Arkansas true Democrat., 1857-09-22

Circular ia all Persons in the United States Interested in Railroads and in the Ma. nufacture of Iron.
 As chalrmau of committee appointed by a meeting of persons interested in railroads, and charged with the dutyof bring ging the su ject be- fore the post office department and before Con- sress, the undersigned respectfully submits for your consideration the propriety of holding a 'cOnveutou i'll the city ot Washington on the lrSt Monday of auuary next, to be composed Iot delegates to be selected by persons interest ! ed ln the manufacture of iron and in railroads The advocates of free trade insist that com merce Is areciprocal exchange of the products Of the industry of commercial nations, and lat to enable England to buy our cotton we must buy her manufactures; or, in other words hey insist that we must buy British goods with our money, because England cannot buy our otton with her credit. let our commerce with England is so regulated that we have bought So much of her bad iron with our good credit hat the interest on our foreign debt is, by @me estimated at thirty-fve millions of dol ars per anuum, and that debt Is increasing at he rate of twenty millions of dollars per an lum
 Ii we assume that the annual charge thus
 
 compound interest on the sum that will be Teated by continuing our present system for Wenty years, it will be near two hundred mil .ons of dollars per annum-a charge which no eople can pay. It becomes us, therefore, to gok facts iH the face, and to ascertain whether, Y wise regulation of our commerce and of IT currency, we may not achieve our financial dependence.
 l h, is .t,aaph tba tbaf Iis+i,, ljshed statesman, John C. Calhoun sad that value of the property of commercial uutry Is thirty times the sum of its currency. .1is being the relation between the values of foperty and the currency, 1t will be seen that, the constitution gives to Congress power to ssuate commerce with foreign nations, and iso to coin money and regulate the value there a, i Is therefore the duty of Congress to so lagulate our foreign commerce as to give, as llr as practicable, stability to the value of mo- Icy. For 1t is manifest that, inasmuch as gold iad silver are by consent of civilized nations. ae standard of values, if our commerce Is so 8fsuated that, whenever, from any cause (such war with Russia, or with India, or China, Speculatons Tn mines or railways, or go- Iernment securities, or the payment of the Vest India indemnity, or any cause whatever, ) lere Is an extraordinary demand for bullion, he Bank of England can obtain specie from us q less cost and in less time than she can ob- an It elsewhere, then t"e Bank of England VIII export our specie; and as the value of mo- ey depends on the quantity of currency the 'lect must be to contract our currency and to -mlnsh the value of our property thirty times ae sum of the contraction of the currency.
 It requires no argument to prove that the 0wer ot the Bank of England thus to act upon 'ar currency, and to regulate the values of Ioney and of property, Is increased by the re- fliatons of our commerce, which increases our 34ae6tedness twenty millions of dollars per %hum, augmented by compound interest on aat accumulatlng indebtedness; which, if not tfevented by wise forethought, will soon be sumated by hundreds of millions instead of sns of millions per annum. It Is now admit d that money properly expended on we'll @cated railroads increases the values of pro- Tty many times the sum of the expenditures ee have now nearly two thousand million dollars invested in railroads; and a wise suiaton of our commerce and currency gaid enable us, in a very few years, to multi " that sum three fold. As the value of pro. Hty Is thirty times the sum of our currency. "a the investment in railroads augments so
 'ch the valaes of property, it is manifest
 N' there should be corresponding increase
 currency to represent the increasing values
 property. And as, in the absence of sutfi 4 lt gold and silver and bank notes, railroad lds are the most available as substitute for
 iehcy, and as the value of these in the ak
 "'e oi proper organization by which it may