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died and left it to me they were producing in. Five or six men manage each of these | try and Great Britain. I have obtained some about seven thousand pieces of calico cloth in institutions. Is it hard to control these men

information on that point, which I send to the a week, not of a very superior character. Dur. by interesting them in the profits of operations | desk to be read as part of my remarks. ing the past year that institution, without much or by the pride of social attention? Thus falls

The Chief Clerk read as follows: if any additional apparatus or capital, has pro all this mighty power into the hands of those

DEPARTMENT OF AGRICULTURE. duced fifiy thousand pieces a week, and it is who will use the means to exercise control of

WASHINGTON, Murch 12, 1869. now being carried on at twenty and twenty it. The banks, then, are tools to be used by

DEAR SIR: In response to your request for a state

ment showing the rate of increase in the product of two cents for colton, while all New England the men behind them, and they come here for wheat per acre in Great Britain, and giving some is manufacturing upon a value of nearly thirty legislation in their own interest and to promote

idea of the rate of decrease in production per acre in two ceuts for the same quality. An article the advantage of their masters.

this country, allow me to say that our temporary

occupancy of lands in wheat, and the extension of which enters into the production of that prod. Mr. ABBOTT. If the Senator from Rhode

wheat growing to new fields, which will in turn be uct almost to the same extent is being intro Island will yield, I will make a motion that

abandoned in a few years, preverts a proper appreduced into it at a price averaging twelve cents,

ciation of the alarming decrease in the yield which is the Senate proceed to the consideration of

actually observed in localities in which wheat growwhen those about me are compelled to employ executive business.

ing has been long practiced. it at twenty. If there is any anxiety concern Mr. SPRAGUE. Not at present. Is it the

It is a fact that diminution of yield is the rule, to ing that state of things it is beyond my calcu habit of men constituted like tbis assemblage

which theo ly exceptions are furnished by a low

scientific farmers in ali States in which the same lauds lation to understand it.

and the other House to bow in obedience to are cultivated in wheat for a series of years. For Sir, the insinuation came before the article and to believe in the suggestions made by instance, in Ohio, for a period of tivo year; ending in

1851, the average yield was thirteen and three tenths to me in private communications, and from the wealthy capitalists? The same influence is

bushels; for succeeding period of five years, eleven very people who now exercise the vicious and

operating on every public officer in the land, and two tenths bushels : for eight years, ending in damnable influence over all the industries of and if he be not more than human, as I have 1867, ten and five tenths busbels. Comparing the this country to which I have adverted. previously said, he will surrender to the tempt

period ending in 1851 with the last five years, a still

greater reduction is sbown, nine and three tenths It is not my purpose at this time to give ations placed before him. Here, under my bushels being the average, or a reduction of four utterance to my views of the character of those own observation, was an offer to a $3,000 bushels, or ihirty per cent. decrease in fourteen insinuations, or to give to the country a history

years. clerk to report upon a certain matter in a cer

In 1866, owing to severe winter-killing, the average of pernicious influences that they have exer tain way, and $100,000 worth of temptation was ruinously depressed in the Ohio valley, being cised from the beginning of my public career was placed before him. Here, also, in my

but four and five tenths bushels in Ohio, tive and until the present time, where they have dis beliet, was the cause of a provision agreed

nino tenths in Indiana, and six and five tenibs in

Kentucky. The average for the United States in that graced the whole annals of the State if it was to by both Houses of Congress, being lett year did not exceed ten and five tenths bushels. made public; they have made cowards of men, off an appropriation bill involving a saving to

A remarkable decrease in production is reported disgraced regiments of men, disgraced a State,

in the Genesee valley, the bread-yielding section so this Government of $2,000,000.

These are

famous a few years since. The New York census of disgraced an army, disgraced a country. I will are two instances out of thousands. The 1865 gives but twelve bushels as the average for tho furnish the information on some subsequent people are led to believe that the distillers of crop of 1861 in that State. Vur national average for

a few years past has not exceeded twelve bushels per occasion. It is only that which might be whisky are the real offenders in corrupting

acre, notwithstanding the larger yields of California, expected in regard to a man who takes an public officers. This is not so. The laws of and occasionally some of newly-settled western and independent stand in this country contrary to Congress are of such a character that the dis. northwestern States.

Turning to England, an increase in production can those who are wielding unbounded control, tiller can barely survive after he shall have paid

be shown amounting in one hundred years to tive who have the control of your legislation, your the levies put upon him by Government officials bushels per acre. In 1770, according to Arthur Young. business, your capital, and who make Senators acting as the tools of the power I have indi. tho yield was twenty-three bushels; in 1850, by the the objective point of their attack, who corrupt cated that stands behind and shares in the theft

estimates of Caird, twenty-six and a ball busheis;

at the present time twenty-eight bushels is conwherever they touch. It is as I might have and extortion. The forced levies of arbitrary || sidered the real average, though the crop of last year expected. Sir, if there is any man in this power in the most corrupt days of the Roman

exceeded it. The average in Ireland for twenty years

past is placed at twenty-tour bushels; for Great Britassembly or in the other House, or engaged in empire never equaled those I have indicated.

ain-England, Scotland, and Ireland-twenty-seven any public or official duty, that can stand the In iheir operations stand charged some names bushels. attacks, that can stand the corruptive influences that stand high in the estimation of the people

Very respectfully,

HORACE CAPRON, of the powers now urged against me, he is of the Republic. No people were ever so

Commissioner. more than a god. It cannot be done. That viciously controlled as the people of the United Hon. WILLIAM SPRAGUE, United States Senate. influence is to-day riding rough shod through States now are. As this power is unseen and

Mr. SPRAGUE. I have received a comout the country, and yet the Senator from Mas subtle, it is much more dangerous and vicious. sachusetts tells us that all is serene! It shields itself, if attacked, behind its vie.

munication from the West which I desire to A capitalist is he who has money or whose tim or tool. Hence the capitalist will as read

embody in these remarks, and hence I ask for credit enables him to command money. He ily abandon parties, politicians, Legislatures,

its reading.

The Chief Clerk read as follows: knows nothing or next to nothing of any of the banks, &c., as he has used them whenever requirements of the trade and industry of the they fall into disfavor with the people, when.

INDIANAPOLIS, March 25, 1869. people, and he cares nothing except to use ever the people are tempted to strike against

DEAR SIR: I observe that you made some remarks ibem. His management is first to seize great

yesterday in the Senate upon the tbrentening onthis tool or victim to obtain redress, and each

dition of public affairs. Have the kindness to send organized capital, like, for instance, the banks time missing the real cause of their misery the me a full report of them. Our papers quite generally of New York. These banks have first the actual culprits escape. You can never put your published the remarks you inade upon we same sub

ject two or three weeks ago. Are our legislators currency issued to them by the Government hands on them bodily, for their number is added

blind? Can they not see tuat they are directly and of the United States; then the deposits of to or taken from as speculations or operations indirectly robbing every man of enterprise and sendnational banks in the interior; then the de. succeed or fail. The people may strike down

ing want and

unisery to four fifths of our people? Such posits of small capitalists, who receive a small the tool or victim, as they did in the case Jef.

a shrinkage in everything as is now going forward

was never known in this country. Those who are interest thereon; then the deposits of men freys, but they will never reach the seat of directly or indirectly, connected with banks are doing business; then the deposits of postmas. their troubles until they have driven the king

swallowing up everything at a rapidly compounding

Our laborers and mechanics are losing their ters, pension agents, Navy and Army disbursing from the throne by instituting the control of little homes by hundreds and thousands that a very officers, and a host of other Government offi the money market indicated by the proposition few may suddenly make their moneyed capital equal cials. to disburse the Government funds and place

to specie. The price of the necessaries of life still Here is collected a mighty power, either for

keeps up, as capital cannot be had to enable our peoon the market daily the balances of Govern.

ple to engage in agricuiture. It requires capital to good or evil, to be used in the interest of the ment receipts and individual deposits, and this enable them to engage even in gardening. people or against their interest; and in addi. through men who have the public confidence

When, in 1864 and 1865, capital was plenty the

price of all necessaries of life, and even vegetables, tion to this mighty power there is exercised and whose operations will surely command the

ient by reason of the facility with wbich capital the facility of indorsing or certifying checks situation, give stability to material interests, to Was obtained to enable a gardener to commence the to an amount perliaps larger than both the society, to religion, and politics, and liberate

cultivation of a few acres. Now those who would

turn their attention to agriculture in a small way deposits and capital." Thus is created one of the people.

cannot. Hence prices of all articles a family needs the mightiest engines that ever existed on the I have not raised my voice to destroy any keup up. I refer to this to call attention to the fact face of the globe. Isit exerted in the interest | interests, but to preserve them all, and I come

that our laborers and skilled mechanics cannot turn of trade and commerce? Where is your com to show the clear way to remedy the difficulty.

their attention to production if they would, and also

to call attention to another suggestive fact, that almerce? I have told you that your trade was Do it, and that speedily, or your seats will be though so many men were withdrawn from agriculunprofitable. Is it exercised in the interest of vacated and the people will do it for them

ture in 1864 and 1805, there was a gradual decline in

price of all the articles needed for family use by the agriculturists of this country? I have on selves; and as constitutions are of no possible reason of sutlicient capital to enable our people to my table undoubted evidences of the want of account without it, they will make it the first embark in production. With $1,000,000,000 of circuprosperity in all the interior portion of the article that they next enact. This statement

lation the price of tour, meat, butter, cheese, vegeta

bles, &c., weut down on account of increased prowestern country separated from the cities. Cer. is made for the consideration of the candid

duction and competition in pruduction, and gold to tainly this great engine has not exercised itself and thoughtful, as the people unacquainted about twenty-tive per cent. premium. While within the interest of any of these industries. It with great business operations are not expected

drawing currency and oppressing labor interests, tho

prico of all else las gone up, by reason of the iuais somewhere. It is at work. Power never to comprehend it, and I ask of those who can bility of our people to get the small capital required remains idle in the hands of good, bad, or comprehend what I now say to teach the peo by them for engaging even in supplying our markets. indifferent men. These banks as a general thing | ple the true cause of their present difficulty.

A specie basis can only be reached by force under

the present policy. It might have come through are managed by men who are ignorant of every I made a statement some days since as to

prosperity. Can it be reached and maintained by otber pursuit than that which they are engaged ll the disparity of production between this coun drying up all sources of private revenuo excopt by

rate.

and through Government monopoly? To-day I notice that Amos A. Walker, of Boston, has another plan for attaining a specie basis.” Contraction, iho road he points out; contraction and destruction of values of all except the necessaries of life, money obligations, and that which is held up by class legislatiou for capital.

I say no legislation based on contraction and the dwarting of the values of productive property can secure a specie basis unless despotic power is inaugurated. "Is it possible for the money power of this country to carry out their terrible policy? Can they who now are daily swallowing up the property of their fellow-citizens in order that their bonds and bank stocks shall be equal to gold accomplish their objects? I think not. The United States House of Representatives in 1870 will reverse the engine, No man in the West or middle States can be elected who favors the Sherman-Schenck policy. In 1871 we will sce

dead-locks" in Congress, and the cry for quarter will not come alone from those now oppressed, The bondholder will then be a suppliant. Why could not the bondholder and capitalist in money permit general prosperity and the increase of the objects of taxation? Why not permit that prosperity to continue which enabled the people to pay nearly six hundred million dollars of tho public debt in one year? I do not believe that in the history of the world such blindness and insanity ever seized upon a moneyed class as has taken possession of the bondholders and bankers of the East. "One extreme follows another," and they have manifested such a disregard of the other interests of the country, and such a reckless indifference to the sufferings of a patriotic people, who if permitted to live without being impoverished would havo willingly paid the debt, that they will in 1871 be in a minority in Congress in the popular branch, and be willing to take what they can get, which will be little indeed.

I believe if the currency had not been contracted, and all manipulation of the public funds by McCulloch avoided, tbat now we would have been very near a specie basis, and the price of all home productions for necessary supply would have been low, and that the Government could have collected $500,000,000 easier than it can now collect $100.000.000,' I have no fears after 1870. New faces and new ideas will fill the popular branch of Congress. The pent-up feelings of detestation and sense of wrong daily growing will burst forth like a volcano upon the heads of those who now are deaf to what you are telling them, and blind to the suffering they could observe it not absorbed in the acquisition of unbeard-of wealth by legislation. The President pledged himself to obey the people. He will know their views in 1870, if not before. The example the bondholders and their instruments have set in Congress will beimitated when the representatives of other interests occupy the places where laws are made. It cannot be otherwiso, or our people are to be slaves, and a few are to rule mapy. Why should they be in haste to build up an aristocracy of wealth in this country? Why should this young country be dwarfed into a commercial dependency of the European Governments for the benefit of importers, bondholders, inoneylenders, and a legally created aristocracy of wealth?

Warn them again and again. Your speeches are published in every newspaper in the country that does not belong to the bondholders, or that is not in their interest. Continue to warn them of the effect their cruel policy is producing. Tell then it in the end will be their destruction, or they will be compelled to pour out their money like water to sustain some usurper who will try to prove that "a public debt is the parent of despotism.” If it shall becomo necessary for the money power to create a despotism in order that the debt inay be paid, can a despot bo found equal to the task required? If found, will not the expense attending the establishinent and perpetuation of such a power, cause the creation of another debt? Is it not best to cause our people to feel that there is no antagonism between the bondholders and themselves? Can such an extent of territory as ours be governed by one inan in the interest of a class who to enhance the value of their wealth in “paper promises" strives to grind the last dollar from that kind of enterprise, which if spared, would have diffused taxation and not even thought of the debt as oppressive? Why so sensitive? Why montbly some suggestive enactment to "strengthen public credit," when all public credit depends upon private progperity and credit? Can publie credit be stronger as private credit is weakened ? Governor Morton said in a late speech that the patient was being daily depleted wbile needing tonics and supporting treatment. He might have said with equal truth that there was not only daily depletion, but a daily lesgening of nutrition,

I fear that I am horing you with this long letter. My object in writing was merely to give you a word of encouragement, and to indicate ihe effect of present legislation. I do not want to see a contest between labor and capital. I abhor such an unnecessary conflict. I do not desire to see the debtor section marshaled against the creditor section; I do not wish to see a revengeful spirit engendered between classes; I do not desire to see candidates for Congress obtaining votos by inflaming the prejudices of our people against those wbo hold the public debt; but can such a spectacle be avoided? The fact that we have still out nearly four hundred million dollars in greenbacks only causes the people to regard the public debt. Take away that portion of the public debt in wbich the people havo a direct interest and it will only have the friendship of the constantly decreasing few who will own it. `In 1870 the debt and bonds will be the theme. The oppressors of labor and industry will be the victims unless they heed your warning voice. There will be neither sympathy or favor for those who have, for temporary benefit to

themselves, risked public faith and honor, and who are rapidly transforming a people who wanted the debt all bonestly paid to the last cent into a reckless condition of desperation, which in the end will bring woes to others than those now oppressed. How unpecessary is all this stagnation in business. How stupid, bow suicidal, the course now pursued by those I refer to. As you told them, they have done no good, while doing infiuite harm. I do not expect them to heed your warnings. I expeet them to laugh at your predictions now, but do expect them in the end to call you a prophet. Tell them to look out for the result of the elections in 1870, which will send men to Congress who will "strengthen private credit." The mutterings and murmurings which are not now listened to will swell into the stunning thunders of "repeal.” There will be no division among those whose warnings, persuasions, and prayers for quarter have been treated with silence or disdain. Excuse this long letter. Hon. WILLIAM SPRAGUE.

Mr. SPRAGUE, Mr. President, prior to 1861 the farming as well as the manufacturing interest of this whole country was in a state of general bankruptcy. There is not a member here from the West who can gainsay the position I assume. There is not a man in New England that can displace that proposition.

Mr. WILSON. What is the proposition ?

Nr. SPRAGUE. The proposition that if the manufacturing interest of New England was sold prior to this war it would not have paid the debts of those engaged in that business. If legislators of the past can find satis. faction in the hand that they have had in sbap. ing the destinies of this country I must confess that they are satisfied with very small results. Why should we be behind the nations of Europe? Why should we be behind Great Britain, with a territory not greater than the State of New York, and with a climate not favorable to the development of the industries in which she is engaged, and this country with every variety of climate, with a virgin soil, with everything that the hand of man desires ? We are considered in the estimation of the world to. day as destructives and disorganizers. That is the estimate put upon the people of this country whenever they go abroad or whenever legislation is directed toward the relations that exist between them. Is that a picture to rejoice the heart of an American citizen ?

Mr. President, I have no other object but to convince everybody of the disastrous condition of our situation and to point out the reinedy. I tell the Senator from Massachusetts that the condition of the industries of bis State and of New England may be compared to a row of bricks, when one goes your fabric is gone. There is not a banker in New York but will admit the fact that if in the case of a certified check that is made without deposits behind it to a large amount the person who receives the check thus certified should repudiate his obli. gation, down would go the mighty structure there. If, sirs, you are not standing on a vol. cano I am no judge of the condition of things; and it is all in consequence of this mighty power waged against the industries of the coun. try and of the masses of the people.

Here come to me letters from the South : "Extricate us from tbe terrible extortions that are made upon us by the moneyed men; twenty. five per cent. per annum to carry on our busi. ness, and money difficult to get at that." Wby, sir, it is in my remembrance that a shaver of paper beyond the legal rate was detested and despised by the whole community wherein he lived, but to day he commands all branches of your industry and property, and is as surely enslaving the people of this country as the slave-master who commanded his negro household. I have felt anxious about the situation because I have seen this tendency for three years and I have studied this question deeply, night and day, for three years, and I believe i comprehend the situation.

Does the Senator from Massachusetts under. stand the forces by which business is regulated ? Can he create a business and carry it on profitably? Can he, when that business is in danger of being brought to a stand, suggest measures that will carry it on successfully? Yes, sir, he can, in the issue of more power to the mas.

ter here and elsewhere, for that in substance is the character of the proposition he presents to this body. I have no doubt that he is informed by those around him that the condition of the people of this country is peaceful and prosperous, but the information that he receives is from men who derive advantage from his great position and great influence. Can he tell of his own knowledge that the statements he makes can be relied upon? Can he tell that his informants know correctly as to the information which they give him? Certainly not. What does he know about society? How much of it does he mingle with ? He mingles with those that he comprehends. Are they such men as can give a comprehensive view of our present situation ? No man sball stand here, either through inattention or ignorance or from any other cause, and mistake the situation.

He tells the people of this country that tbeir material interests are prosperous, and that everybody is getting rich. He may influence this Senate, but the people will ask him if he intends to make them believe that white is not white, but that it is black. As the farmer who was rich laughed at one that made the state. ment that he was poor, so will the masses of the people of this country laugh at the statement made by the Senator from Massachusetts.

The Senator understands parties, the crea tion of parties, and the carrying of them on successfully. No man is more familiar with that subject; but he mistakes his calling when be gives utterance to opinions toucbing the inter. ests of the masses of the people of the United States. Cities are indeed prosperous, and the whole capital of this country is collected in those cities, and the power of that capital is controlled and exercised in increasing the value of the property there; but the people outside of the cities suffer, and the people in the cities suffer too. Not three weeks ago information came to me of a gentleman advertising for labor to go to the South, and the first day he had three hundred applicants, and the vext three thousand. Does that indicate a state of contentment among the people in the rich city of New York? I'be manufacturers of New England, induced by my example, are manufacturing to-day at a loss, and accumulating stocks, and they have made no money for the past two or three years. Money is made by manufacturers only by the application of the power that I have indicated, which crushes out those who are engaged in the same business with itself.

The tendency of this collection of capital in few hands, as I have repeated time and time again, is to crush out all small industries and to build up mammoth ones, and they are being built up on the poverty of the people of the United States and to the sacrifice of their property unchecked. They are running riot over this land. Why, sir, in the exercise of this power a man connected with the Erie railroad who two years ago was without a dollar in his pocket exercises five hundred times more control now over the business and social affairs of this country than Rothschilds with his $400,000,000 can exercise in the affairs of Great Britain. Rothschilds to-day, exercising all the power of his $400,000,000, cannot change the value of consols one eighth of one per cent.

I have spoken of society in this country. The Senator from Massachusetts has told us that the moral condition of the people of this country may be imitated with profit. My comparison of the people of our own country with people abroad has been criticised by anony. mous letters, the writers of which say to me ". You must be familiar with that disturbing element in and among American society. Certainly, if I was not familiar with American society I should not have hazarded the statement that I made. I make no statement in this Senate or elsewhere that I cannot sab stantiate by the clearest proof and the best evidence. Anonymous writers criticise the

noon.

comparison. The corruptions, the dregs of pointed to the President and to the various fifteen days, and it would then be rediscounted. society abroad, appear at stated places growing heads of Departments, the objective points of What value is there in a circulation when it out of the purifying of the stream of general || the office seekers from every section of this must be constantly distributed in that way? Is society, and Americans who travel abroad mix country, and I told you that no man or set of it a capital on wbich business can be done, and and iningle in that filth and come home here men could stand before the pressure thus exer is it that upon which you can rely, my friends to inculcate the immoralities that they have cised upon them. The people of this country from the South, to do your planting and farm. seen upon their own society. The comparison | might as well understand that the men engaged ing and other business? Our bills were held cannot in any form or in any manner cease to in legislation and in performing the executive at as high a credit as the national currency is be exactly as I have indicated it. I might point functions pertaining to the administration of now or ever will be. Let the bills be redeemed to the condition of things and the reeking cor the Government are muzzled, and the Govern. before tbe sale of the bonds, and the securities ruptions attending the collection of your inter ment is breaking down by the force of this that were received when the currency was disnal revenue. It is clear to any man with half weight thus placed upon them.

counted must be sold. Then what are the an eye that the statement I have made is true, It is said that the people of a republic will customers to do who have their obligations to and it is responded to perhaps more than any receive unwholesome truths carelessly, and meet, and who must pay the wages to those remark that I have made since it was my duty that they will derive no advantage from such they employ? There will come on the market to take my stand upon this floor.

truths when placed before them; that they $350,000,000 of your currency to be paid for This great power that I have referred to, will not act upon them; that it is only under by the capital of the banks, and your business corrupt and vicious, now controlling the affairs monarchical institutions that virtue can pre- will cease to be carried on. Besides, about of this country, and which the people can vail. This statement comes from men who are the same tiine your market is to receive an never touch except by the application of a familiar with both and bave watched both for additional amount of $400,000,000 of your power of a like character and equal to it, in a years. I deny the assertion. If the people || bonds. That, it must be easily observed, demonarchical government is resisted and sub of a republic can be made to comprebend ihe preciates the value of both the bonds and the dned, as Charles I, when he stole the deposits | principle ou which monarchs give prosperity securities; but it does not lessen the indebtedof the Goldsmiths and put them in the tower, to their people, and apply it to their own insti. ness of the banks. You never, so long as each and then took them from the tower for his tutions, why will they not succeed as well? A of you live, can arrive at a conditiou of specie own use. We have no such controlling influ monarch having his throne to sustain is more payınents on the road that you have comence over this most despotic, this most tyran. watchful and guarded than any irresponsible menced and followed with such terrific disasters nical power upon our whole society.

representative body. Hence he applies the to the interests of the people of this country. Mr. FESSENDEN. I ask the Senator to principle and the means that will best promote This measure is in the interest of speculators. yield to a motion that we go into executive his security. This people need never intrust My friends from the South will get no possible session. It is now twenty minutes to tive, and superior control in any man's hands, as they || advantage from this act. They think they will. we must have an executive session this after have in the remedy I have proposed a sure one, I vote against it because it adds to the power

more faithful, more honest, more reliable than centralized in New York, which holds despotic Mr. SHERMAN. I hope we shall get a vote any man can possibly be. The people of the sway from the center to the circumference of on the bill.

United States have been pointed to this man this country. If it were to rest in the hands of Mr. FESSENDEN. That is out of the ques. and to that man on whom they were to rely. those engaged in the productive interests of the tion.

The moment when they made that application South it might be confined to those interests; Mr. SHERMAN. I hope the friends of this

commenced the temptation by which that fa- but I have never yet seen men engaged in any bill will sit it out.

vorite hoped to arrive at superior power over business who would not apply their means Mr. FESSENDEN. The Senator from them. The people of this country should re where they would obtain the highest profit. Rhode Island has not finished.

pudiate every man who is not competent to Those who have money to loan will be exceed. Mr. SHERMAN. Those who are opposed take care of the situation and give good and | ingly cautious how they invest this year to be to the bill seem determined to prolong the wholesome advice, no matter wbat may bave paid in the next, dependent upon the price of debate day after day. We have already spent been his previous history or his previous ser the products of the farmer. The men who three days upon it, and those in favor of its vices. If any man foists himself upon the obtain this currency by depositing the bonds passage have not occupied the time.

people of this country because of past ser of the United States in the Treasury will take Mr. FESSENDEN. The Senator does not vices, unless he is successful in continuing it from the South and will use it in the botteries seem to be any nearer the end than he was

those services in the interest of the people, that are going on in every city of the United three days ago.

he is a worthless instrument, and should be States. If its tendency was in any other direcMr. SHERMAN. We shall have a vote, I abandoned at once.

tion, why is there pot a flow of the $700,000,000 think, after a while, if we sit it out.

Sir, the Senate controls to-day the execu. of currency that now exists to the southern The VICE PRESIDENT. Does the Sen.

tive, the legislative, and the material interests | States, where money commands twenty-five pir ator from Rhode Island yield to the inotion

of this country. The Senate of the United cent to-day? It will go to New York. Our of the Senator from Maine?

States is responsible for the present condition currency from Rhode Island goes to New York; Mr. SPRAGUE. Yes, sir.

of the political, social, and material affairs of and when it is required to pay our people we Mr. SHERMAN. I object to the Senator

the people, and it is because I believe that buy it. We send to New York for it. It does yielding for that purpose.

responsibility rests here that I have taken the not come to us. Mr. FESSENDEN. The Senator from Ohio

time of the Senate as I have to give to them But, sir, I do not oppose this proposition on

the benefit of my experience and my research. has no right to object. The Senator from

that ground. This change is one of the most I shall close now with a hasty consideration of Rhode Island says he yields, and I make the

dangerous experiments that has ever been sug. ibe idea which has blinded this body and the gested by the Finance Committee and advomotion.

people and the executive department of this The VICE PRESIDENT. It has been the

cated by the Senate. I told you the other practice of the Senate, as the Chair under

Government, who have control over our affairs, || day that it would disturb the relations of sixty

that our present disturbed condition is in con or ninety million dollars if the proposition of stands, to allow a Senator on the floor to yield to a motion for an adjournment or for an

sequence of the non-payment of specie. We the Senator from Indiana prevails. What will

are told that specie payments will effect a cure be the result of taking from the money marexecutive session. The Senator from Maine

for our financial difficulties. The aim, then, ket, even for three or four days, any portion moves that the Senate now proceed to the con. is to force such a condition. It is not to come sideration of executive business.

of this $20,000,000 ? It will all be taken with Mr. SHERMAN called for the yeas and as a natural consequence of the increase of the

great rapidity, for the sharks, who now obindustries of the people, but it must be forced nays, and they were ordered ; and being taken,

serve with keen eye all opportunities to absorb through by legislative enactment. Your com lands or money or securities, will seize upon resulted-yeas 13, nays 42; as follows:

merce is destroyed; your manufacturing inter: it; and my southern brethren invite them to YEAS-Messrs. Anthony, Brownlow, Buckingham, ests jeopardized; your agriculture paying no take this capital and to carry it to New York. Chandler, Cragin, Fessenden, Harlan, Patterson, Ramsey, Scott, Sprague, Sumner, and Yates-13.

profit; trade stagnant and dull, and without I do not oppose tbis proposition at all beNAYS-Messrs. Abbott, Bayard, Boreman, Cas profit; and yet epecie payments are to be forced cause it will take circulation from Rhode serly, Cole. Conkling. Corbett, Davis, Drake, Fenton, upon the people of this country, and every day Island. The Senate found it hard to believe Fowler, Gilbert, Hamlin, Harris, lowe, Kellogg. McCreery, McDonald, Morrill, Morton, Nye, Osborn,

that the screw is turned labor ceases to be || that suggestion. But, sir, I have advised those Pomeroy, Pool, Pratt, Rice, Robertson, Ross. Sawyer, employed, and the people are anxious as to who manage the banks in which I am interScburz, Sherman, Spencer, Stockton, Thayer, Thur their living for the future.

When specie pay;

ested to retire a portion of this circulation, man, Tipton. Trumbull, Vickers, Warner, Willey, Williams, and Wilson-42. ments are thus forced the holders of national

that they may be prepared for that which, in ABSENT - Messrs. Cameron, Carpenter, Cattell, bank currency will apply for redemption. Let my judgment, will speedily happen unless the Edmunds. Ferry, Grimes, Hamilton, Howard, Nor them do it, and see where they will come out. change that I propose is made-the depreciton, Saulsbury, and Stewart-11.

The bonds of the banks will be forced on the ation of the Government securities—to avail So the motion was not agreed to.

market. My friends will say, let them be themselves of the bigh price of Government Mr. SPRAGUE. Mr. President, I said on forced.

stocks at this time to save their capital. This a former occasion, touching the ability of this The banks of New England, under my own | bill does not take from the State of Rhode Island body to originate wise legislation, that owing observation, were unable prior to the war to one cent of capital. It restores to that State to the pressure from without it was impossible keep out more than ten per cent of their cir capital. One dollar in every ten that is taken for them to give time and close attention to the culation, and the time that that circulation from her is a restoration. It is a matter of interconsideration of important public matters. I was kept out would not average inore than est on that currency, and it is to transfer it from

row.

twenty thousand people ; for I will observe to abler hands when I am engaged in my duties disheartened by the theory which he propounds. here that the banks that are dovetailed into || here, and represented it as an attack upon We all share in the benefit of each other's the business in which I am engaged are owned him. Will he be so kind as to read the para. prosperity. No man can get rich without in by six hundred people. My interest and the graph if he bas it with him?

some degree enriching those around him; and interest of those that I represent would be Mr. SPRAGUE, I have some difficulty in we skall doubtless see in the abundant income something like twenty thousand dollars. Take | finding it.

returns of the next year some relief from the all these banks that are affected by the propo Mr. POMEROY. We can have it to-mor burden which press upon less fortunate tax: sition under discussion, and it is to take from

payers. twenty thousand laboring people, who use these Mr. ANTHONY. I shall detain the Senate Mr. President, I could not avoid some refbanks as their depositories, and give it to one but a moment.

erence to the remarks of my colleague. It is hundred speculators.

Mr. SPRAGUE. This is one. I cannot with some restraint that I forbid myself to make Sir, it is following exactly in the precedents || find the other. [Sending a newspaper slip to further reply; and yet I prefer not to do so. that have been established of creating great Mr. ANTHONY: ]

But having been alluded to in so pointed a powers, great monopolies, and telling the peo Mr. ANTHONY. Is it the paragraph that manner, having been called out personally and ple that you are engaged in promoting their is marked in this slip?

charged with an article which my colleague, of material and social interests and their political Mr. SPRAGUE.. Yes, sir; that is one of course, knows I did not write and which bears advancement. Under the guise of doing some. them.

no such construction as he has put upon it, I thing for the South, the business interests of Mr. ANTHONY. Will the Clerk read it? could not avoid making some reply. the country will be jarred from its center to its The Chief Clerk read as follows:

Sir, I do not believe that the country is in circumference, and the South will get not one “Senator Sprague made another speech in the

any such condition as my colleague thinks it. cent of advantage from the experiment. It is Senate yesterday, in which he reiterated views pre I believe that the gloomy picture exists only in not going to affect New England alone. I

viously expressed, and deprecated the prevalent low the too vivid imagination of the man who holds

tone of public morals in society as well as in polipredict that those who write me from the South tics. The Senator's intense application to his offi

it before us. I believe that with an honest and complain of being compelled to pay twenty.

cial duties and to his extensive private interests, we administration of the Government, with a rigid five per cent. will in cousequence of this profear, causes him to take too gloomy a view of the

collection of the taxes, and with a faithful general situation." position be forced to pay thirty per cent.

application of them to the just expenditures Is this a measure in the interest of the peo.

Mr. ANTHONY. How my colleague, with of the Government, with the boundless and ple of the United States? Sir, it is a measure whom my relations have always been of the almost untouched natural resources of the West, in the interest of the establishment of institu most friendly character, and to whom the paper with industry springing to new enterprises, we tions like the Park Bank of New York. The to which he refers has always, at least since bis are entering upon a career of prosperity such condition of this country-I cannot parallel it

election to this body, given a cordial and gen. as is not paralleled in the history of the world. in any better way-is like that of a mad horse erous support, can find in that paragraph an Mr. SPRAGUE. do not intend to detain in full run with broken reins, or a steam-engine

attack upon his mercantile credit, I am utterly the Senate. I merely wish to observe that it without a regulator. The remedy for it all is

unable to perceive. It bears no such construc. will be my duty, in order to make good the in the paragraph that I will read; and I point tion. I am not bound to defend it, for I never

point that I have made in reference to those to this little book and ask Senators, when they saw it until after it was published and reached who are controlling the destinies of this country have time, to examine it-Hankey on Banking.

this city ; but I must certainly say that it bears to its ruin, to mark those who originated the In the paragraph that I shall read is the whole no such construction ; and I appeal to every article in the paper to which I have referred secret of the success of Great Britain. Adopt

Senator who has heard it read it it can fairly properly here and before the country on another her plan, and in six months your finances will

be so construed, and if it constitutes a proper occasion, on another day. be in as healthy a condition in the matter of || provocation for the manner in which my col

That the people of Rhode Island feel secure interest as hers is. If you will provide this league has referred to it. I regard it as merely in their material interests I have no doubt. machinery, I will give a bond to the extent of a kindly explanation of the extraordinary My prosperity is owing to the breaking down my whole property that that condition of things speeches which my colleague has made here, of everybody engaged in the same interest will exist; that instead of building your rail taking so singular and so gloomy a view of pube with me; and that is the condition in which roads and losing them at the same time on the

lic attairs, politically, financially, socially, and this country now is. I know the workings of capital advanced to you from London, you will morally.

this pernicious system, and from that comes have the capital at your door thanking you for

I did not intend to allude to those speeches, my alarm. If I knew nothing, if my attention, using it. Speaking of the Bank of England,

and it affords me no pleasure to do so now; like that of the people of Rhode Island, was the writer says:

but, Mr. President, I should not be true to our directed entirely to their business, I should "No.3 is perhaps the most important of all, as it

common constituency if I did not say that such feel secure; but as my attention has not been comprises all the accounts kept on behalf of Gov views find no echo in the State whose commis. absorbed in personal gains or the consideraeroment, for whom the bank receives every shilling sion we both bear. The people of Rhode Island tion of personal gains, but in looking throughof the income of the nation as well as the accounts do not believe that the country is on the verge of a large number of public and private mercanule

out this country, I felt it my duty to warn them and other establishments; and hero it is that the of ruin. They do not believe that the finances and to warn the country as to their present economy of banking can be most fully appreciated. are hopelessly deranged, or so deranged that situation and condition. I said in a former The whole revenue of the Government arising from its daily receipts of customs, excise, post office, taxes,

the only remedy is to be found in some such speech that they did not know that this war et ainps, &c., no matter whether received in London, | plan as my colleague has introduced. They was pending. The Senator did not know that Cornwall, the Hebrides or Galway, tinds its way do not believe that labor is unrewarded ; and, this war was pending. If he did he was dere. almost immediately into the Bank of England, and is thereby rendered instantly available for the daily

although capital in too many of its investments lict in his duty; for we had no armed men to demands on the State. In all these transmissions at this time yields but scanty returns, they do. offset the arming of those who were organizing scarcely a sorereign is used; the whole is effec!ed not find that it is altogether unremunerated. with arms in their hands to subvert the Gos by purely banking arrangements. The collector of Government may require to transmit £50,000 from

Still less have they any evidence that the coun ernment and to control it. On another day, Liverpool to London, but some private individual try is plunged into the depths of social degra on another occasion, I will speak of the influ. on the same day wants to remit £50,000 from London dation. However it may be elsewhere, and I to Liverpool through the Bank of England or through

enee behind the paragraph to which the Senasome other bank: both transactions arecarried out by

know of no such condition of things anywhere tor refers. themere entry in books and the advice or instructions in the country, it certainly does not exist Mr. ANTHONY. I certainly do not sopsent by the post. Therevenue is paid into the Bank of England at the rate of about one million pounds a among our coustituency. Our fathers are not

pose my colleague means to refer to any infaweek; that is in ordinary times. A considerable por

afraid to trust their daughters into the society ences operating upon me that I do not arow tion ofthis is allowed to accumulate to provide means in which their mothers were reared. Our

here. on each quarter day for the payment of the dividends

mothers do not apprehend, beyond the natural Mr. SPRAGUE. I disclaim anything on on the Government debt. Suddenly on those days five or six million sterling are paid away by the bank to

iimits of maternal solicitude, the temptations the Senator. I speak of the influences exer the public: but the difference as to the abundance to which their sons are exposed. Our hus. cised upon his paper. I have charged him or scarcity of money just before or just after tho pay bands close their doors without any apprehen. with nothing ment of this large sum is scarcely appreciable."

sions for the purity of the domestic hearth. The VICÊ PRESIDENT. The question is There go into our sub-Treasury from day to My colleague, I think, has himself offered, on the amendment of the Senator from luday and from week to week large amounts of and I was pleased to hear it, one of the best diana. taxes, and they are kept there, while the money refutations of his own theory. Himself a large Mr. MORTON. I suggest that the change in the parket is bare and scarce, and is oper business man, he has informed us in his speech from $20,000,000 to $30,000,000 must be mado ated upon to make it still scarcer by the spec. that his profits have been larger for this year also in another line of the same section, to make ulators with knowledge of the circumstance, than they ever were for three years before. it consistent. to create for themselves increased value on Sir, there are other great business men, great The VICE PRESIDENT. The Secretary the capital that they employ.

merchants and great manufacturers in the coun: has indicated it in both places. I thank the Senate for their attention.

try, men who manage their business with ability, Mr. WILSON. Mr. President, I know what Mr. ANTHONY. Mr. President, my col with skill, and with abundant capital. Is it time it is and I know how anxious the Senate league in the early part of his speech made an to be supposed that while one man has added is to vote, yet I propose to take a few moments allusion so pointed to me that it is impossible largely to his fortune, others have been ex: of time. I took occasion to day to say, without for me to overlook it. He referred to a para- || bausting their own? I think that we should || reflecting upon the Senator from Rhode Island graph in a newspaper with which I am con take courage from this statement which he or any one else, that I believed the affairs of nected, but the management of which I leave makes of his own knowledge rather than be our country were not desperate ; that they were

men.

per week.

in a reasonably prosperous condition ; that the central States or the great West, but I will tell Germany come to this country by hundreds of country was making good progress in many the Senator from Rhode Island that the people | thousands to secure the means of living. Meu respects. The Senator from Rhode Island is of Massachusetts have added $600,000,000 to here who have secured the means of living pleased to ask me how I learned these things, | their property in the last ten years. Some find it cheaper to live in Germany. Does not in what society I have associated to attain my body in that State may know how to make this fact demonstrate that America is the land views of the condition of the country and the money, even in spinning cotton. The Senator for the poor, for the toiling man, that Germany character of our people. Sir, I am not a cot from Rhode Island tells us he has made more is the country for the rich man to spend hiis ton spinner. I own no mills, run no spindles ; | money in the six months past than in any other money in? America is the land to earn money I employ not ten thousand men ; but I have period. Perhaps there are men even in Mag in, Germany is the country to spend money in. eyes and ears. And although I know that men sachusetts who can say the same thing. While The Senator is continually pointing us toward often think they see when they are only look the Senator from Rhode Island is adding to the Old World. He has grown in love with ing, I think I have some little knowledge of his vast possessions, millions of other men England and British institutions. He does not the condition of affairs in my country, some may be adding their little mites to the accu. tell us of her one million paupers, nor of the conception of its people. To the Senator from mulated wealth of the nation. I would sug: other millions on the verge of pauperism. Sir, Rhode Island I venture to say that no state gest to the Senator that it may not be the it has become quite the fashion to speak of ment made by him touching the country or its wiser part to undervalue the small acquisitions || the laboring men of the United States as an people, financially or morally, is sustained by of the masses of his countrymen.

oppressed, degraded, and perishing class of facts. The American people may to his vision Sir, I am not here to find fault with others

I know something of the stern trials appear the most debased portion of civilized or to lecture the Senate. I made no unkind of men who seek of their fellow-men leave to mankind; the nation may be sleeping on vol. or disrespectful allusion to the Senator. I toil for wages, but I know, and I am grateful canic fires, ready to be plunged into the abyss know no reason why the Senator should in. to God for the cheering fact, that the laboring of financial ruin and moral corruption, but my dulge in the remarks he has, excepting that men of the country have made immense progvision is not far-sighted enough to see this somehow or other the Senator seems now to ress during the past third of a century. moral desolation.

think it is his mission to make Senators the I speak not now of the mighty change in the Sir, he tells us the country was bankrupt | objective points of assault. He tells us that condition of the toiling millions of the South. before 1860. Bankrupt before 1860? Sir, ocher business men have been crushed out and I speak of the improvement in the condition from 1850 to 1860 this nation added to its he has made money by their disasters. The of the great body of the mechanics and workwealth more than $1,000,000,000. The prop Senator may find that Senators may not be so ing men of the North, of New England, of erty in the United States was increased more easily crushed out, though they are the objective | Massachusetts, and of Rhode Island, too. I than one hundred and twenty per cent. in points of his assaults.

happened to be born in New Hampsbire, in a those ten years in which the country is sup Nor, sir, am I here to give my biography, farming community. I have toiled in the field posed by the Senator to have been perish. to tell the country how much basiness I have in the cold of winter and in the heat of suming. From 1860 to this day we have added, done, nor to assail my brother Senators who mer with as good men as ever handled hoe or in spite of the war and every loss connected are quite as good as I am. While I have no swung ax or scythe, who received fifty cents with it, thousands of millions of dollars to belief in the state of things that the Senator per day for their labor, and received their pay the accumulated property of the country. has depicted, I know there are great trials we not in money, but in corn at one dollar per These facts are patent before the country. have been through. I know we have not bushel or pork at seventeen cents per pound. We cannot doubt, question, or deny them. always been wise. I know that we have a great Women in those days went out to labor, to do Question our friends here from the new States deal to go through in the future. But, sir, in housework, to spin and weave for fifty cents of the great Northwest. They will tell you how spite of

our national debt, in spite of our demagnificently those States have moved forward | preciated currency, in spite of all the evils, Sir, I venture to state a fact that illustrates in prosperity ; how they have increased in financial, social, and moral, that are around the wonderful improvement in the condition wealth; how they have established schools; us and about us, this nation is increasing in of working men. In the winter of 1833, when how they have built churches; how the means wealth, adding to the means of moral and I came of age, I hired myself for one month of intellectual and moral culture have been mental culture; is making larger contributions to a farmer of my native town. I went into advanced. The rapid development of the West for all benevolent purposes than at any other the forests, drove teams, chopped wood and is a wonder, a marvel to the world, Sir, I rode | period in its history.

timber, working at least fourteen hours daily. last autumn with Mr. E. B. Washburne over The Senator talks about the laboring men For this work received the enormous sum miles of his glorious district. Hetold me that of the country, the toilers and workers. Sir, I of six dollars in cash. fourteen years before he had ridden over about say to the Senator that in spite of all the bur. Mr. POMEROY. Per day? twenty miles of the most beautiful country I ever dens and evils we have had to pass through Mr. WILSON. Six dollars for one month. gazed upon, and there was but one farm upon the mechanics and workingmen, the men who I then thought I was quite fortunate to get six it. It is all covered now with cultivated farms, toil for wages, have increased in the means of dollars in money for that month's hard toil. settled by men of enterprise, wealth, and intel | material, moral, and intellectual improvement, The wages of labor have increased in that region ligence. No man can pass over that portion in the means to be better men and better in New England since that day three or four of the country without realizing the wonderful women. I care little about adding millions to fold. Hard as is the lot, and perhaps ever will advancement of that people. Go to young

the wealth of the country. The great thing to be, of laboring men, the houses, the furniture, Minnesota ; go to Iowa, so prosperous and so achieve is to raise in this country good men and the means of improvement of their children, great, and see the material prosperity there women, intelligent men and women. I know the accumulations in the savings-banks, all and the means of moral and intellectual cul. laboring men have made most wonderful prog: demonstrate the advanced position of workture; go to rising Kansas, over which only a ress during the past thirty years. I listen to ingmen during the past thirty years. Better, few years ago we were struggling here, and the Senator from Rhode Island always with far better inspire hope and courage than to you find hundreds of thousands of thriving patience, sometimes with pleasure. I respect | inculcate hopelessness and despair. people, a State covered with magnificent farms; that Senator, and I do not know why he should The VICE PRESIDENT. The question is go to the East, the central States, the West, to indulge in remarks that may be construed as on the amendment of the Senator from Inany portion of the loyal States, and you will I think some of the remarks that fell from him diana, wbich is to strike out “$20,000,000" see strength and power, abounding prosperity, may be construed. I shall not, however, at where it occurs in the fourth section, and to and all the means of moral and intellectual this hour of the day, take up further the time insert “$30,000,000.". culture, the refining influence of Christian of the Senate. On the amendment that I have Mr. MORTON. I ask for the yeas and nays civilization.

proposed I desire to have the yeas and nays. on my amendment. The honorable Senatoris continually quoting Mr. SPRAGUE. I do not mean to occupy The yeas and nays were ordered ; and being England to us. Why, sir, we have built dur. the attention of the Senate nor to reply to the taken, resulted-yeas 32, nays 20; as follows: ing the last fifteen years fifty school-houses to Senator. If he or any other Senator asserts YEAS-Messrs. Abbott, Bayard, Boreman, Colo, England's one; we have built twenty churches doctrines here contrary to those in which I be.

Davis, Fowler, Gilbert, Harlan. Harris, Howe, Kelto her one. We have increased the means of

logg. McCreery, McDonald, Morton, Nye, Osborn, lieve and to the disadvantage of the people of

Pomeroy, Pool, Pratt, Ramsey, Rice, Robertson, culture for the people in this country to an this country, I shall attack them to the best of Sawyer, Schurz. Spencer, Stockton, Thayer, Thurextent that neither England nor her vaunted my ability. I think that the people of this

man, Tipton, Warner, Willey, and Yates-32.

NÀYS-Messrs. Anthony, Brownlow, Buckingham, statesmen ever dreamed of. Of our twenty- || country have bad advice enough; it should not

Cameron, Casserly, Cattell, Conkling, Corbett, Cragin, five millions of population in the loyal States come from this body.

Drake, Fessenden, Hamlin, Morrill, Patterson, Sherthere are twenty millions among them who in I intended in my remarks to make a state man, Sprague, Sumner, Vickers, Williams, and Wilmoral and mental culture, in the power to ment which will somewhat answer the position ABSENT-Messrs. Carpenter, Chandler, Edmunds, accomplish results, cannot be found in any taken by the Senator. It costs to live in this Fenton, Ferry, Grimes, Hamilton, Howard, Norton, land, in England or anywhere else. Go to New | country from three to five times as much as it

Ross, Saulsbury, Scott, Stewart, and Trumbull-14. York and see it advancing in population and does in Germany to-day.

So the amendment was agreed to. wealth, extending its boundaries miles up the Mr. WILSON. The Senator tells us it costs The VICE PRESIDENT. There was Hudson. Go to Philadelphia, to Pittsburg, from three to five times as much to live in this another amendment indicated by the SenChicago, St. Louis, and the rising cities of the country as it does to live in Germany. Yes, ator from South Carolina (Mr. SAWYER) this West, and you will realize something of the Mr. President, it costs more to live in this afternoon, which was not then in order, which wonderful progress of our nation in material country than it does in Germany, but the means the Secretary will now report. power.

by which to live are from three to five times The Chief Clerk read the amendment, which New England is less prosperous than the greater in this country. The toiling men of was in section four, line thirty-eight, to strike

son-20.

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