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

made to deny that such speech was ever
delivered by Alr. Buchanan. But the FORE
going extracts from his speech published in
the Congressional Globe, put that fact at
rest. The attempt was, however, made in
1910 to deny it, and il may, therefore, not
be out of place here ts give brief history
, of tie speech. It was delivered on the 22d
! of January, 1910, and on the 23d of the
same month, John Dsvis, of Massachusetts,
{ replied thereto, from whose speech we make
the following extracts:
ssBut, sir, fear / have dwelt too long
J | on these matters, and viii hasten to notice
that for which chiefly arose. Much has
been said Of labor, and what is it, ] may
say, without offence, il is commodity TO,
} be bought and sold like merchandise in the
market, A man Aas his skill and service to
sell to whoever will buy them, and his anx-
ious desire is to obtain the most liberal re-
nuneration. The Senator says the value
of it is regulated by bank paper. Not sos
Mr.. President, not so, but chiefly by the
amount in market, and the demand which
exists for IL; currency may, however, at
times, have its influence If the supply is
great, and she demand small, then wages
are necessarily low. When business is
iourishing, the demani is urgent, and wa
wages rise: when it is depressed, the de-
mand diminishcs, and wages fall. Hence,
too, in countries densely populated, the
, supply is necessarily greater, in proportion
to the business, than ID countries thinly peo-
pied. 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 surplus population,
the market is overstocked, and they are
low. Hence, too, IL is, that in snch condi-
!. tons of society, we always fud the great
est poverty, suffering, and degaaaaficn.-
!, Bank paper Is obviously not the sole cause
or chief cause which fixes the value Of
! wages.
aBut, sir, let Us pursue this subject a lit
{ de further, as il isscapable Of further Illus
tration.
s:Tbep are three great classes of labor.
ers: Fllose who produce from the earth are
!. agriculturalists; those who convert the pro
y ducts Of the earth into useful forms, arr
manufacturers; aud those who are engaged
! in transporting aud exchanging the products
. of the other classes, are commercial. The
~ great divisions Of mankind are founded or
u no law but that of civilized social exist
= ence. In our country, at least, each anC
every person may puisue any or all kind,
7" of business. But experience teaches u
= the necessity of those divisions, for wool
- cotton aud fax are of little value till turn
ed into cloth, but the farmer would lind /
"a difficult to run mig to make cloths, or 4
o. build and sail ship to take his produce t
ID market. From this division, too, come I
ne our markets We must have food ant
ID clothing, and we must obtain them by al
&c exchange of the products Of labor, but V
cannot exchange horse or watch tor
te joint of meat, or for pair Of shoes; sue
at property must first be broken into parts, AM
this is the peculiar Office and almost the US
n. of money 1t measures the value of prop
II, erty, and brings it into form suited 10 ou
h convenience. This is the relation wilcl
eS it bears to business, and no other; AM
ve while l admit its great Importance, i den
that it lies at the foundation, and is th
great regulator of tho affairs Of men, q
:. seems here to be supposed. The friends 0
this bill, ] know, assume that we have al
initiation, aud that money rules, guides, an'
regulates business, when, in truth, the IN
= quiries ought to be first, how much IS ne
:. cessary as circulating medium, that w
max know whether there is an excess; ant
: second, does PAPER necessarily create an ex
pansion, or unnecessary enlargement of tn
}. currency, that we may judge whether /
u ought to be abandoned. These matters
y
!; which are assumed, are precisely wha
u ought to be proved. The Senator'S assume
y as evident truth, what is not apparent
They affirm that poper becomes redundant
excessive and inflated. But they do no
at attempt to establish the fact BY any proof
m since the first Of January, 1888, our circu
lation has not exceeded one hundred mil
m lions; it may, at some periods, have reach
M ed one hundred millions; it may, at som
Ia periods, have reached one hundred an
N twenty, inclusive Of metal and paper.
ie this excessivel Has it reached q. pom
!" above the urgent necessities of business
IS for two years pastt If j. has, how much
10 enough Some days ago put this inquir
! distinctly to the Senate, and it remains, an
will remain unanswered. If it can be prov
J. ed that we have too much, 1t IL hot diihcul
t. to ascertain, with sufficient cxactness, wha
& amount is necessary. desire Senator'S t
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