New-York daily tribune., 1858-02-06

anu no - ., ,old among ourselves has within ths
last few year beer much Increased and yet, 90 far
n I, from producing the effects above deScrioed That
- r,;ces ,f wheat cotton tobacco, and all other
nroduet, now steadily decline, and the iar'nef end
raIer have in prospect lower prices than .hey nave
everseen. Why, Mr.. President, Is th,s 'no oSsot
R.caus. for more than twenty years the Centra Gov.
e-uueut tas been engaged in an almost uneeas'ns
fot 10 prouote the habit Of boarding the precious
metals aud thus--by lessenpg ther power OF eroua-
ton-has almost snpiiilaied tneir utility. peSau
in the vain hope Of establishing by means Oh sach
measures "a hard morry currency, It has wsgea an
almost uIces-ing war upon public and p1vate cfeun-
prohibirg the of circulating notes IN all transac-
lions in hch it is itself concerned, and urging apon
tho local authorities the necessity for following h ef
sure. w th it, freedom Of trade IN reference 10 the
most important of all commodities IN use oy man mas
not consisted in letting the people think ana act or
tb,useves but in mpctng them to act 10 ooed'ence
The use of circulating notes tends however as we
are assured, TO promote the eSpufi4n " sO,u.
il 10 do So Mr. Presd' nt Il would 6e ~ opposIoh 70
the qrra, general law in virtue OF which al co,mnod-
tiles tend 10, and not from, the places at "non s,1n
uthty greatest Cottonwood TENDS 10 go Iro~ 'ne
plantation and 10 the mil. HIDES tend 10 20 {rom s
tarm and 10 the tanners yard Gold and silver tena
10 90 from Peru and California, ana 10 those pooes
which such metals most required IN tne a.s' CIV
a. which industry is most dversihedIthe same M .s"s
thus governing all commodities. be they what they
4 hank. Mr.. President, Is a machine tor utilizing
money, by enabling A. d, and Z, TO ootaln ,oe use o
Il AT the tine when ID, +, and +, Its owners, 90 not
rod its s.ryices The direct effect OF the establish
melt Of such institutions in European cities mas always
been TO cause money to flow tordrd those et,es anu
for the reasop that there its utility stood at ine nn-
est ro;nt Even then however, there were dlmeulues
attendant upon the change OF properly 10 tne money
deposted with the bHDk--the owner having oeen re-
quired to go TO the bank house ana WIZ t on
oiber parties To obyAte this difficulty, ana thus in-
,rease the utility OF money, It's owners were ~ eogtn
authorized TO draw checks, by means OF when they
were enabled to transfer their property Without Sr'
ring from their houses ,. ;.,.
;pdiyiduals NOT being generally known-such checks
,ould in general, effect but single transfer, aau
thus the recipient of money found himself oohgenLlo
90 Though the operation of taking possession OF na
which had bee Il serred 10 him, after when ne na'
in his turn to draw a check when ne hmseh desired
to effect another change OF properly. 10 SDyiate
this Gil culating notes were invented py hep oi "cp
,be owu,rsbip of money now transferred WIN sucn
rapdity that single hundred dollars passes from hand
10 hand fifty times a day-ehectng exchanges, peg
haps 10 the extent OF many thousand iIas uoh u Ss
without the parties being st any time required 70 de-
vote even a single instont to the WORK OF couhiing
coin This was great Invention, oy aid OF wnlen
the utility of money was SO hiucn incieaseu snas
SINGLE thousand pieces could be made to do more wofk
than, without II, couid oe uono " """N' " l
This Of course as we are told, supersedes gold ana
silver and sauses them 10 be exported 30 We arc
certainly ued by those economists VINO regard man
as an animal that must be ted and VIII procreaeas
| O. slave, who can be made to work only under tne
pressure Of strong necessity Were they, however,
TO 10, k for once at the real MAN-the beng uaue IN
the image of his Creator and capable OF almost innn
ite elevaion-they would, perhaps, arrive AZ a CON
| clusion widely different. The desires OF that man
being infinite, the more they are grained tne more
rapidly do they increase in number The miserable
Hottentot dispenses with road of any kind, but the
enlightened and intelligent people OF other countries
seen passing in succession from tne orunaiy VIZ
age road 10 the turnpike and thence to the rahroadj
and the better the crushing cormuncattons the greater
is the thirst for further improvement Tbe better the
schools and houses the greater Is the desire lot sepe
ror eachers and for further additions To the comforts
of the dwelling. The more perfect the circulation OF
society the larger is the reward OF labor, and the
greater is the power to purchase gold ana SILVER,
be used for the various purposes Tor wmch lhey are
SO admirably fitted and the greater s the tendency
to have them flow to the places at which that ceuis
ton is established. Money promotes the circulatou
| of society The check and the bank note stimulate
that clrculatior-gying thereby value to labor and
land ard whsrovsr checks and notes most 10 use,
theIe Mr. President should the inward current Of the
precious metals be most fully and firmly established.
That such the case, proved by the facts, that,
for century past, the precious metals have tended
| most to Britain, where such notes were most in use.
Their increases rapidly in France, with constant
pcrease in the inward flow Of gold. So, too, does it
in Germany, towards which the auriferOus current
steadily that notes. which the representa-
tives of money rapidly taking the place Of those
lredst tmable pieces Of paper, 5y which the use Of
coin has so long been superseded f....
Whence flows all this gold From the countries in
which employments not diversified from those in
which there Is ttle power Of association and combi
nation fran those in which, therefore, credit has no
existence; from those finally which do not use that
machinery which so much increases the utility Of the
precious metals, and which ustomed 10 des.
gnate by the term 6ansnote The precious metals 80
from California-fr0n Mexico-.from PerH-trom Bro
zl-.trom Turkey-and from Potugal--the lands in
which property Ill money is transferred only by means
Of actual delivery OF the coin tseto those in which
Is transferred by means OF check or note. II goes
from he plains OF Kansas where notes are not in use
10 New York and New England, where they are-fronl
Siberia 10 ST. Petersburg-from the banks of African
rivers 10 London and Liverpool and from the "dig-
girgs OF Australia TO the towns and cities Of Ger
many, where wool is dear and cloth is cheap.
An the facts exhibited througa aout the world tend
MI President, to prove that every commodity seeks
that place at which has the highest utility; ana Ali
those connected with the movement of the precious
metals prove that they constitute exception to the
rule. Bank notes-increasing the utility of those
therefore, sttract and not repel them.
Nevertheless, the two nations of the world which
claim best to understand the principles OF commerce
are now engaged in a crusade against such notes and
ID the vain hope Of thereby rendering their several
cSubtes more attractive Of the produce Of the mines
OF Peru aid Mexico, Australia and California. The
result Is seen IN the fact that both nearly banI-
rult. -E : ! +.
1t s great mistake; and it's existence here ia dne
to the fact that our system Of policy tends 10 that sr
pnlsion OF the precio Is metals, which always pust
result iiom the long continued export of the pro-
ducts of the earth. The Administration that adopted
what is called Free Trade the same that COM
menced the system OF compelling the community In
use gold instead OF notes. and the result was found n
the total disappearance Of coin from circulation.
From that time " the present. the motto of the gene
raly dominant party Of the Union has been, "War to
the death against bank .notee !" and with view 10
promote their expulsion, laws have been passed in
yanous States forbiddiDg their use except when Of
too great sze to enter freely into the transactions Of
the community. As must, however, inevitably be tho
case the tendency to the loss of the precious metals
has always been in the direct ratio Of the diminuton
10 Their utility thus produced. At one time only In
almost twenty years. has there been an excess import