Lincoln telegraph. [volume] (Bath, Me.) 1836-1846, 1840-04-23
NO. L..

his anxious desire is to obtain the most
liberal remuneration. The Senator says
the value Of it Is regulated by bank paper.
Not so, Mr.. President, not so; but chiefly
by the amount in market, and the demand
which exists for it; currency may, however,
at times have It's influence. If the supply
is great and the demand small, then wages
are necessarily low; but if the supply be
small and the demand great, they are high.
When business is hourishing, the demand
is urgent, and wages rise; when it is de-
pressed, the demand diminishes and wages
fall Hence, too, in countries densely
populated the supply'is necessarily greater,
in proportion to the business, than in coun-
tries thinly peopled. Thus we see why
wages in great country, new and full OF
resources, like ours, are in quick demand,
while in China, where there is vast sAr-
plus of population, the market is overstock-
ed, and they are low. Hence, too, it is,
that in such conditions of society we al
ways find the greatest poverty, suffering.
and degradation. Bank paper is obviously
not the sole or chief cause which fixes the
value of wages.
But sir, let us pursue this subject lit
tie further, as it is capable of further illus
iraton.
There are three classes ofiaborers; those
who produce from the earth are agriculture
lists; those who convert the products of the
earth into useful forms are manufacturers;
and those who are engaged in transporting
and exchanging the products of the other
classes are commercial. These great di-
visions of mankind are founded on no law
but that OF civilized, social existence. In
our country at least, each and every per-
son may pursue any or all kinds of bust
ness. But experience teaches US the ne
cessity of these divisions, for wool, cotton,
and flax are of little value till turned into
cloth, but the farmer would find it difficult
to run mill to make cloths, or to build and
sail ship to take his produce to market
From this division, too, come our markets.
We must have food and clothing, and we
must obtain them by an exchange of the
products Of labor, but we cannot exchange
horse or watch for joint of meat on
for pair of shoes; such property must first
be broken into parts, and this is the pecu-
liar office and almost the only use of money
1t measures the value Of property, and
brings it into form suited to our conyen-
ience This is the relation which it beers
to business. and no other; and, while l
admit its great Importance, deny that it
lies at the foundation, and is the great reg
ulator of the affairs Of men, as seems here
to be supposed, The friends of this bill,
| know, assume that we have an initiation,
and that money rules, guides, and regulates
business; when, in truth, the inquiries
ought to be, first, how much is necessary
as circulating medium, that we NAV
know whether there is an excess; and,
second, does paper necessarily create an
expansion, or we may judge whether il
ought to be abandoned? These matters,
which are assumed, are precisely what
ought to be proved. The Senators assume
as evident truth what is not apparent
They affirm that paper becomes redundant,
excessive, inflated But they do not at
tempt to establish the fact by any proof
Since the first of January, 1888, our circu-
lation has not much exceeded one hundred
millions; it may, at some periods, have
reached one hundred and twenty, inclusive
OF metal and paper. Is this excessiye?-
Has it reached point above the urgent
necessities of business for two years past!
If it has, how much is enoughl
Some days ago put this inquiry distinc-
lily to the Sen ate, and it remains, and will
remain, unanswered. IF it can be proved
that we have too much, it is not difficult TO
ascertain, with sufficient exactness, what
amount is necessary. desire Senators to
make known the process by which they
arrive at their conclusions ia so vitality an
important matter. They seem to take it
for granted that there is no evil but expan-
sion to fear, while nothing is more certain
than that too small circulation medium
works out as grea: if not greater injuries
than one too large.
We have heard much defamation about
bloated credit, gambling and speculation.
but if the existence Df all these were es-
tablished at this moment by unquestionable
proof, it would have little tendency to es-
tablish the fact of excessive. circulation, for
they have no necessary connection, but
each may exist Independent ofthe other.
Will the Senator maintain the PROPOSE
ton that paper cannot and has not circula-
ted without initiation or excessive credits
in trade generally? / 60 further, and ask
him II excess is any thing more than an
occasional occurrence, growing out OF mar
kets quickened into activity by events rath-
er casual than permanent Is there any
excess of paper in the usual course OF busi-
ness from sound banks who redeem and are
able to ed IN, thar manor at erhf dollar