New-York daily tribune., 1858-02-17
HgOY-V war
a, ,,,,. ncoti.,, BY meaps Of staining bs,,..,

., ',Sj, mschine ~ becomes even more the matera
fim who desirtstc use i than the transporter dee.
,h,n crops are laIge and alps are scarce .rfrs
Dar arnerience Mr President, teaches the fs,ner
,hs, wisn mouey-ths machine by means OF vhss
eycbspges are made from hand 10 hanaIerculs,s
frc,Iy he becomes more prosperous rom asy % dss
~ ereas when II Is scarce, ana CnVuh,es soNiy b
osr;,v 6issppeal, II ~ not capita that ls neeied
H., rmoncv-the machine by ne OF which the pro-
duc;s Of labor and capital are keP' IN mS.en ssd
without which trey can NOV oa H.,adaa ss sasaaoa~
PJ cloth Our actual capita, IN houses, lands, fscte
res furnaces iBes, stsps ioaos, eaha', ana otaes
a., ;lar property has in the last ten !ears, oeena
creased by the Rns sRpnsAfpdd II dollars and yet we ever.
- sss roads ba finished. and unlikely sooil 10 be
con- peted although laberers are see kibg employment
mil. stopped for want oi demand ior .netI P'oeSen
iab, rer, ar able to sell Their labor ana men OF oasl
- cor, eIied 10 cuItail their operation, bscaaSe Of
,bc culiy experienced in obtaining tue ne sns with
which 70 nav their debts. Why is this so Not Ger.
tniplv because of any dimlnuton OF e"p"' 'cr thas
IA Greater thsn i has ever beSn.
Were i uossibe now 10 announce thai, D! reason
of any change Of policy, the export OF goId "oud Dc
stopped aud that the quaptiiy IN the COUNT! syea
steadily be increased. by retaining ne'y su L.
Of California none y would forthwith become Aocn.
lsnt and characterization would recommend, ami
nr,spe,ty would reign through, ut he lani, aud YET
The difference in the ensuing year woue np' 70
. ,,ortGr Of one per cent OF he rofneg me tdHd and
Sffor nf tbS ccnHtrv Csptsl would be increased by
n ro,,np so minute as scarcely to DE dseefhloie snd
go, re r1oney raiue--the value AZ Whcn u "ouia c
cxchapged-would be eugmentea o! ,hoasands
9,rns ThenLall bscowing lite and motiOn-the iorcs
exelted would be great.
money held by community thst we are 10 aaa tns
O., oi It's prosperity, the index to the rate OF 10
,rest hut in the rapidity with which II eirculsteA
S.eadiuess and regularity in the motion q socey are
,enniste for the production OF confidence, snd IN
crease of motion and force results no III ~
ii h.. hank
ayerymept Is said 10 exceed by more than sioVvU,.
60o what was held but few years since; out-Inee
bcipe no regularity in the societsry moyemeh-credn
is much impaired. AZ consequence OF 'hls II : ,on
,be circulation is sluggish and that the rate OF IN
terest has for wears been very high a. greatly 70
limit the disposition tpengage III any opera'iyns re
curing tine for their competion me me nlone
ialist profits by this-obtaining treble or quadrupe
b n.al rate OF interest but the miner, the founder,
,be cotton.spinner and the cloth maker have been,
and are being, ruined by It, 5000 .L:.
The existence Of credit is an evidence c' tue exist
e,ce az that confidence of man in his fellow mas,
which always attends the growth OF reel c' saton
How il tends To stimulate the socetary hoi4cn, ena
thus To augment the productive power Is 40 wen ef
b;hted nv a recent French economist that | am u
dueed Mr. President, to present Tor your ui,ohSiefauoo
the following extract from bis work
"On one side, says NJ. Coquehn we zee ma
slops are closed not perhaps because OF any want
Of raw materials but because of absence ol demand
for their products Elsewhere, are manufacturers
in want Of machinery and farmers 10 peed bs Ut bsss
latter do not give TO tue former the orders for want o
which they continue idle Because these lat'er
must be paid in INC ney which money the olhers eau
ntt at the moment pay; and yet they nave tn sucPs
or hans abundance of commodities that they desire
To sell and by the posses SION ot "nicn nia tnr
r,ehbo,iug people would he greatly served. why
do they not exchange BecsuscmSe', eAeISnse
and IA tley in their turn must tmand money taey
can erd no purchasers. Here We hayea suspension
Of labor on both sides and it IL in cases like this that
PRODUCTION is lapgud and society vegetables, although
urrounded by all tue elements OF life. notion and
prosperity M ,,. h. found f,r ramoviog tbs
difficulty that thus exists, 'ns rs".s ao ds;Ss, ,1s
their products except forready money, Is not becaue
of any doubt they entertain OF the future soveney OF
the farmer, or the manufacturer; but because y
nconvenent 10 them 10 make credit sales that would
diminish their active capital, and perhaps disable them
from continuing their operations Leteach one then
in delivering his articles he has cor hdence IN the
future ability Of those who now demand them require
nly in place of money, note that, in his turn, he
can use with those who furnish him. On this condi-
ton circulation will be reestabished and labor viii
be resumed. True bait must first be sure that
these notes, when accepted will be received else-
where, as, otherwise, it becomes at once a simple
sale On credit. This certainty, however, cannot
be obtained, ard therefore they refuse the notes;
not because of any suspicion of their ultimate
value but because OF doubts of the possibility OF dis
posing Of them. At this moment bank iutervenes
and says: You machinist, deliver your machinery;
you, blacksmith, your Instruments you, plowmsu,
your materials; you, manufacturer, your minu-
factures accept with rfdence, notes payable at
future me provided you have full belief in the good
ness of those who will thus become your debtors. |
will take charge of oil those notes, and hold them
until they shall become due-giying you in exchange
other notes issued by me, that you will be certain to
find of universal acceptation. Forth with, all Diff
Guilty is at endsales being made goods circulating
and production becoming animated. There are no
mat a. ~
DESCRIPTION remaining, even for moment, unem-
poyed.'
There il here Mr. President, no change in the quan
tity Of capital owned By the community, and yet, s
members are seen passing from a state Of apathy and
idleness to one Of activity and productiyeness-sn-
abliDg every to sell bis labor-receving in ex-
charge the commodities required for the consumption
Of wives end families who before were like TO suffer
for want Of the common necessaiies of life. What
however, is it that gives value to these notes. and
why il that they circulate much freely ths
Il Ose Of the black smith and the farmer! Because
there e1ists in the community, confidence that BE-
hind hem stands pile Of money sufficient 10 REDEEM
each and erery ot them, UheRercr, and hoWever,
PrescHed Without the existence Of that belief they
would not circulate, would coon be seen, thers
established a drain Of gold-producing a steady
dimnution Of the quantity ia the possession Of
the bank, until at length even u single note
failed TO be paid Irese ntation. From that moment
their circulation would be stopped the suspension Of
movement would again take place-the blacksmith,
the machinist and the wheelwrght again mourning
over instruments that they would gladly exchange for
food and cloth; and the farmer and manufacturer
suffering from the difficulty Of obtaining machinery
for the better production Of food and cot ing Money
,sto society h0t fa "a 10 e ioeomOtre, and food 70
ne maR-hhe cause Of motion Tkence results porer.
Withdraw the fuel, and the elements of which water
is composed cease TO move, and the machine becomes
stationary. Withdrawal Of the food from is fol-
lowed by paralysis and death and SUCH precisely, is
The eject OF failure Of the necessary supply Of money
tie producer Of motion among the elements Oh WHICH
ociety is composed.
When, therefore, the farmer complains that money