The Washington union., 1857-08-25
CIRCULAR TO ALL PERSONS IN THE UNITED
STATES INTERESTED IN RAILROADS AND In
THE MANUFACTURE OF IRON


STATES INTERESTED IN RAILROADS AND IN
THE MANUFACTURE OF IRON.
As chairman Of a committee appointed by meeting Of
persons interested in railroads. and charged with the duty
Of bringing the subject before the Post oce Department
md before Congress- the undersigned respectfully submits
or your consideration the proprety Of holding conven
lion in the city Of Washington on the first Monday Of
January next to be composed Of delegates to be selected
oy persons interested in the manufacture Of iron and
railroads
The advocates Of free trade insist that commerce
reciprocal exchange of the products of the industry Of
commercial nations and that to enable England to buy
cotton must buy her manufactures or in other
words they insist that must buy British goods with
money, because England cannot buy cotton with
her credit Yet our commerce with England is regu
lated that have bought much Of her bad iron with
our good credit that the interest foreign debt
by some estimated at thirty five millions Of dollars per
annum and that debt is increasing at the rate of twenty
millions of dollars per annum.
If we assume that the annual charge thus created
but fifty millions Of dollars, and add compound interest
on the sum that will be created by continuing present
system for twenty years, it will be two hundred
millions Of dollars per annuma charge which people
an pay 1t becomes us therefore, look facts in the
face and to ascertain whether, by wise regulation Of
our financial independence.
In his speech upon the currency that distinguished
statesman John C. Calhoun, said that the value Of the
property of commercial country is thirty times the
Of its currency. This being the relation between the
values of property and the currency it will be seen that
as the constitution gives to Congress power TO regulate
with foreign nations and also to coin money
and regulate the value thereof it is therefore the duty
Congress to regulate foreign commerce to give
as far practicable stability to the value Of money For
it is manifest that nasmuch gold and silver are, BY
consent of civilized nations the standard of values
our commerce is SO regulated that whenever from any
ause (such rs war with Russia or with India China
or spccuations in mines railways, government Sc
euties or the payment of the West India indemnity
any cause whntcver) there is extraordinary demand
Tor bullion the Bank OF England can obtain specie IRON
rs at less cost and in less time than she can obtain te
where then the Bank of England will export our specie
and as the value of money depends on the GuanuW
currency the effect must be to contract currency ana
70 diminish the value Of property thirty times the sum
Of the contraction Of the currency.
1t requires no argument to prove that the power Of @
Bank Of England thus to act upon our currency ana
regulate the values Of money and of property is ncrcu
by the regulations of commerce, which ncreas ~
indebtedness twenty millions of dollars per annum aug
mented py cOHpouiu intcicst Vs. '1t's' y
aebtedness which, if not prevented by wise ioe
thought will soon be estimated by hundreds OF nh'On'
instead Of tens Of millions per annum- II is now aam
ted that money properly expended on welllocated fa
roads increases the values of property many tunes :"
sum Of tho expenditures We have now nearly wv
thousand millions of dollars invested in railroads ana
wise regulation OF our commerce and currency wou'
enable u.s. in very few years, to multiply that sum '
fold As the value OF property is thirty times e s
of our currency and the investment in railroads ave
ncns so much the values of property it Is manifest ~
there should be corresponding increase OF curreh
represent the increasing values of property And as
the absence of sufficient gold and silver and BANK nous
railroad bonds are the most available as n subsufue ~
clrrencv and as tlc value of these in the absence
proper organization by which it may Q sustained =
cessary uncertain it Is apparent that the weak POM
our financial system Is the use now made OF rapV'
honda and especially the purcl ase OF foreign IRON
high prices with these bonds at the depreciation a.
they are sold.
As our railroad system has absorbed, and must % y
cessity continue to absorb much Of our capi'M ~
labor and as the purchase Of foreign iron with ra'vs
bonds must subject end more TO the npa's
poljcy of the Bank of England and as 1t is now we -
derstood that the policy of that bank is TO regulate
exchanges so as to make London tho heart OF the n
o;al world and as she can under present. system
cruit her stock OF bullion by exporting our specie ~
cost than she can Obtain it elsewhere and IS 'n0 =
chase Of English iron with railroad londs 'nO'