Year: 1868

bonds for preeriSaoks and he demanded of Eastern
and Northern men what reason they had to offer for
their scandalous refusal OF this privilege. lie
warmed and grew excited under what ho deemed the
rank injustce of the case. Now we have nothing TO
say against granting TO Missouri and TO every other
state and to every individual, there and elsewhere,
the privilege of banking to the extent OF their hearts
desire. There should be, and will be- no limitation
ON this business ultimately on the simple and respon-
sll,e condition of the redemption of their notes


Bnt this was not Mr. Henderson's point. Yet there


was nobody to reply to him that there is not one man
hold;no Government bond IN the State of Missouri
that cannot exchange it for greenbacks whenever ho
chooses in every city or town IN the country where
tbare ia hank or banker and that he can
not only ret preenbacks for bonds. but that he can
GET from b TO $40 profit every hundred dollars OF
exchange What we desire to notice Is the extra
ordinary character of such observations on the floor
of the United States Senate by Senator WHO makes
nrctensions 20 some knowledge of the subject he Is
speaking about and there is plenty more oil the
same sort.


The real foundation of all this complaint about the
scarcity of money in certain quarters II TO be Ionhd
in the condition of the people. There IS depression
everywhere. and throughout the South there 10 OK
hauston and ruin. IL would not add 10 the 'IcneS
make money any pentieT IN The SOutherh co'h'
try if you to plant bank of amilion OF hoa's
capital in every town of 10000 inhabitants therein
The difficulty is want of solvent borrowers, or IN
other words, of men who can respond promptly to
their engagements at maturity. These what
make banks and sustain banks and where they are
not. banks cannot exist. We dare confidently affirm
that the whole South and Southwest could to-day
be filed to overllowing with money, without green
back or bank if it only had the wherewlth TO ex-
change for money If it was full Of cotton and corn
and sugar the factors of every nation ana OF an
parts OF this nation already on the spot 10 ocr
full eanivalents in gold silver, greenbacks for
every dollars worth. IL is not greenbacks that are
wanting. 1t is not money that is wanting Ii IS the
commodities with which to exchange formoney,o or the
credit which, TO extent, stands In their STEAD
Money goes over the world everywhere where there
is anything to pay for it, In the protuslon or the
precious metals of our days banks not essential,
paper money is not essential and least of all is the
wretchcd expedient Of irredeemablo Government
notes. which legitimate commerce scorns and stamps
with discredt needed to fill the channels of crcula-
ton. So plain arc these propositions that the bare
statement of them il sufficient to confute and con-
dernn the craftsmanship of every man who hoids
that a nation is enriched. people raised from
poverty TO aluence. its trade revived or IT'S laDor
employed, or its productions increased simply Dy the
expcdient of issuing Government promises to pay, or
bank notes


These are but the tokens Of trade and exchange,
the agencies Of distribution and as there Is III the
existing volume Of our iITedeemable paper money
more circulation than the country ever used on
specie basis by far il is fair TO say that there Is more
a1oat now than is necessary for every part oi the
country nj this moment aud therefore the suggestion
Of such method of relief as a remedy for existing
evil, in the South and elsewhere is made in total
Ignorance Of the cause of disorders. and thus,


instead Of making things better, would only make
them worse. j. = D.