Bedford inquirer and chronicle. [volume] (Bedford, Pa.) 1854-1857, 1856-08-15

to fear, while nothing is more certain than
that too small circulating medium works
ont as great, if not greater injuries, than
one too large.
ave have heard much defamation about
bloated credit, gambling and speculation,
but if the existence Of all these were estab-
lished at this moment by unquestlonablc
proof, it would kave little tendency TO es-
4 tablish the fact Of excessive circulation. fer
they have no necessary connection, but each
may exist independent Of the other.
! aWill the Senator maintain the PROPOSE
/ tion that that paper canno, and has not
circulated without initiation or excessive
credits in trade generally2 | 60 further,
], and ask him if excess is anything more than
an occasional occurrence, growing out of
markets quiekened into activity by events
rather casual than permanent Is there
any excess of paper in the casual course of
business from sound Banks, who redeem
and are able to redeem their paper at sight,
, dollar for dollar, in metall It is not easy
to see how excess ever exists under such cir
/ cumstances. | can go to day into any bank
] in Boston or New Yosk, and draw out a
; dollar with the same amount of paper, and
S that dollar is as good, and will buy as
much, in France or Germany, az any doll
lar there. The paper. then, is clearly
worth as much as the silver, for it buys it,
e If the paper of banks is maintained at this
D value, aud so redeemed at all times, it is
: not easy to comprehend how il is inflated,
t or that more Is in circulation than is need
e ed for use. The idea of imitation presup-
!, poses some unseundness. All money, me-
i, :allie as well as paper, does and will fnctu-
ate IN value; and if this be imitation, then
: gold and silver is no more exempt from it
: than paper. It is BY no means easy to de-
: terlnine which fuctuates often-tiInes, mona
}, ey or property. Cotton is forty dollars q
{ bale to day, to morrow ii Is thirty-fye, and
next day forty-fse; it does not follow that
+ the cotton alone has 1uctuated, or that IL
3 has fnctuated at all; for gold aud silver
may be so abundans as 10 depress the value
: Of property, or so scarce as to raise it. Il
e is every days occurrence to find gold aud
J. silver auctuate in value, commanding a
e one time premium, and then none; nay
d under some circumstances, falling below
IS good paper. No matter what we have fol
e currency, there viii be fluctuations in it'
n value greatly affecting trade, as circula-
: ting medium of uniform amount cannot bt
d maintained any more than you can limit
Is business to an exact amount.
Is ''This all proves what seems not to b
!, we'll understood, or Senators would reason
D differently-that there is but one way Il
it determine how much circulation is necessa
TO ry. it is impossible to ascertain how mucl
to money may be necessary for each menlhe
to of the Senate for the current year; aud
ID is equally impossible to anticipate the want
IN of the great public The question is left
sc therefore to be settled By the laws Of trade
q as all other matters Of business. We learl
IA haw much -four ard corn are required an
ID nualIy, I.y the demand FOR them. just s.
Sc we learn how much money is required I
p carry forward business, by The ability Q
lrj men TO buy it. So much is necessary, b
,hi the amount great OF small, and in grow
ID ing country it would be just as wise to llmi
" the amount of produce as The amount Q
le monetary capital. Surely nothing can b
rs more absurd than to attempt to deiermn
Of the amount without reference to the exigen
N cies to the country to say that So,o0o ,o9'
d or any other arbitrary amount, is enough
l. There is no advantage to be gained by low
= eEng the value of property, unless the sam
Te amount of labor, or the same amount Q
d property. enables us to obtain more of tn
+ neccssaries of life This fact should there
le fore, be first clearly established, for tn
it process is necessarily attended with grea
$ sacrifices. The Senator from PennsylFa
1t MIA seems to understand that reducing th
6, circulation will reduce property and wage
: in the same ratio. If it does, in what
{, our condition bettered, even if we coul
ot reconcile debtors to it, who would be ruin
e eda He seems to believe that our relation
u in foreign trade viii be improved, but
l. shal, show him his error, and that be ough
b. to arrive at exactly the opposite eonclu
ne sion, for his theory. if carried into exacu
id ton, would inhict upon the laborer, as vel
Is as the owner Of property, the mast injarl
nt Gus and oppressive consequences. lie sol
81, enlnly afhrms, and give him all credit 70
is sincerity, that he believes a reduction i
y wages aud property would be benedcial.--
ID Let us see.
v ssSupposc that wages and property will b
Ii reduced one half by tho bill-that Is,
at wages arc now dollar a day, they will b
to half dollar; and if beef and mutton ar
,,s,,, % r, ts a rot,nd fhpv will h,s fam