Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1863-10-20

os n currency, and what would be the result I
We all remember what IN exodus there was
in this country from Maine to Texas when the
California mines were first opened, ana "nen
the precious metals were eXhumed from the
bowels of that rich State. Gold currency was
the standard-and what was the result -
Will it be looked upon as marvellous Wnen
say that -four was worth as much IN CalliGi m
at that time az il was worth in Richmond be-
Era tho discussion commenced upon this bill!
lie believed that political economy, pnlioso-
nhr and (he meant no reflection on Senatorsl
common sense, would suggest that the only
remedy for high prices isto remove the cause
increase supplies by encouraging the proouc-
lions of the country. If gentlemen say wheat
shall only be worth FIVE or ten dollars per
bnsbel, while other articles shall command a
much more exhorbitant price, and that sueh
measures as this will suffice to give relief, they
are mistaken. They must act upon the prln'
ciple that effect follows cause.-The cause must
be removed. =
lie had no very thorough conception ofwhat
e1tortiou was. If wo measure extortion ny
what some men are tempted to charge and the
necessities of the buyer, no condemned 1t; II
measured by the good that it'does, 1t was not
80 bad after all. The Government needs ex-
drttV N01G Cuu 10 cuptiiSo oAJ
prices. 1t NAV need supplies for the families
Of our soldiers, for the army. for it's very
existence. Spectators have supplied these
things, and spectators must do it again. A
man goes to Western Virginia, buys flour at
800 Der barrel. brings it to Richmond and sells
it ut a profit, when Richmond is almost starving;
is that speculation? The speculator supplies
your furnishing family-is it criminal TO do
that9 A man risks his capital in the pur-
chase of shoes or cloth at 81 per yard; in ad-
! d;tion to first cost, he runs the risk of losing
all in running the blockade; all he has is en-
barked on the little bark; he reaches
the port-the sea port mart-and there
sells his goods to the Government agent.
There are no goods of the kind in
the country the Government wants the
goods, and must have them the owner de-
mapds n proft-do gentlemen designate this
as ext6rtion? 1t may be that the surplus
COMPENSATION for the risk from England is
too much if so, it is wrong. If too little, it
is also wrong for no man ought to do himself
an injury. Yet gentlemen call this extQrtion.
He did not wish to be understood as advoca,
ting eztortion-the collecting Of a large por-
ton of articles necessary to the wants OF the
community, and then fixing them above rea-
sonahle prices; he should not like to make
money in that way. You may stop direct
trade, smuggling, and blockade running
But while legislation is striking at e~xtortion
YOU increase the prices according to the ex-
tent Of the scarcity of the article wanted
And lust rs sure as the sun rises tomorrow,
Just so sure will the fixing of prices increase
the evil proposed to be remedied by the pass
age of this bill. Fix the prices for supplies
for your army, and the patriotic impulses Of
our farmers will submit to it. But when you
tell them to sell wheat, corn and flour at fixed
prices, and all they buy must be paid for at
greatly enhanced prices-prices that bear no
comparison to those received for their pro-
duce-vou will find difficulties in the way
You NAV prevent a man from selling, but you
cannot make him a producer; he won't pro-
duce unless he can do SO at what he considers
q fair price for his labor. Gentlemen may
say, let us try the experiment; let Inc say that
one year of such an experiment as this bill
calls for will suffice TO ruin trade, disband our
army and wreck our best hopes of success in
the great contest we are now waging.
Mr.. COLLIER said:
Mr.. President: Being myself opposed t"
this bill "to regulate prices" and especially
opposed to any measure which proposes to hx
the prices of commodities not raised in this
State, | have conferred with my constituents,
as much as l have had opportunity, since this
bill was introduced. I believe my constituents,
who arc farmers and merchants, concur with
me.
This bill is Objectionable, because 1t is in
equitable in its scope and inquisitorial in its
intended operation. 1t seeks to regulate the
nrices of much the farmer produces, and but 8
little of what he has to buy. Its unequal
character might be corrected by enlarging the
list. 80 rs to cover all the extent of agriculture
and trade and the industrial pursuits. This
would be difficult, though the energy of tyran-
nv, in it's industrious disposition TO disturb
and Cypress, might possibly accomplish such
extent of interference. But, sir, the inquisi-
torial characteristics of the bill are apparent
in all its leading features, and are inseparabie
from any legislation of the kind. Yet, sir, if
there must be any Legislation, | would extend
il only to bread and clothing produced and
manufactured in this State. By such extent
Of legislation, and not beyond, fabrics for
! clothing needed, and not manufactured in this
State, would not be kept away to be sold where
thew would command a higher price.
i had thought, until the last session of this
General Assembly, that all men, every where,
were satisfied that this kind Of legislation was
yicious in principle and pernicious in practice.
| had thought that, since the discussion in the
British Parliament in 1901, in q time OF great
scarcity and widespread distress in that coun-
try. there could not be found an enlightened
legislature in the world who would at
tempt the impracticable objects of this
bill. In that Parliament, the Earl OF
Warwick proposed to fix q maximum.
His motion vas rejected by q decided majority
to the contrary of his policy, which Is the
policy of this bill. A wiser series of measures was
introduced and adopted, to curtail consumption.
ne far az practicable, to encourage production
and TO invite iniportations. That was the Wis
dom of old England, in 2 like critical period with
this now on us. and l shall vote, as far rs / may
have opportunity, to profit by her example.
One more remark on this difficult subject.the
more difficult rs it is more and more meddled
with-and I will be contented to give my vote
AZ the questions may arise. l am satisfied, Dir.
President, that q redundant currency, in 80 far
as it is an evil, as it is n grievous evil,
in producing high prices is its own sole correc>
tive. 1t may as we'll be said that fuel will not
burn when fire is set TO it, as that property OF
any kind which is in request will not attract
high prices when a cheap currency is brought
into contact with it. A redundant currency will
correct the evil of high prices which itself pro"
duces, and it will correct it in this way: The
high price of one article will bring up the price of
another, and the high prices of all necessary sup
plies will. Justify and secure to the toiling thou
sands an increase Of the wages Of labor. Spasmo-
die efforts like this TO lessen prices only have the
effect to retard that equalization which a redun-
dant currency will itself, and itself alone, can
produce in either the ascending or the descending
scale of prices.
Ny reason, Mr.. President, for Offering a subs
s,itute which had Tor its object to fix the prices
of cotton fabrics and breadstufs produced in
this State, was chiefly to counterfeit the distress.
ing effects Of the Confederate. impressmcnt law
on the community. But l will not trace the
effects Of that law, as my substitute, which pros
posed TO regulate prices to that extent, has been
rejected.