Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1840-03-28

we may know whether there is an excess and sec
!, ond, does paper necessarily create an expansion
or unnecessary enlargement of the currency, tha
we may Judge whether it ought TO he abandoned
These matters, which are assumed, are precisel,
what ought to be proved. The Senators assume
as evident truth what is not apparent They firm
that paper becomes redundant, excessive inflated
Bat they do not attempt 10 establish the fact bv any
proof Since the first of January. 1898 our circu-
latonhaS not much exceeded one hundred millions;
II may, at some periods, have reached one hundred
and twenty, inclusive Of metal and paper Is this
excessive Has it reached point above the ur-
gent necessities of business for two wears past If
/ 1t has, how much Is enough Some days ago I
put this enquiry distinctly to the Senate and il re-
mains and will remain unanswered. II il can be
proved that have too much, it is not difficult TO
ascertain, with sufficient exactness what amount
is necessary. l desire Senators 10 make known
the process by which they arrive at their conclu-
slons IN so vitality an Important matter They seem
to take II tor granted that there is no evil but ex
panslon TO fear, while nothing is more certain than
that too small a circulating medium works out as
great If not greater injuries than one too large.
We have heard much defamation about bloated
credit, gambling and speculation bus if the exist
ence of all these were established at this moment
by unquestIonabie proof, it would have little ten
deGcy to establish the fact that excessive crcula-
tlon, Tor they have no necessary ConneXion, but
each may exist Independent of the other
VIII the Senator maintain the proposition that
paper cannot and has not circulated without inia-
ton or excessive credits in trade generallyl 60
further and ask him Il excess is anv more than an
occasional occurrence, growing out Of markets
quickened into activity by events rather casual than
permanent? Is there any excess of paper in the 4
usual course of business from sound banks, who .
redeem and able to redeem their paper at sight
dollar for dollar, in metal! Is il not easy 10 see
how excess ever exists under such circumstances
1T ,,-y I,s,r,l =
Z draw out dollar with the same amount of paper
lnd that dollar IS good and VIII buy as much in
France and Germany any dollar there. The /
laPer, then is clearly worth much as the silver,
or It buys IL II the paper Of banks is maintained
L this value and so redeemed all times. il is not
asy to comprehend how il is inflated or :ha: more
IN circulation than IS needed Tor use. The idea
+ of initiation pre-supposeS some msouadness.-il i
Il. money, metallic as well as paper, does and VIII I
uctuate value and if this be imitation then gold
nd silver is no more exempt rom it than paper I
is by easy TO determine g.i.ich fiuctu- $
tes often tmes-money or property. Cotton is {
Jry dollars bae today, tomorrow it is thirty
we, and next day forty-ive it does not follow 7
hat the cotton alone has lucuated, or that it has
uctuated al all; for gold and silver NAV be TO a. I
undant as to RAISE the value OF property, or so a
carce as 10 dep-ess II. Il IS every days occur r
snce 10 find gold ana silver luciuating in value, /
a. one time premium, and then none: II
ay, under some circumstances, falling below good n
aper no matter what we have for currency, y
ere viii be- fluctuations in It's value greatly alice n
citing trade. as a circulating medium Of uniform :,
mount cannot ne maintained any more than ycu D
~ limit business 70 ~ exact amount. ifi
TINS ali proves what seems TO be not well un- a
srstood; or Senators would -caecn differently
a. there is BE-; one way to determine how much 7
rculalion is necessary. Il IS impossible 70 as :;
.rtain how much money may be necessary for :
ch member of the Senate for the current wear, p
ID it i equally impossible 70 anticipate the wants q
the great public. The question IS left, therefore, II
be settled by thelaws OF trade, all other matters II
business. We learn how much -four and corn ~
c required annually by the demand for ihem.-
Isl so wa learn how much money is required to
Try forward business, by the ability of men To IL
v H. 50 much Is necessary, be the amount great pc
small and. IN growing country, it would be er
i as wise 10 limit the amount OF produce the pC
lOunt Of monetary capital, Surely nothing can m
more absurd than % attempt to determine the III
lount without reference to the exigencies of the -
untry-to say that eighty millions any other -
)itrary amount IS enough. There IS 80 adyan- uu
re be COINED by lowering the value OF proper su
unless the same amount OF labor, the same su
ount OF property, enables US 20 obtain more Of es
necessaries of life. This fact should, there ca
e. be first clearly established, for the process is ri
;essarily attended with great sacrifices. The ;f
1ator from Pennsylvania seems TO understand =
reducing the circulation will reduce property iS
wages in the same ratio If it does, in what de
1ur condition bettered, even if we could recon- up
debtors 10 it, who would be ruined He seems an
believe that our relations in foreign trade will be tn,
,roved, but shall show him his error, and that as
ought to arrive at exactly the opposite conclu- no
for this theory, if carried into execution, ~
I'D infict upon the laborers as well as the own
If property the most injurious and oppressive ma
sequences. lie solemny affirms, and | give to
ali credit for sincerity, that he believe reduc inc
in wages and property would be beneficial. or
US see. an.
suppose that wages and property will be redu- r,,
one-half by the bil-that IS, if wages are now
1Ilar day they viii be half dollar; and if o'ii
and nation are now eight cents pound, they ey
be four and 50 of al the productions of the ale
ted States, and Of all property created here. buy
this state Of facts things are, the laborer vii
Id have at the expiration oftwenty days labor ha,
lty dollars. to provide supplies for himself and oo
ly AS they will be, he will have ten dollars. s.
?, sir, be it remembered that we buy and sell !
reign markets by their standard of currency, true
that lowering wages and property here is TO rlcl
no effect there, according to the reasoning OF
Senator, as their currency must regulate the II 8
1sRs.. 49,.