l
| met United States Senator Nc.
Pherson ON election day at the Gilscy
House, and asked him what he
thought of business and politics. He
said: you have heard Of our busted
bank at Newark, New Jersey. Moth
ing has happened in our State for
some time past has made more aston
ishment than that
will il have any political effect2''
81 think ii will" said Mr.. McPher-
son. 1.-THE officers, the directors Of
that bank, constituted the center Of
the Republican business and social
strength in Newark, the metropolis Of
New Jersey. The failure Of the bank
is apt to be interrupted as typical of
Republican processes in our State"
Mr.. Mcpherson mentioned the
names OF the principal hackers of this
bank, and among them the names of
Frelinghuysen, Baldwin, Howells, etc.
Said he: THAT bank paid II per
cent a year to stockholders; oonse-
~quenily the large stockholders and
directors deposited in bank their big
residues. They said TO themselves,
that which pays us Ia per cent a year
is better than any bond in the world
if we put back into the bank our T
plus. aud let it DO again loaned TO tho
general public, of course we shall re
ceive the advantage of that deposit in
dividends They had been doing the
same thing, said Mr.. Mcpherson, for
years, aud Baldwin knew there would
be a certain amount Of deposits never
called for. Consequently, in his rob-
bling operations, he felt that he was
protected by the aggregate of those
large permanent deposits, Now, sup
pose there we're ten directors Of the
bank, each leaving 800, COCOON deposit
The consequence would DO 81 ,000, 900
never called for. So, | think that the
failure of the bank will affect the Re-
publican party in New Jersey, its
magnates being the chief directors
and depositors."
"Mr. Mcpherson. do you regard
New Jersey liable to be a Republican
Slater"
THAT is hard to guess, said the
Democratic Senator. "a good many
things are happening in New jersey to
help the Republican party, but these
dishonest operations tend to injure
it."
"How is the Legislature going to
stand, Senator, toward the next Sena
torship at Washington"
well, the Republicans at the last
election got a large Judgement in the
State Senate. The present election
will probably vacate some of the seats.
Nextyear the Legislature is to be per.
fected which may choose my successor.
We think, as Democrats, that we shall
make enough inrOads on the Republi-
cans to retain the seat | fll."
What view do you take Of the fu-
ture Of political parties?"
81 think that there are no differ
ences between the present parties Of
any consequence. Unquestionably.
the National supremacy is the desire
Of almost every veter to day, no mat
ter whether it is a Democrat of a Re
publican. We all take a tiIial inter
est in the United States of America.
l don't think the Democratic party
can make any points by disputing the
superiority of the Central Govern nent
in all matters affecting the liberty of
citizens, the right Of moving to and
fro, equal rights as creditor and debt
or, &C."
Mcpherson then remarked that
there were four open questions before
the country: First, the obliteration of
internal revenue duties, and the col.
lection of our whole revenue at the
Custom houses; second, the climina-
ton Of the clerkships and small Offices
from spoils; third, an opposition to the
transportation monopolies; fourth, a
policy Of generous expenditures on in
ternal improvements by the States.