Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-03-07
SPEECH OF MR. DAVIS
or MASSACHUSETTS,.
On THE SCB-TREASURY BILL.

In Sewn. Ja.. %. 1870
isai Speculation is to be put down. IT the senator
nsane by speculation unwise and hsrardous traffic, j,
has always exisied. and always will ers where enter
pise ess unlcss he can up'o0i the desire the hs
man innd FOE the sudden ACC ,isi;iou OF wealth. tie
might "a Wei undertake TO stop the emotions and pas
sions Of the anman heart The only way 70 make
men prudent and sagaG@us in b1siness-and II svery
desirable they should he so-is 10 make Thorn far
enough into the future 10 avoid ruinous hazards but
me iash Who often have passion for wealth. WI "a
dnlge Elusive hopes and make ruinous bargains un-
less the Senator calarge their understandings ami
increase their sagactv
There - but one process by which credit and spe-
euiaon can DC suppressed; and that BY denying the
means aud facilities of business not IN socculsics
alone. bu, TO ALL and that is erac,ly What the argument
OF the Senator tends lie proposes diminish the
circulation, declaring that there on initiation when
We are crippled down by the scarcity OF money. He
would diminish to a extent tho resources AID
ability OF enders when The Publis in despair for
want Of Circulation. He assumes that diminishing
me currency will diminish wages and the value Of
property and u may he, but the first great abiding
results will be dimiauion Of business His theory
aooishes credit and leaves nothing but reduced cur
rency TO do business with, and deny that
reduction Of business olow Is the country rre-
pared Tor ihis' Do grow instl Is our enter
Prise too great Do labor too muchi Have
too much 10 eat, drink. or wcar' Are our comforts
and enjoyments multiplied that n sound policy re-
quires they should be curtailedl What response will
the People give 10 these inquiriesl Let him who is
willing 10 be pared down first stand forth and pro-
claim II. Wages be diminished by curtniling
the demand tor Ihem; for that is the effect Of reducing
business.
| The Senator in his Argument seemed 70 forget that
The evils OF contracting and contracted currency bear
Is opprossvely upon the public. and So than
those OF expansion The difference Is this in expan-
sion, the weight Of loss falls the creditor portan-
contraction. upon the debtor portion: but in either
NJ Is n IL.
currency below what II is necessary. without even
more suffering Than arises fom much.
The Senator from Mississippi MIR Waiker1 goes
or the abolition of paper The quantity of specie m
the country Is not supposed exceed about sSo.000-
iOOJ; The President puts il at SS5.000 600 This G
are 5 would sure a great reduction ON wages and
OF the value of property. which he insists WI be be-
nehcial. The Senator from Missouri MIR Benion) is
also Tor metal alone; and these gentlemen have be-
slowed the highest encomiums upon the po' of tho
hard-money countries. The latter Is enchanted witt,
the fact TINT tho Hollanders have grown rich and be-
come great Lenders Of money. while we are borrow.
eTs and will solve rs enigma upon bis own pri :
I ciPies lie imPUtcs II TO gold md infers that we
sh1ald be lenders If had metallic currency only
VINO Mr. President. are the lenders Of Hoantt p
Those individuals Who have amasSei Millions Who al
one lime owned most of this city. aud who can buy
up empires with their boundess wealth. having profit
ed by state of things which made the privileged
lew rich while the macy left poor-yhile the Ia.
bre'' as can prove, gets bat HE 80. and a. day
Ihis Is The last policy desire; the lasi that would
he IN harmony with the genius OF people IN
unison with their ineress II is difusiye wealth
at we desire; general prosperity among ALL property
scattered every where aitanabc by all that deserves
" ana mus lnNigoraiIng successful business. in
winch all may Participate. instead OF amaSsng il in
The pockets OF a few We borrowers; DC il So IL
IL better, infinitely better to borrow and thus dse
capital TO inhusty AMI enterprise than to amass IL in
heaIs and become lenders 10 nations, with u nation OF
pauPers at home.
But cir. fear have dweit zoo long or these mat.
t"rs aud will hasten notice that for which cheE
Is rose. Much has been said of labor and what is il
may say, without offence IL is commodity bought
and sid like merchandise in the market man has
ms ski a1d service 10 sci! 10 whomsoever will bnv
hcn and ne anxious desire is to ob,ain the mos; lit
Graz remuneration. The Senator saws the value of IL
Is regulated ly bank paper. Not so, Mr. President,
not 50 but chiefly by the amount in market and the
demands which exists for il currency nav however
a times. have Us infuen 1.-THE supply is srea, and
the demI0d snail then wages are necessarily low
! Dur II tue supply he small and the demand great
ihey are h,h When business Is Aourishing. is de-
mand Is urgent and The wages rise when 1t is de-
pres ei the demand dminishes and wages L. Heote
100 IA Countries densely populated the supply is
cessarly greater. IA proportion the business Than in
coun,rlys thinly peopled Thus we see why wages
m great county, new and full ofrosources Ike ours
are IN quick demand. Will IN China, where there is
vast surplus population the msskci il overslocked.
''N We tpN Itence. TOO, 10 Is that such
diiIons of socioy always find the greatest poyery
suffering and degradation. Rank paper is obyiously
not the sole or chief which fixes the value OF
wage.
II sir let US pursue this subject iittlc further a.
! IL Is capable Of further usiraiion
There nre three great glasses OF aiorers those WIN
PAdnce from the earth ogricuiiuriss; those who
O nVeri the products OF the earth into useful forms are
manufe urers and Hose who are engaged in trans.
porting and exchanging the products Of the other elias
SIS are commercial Those great divisions Of man
RIM are founded law but that OF civilized ~.
cal existence In country al least each and eve
" person may pursue " or oil kinds of business.
bnt ex perenco teaches the necessity OF thcse dvi
sios Tor wool COTTON ard haI are of little yalue MI
turned INTO cloth. but the Turner would find dsicuIi
% run Mil 90 make cloths. or 20 build and sail a
snip To take his produce TO mtrk,t From this div
SION too. come our markets. We must have food and
loihhe' and we must obtain them by nm exchange OF
the products Of labor but we cannot exchange borse
of watch Tor JOINT Of meat for pair Of shoes
such property must FIRST be broken into uarS md ths
Is 'he peculiar Office and almost the only use Of mon.
ey 10 measures the value Of properly and brings
INTO form suited 10 convenience 1hs Is The re,
ION which u bears 10 business and no other. an
Wn'e ADMIT iis great i'm porance. deny that IL lies
re ouhoauon anh Is the great regulator ef the af
lars OF men. as seems here to be spnnosed Tn,
irieads OF this bill, know sune fl,,i % h,v. a.
i'ianoh ana That money rules. guides and resulstes
n'isinessi when ~ truth, the inquiries ouybt 10 b
mrs. NO" mich - necessary o. circulating medium
~" We 'nay Sno" whether there an e1ccss and
second does paper neces a ily or ae an exnanso, q,
unnecessary enlargement Ofthe currency that Sc rnav
J1hge whether ought 20 be nbandonedt Tbe.s
na'or' winch are assumed precisely y,hat ourb,
10 be proved. The senators assume a. e,idr, 80
what u not apparent They affirm that paoer h.
comes reluctant cs5cssisc. irGa 60. BIT iey Do NO,
item p 10 establish the fact b, any 9rOof Since tbe
ls' o. January 1855 circulation has &c, much
80 one hundred millions 90 may Al some peri
DDS. have rescho one hundred and t,..,,v -. I
~ metal and paper u ihis eHcessiyel Has h ,,,,h
Cd poni above jhe urgent necessities Of by.,.. e.,
"o year. posti " y has. how rnueh b. . ,onrb p, I
S'me days ago Pot This inquiry distinctly 10 ~, g.,
ate and y remains. an VI rsmain. uu,isyy.,,1 =,
y can D. proved ihai We base too much ID 4. ,ot AZ
ienii - ascertain. with srascient s1actne,. -.
- Hsoes'ify. ldesife SENATOR 10 make knoWp
the p5ocess b. winch hey arrive ~ tisr ,,,.I...
- - vi'aliy m important matter Thy seen, +, -
q Tor CRESTED dat there - 10 evil bot ,-o... =,
lear While noihing s more ccrain Than ~, Ill
ali inc