New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-16

TO tse benefit of all We would not P,O1utgSe . ,rt"r
neS,,res they their agents all over the world
Sns create the market for the products" No..
T6en you think the exports are larger anger theso
circumstances than they otherwise wou'u De
And as exports increase do you think it has ten
dency TO enhance the cost OF living 10 our own pGop0
No sr: think il promotes immigration ana increases
me peteps however to the legitimate system. We
want your opinion on the nlegitimate system"
well don't think opinion will do You m Hch
rood give IL 70 you when say that eveIyth Wnch
snSs 10 make large markets tends benefit the country
These dealingslar!e speculatlons ana transactions III
e@Tbere are, / believe. socalled 'bucket-snops' In
which these dealings are carried on. suppose you
wo1d designate D;It them pIo oh e systemp
But Mt, suppose it does exist =" 49,.
"Peope viii deal in chance. Your minister doctSr
md baTUer ali have cot some interest IN some way or
H. promote gambling in It's true Sensei don geiSse
there the amount OF gagonS ID 5is Siy nUM
Then you think that speculation has supplied It's
pis' think it has am sure speculation in grain has
bene6ted our own producers by creating markets al
where do your agents seek the markets Z"
"I In England, ireland, Scotland France Germany
Aud what proportion of the products OF the country
isexpored annually q - ,.,
That varies. Last year there was short crop both
of wheat and We should export over lOOOOOOOo
bushels OF wheat annually" go,
(Which country gives you the best marketT
"Englaud."
.'YoG stated that speculation promoted Immigration
IL induces the construction Of railroads into ter
that lnQuceS tIe 10 ~
TO what extent have you Influenced immigration Z"
the lands abroad The immigrants come and may go on
our lands or elsewhere When was IN europe you
couldn't anywhere put you saw agents Vi American
land-grant companies
Do all tie roads have these agentsP 10. o.-.--,
All the landgTGut roads. The Union Pacific, Central
Pacific, AtcaisOn and Topeka Kansas Pacinc, Chicago
and Burlington. Missouri and NEBRASKA, ROCK Island
Missouri Kansas and Texas, Texas Pacific and 81 Louis
Gould exiianed a length the methods used by the
Companies aud taer agents TO induce emigration from
the European cOuntriesj
" On an average, how many immigrants does your
:" l can't tel you tnat The number Is very large.
and INN: ration GOES along 5000 or 1000 OF them
was out year and saw thar towns nave sprung
up ali over the territory"
= iiow much Of he land has been settled :"
- can't tel. The Governments plan was to grant
The railroads alternate sections ami a. they are oeed
cheaper tucJ ae usually occupied hfsi. Inc 6otele-
have kn0wn Immigrants to take The Vir2in soil ana
make enough profit their fret years crop 10 pay FOR
thelr farm G nave never lost ANY money by THESE
sales have been instances wuen iands have been
thrown bick on our hands, but we nave always Sol"
Do "a know what prices the Western producers
receive .ur their wheat III the local markets
It wares according the price at Chicago and ST.
Louis" ...o,,.,,,.
"1hrre is a pretty wide fuctuauon. Ihey want dol
lar Tor tncr wheat ana are not saIsheu Win less
think they get about 40 cents now.
CORNERS IN THE MONEY MARKET.
HHoye mttalcrs occurred in which tneIe have been
corners in the money marketf
al think s,; almost every fall
"what Influence do they have on the commercial IN
teres,s Of t.e cityF
"They make temporary depression, but they draw
cepit mere from other centres and regulate them
eelves."
ais not their ultimate effect injurious"
81 don't know ABOUT that. They nave their good side
ana their bad side They make business men more Gil
cumspeci, IN this respect thelr eject 10 good M
~ mai was the corner in the money market 2"
Money very ti>hi mere three weeks ago. |
= m Ear K IA
20 ol,cay, they make IT worse There is a greater
demand or money in the tall when the crops nave got
To ne mOycu, and hence there is a scarcity" -
How do tns. corners affect merchants in their pecu-
"Idon, Know You'n have TO ask the merchants
Are you familiar with corners in the oil cropi'
stOBIy by reputation
"ln The cotton cropf
you are interested IN the banking business you
mo- No strY
I'VE hear of panics in the money market and in the
street. What is meant by mat
PANE is where men lose their balance, their
son aud rush pe NELL This Is the best definition can
e'"s' IS III IL generally preceded by r.
: corner in money might produce it, SO 40 Other |
things great fraud oyerissue oi stock the ehufe o.
Ar tney Of frequent occurrence -
- have sedi four y tnein s. zee began business.
Ecuuyler frauds. Ii WAS gwen an impetus by Inc dis
coyofy That there had been large ov'rssue OF New
Haven stock 1t was panic III Wall 5iree but MAJ ia
the nrart the counry ana yOn cant have any trouble
There " tuOut Is benz fet eVeryWhe, e.
'Nh.t effects do pdnic' have generally on CONNER
"insy nave their good effects well their bad.
don't know but that they are neccSs9! as check Oh
epecula ION. The next pane was III lo6S, ana was |
caused uy oyetI.dns bur the g eates pane probably
:" riaf was the one known as Black Friday, it
10 80; that was IN 500 The real cause Of that
the nuctuaIon IN gold cause by Inc, the warn
Il was more or less"
"What the efectsW ~
f.. eject 81 The pane OF lSbt was very |
lons IelI. The panic o. 1873 was blong1t aoou,
on cT'6i1. sccu.i1's hogan to % down;
everybody wanted 10 sell anu nobody TO buy; large
wanted 10 call m their money. Tne influence upon lie
general interests o, tle country was tn't railroad con-
srIotO. Was stopped aIsey, ana the IefII3PIf|l .,
tic couuir, retard d. The pa lic OF 1859 dld not
ha'c tAi7 ''notn3 90 sIt az a." "' 6y &
Gno on sales Of gold, and Was not in any sense co-
"Wnat i, your opinion generally as TO the effect or
the cal Interests OF tae sounry and the puzzle.
Wefaie ol pancs and the corners winch cause them r.
mink tAey have evil and tleir good.
late late anu fail. Legitimate dealers also tuicr
less, hut peope viii learn TO- study am practice
De yOI tnlnE II is possible To remedy the matter by
So ROT We can't legisare in York to prevent
dealing grain Il we 40, dealers VIII 20 elsewhere
~i' pose Tie ! n LitiJn De National r.
40 4ot believe II practicable II might. perhaps,
stocy sIat rot exceed certain price they
regulation. believe, IN the London stock EAcAaDg
o.
frIce That prevents failures corners, Tor there
o use us4ins corner II you've gJ to settle al Ger
tain p1ce.
How would tins plan work in cases like the Keene
corr n"
VERY easily The Board OF Trade might determine
that setug price should not exceed 10 per cent OF
Inc e ug prce. IA lie very clear yOI OusIt 60
throw tnc OF commerce open AID make capil ~
free and Uah1mclod - the wind Inen yoI viii dfa"
CA ild D-nedJ the country
Mr. could withdrew arer shaking hands with the
committee ana wing thanks for testimony.
lie * pr.s- lear that il had not very lnstIuc
bur Dr. BOYD assured hm he at east had learned
great dc. -pecially the methods Of coonZiug
great West