Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-03-31
SPEECH or NiR. DAVIS.
OF MASSACHUSETTS,
ON THE UB-TREASURY BILL
IN sENATE-January %. 1910.
rCmelRdeSi1

Ia
rulacn be suppressed and that i by denying tho
means and facilities Of business speculsiors
alone but 10 all and that 10 exactly what the argument
Of the Senator tends He proposes TO diminish the
circulation. declaring that there is imitation, when
VIC are crippled down by the scarcity OF money. He
would diminish 20 a vast extent the resources and
ability of ienders when the Public is in despair for
want of circulation. lie that diminishing
the currency will diminish wages and the value OF
property. and may be- but inst the grea, abiding
results will be diminution Of business His theory
abolishes credit. and leaves nothing but reduced
reney to do business wiih and no deny that
reduction Of business must follow Is the country pre-
pared ior ,hisl Do we grow fasl II enter
prise too greav Do wo labor too muchl Have we
tDo much 10 eat, drink. wearl Arc comf-rls
and enoymenis multiplied that q sound policy re-
auires they should be curailedl What response will
the People give these inquiries, Let him who is
willing To he pared down frst stand forth and pro-
claim H. Wages are TO be diminished by curtailng
the demand for them; for that the effect of reducing
business
The Senator, IN his argument seemed forget that
The evils OF contracting and contracted currency bear
as oppressivey upon the public, and more So than
those Of expansion The difference is this. in erpsn.
son. the weight OF loss falls the creditor portion
IN contraction. npoa the debtor portion but in either
case IT no grievous calamity. lie cannot reduce the
currency below what IL is necessary. without even
more suffering than arises from much.
The Senator from Mississippi (Afr. walker.) goes
Tor The Sboiuon OF paper. The quantity Of specie in
the country Is not supposed exceed about SS0000-
COOS the President puts il at SS5.000000 This he
argues would insure great reduction wages and
of the value of property. which he insists will be be-
neficial The Senator from Missouri mir Benion) is
alsp for metal alone; and these gentlemen have be-
slowed the highest encomiums upon the Iolicy of the
kard-money countries. The latter is enchanted with
the fact that the Hollanders have grown rich and
come great lenders of money, while We are borrow
crs; and will solve his enigma upon his prin-
ciPies lie imputes IL to gold, and infers that
should be Lenders If we had metallic currency only.
/ Who, Mr.. President. the lenders of uollandl-
Those individuals who have amused millions who nj
one time owned most Of this city. and who can buy
up empires with their boundless wealth having pror-
ell by state Of things which made the privileged
few rich while the many left poor-while the Ia
borer, az can prove. gets but his ID and I'd a day
This Is the last policy desire; the last that wodld
be ia harmony with the genius of peoj L. or in
unison with their interests II is diasive wealth
That we desire; general prosperity among ALL property
scattered every where aainable by all that deserves
iI and thus invigorating successful business, in
which all may participate. instead Of amassng il in
the pockets OF few. We borrowers; be il So IL
IL better. infinitely better, borrow and thus dse
capital to industry and enterprise. than il in
heaps md become Lenders TO nauns with a nation OF
paupers at home
But, sir, fear have DIV eli too long on these mat.
ters and ] will hasten 20 notice that for which chief
ly rose Much has been said OF labor and what is il,
may say. without offence. il is commodity bought
aud sold like merchandise in the market. A man has
his skill and service 10 sell whomsoeyer will buy
Them. and :is anxious desire obtain the most lib
eral remuneration The Senator says the value of il
- regulated 10y bIr.k paper. Not So Mr. President
not bat chiefly by the amount in market. and the
deInaid which exists for it; currency may. he viewer,
at umes have its influence II the ,uppy is great and
Tie demand small, then wages necessarily low,
but If the supply be small and the demand great
they are high. When business is furnishing the de-
mand is urgent AMI the wages rise; when il il de-
demanl Al fu nisn fall
too. IN countries densely populated supply is
cessary greater IN prorUrton 10 the business. than
countries Ihinly peoplcd. Thus we see why wages
IN great country, new and full OF resources like
aTe IN quick demand, while in China, whore there is
a vast surplus population. the market is ovcrsiocked.
and they low Hence. too IL is that in such con-
dons Of society always find the greatest pow ery
suffering and degradation Bank paper is obviously
not the sole chief cause which fixes the value OF
! wages
Bot sir let US pursue this subject little further, rs
I "a ~ capable OF NIffi.cr illGsnaaon.
There are three great classes Of laborers those who
prnduce from The earth ngriculturiss; those VINO
convert the products Of the earth useful are
manufacturers; and those who engaged in trans
pOIng and exchanging the products Of the other clas
ses are commercial These great divisions Of man
kind founded law but that Of civilized So
cial existence. In country al least each and
ry person may pursue any all kinds Of business
But experience teaches the necessity Of nese dyi-
sions for wool, cotton and flax Of liule value till
turned into cloth, but the farmer would find IL difficult
TO run mill To make cloths. build aAd sail a
ship 10 take his produce 10 market From this dvi-
SION too, come our markets. We must have food and
clothing, and must obtain them by ar exchange al
the products Of labor. but exchange horse
or watch fur joint of meat for pair Of shoes;
such property must first be broken paris and this
the peculiar office and almost The only of mon
ey. IL measures the value of properly. and briggs il
into form shifted onyenience. This is the rela-
I ton which 10 bears 10 business and no other; and
while admit is great Importance. deny that il lies
at tie foundation, and the great regulator of the az
fairs Of men, seems here be supposed Tie
friends Of this bill know, assume that have an
imitation, aud that money rules guides and regulates
business; when in truth, the inquiries ough TO be-
/ FIRST how much is necessary circulating medium
that We may know whether there is excess; and
second does paper necessarily create an expansion or
unneo essary enlargement of the currency. that we may
Judge whether IL ogght 10 be abaadsnedi These
matters which are assumed, precisely what ought
20 be proved. The Senator'S as evident truth
what Is not apparent. They affirm that paper be-
comes redundant. excessive inflated. Bot they do not
aiiemPi 10 establish the fact by any proof Since the
first OF January. 1898 our crculsf o has not much
exceeded one hundred millions u may at some pen
DDS have reached one huR red and twenty inclusive
of metal and paper Is this excessvel IIas IL reach
ed point above the urgent necessities OF business for
two years pasfl IT u has how much - enoughl--
Some days ago put his inquiry distinctly the Sen
oie, and a. remains and will remain unanswered II
IL can be proved that have much. it not diff
6cult 70 ascertain, with sufficient eTactness, what
amount is necossnry. desire Senators make known
the process by which they arrive their conclusions
IN vitality on important matter. They seem 10 take
It for granted that there Is evil bat expansion TO
fear. while nothing - cerinin than too small o
circulating medom works out great II not greater
Injuries than too argc
We have heard much defamation about bloated
crsoii gambling end speculation. but II the existence
Of all these were established this moment by un.
questionable proof q would have little icndency 10 e.
tabiisb the fact OF circulation Gr they have
dent Of the other
Will the Senate maintain the proposition that paper
cannot and Sas not circulated without imitation Of
cessive credits IN trade generally 60 further. and