Year: 1873

just now We are told by the moat reliable jour-
nalists in the neighboring cities that there s but


light demand for money, and that good paper is
discounted at 6 and per cent. In the face Of
this rumor was current in Philadelphia the same
day that one of "the large corporations was on the
market for a temporary loan for a million of dol
lars, at Il per cent" The same paper has numer-
GUS advertisements of bonds for sale at discount
that will net the purchaser very much more than
legal interest In addition to such efforts to bor
row money in all the States for railroad purposes,
and the high price paid by the government, almost
every city, town and county in the country is ask
ing for loans for one purpose or another. Under
such circumstances, there is little wonder that in
dividuals find it difficult to borrow at six per cent
and when they attempt to do so at higher rate
the usury laws are encountered, which add to the
embarrassment. No one can reflect for moment
and not see that capital cannot be had cheaply
until there Is change in these circumstances In
dividua enterprise is checked, to certain extent,
by the want Of capital by corporations to carry
forward great improvements. They cannot stop
without detriment to the laborers and detriment
to tho public interests But while these great
works Of improvement are progressing, are not
our agricultural interests sufferingS Are not our
farmers being daily dlspossessed of their lands,
because Of their inability to borrow small amount
Of money to prevent the foreclosing Of mortgages
This is 80. And it is plain that we, as q nation
and commercial people, are deprived ofthe amount
of capital necessary to carry on a healthy trade.


The government holds the key 10 the great
source Of money, and instead of permitting fair
supply, is hording up tina. which the people have.
Farmers are taxed heavily by the government on
every article Of husbandry and consumption, while
their grain is lower comparatively than for many
years. This tax comes to them like thief in the
night and dispossesses them without their knowl-
edge, but daily the darkened hand is in their
pockets and their substance is being absorbed
their lands depressed and the earth absolutely de-
MED the privilege of yielding the accustomed
amount of its fruits because it is not replenshed
with tbs necessary nurture.


The currency is curtailed to bring paper up to
par, which can never be effected until the govern.
ment commences to pay specie. This it could
have done year ago if it had desired. But 1t
wishes to play into the hands of the traders in
money. There never was q time when the United
States could have paid larger proportion OF ta
circulating medium with gold. The old State
banks never could do it. The mass Of the people
do not want gold and silver-they would not have
it, nor IS it necessary that complete and entire
resumption should be made at once. If partial
resumption were made gresnbacks' would 20 up
to par, and millions Of gold and silver that ia now
hOrded away in small sums would find its way
into the channels Of trade. Then the govern
ments objection to snlargng the issues of curren.
ey would most likely be obviated