Chicago Daily Tribune Newspaper, November 10, 1874, Page 1

OLUME 28, PRANG'S AMERICAN COHROMOS. o e e s IS Svvbuve sy PaANes () American Chromos, *Thoy diffaso a Tove of art, lucreass papular apprects- Hon of 1¢, xdd beauty to homos which without them wonld b bara and bleak, and thus add to the almpla and taste- fal influcnces which sbould bo gathored abent the home lifo of our poopls. Wo walcomo ovory frosh addition to Mr. Prang's llst of publications, aud are espoclally proud thatin & work requiring auch doxterity of manipulation and auch loving tenderncea snd pattence of toll, au Amor. fcan establishment has thus fac bosn able to lead the world."'~{New York Tribune, Anunsorupulous parties ars known to bo offering Chro. mos of all sorta under the fraudalent represcntation that Ihey are of our muke, purchasers should invarlably ds- mand to sse the trads.mark on alt plotures offered to thom as ** PRANO'S AMZNIOAN CrnoMos,” and shonld 0o that they aro marked with the firm name en the front of tha ploturo. PRANG'S AMERICAY SweoNoS are for sale 84 all Art Btares thronghont tae world. Tilustratod Catalogues malled froe e any address s application. L. PRANG & CO., FINE ART PUBLISHERS, BosroN, Miss. REAL ESTATE, FOR EALE. Four New Two-Slory Cottage Honses MORGAN PARK, Prices from $1,600 to $6,000. desirable parties will soll on 10 annual pl’l;‘l,ne.fiur.n lutgust at 7 por cent. Hydrant wator in the houses, and railrond fare only Koeia i Jiomgan ook f.ane of the plose; Filifond Tacilitias, ood aaheoly and halsg society. . rides to see the property any day bee mlgfi m.e Alxo, great Enrznln? in lota, THE BLUE ISLAND LAND AND BUIEDING CO. i 3EO. B OLARFH, Agont LAXKE NAVIGATION. GOODRICH'S STEAMERS. For Racine, Milwaukes, Sheboygan, Manite- wic, olc., daily(Sandags excepted T Baturday's boat doa't For Grand Haven, Muskegon, ote., Wednesday, and Friday... e For Bt. Joseph, Tuesday, Thursday, and Bat- Wor Maciiton xad Ladington, Tamsdny and Thursdar...esees, .. o Groen Hiy standing up, who said ¢ TO RENT. HOTEL FOR RENT, Comer Cottage Grove-av. and Fifty-first-st., fronting the Boath Park. Bullding new, of thorougli construction: »izo 60 by 100 foot: throo stories and basoment, with gas, water, fire-plugs, and all modern convonlonces. It is slt~ “ON THE DRIVE From Graud Boulovard lo Droxsl-av., through the South Park, To parties of eapital and exporionce a favorable lease will be made. Apply lo THE BLUE ISLAND LAND & BUILDING CO., No. 11 Chambor of Commerca. MISCELLANECUS. [Applause,] tilo community. I hope I shall bo CHICAGO, TUESDAY, NOVEMBER 10, 1874--TEN PAGES. and Ineolvoncy from no than from its sizo, It bons! came, of .£20,000,000 NUMBER 79, 1 :E«:\l’;.a‘ what oapital has mado Iustosd of capita Boo how it comon pon TUE BAXKING woRLD | Vo mado capital, iave oxplainod ¢ ho goody, they other roagon slmply d, bofora tho panla of doposite, whioh moans lodged varlous sums iu ita ey could reclnim when thoy chose, terling wero tho groat ank,butthe terriblodan- y 5 Locauss $20,000,000 v an {finite number of and tho mood and mind of thoso in- o fright avd slasn—in eminon man very quistly goos al Hohaaa greas reputa- ng man, aud {8 asko Ho_ shakes hin hoa And thon anothor man who has oy in that bauk goes hiome to liis wifo do not liko the shake of the head, am very uncasy about m rror and the punle aproad. That is f & crios as much as thoso in A gront number i brought to the not beeauso hin Luainess is is nlarm of his deposilors them. It would have been llke losses by gam- bling, The uation of Amorica is not poorer or riobior for gambling dobta or gambling lossas. A s not-poorer or richer as a richor or poorer ns againat A, b TUR QUANTITY OF WEALTI in Amorica remning just tho ssnio; and auppos- reonbacks and your notes woro burned, would Amorica be any poorer or richer? Not ona bit, Tho ahortof itls, Amorics {s 50 many bita of paper the less, But of courso agreat numberof porsons prosent-—Ican- not say exaotly who—would not k thoir debts, and a great number of persons would be unable to reccive their dobis; but the collect- ivo people of Amerioa would thoy wero tho samo amount of proporty In the power of foeding tho people ; g the peoplo ; the hing would be juat of paper woro Bont- books, but hio has no oapital worth s; aking of— er and applause,) E. TEST OF OAPITAL uced, Whon it ir reproduced, opulation of the country whom you Lave oyod with t}llll capital have beon well BONAMY PRICE, - His Lecture Yesterday Evening on Commer- cial Crises. sixponce per pound, what happensd? Evor; thelr shirt as long as ] Every lady had to T gainst By or B | s, that it in roprod content Lerdol? with ono di nod the Lancashire man woro coming to bim im allve, bacauso the mill; ho used cotton i ought it in vory amall thoro was destruotion of woalt] of profits, and a dimi tho word oriuls," ly; it was undorstood all 0 panie {u tho sonso of un- matter ; overybody under- iminution of ‘tho ‘national ound that no to foed him and koep woro closod, ag peo- not buy i, or and you keep the gor in the hour must have beon hold b, tholr roward for t| aud there {a no losa to tho natlon. bocauso the gooda -that thoy havo ace everything consnmed which has rod to maito those goods, tho national woalth doos pital intact, it docs ios,—doos not got poor ; the vo produced as muoh woalth royed, and they goin tu 1876, Int Tho man who owns the or of tho machiuory—tho man aya “I will givo you thio wagos boforo the iven me these things," 8o you oo that human ng aud destroying, Wo Wo should, perhaps, bo glad Wa raito corn in order to Wo maintain shoep in order to ot tho ‘oat troublo about silk In order That is human Lfo, nud thero was nition of bust- | beon a lot of food and other muking thoe bala of cotton, in the oporation, to the bankor's gives a power t thinga consumed in But tho bale 14 nold aud it passos sonichow or othor books ; and that bale of cotton 0 the bauker, bocause thore is & mado by the destruction that was fug it. But If yon make unflnlshed g8 thnt are not ropro- of whal thoy costin thing in the operation,—all o bankor'a hands, and tho Dlons mo ! Why, 7, and lie novor draws his money o elng & vory kno y bave you dono 2" ave bad (o pay ¢ camo_on graduall. round ; thero was n bo just whors Standard Hall Filled with a Large Au- not got firto diffien] industrial people ha a8 they havo dest 1874, nnd bogin a lifo ia conductod. capital—tho owu nation; tho same the same power same power of making anyt! the samo if all thoso piccos tored and thrown to the winds, groat faots which I have b groat facts which are occu liko the Frenohmen, ough ho used to have .a n's dinner evory you mako thing ducad'to the full extent *%34| making, thero is nof mssod through th anker fiuds, all of my deposits are all diminishin, 8818 msolf bow is thut ? Ho Lis ouly got to do Thoy are d]:mini or the potatoo, Tooks havo buon " eate Bocause I have mnd tho oporation. and I'have mado those thioro iy vothing to well, his doposita getiing ve merchant, who was not tion of capital, thinks th give him go, 0 without his moat, th gmnd. good Englluhmn tho commercinl eon dosoribing, thoss rring in thia town and must recoive soma othor oxplanation than tho nonscnso that they can como from pleces of paper or from gold. But paoplo will toll moy DOES NOT MONEY BUY? money, caw’t I buy 7" Pore it the money is good too, suguage totally forgot & question of gold and the mmor, or your gold nothing, Yon' are not richer for hnving bought the gold or the silver. You are just whore you were. You have given ; you have got suothor Tho “ouly thing that can oc- 8 this now form of proporty er—more uaoful for you than roperty you have givon awny ? Wall, to A cortain extent—to tho extont of facll- ity in buying, and solling, very ussful thing to buy; a very good aud just ag it is a usofal thing ing, DBut that is nol crushed, 'Then a banker, too, woro tho eloments of & orisls, round vory ofton, A Tucid and Interesting Treatment of His Hifo is composod of maki make to destroy, enough to destroy Now you sce from this how a nation and diminution of t Ishes the nation Now, Low about THIS 'WORD ** onisis 2" No doubt, In crises thore i n sudf_ poront, It comes liko a thunder-stgs cloar aky, as the Romana used to ;% g it; nobody was oz s / for it, aud [n & moment thote i ¢~ 7 | ning, tho town ison firo ; thoro., and rolllng; fortunoea ara disapy fright is tromondous, atancen, gontlamon, you, ciroumstancos thomselvos of real) with tho reality of tho renlity of the which I have descri TIHE BPASMS OF THR HOUR morcial community. But, gentlemen, ave done I hopo to show you that tho d the groat faots are not iu tho bank- community—that these ugonies which are thoro first como mot from oventa that ara croated in Lombard stroot or iu Wall LITTLE THINRING, Wby? Bocauso oll the or tho shesp and the bul- u and consumed. Why? o nothing that wiil sell'in vo_inid theso linos sf irom, holen in tho ground, aud And Mr., Bnuker inds slack, and the poor aming of this ques. wool. Waaroat to wear it o ut, And if I havo lots of foctly true; you can Peoplo who use thi this groat fact,~if it is silver,—you ghuat pa; Bomotimes one The Real Causes Which Lead to Crises. I wander away from shall bo thankfalto any gontloman in the room for calling mo back. Itemember I am making to you what I boliove to ba s sciontific aud cortainly I am not making a mone- Now, let ne look at. LUK SECOND ATAGE OF EVENTS, crigis, vory strango cir~ cumstatcer coma over tho land ; brighit and prog- igs canvob bo carried on; a that wero going ou vigor- opped altogother ; & nim- ro solling goods sell goods or of luborory employod at aud who wers in groat domand can no fonper get employmont, or be o tromely inadoquato wagos, 1 xond Bruce's book on work and gigantic concornn, auic or crigis of 1860, 08 it was called, 0 quantity of wages that waa receiver avy and tho Englivh workmen -, Gundering o accommodations. 0 a long fuce, nnd says : ** Monoy oar, aud my doposits are wonder- aud I cannot acconnt for it.” d tho merohout, who Las boen ration with Calcutta or with rolied upon_his banior to flud I reliod upon you. )y billy heforo ; why Aftor a panic, afi nway somo proporty viaca of property. cur with this, is: I —this gold and silv 28 I nm going to oxplain to of dotall, circumstancos in small Importauce compared And what wag porous undertaitin groat ummber ot ously 1anguish, or ber of porsons who' Tho next quontion is IIOW DO NATIONS OET MCHER ? got pooror ? It is quite obvious will ‘bo stationary if it keops its t—dooa not multiply its numbers ; iniug stationary though it is no bote orials turns up, ow of population, Destroying Capital in Unre- munerative Under- takings. openiug an ope how do nations Jnpay, and who and carcying—it is a handsome wages, You have always discounted dou't you discount them now’ 0 ond of the banker's kn 8 boyund that. reokless destruotions was thinking was an excollen body could underatand, ing from Amorica, the b thio Manchestor merchas wore not applying to the proper thing to buy ; o buy a proper quan » cortain quantity which evervhody t thing, Every- If cotton was not com- aoks wors not lending to nts; the factory peoplo o difforont money-lend- ors to give thom fands and meaus; thore & goneral proparation : instead of that A railway Is an thera is vothing enriches s Way ; that nothing enriches a ilway is porfeotly true ; it iu 1umont of nationsl wealth Robort Stophonson said mora than ays of Euglavd, ng to their pro- off the national onson In kaying that was por— #hown, though I oll, gentlomon, YENY PROMISING ; icher, and are vo tor it i no worso; no Iam not going to” talk ni bocause that s foroign it has something to do with ¢l it is 80 remot doet a nation gof of cooking, and a cortaln hit and a cottain quontity of [Laughtor aud ap- My funde are short,” and that{s But there iu this great aud after fi wag destroyed ¥ bo matior, but ¢ that I sball not toucl it. t richor? Tho usual languaga 8 ' by saviugs.” I bolleve, gou- you would havo n grent den) of tun it everybody in the room asied Lis savings wero, having saviugs and that Lis ros your, partienlarly if it tato, or in New York, provislon for his girl N "1 WILL SAVE." What does hosave, aud where is {t? Does ho Wauld saving bits of paper [Laughter.] = fhe well if the nation but we are explaming than it necds, ving is that somothing is ; that thore is & plus in the a man iy richer by £1,000 Docewbor than he was on ‘the st of January. What is it that b and where fn it? What Constitutes Nations Grow Richer or Poorers 2, (S5 people cowing to CIIII lllll EOW a certaln quantity of knives, an art with a portion of your proport; nivos. But when you have kni thon comes tho quostion: “Is it more? I havo100 kniven, buy 600." T thiuk when th the world would say all over tho lan: ontlemon, does not this rather show d Lombard street inust bo art of tho fact, and that ING TO INVESTIGATE, at and to explain,)is, what s nation, that months—] icA & yoar or more—alior 8t autumn, your trado is in your workmen sre wayin, scarce ?” I have mot peopls in the yarious towns Ihavo passod, working alassos, e labor market is vory dull; thers and for our soil ; thors is" nothip, aud wages aro drooping.” I Agros with .me TIEAT I8 A CRISIS, ly, because nabody ought of what wug the loss tuat must ty, or what bocama uonseuss, whother greoubacks,” or mora aud other uncerlnintios of that g8 of wenlth ; as if 4 without paying for whon tho’ crisis occurs, thers s aston- and us in’ all casos whers verybody gets to be in vorybody gets argning as hio is right, and even tha ho thinks about it, the and thore is nuthiug so And thou comes bLis neighbor what What is meant by a nation ? A gountloman has $6,000 a 8 ho has got & good lot of girls, rabably ot that 86,000 & a an English entailed cs- , and ho would like to male thoro was thia stato of thiogs, oxcellont thing; councry like & rail: country like & ra; the groatest inst and Lam going to o follow said that, {o is vory noar to a The erlsls com dreamed of it ; going on ; nobod vuds aid propord of thom ; but chiera was that there wero moro or less ** only a very partial p tha trnoe thing ta lool has happened to thi balieve now in Amori the groat crisls of Ja An Unconvertible Currency, and How Set Afloat, d it is the same with money. doed, will buy, but the queation is: want to bold that mouey, That is the question., If ) money, or other means, although it is tho same apor, then you see the quantity of monsy is d, a3 any quantity of any other too). You limit tho quautity of knives by Liave, or what you actually noed. quautity of shoos you Lave in your houss by the of feot you have in the houte; vou limit the quantity of hats by tho numbor of hoads thore aro to cover; YOU LIMIT THE QUANTITY OF MONRY —what I call monov—atrictly mouey, motal— with tho habits of tha worid, by bank no‘es, which sye very well for tlus purpose to call money, You waut monoy enough to do a small quautity of trade, or bu; is olfocted by monoy, and selling "of the worls monoy at all, to havo waut is just the same thi bas use for only twenty cows, boing auch an ass a8 to go aud buy ore, or do your buying?" ou can buy without kind, n4 if they they got_into your pocke theymf' [Laughter,] : turough which and Robert Stop! who say, *Th foctly right, as bave not time to oxplain it, TIX BAILWAYS LOOKED wo aro all going to be ri much eucouraged by the ba A Word Abont Banking and Bankers ~Their Aid in Creatiwg #ave bits of paper? give anythiug to the piccos of paper will do very romaius whers it is: whera a nation bas more idea of the word s waved, not destroyod matter,—~that is, on tho 3lst of the quantity you ; you limit tho thero is no knowlodge a fog. [Laugbter.) to who is wrong and wi banker bimself goty [lsughtor], and the more ore he don't like it; bad as anxioty and car TUR ARDITRARY ELEMENT OF MERE FRIGUT, and it is & very curious thing. oned it in suy of mv books, n very carious thing, and it is foctly teue : That the destrc- , which ends in such disnster, may Eroat prosperity, had prosperous times 1 tho War. posaiblo that vou should huve & Jolly tiia for six mouths [laug ke to cat up in that six mouths wii parts of tho ea me plicnomona, two p tho samo oceur, renco and evont, that $he agony 8, and the stir in Lombard and Wall streots, is but a trifle compared with tho nation, with the effoot upon ita wages, aud the effoct upon tho works going on. 1f we moan to oxplain a erisis, theso aue the facts wo have got to investi and tho effects in the banlkin, little flourish, sud aro tri other great offects, Now it was vory customary smongst bankers to talk alout s mouotury pauio, sounding word that, * monotary imposing word. promium ~ upon tho sha Folly of a Further Issue of Greenbacks. the railsoy-makers aro tl; bpin, and thoy go faut, proposed, and moro rail ward ; aud, mind you, bots upon the Stock: bot you three to on Engiand willstand at that would not prod that would only be that one m won, and auothier mun would -havo loat: but tho oporation I am describing ush of monay, and thoy and more schomos aro lways ato bronght for- if it was merely gambling xohango,—if 1t was, 1 0 thiag thie uational debt of 93, or at 89, this day montl,” however largo ; nn would have £ ey TR Tnstoad of talkdng of & wo will tak of s mation, Lord that the English work- One thing more, I Linve never monti but it iy cortanly this—aud it is per Palmoraton has estimated ingmon eave £150,000,000 is a vory random shot, and do not boliove it. Howovor, it w difficalt to say what it is, but in- stoad of £150,000,000, we 000,000, and tho quosti 000 that tho pation has saved? Most y not in eovereigna. thoro aro not more sovoreigns i there wore n year ago. #oved, and it is ail savings, The snvings of the country are OF IT8 CAPITAL; 0 industry ; it is a man's ing & better dinuer, he- or haviug flner wine, be- Iwillnot havo that.flue wine, and I will not bave that bottor dinner, but I will do somothing for the girls," What will be do for his girls? bit of canal ? belp to make n bit of to mnke ronds about his ostato ? of dralnago? What ! age uaved? Thero ia ing oud selling, which ut ay tho groat buying d i not couductad by more money than you ing a8 tho farmer who The audience which grested Ba namy Price, the Political Economist, at Standard Hall lant evening, was vory large in numbrs as woll ns eminently rospectable, Many of Cho more prom- inent laywors, morchants, and capitalists and litorary mon ¢if the city, as well as a soore or two of ladios, wa re prosont, and all seomod to avprociate the practically scientifia talk of Oxford's distingmished Professor, and waltod pationtly—over two Loura—unta he con- oluded. Tho hall waa densoly crowded, o much 80 that moro people could not huve boon forced in, 'Tho majority obtained ‘seats, but two or three hundred were amply compensated for g world aro oul fling compnred to the taka it to bo £50,- whero are thosa it waid that you banlkars, clorgymon, Em b R el g Inof & wholly difforont {Laughter and ap What 1 the mosning “of - thoye hat raige the premtuma ? uat workmon aro set to ay; that tho workmen oapital wages, thorn is such o om 3 thoro is & domn and the iron peoploe of Paun: The ignomut man aud tho plain-dealing merohant who oomes within ear- Bhot of theso vory groat oraclos who say it is a monetary crigis, and that ** thiz orlsis,—why, you Amorica or Englaud Mot assuredly n England than These sovereigns are not moonshine to talk about Now, gentlomen, that quoestion about the power of buving brings me to THR KESNKL OF TIXK WIOLE JUBITOT —what it {a that makes makes' a crisia folt a yor what makes tho distress of Wall st bard street small in comparison with the perma~ nont distsess, the permanen| pormanent woight upon upon the public fortune, which are the consoquen this occurrence, which am going 10 Apesk & word iu whioh tha wh erot s coniaived. Let us.now go to scientifio facts. Let us oxamino the facts, tuat workman find it dif tho meaning of this? work to maks tho sallm Lt wo do not think in Jatun; or in March, what is_gois July, aud Auguss, we may indeod lent time of it, i & monstary capnob bo surprisod that areia groat dificulty.,” But, 'y, oF in Februery, dnve, THH INCREASE it is more funds put int eaying, “I ustend of eati cause I am richor, causo I can afford it, domand for the [Lougiter.] Wa mny rigatly i ol up, ee every- overybody is going man that if every- over, and pdoplo da did beforo. Bu, it action of tho stores pro- v—0at up thowe atores,— roet aud Lom- y #0e our sharaa g thing doing well, and think to ba rich, Lhere i no hur bady will work as much ax not destroy more than thoy thoy increaso tho dusty vided to sustain labor, WIIAT 18 A MONETARY CRISIS? What fs & monetary crisis 7 A monetnry orisis| The very name is somothing of oither Ints of gold or of pieces of paper. Thers i3 no othor possible definition of the word monoy but that. Am Ito bo told that & year aftor that timo the American laboror is in great difficulties bLecauso & huppened to bita of paper ? on that I can acespt, as a ra~ tional boing, of & great national dopression—ot & win? ‘That great factorles 3 that they should mot bo s becaudo placos of paper it is quite enough that ina sciontilo world, if such & ot was presonted to tho soientific investigator, bo would brush it asido ss not worth waating a minuto upon it. 1f you say it is gold,—1f you suy it is shortness of gold, and the shortnoss of gold lnst year is to Iain why you in Amorica should ba in great gold was wanted, wo buy more ; but when o thoy richer for it ? Amoriea word to got sha bo £1 the richer ? that whon the groat to Germauny, and for makers of cars, doing @ prosperous business, drinking champagne and buyin, and all “tho storos and “they ars and they aro g fiuo clothos, and shops 1 tho town aro g well, overybads i sponding a8 fast ns pos- le, and tho cousumption and destruction of going ou grandly; and, as h England, tho middle classes, with mee buy shares with overy shilling they com- 1t was reckoned that the clergymon and some of the grentest crisis of tha:year, t depression, the tho public industry, aund which are genoratod— co8,—not gonoratedjof The locturer was introduced: by E. 0. LARNED, 5., Holp to make a hislp to do s bit Is monoy put into drain- no botter eavings in the by being drained pro- & year ago somethin, . b i Frrurow-OrTizexs: At ihe request of the oLt an expludali Board of Trade and of the (Y.tizons’ Associntion, Prof. Prico has kindly consiated to deliver a leco ture in Chicago, Ho is of the University of Ox- ford, as you woll know, awil his reputation ns a thinker and writor on the rubjects about which bo I8 to address us is eo ‘woll known that I es- toom it to bo & raro privil ege that wo aro to have the pleasure of hoaring kim. I have tho honor to introduce to you Pxrof. Prico, of Oxford. flicylt to got employ- What are you going to do? T slack” business, o not oo to Thete is no disticuity the prairie; thoy wont away gouo, You think you are because ail these t prairie. What is the romo other than time, your capital again, the means of puttin, cronsing the fields of Low wages, noor —all those pheuovmena,— limow what has happened, Thoy ura out on lnst year; thoy ure a8 rich as evor, but bings are on the dy? * Thero is uo uo other than building up no other than by luercasing tho people to work,—in~ Iubor ; and in proportion » You go on steadily ndvaucing fn great national pnraly sliould bo in difficalt ablo to voll their good: are gearce? QGentlomen, wore we doalin; Lypothesis as t of England were losers in 1806 by tha great the process I am describing, earned mouoy,” tho medical men. Why does tho factor who omploys hi Why is business slack ? Thoso are tho facts of tho situation. To understand those facts wo must go to the word which is tho greatest word in political oconomy, and which is lauguage, much groator, year than it did what nors actusl cau therobo? It may have cost mo 810 ta dramn that flold, but if I got oight bushols of corn or more por year,I bave an income to things—eigut bushols out of itls, * [Loughtor, raid ths clergy and What became of it? It was turned iuto iustrumonts of destruction. turned into dustroyers of woalth. It was turned into machines for a lot of peaple to holea in the ground; to bLoaps of carth; to go and end on the girls' o flold for the gi the savings, 8o it is of all the nati got rich—by increasing their i in other words, in- xtra Juxurios and enjoy- applying it to and incressing the than political economy, usitial lifo of man ; the induatrial life You will never underat; subject if you liston to tho banl who beliovo theso woney-denlers, or ng gentlomen who think thoy have the socrels of the industry of the world c 2 if you wilt understand it, liea the way nations eapital by fnpro stead of ‘consuming in e: mouts the work that is woalth-muking macbinery, Iacilities of production, Now lot us tumn the tables, and see HOW NATIONS GROW POOR, sunply ravorsing the process— have muda; sud % o and pilo up great ord ;you, the y piocos of lronb::vur culty now,—why, if bave bind heapa of tima they hiave eot this gold, ar Aro thoy hotter forit? 1t 10,000,000 of gold would # Prof. Prico was raceir;od with tho clapping of hands when ho came fcirward, snd acknowledged the compliment by a graceful bow. When tho applause aubsided ho 15poke as follows: PROIY, PBICE. LADIES AND GESTLI MiEN: I propose to speak to you of commercial crises. I need hardly telt you it is a subject of infinito dobnte, of endlesa aispute, and great uncortaluty among all the writors and mostof tho banlkors fn the morcan- ought not to be a diflicult subjact, and yet it is always troatod ag such, but wle to show yon how it comes topnsa that a mablor which is not really com- Well, uow, gentlemen, when that is over, fn that capital? Did I not tell you tho testof is_reproduced? [y nn power? 1f I saidto all the sorkmon in the State of Illinois to make holes , there would not be a crisis, probobly, becauss you would say: **They are res mouths, to starve,” hands,—the seerot, UR CONSUMPTION, in the groat word, Do not forget that for an ou will now Liave a crivls, you will sniter uutil and so much is saved, instunt. 1€ you do thut But 1t you destroy wealtl that wealth is restored, not in tho shapo of luxu- ries to enjoy, not in the shape of plonsaut thi u must restore 1t by menue \—Testore it ay wigen 1ot thie peoplu,—uot in money,—for wnges are not nonoy,—thoy are only little bits of card, but the tuod and clothing that Lo brings liome to his wife ut night. Tao mwoney is nothing elss but that. It you increaso the funds of slong, but if you go on Jargely you may prolong the 1 have nothuug mora to by, exbausted the subject, It does not oceur to me that 1 have loft anything unexplamed. If I have unfinished railwa; Do you suppose, gentlomen, Frouch indemnity waa paid some 200,000,000 or 300,000,000 pounds went to Germany—do wany was a thing the richer Bo,—not a thing thoy turned this £200,000, into gold watchas, and gol frames dor pictiures, for ornamonts and f Germnny would bo tho richer; but if tho gold wus And yon will never undoratand a “ crisis" unless 01 o to tho root of thiat word, capital. Now, lot us heve a clear naderstanding of the tal, 4'he word capital has been con- soerated, in political aconomy, to a groat fact in the industry of nll nations; that the workman who is called unon to meke tho wealth must or, and clothes during all in tho ground, more than tho; the yoar thore is a loss of c: 6 alwaya such a large qu hint, bless my bhe: u Bupposs Gor- I do not think 000 or .£300,000,000 all goiug, 1 two or th theroforo there would mattor with tho thing rig you; but suppose you persuaded yoursels that MARING HOLES IN THE PRAILLS to get you immenscly 1ich, and you two or'three months ovorything way all goue, and there was nothing left but holes in the gronnd ? [Laughter and applanee,] Yhen that discovery I8 mado, thero is & teri- blo thiug, A small mau has been vuiting il he saves into what ho supposes is good securitios— tu have nbout you ; yoi Wo think tuer of pusinining industry, of things in the novor think of things th: «for a mon to undorstand it, bo alwnys full, but why do n Not for lack of thiugs to bu d not be much surpiiso The shops setm to 0t tho Lecpors soll ? f money, bocauss if thore woro ney with, tho money bave tools, liviug, sholt tha timo bo is working, = TIE INDUSTRIAL LIFE OF MAN 18 composed in this way: We, nous of us, make all we want for ourselves, minorablo boings indood if our own things, and mado uso of the gold or uso, then undoubtedly labor you will get conAnming just na erigig indoilnitoly, L thiuk I bave Wo should be very wolad to make all We should have very noarly tho skins of tho Indians, EITLOYED A8 MONEY 15 tho mouoy {8 to ha kept 1mako that hy- store as_ you call it hero, veory muck, aud ‘would not hosit: that yon wanted —and I am supposin; you had property to insido the country, Tk i plicated its own n ature, howover hard it may bo Tfl AH Wlmm H Mfly [,Blmfll‘}] to follow it out in ¢ Tetail, has been muddled to the * | extent it has All persons who have horotoforc used m: Now, we must in all thesa questions, and neme in connection with any statements ni- ato about going” to tho owier, “I will not sellit I want gold," you go off towomo- ako your paper an iuto thin railway, and, when tho time comes, ho fluds that tho workmen have enton it, the work- men have drunk it, aod he lias no sbare in it It is an untinished lino, athesis—what on earth r all that metal ? Call it gold, Gormaus got it for nothing, old in England, wo would have to pay for is Germany the riclier I earo mnot, tha If we wero to got all thode delightful comforts W0 bave in_our housos, we should have to part with them altogother if it was not for ono great peculinrity in the human race, whioch does not owitted anything, 1 shall bo most happy to bave any gentlemaun sk mo to speak about it. TUE PANIC OF 1837, A voica—I would like to inquirn the couso of But if tho abop: for greonbacks, body who will ¢ Iu not that a destrue- Ieotin%_fllfi honoaty, Integrity, snd fatr fame | 10 00y quostiors that is investigated by man, o1 G. The trado of tho shops will not st amlack, Tormorly fn employo of | proccod from an exawination of tho facts, o poy for it with our property; pay for it | brist in waimals, whith mosne fhia: Wil I you bavo nothing b | seer ayenpital? Was not that tho matter with | ) & Melen=T ould liko t Eugland iv 1857 ine, ure hereby wornad to dosist trom nil | myugt bogin with atating the facts that wo want und any of such stataments, at tho risk of a your conutry lnst year 2 Was not_there a nuwm- this thing, if you will make that. I will mako ber of clavar thinis cnlled bonds ? and wers not ; 4 3Lr. Prioe—Le T bogin to_dinciws much ques- Dooplo talls as if monoy waa » thing that sny- | baue, if you will mako sboos. I, tho American. | SL0 the shop-keapar, notling to bu cution tor a libel, to oxplaiu; we. must uot bogin with thoory w’f"fi% neruo and character of said G, J. Ram- | anterior to the i nvestigation of the facts, Un- laclk, so far as my individual knowledge o::- tions us that,—ihe pacticalur circumstunces With, nothing lo buy tho grosnbacks pavie,—I shall b como in to buy,—becauso you t purchase tho thoso notea bought by the people with their money ? But mark ; bady could have for nothing. No nution evor gots gold or silver oxcopt by will make gotton, if you, the Fronchman, will B di mako wilk, And sour look and proseace horo to- | 1och 30 you donol havo not tho wl R epronch, and it af- | fortunately, in this subject tho non-scientifle }fl?g.f’n":“{z’ffi%&bi’g"gfvg cvidonco of that | procecding—oy orgbody having his theorics, Lact in this public e U HOENIOFEN. overybody hinv g his ideas mado u; Ohicago, Nov. 8, 1874, HOW DID THE PEOPLE GEY THE MONEY ith thoir wealth, with thoir or with_thoir grapos, or with thir fron ; PAYING EQUAL GOODS FOT IT. ighe, gontlomed ; the clothes you wear, the wny richer for getting | huoiein 5 } Te 1o ¥ ' state in which you are to-night,—that you aro not woaring the skins that yoursolves from a few animal A this groat fact of the division of labor. It is not proporly the division of labor, but the 1o doubt. It was & vory short une; Kharp for s while: it was not n panic of any real couse- quence; 1t was more especially amoungst people iu the bauking world who had speculated one That pavic was not one that money ; you Lave nothing to give tho shop- u return for his goods, bow it iy that nations grow poor. to buy bonds? W or with their wool their factory wor and all went down' upou th swallowed it alt up. It went into the Lol You are nevor ong Now ubout th got all those millious of coln, but thoy exchango Gorman_proporty with it not ent that gold; they could not you have stripped a,—all come from | otiars oy 08 800 Natious grow po OONSUMING MORE TIAN T! and they cannot conaume mor has looked at { ho facts—has boon the procoss, and b ence tho confusion. azaiust tho other, bud great offects upon every nation. WIHAT ARE Tl E EPFLCTH OF COMMERCIAL CRISES ? A . Thore aro t+7o_distinct prosent thert iwolves. the ground; sud money was their instrumontal- ity, and at the eud of the one, and tho great mercas oy were not woaring it; thoy dul not is hich staged I whiat thy put 1t, ‘s 1 havo woen in Egypt, on their DIVISION OF EMPLOYMENTS, Tho firss aro tho effects T'he voico—It originuted” upon the Dank of Now, gentloman, if this bo douo, tho man who without diminishin, g their capital minishing those t timo the cupital had tungs which kxeop ntile houses of Now that occur in tho banking world,—in tho a4 ribors. You wil A , n?r"efl%".s:?dll?afi%'\":f:n'“lbvfl‘?-‘} Drotondors whe | place whoro the galo of wind firat makoa i URCAKTALE TION iy AGENCY, cornor Statoand Monroo-its, grows cotton, and netion Lut for othor ni cotton, must be fe must have tools, Rrows cotton not ouly for this ndions thet cannot. grow d, sud must bo clothed, and whatesor thoy may be; just tho #8110 for tho Franchman. or tho Chinaman who They must bhave houses to r. Prico—You may say it originntrd upon tho Bank of Bugland, but must aek what motive tho Duuk of Eugland bay tor doingit, As I fore, panics originata fu tho bauking community anicy, not the case, That is what I desiro to know. try, and causa goods to be made, spends moro than she makoes, or. Bho must be pooror uunle: French, and the Fronch fa Yy otber people on the faco of tho earth; h bavo extraordivary ifistinct ork found—what? ‘That thoy had unfinishod railways, aud, a8 it burdt uj ad -dostroyod their fingors, and ringa upon their toes, of gold. bad s machinory for changing property to differont hands ; was not increased; thero wos n sumptlon which you could cal #he must be poor~ 43 sho does like the co that better than on everybody, that eallTor s subseribions s oy naluboosEoerd® | Staolt lieard, aud ths atorm Aot ron e oy n P ofterwards t 30 for niore important class of of- but the property Teots which:rro subssquent to tho storm—tho otbing in the con- Il wonlth. If tho | makes the silk. who consumed ecauso tho Fronel effocts whic il siproad over tho nation, which are ‘fi, A & folt by ovary laboring man, Gormans sent the gold o ut of Germany, and sent for American cotton, sud sent for American sugar, eent for Euglish iron, and gent for Fronch which are folt by cover the silk-worms; they must have spinners to spin the silk, and, be. fh 7 Th4n; or' WOmen and if they fiud that to spend moro than thoy did laa What was tho cause of the pauic upon the Bunk thoy ars obliged | troyod the wool upon your of Bngland In 18677 sheop ; if it destroy- ed the sitkworn aud t every meret ntilo house and fi; urned it into a lady's dross, A party of lnn!‘xpurlonna in the :n;l“l :ud“nfnklnx the storm k as consed to reach into 4) these poople mus with adaquate re that nico kein t be kapt allve, and provided soutcos znd means for making And when that nice sltein of sill comes into tho town it must be Mr, Prico—~Tha panic in 1857 was caused by disordors in tho Amorican trade, it was in Englaud, 50 far au I know. Inglish panics wore iu '66, '47, and '35, snce the matter by consumin; TFrouchman thinks nothing of Lavi ono day in tho weok whoen ho g it evory dayj tlhere is a lady's dre: w8 t0 wear, for slio wanted something to keo P the cold ont of hor, and I got somathing to put upon my back. I havo logs silk, and paid for it with gold, and got rid of the gold, then, of courso, Gormnny gots o pgreat 0d things for nothing; but if sho offects in the bonking That is what t of New York, and tho hxr,;, meat only 8 beou acens- Firat thero aro tomod to bavin, 1810} ku to t somo ono. ul daslr- . B ek s iy, o | ol oo Take the B s given. ff o, Sy Sidon I Lombard 7.trect of Londo: FOR SALL. /f UE RUMDLINGS UNDELGROUND ity but 0 3 back, v inside of Ler, what ou carth cau | gpun, and thero s avery olaborato procesa again, [ will not ~do, no meut ' at all, s tlu’mha“ :::pl:pco;lrl?]ym:fisnflwnvu panic. of 1857, a8 far as I am ac- that cort'vin houses are called *‘iighy " condition NGW YUPW R s paereel Uy thule W are recotviny you coll it oxcopt putting it from une German pocket into anothor Germar' t Iow i it possiblo to do anything with gold, in o dangorous, as it is oy aro beginning creditors—mis- and another qu of machinery and auothor and clothing, s clothing, and again tho snd over again more muchinary, And perhaps theso bofore 1t gots wn the Iady's back, y th it, was not o really true panic in i tho fact of knving destroyod & great amouut of L douy sltogothor banks to creats a xiont you please, 'I'len, if the nation o beyond a cortain limit, the nation must be poor. Andit is tho sudd: in people not secing aud_understanding havo spoken about, and overybody pocket. [Applause.] hay to be turned into national loss, but the tho loss of meat ; the ) wear her gown six mot must go, but the national wealth loss of a good diuner, o8s to his wife, who must ger ; everything 18 not destroyed, lounoss of the thing iho powor of to the possibulity of mooting 60 LONG A8 IT REMAINS COIN ? daily five to ten cara beat | gagemon ta. Then thore are tho more clothing, Of courso, if you troat it, as I waid before, aa a in trado, but, if {ho national woalth haa not boen Wln\orFruit.wol?mnorted.ffirnliri\llu ;n track | that ma uifost themselves in tho ‘or out of atore, JOIN K condiment for use,if you like to have your nifold, every ono of them requiring sold, if you Jiko to have your tea-ket- destroyed, it is notbing but gaming amongst tools and raw material, —tho national capital, epconlutors—one houso ugainat anothor, YOU MAD A flllE:\T FIRE, The power of mukin, and you choro to build up thess ereat and fino I moan, fs_not dostroyod, 0., world—t a all joint st g _is not destroyed ; and 202 Kinsie-8t. ( ghinres— in the diffiea! TWO-HANDED SCOOPS, | oo oe calezin o E;"”h.:"‘%m ain and foad. Gopacity, ono bushol o %300, 'No retu undfud dold thiy'season, (iress tabor son LAV ET BUGKE ing manifeatly, enlty of providing i works; and a gen- on that is an articlo of wealth, an' articlo of uso ; you aro richer for it, 1t a8 a coin, you aro no ricuor at all, roperty can bo done perfeotly well withe Vory well, so muoh for tho h ais that gold, or pioces of paper, o sball seo, I think, that criscs 00d doal to do with capital. ow, human life furthor d¢ divided into two groat divisions— TUE MAKERS OF 000DS AND THE TRADELS, ribad as the peoplo who put the Tho voico—Was the Englund the result of LABUE SHIPMENTS OF GOLD to the Continvut of Europe? Ar. Priva—No, certainl othor pooplo's heads, Wi whon a uatiou Jike th wil endure groat 4 in othor notions wou! all sorts of calamitio o Fronch can o that, tho patla pon tha Dk o, ostruction of woalth which 1d lavo produced orises and '8, bocauro they meet it by DIMINISHED CONSUMPTION, “If wo make loss, we will consnmo housos which yon bLave built so warvelously, But, gentlemeu, in doing that you destroyed n quantity of food and a quantity 'of wealth of all kinds, and that wealth being dostroyed you have loat it by building theso shops or stores. 'This woalth is lost, but you have largo houses in pluco oral un pasinoss pervades Bavoral | mty. ! lhojoext stago is—houses boy ; not nnloss it got into Qzdor of | ble—tl Is firm bogins to go, nol oas 1t g that othor firm goey 1t possible harm could can explain the Wbl GO o, | to the bank torvified with state of America at tho prosent d; t H he goods whera words to oxpiosy to you my astonishment that gt place ; who put the goods whe and then unconsciously they obsorve the oing to be used, come frowm shipments of gold ? It was an excol- roat Inw of political economy, “ Whato: of rulc, imploring ald, running mad al [Laughtor.] "I want to asy in rofer- b That 8 trade, Thers is one limit within a nation for many of THE NORWAY RAT GOAL HOD' :ru;:: Theso are tho phouomena of great dis- Tl fooblasiied bottom And, side, moota with kross TUCFN COMES THE TRUE ELEMENT OP PANIO {}‘g‘d. Jx,,m;w,l 35 (with 408 Paryoar of the cuminon | _y)if Senich 1 hava bitherto tont Scoop donated), ab any man, possesrad of should tulls, month try is in doep distror and tho merchanty caunot soll, becar o makers of the goo national capital undiot theso things, With pertect safoty, sud without injury, a natlon can destroy upon this sort of work to the extent that it-saves; to the extent thnt 1 bohievo it s a sort of gonoral opinion thac i this quostion of capital you can Renvrate eapital for trade by money. Ibis quite clear ss to gold that you have got to pay the mmor forit; wnd that, thorofore, it iy utterly TATIONAL FAOULTIES, 4 afterwards, that tho coun aud has not population, havo not the businoss and uso something they call ¢ mon. but putting goods in wantod for “uso, railways, all your ¢ individuals make the na- what doos that mean? That food for tho workman; thero is the placos where thoy aro All your shipping, all’your all your mighty trado But, if nations of described mny oc- tional capital Joss, our ir. every trade whoro business is going on MAKES MORX TUAN IT DESTROYH ington- ERiy UCKET €0., Chic: badly, and where people bave got intodifliculties — U BUCKET €0., Chicaga, " wor'ld, Wilboy a 8ot of Ladios® Fushionablo Furs, warranted he world, is nothing goods in the right place torials to the mill, and buf puttiog the right ; gotting the rnw ma- whon tho mill has made y getting it to the people who want it. Well, now, thon, gentlomon, thore.is one con- ital, ‘oue test of the thing being rinl brought into the country for him to worl up clothing, and ke has smallor quanti matorials, and thon, goods mada; loss woalt! vide amongut the whole Thon, as that s s more. surplusngo ; a8 1t is &0 many additional loaves which thoy were not goin, for thomaolves ; us they moro apple-pie and fluer wines, destroy all that oither in malin, in tho natural way, impossible that any increaso of eapital can como feom buying gold. Ivis uot on the cards, If thoro was upon your prairies an Indlan with a yaluablo wkin, uid a white man with auothor vory.valuable picco of property, and tho Indisn doas uot want that other pioce of property—ony from. making bad speculationa—tho speciflo quality and character of what is called & com. morinl crisia which la shown i etary” has happ my astonishment, tho caso of the gold, Lind to pay for it witl lecon of paner, nothing clso; and why Ieay I cannot exprers ly forget that in , If it {8 a metal, thoy hinve b American woalth: and if it is ploces of . pupoy and wa should be suffering g to turn into eating do not uced to have then thoy may g foollsh holoy n the banking- eutlomon, thero aro loss b produced ; less to di- I nead not toll you that a bankeris under a o community, aud su in- new and porfoot, ver y peculiar stato of circumatance: AEAL MUFF AND BOA, $10. HINK KUFF AND RO, $10, | i 3, vy other trador, Lo is boun XINK UTT & COLLAR, 10, LYKX MUTE 440 305 1, | 2 o e s o v o oo Also, Ievonlumudlnflychmnu Mink Bots, anch of uswho is not & banker docs not pay his otudla'at g WO RO W fon 318 0 poas in the goods made. There oro aro all sorts of superfluitios whioh are not nocossary Thoso ure not capital, Dut and that clotbing, and that n ordor to makao tl Roods roatore and roplaca the capital, I, bofare I have dane, I shall show you nootion botwoen this gzont truth, ihis orense of povorty. Now lot us ace whothor wo can got AN EXULANATION OF URISES porfoatly easy, aoling causos that may Ll and will not produce & ically called a “orisiy, proseutly more prosont o little unex- in the ground, beautifying thoir handsomo housos, or ‘makiy they may do all that, aud the disturbance {n the trade, surpass the national wavin dimluution of the cupital ; thing Liaw been destroyod duced, which ls the test of tional moaua of employiny t :gold cune—thoro can bo no businces { }(‘,,;t,lfi,‘f‘, T'here xu‘nolalo.cm{,t“gor& “:I?n: L -kl Tainition o old be inconvenient inconveniont, bo- d not get somo thingy thoy wanted to buy in the town ; and I could under~ staud & person boing extromely perplexed on a railiay, which I8 a ready money trado parks, moking new railways ; re will be na But it they onca gy, that wmoans a thut moans that the without boing ropro- capital—thas the na- g and feeding pooplo bocauso picces of papor wors scarco twelve 0, Pasben my power of comprehonsion, oll imako oue romark more here, aro luxuriea ; t! which do not re; for reproduction, capital {8 thoso tool faud thist was givon | shough it is only AN ILLUSTRATION, sdom of this explanation, e Bank of Ingland notes u Buppose the pouple of England Thero aro flve-and. Thero are slow, sl dostroy a natlon's weal| orlain—what iy teohn; shall oxplaiu the word ully, loaving it for the emall tradori—It i y far 816 to sf'.s. Ghild's et | d 3bts, ho i not mado insolvent at ouco; thera cause rich pecpla cou. 8 Atiokigau-ay. iti a long process throuph tho Zcourts, ‘It to show the wi lobt is just ; (ho jury uo ; tho Court wonld bs one bit X that (ho e DISSOLUTION NOTIOES, 1 Viak prosinmee the ot fo_be DISSOLUTION. vaust make a deolaration of insolvency, before vartuorshin liorstolorn exlstlag botwaen J, groat fuct of oapital any rate, it moy o—b, the banker dovs not whioh is understood—nt hich not take your note; aud, if Bonamy Prica y sowme poaplo, but which nined--nawely, such as whon wo had our cot- choses to travel, he must produce something of after to-day are less, bovan h famine in England, When Amorica sont us 150 you have eaton to- day more than 'we come to tho aotual ocourrouco of uou-pay- you huve made to-day. miltions of English bonda in ciroulstion ingland ; wo will The 1, ig and J. L. Ponuinli, . i, | mont. But the bankor must oo & ot (uia ity undor tle 'l‘fimmflfm "-'m'!.ui'u PAY 118 DLPOAITOR ON TIHE RPOT ;flgmnu ond culloatiuns o be mado by and tod. H, | orhels ruined; evon if tho law did not say that Ol #uppoeo that some very & vory different sort, Lhers is an idea that s instinot for discoverin; on can bo -richer—thut the peoplo can be sat 1t is quico clonr that FUTTING MORE PAPKI OUT INTO A COUNTBY I8 not maxing it ono whit nicher, but is only multiplying tho iustruments for tranaferring thore was & groat natiousl loss; un- tho capital of Linglnnd waa lessened, lowi for (ho Lancashire mon to lave u himsolf and wite, Why 2-Becausehe rinciplo of the division of om- ing the pooplo in India; Al get Into povorty to the u. And It you do it un- You aro av blind as your bank- - My, Ho-aud-no, you ara reat railvosd, and i lugs to wmako the raitway. clover firo, with groat bankors talk of hayl tho thing that it cou dash—this talkc of ban bauker has no capital at all, ho hing got nocount-books, extont of your operatios 1 damage most, took riehor with paper, burn bank-notos Nov. 9, 1814, K 1! it was ruin, ha must stop, A bank relies eutire~ . 9 !;" g — “T———M“”" Iy upon (he trust of its dopositors, and the ine DISSOLUTION. staut that truat faily to oxist tho bonk must coase he true olomont of panic, What han he got? aud be has » count- Lo hins & #afe down-sl wonld bo one blt peorer? y\\l'hn ploymont, by clot! ‘The firm of Daru & Waterman was dlssolved Oct. 26 by { 0 L. ‘Chen comos niatusl conteat. A, L. Dorn colloota all debts dus the | FOWw about that bank sirm and pays all debits owed by the tirm, ber of dequunou, A, W, WATERMAN, England, ‘As Ly DORN. win Lappenod? Some poopla would bhave beon owor, aud other people would have beon richer, ome poople who uad to pa: have to pay thom, and anotl who had to reocive notos, —ho eannot very well gat on without a safo, THAT 18 11l OAPITAL, But I aw not aware of anyihing banker Las in the [Lauglter,] He has pleces of ps, property from one pockét into unother, tivn, lot us say, uses wold and silver. pay for it with its wealth; tho wealth leaves tha and in ity place has got & good milver good gold tuol,—jutt as your wealth clothing the peopls o in Chins; clothing the poo- ple in Davonshire and Cornwall, where thore aro no factorlos to make cotton goods, 1l lived by his iguorancs of tho laws of has helped to de- a4 holpod to brin, Dy hiw own not he has sncouragod paoplo not to shink of capital or wealh, bub to ? 1t has got a vast num- Ono of the proatest banks in u 1806, wau oxposed to the most im- ont Jnuucr of being brought to & atappage ougital aud of hiz own socurit; notes would nob stroy the national capital ; or sat of people, way of onpital, wonld have to loxe per) and he bau | from aixponce & pound to two ehillingy an;