Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1864-04-05

lhblThlt ~ III my uumDlb NuJs puIIVHt tHt
are one hundred thousand bales Of cotton
New York-not enough to supply the demsr
and hence speculation commences and tho,
gentlemen who gamble in Wall stree fndil
, but a limited supply IN the market, unequal
the demand, take hold Of the article and ,peol
; late IN it. What is tho result7 II zoe, ul
and up far boyold its real value. Now suppo,
some man, while the speculation is raging, In
porm fifty thousand bales, an hold. Il ia 10
market According to the gentlemsn's theor
the holding u this large amount would enh .ne
the trice aud increase the speculation IN th
cotton already thrown upon the market for sale
Would thai be the effect No, slr. Because
cotton being above ils real value, the marke
would be controlled By the hcder Of tbly hft
thousand bales, because the supply and deman
are just 10 much nearer cquallzed. Il is know
to !be speculator that he can throw It Don th
market at any lime, and the market become
S eady ubde, the influence whether the cottoI
IS sold or not. Ii it Is present. ready to b.
thrown upon the market, The unrest, and dis
quletude disappear, and the market gradu.ll
settles 10 a state Of quletude. When the mai
who has fifty THOUSAND bales puts portion 0
1t upon the market as the demand calls for
what IS The effect Cotton falls, and come
down approximately to its real value. The ,an,
effect would be produced On the gambling il
gold by holding with the power of sale. The
surplus gold in our Treasury. Suppose thai
not pound Of that cotton is sold, but it /,
merely held in The market as said before. il
checks speculation.
Now suppose the owner Of the fifty thousand
] hall La T.
would be the eiect' Spectators would take
advantage OF the lact, gambling would begin
again, and the market would 70 up. Apply
the same principle to gold We will say the
demand mot equal 10 the supply, and tbas
thu, IN connection with other things. such AZ
the condition Of the country and the expansion
OF our currency, hes brought the price of gold
up, 50 to speak. Now, the speculator knows
there Is an ac,umu alton fund in the Treasury
which cannot be used and the more YOU throw
into the Treasury, and thus diminish the supply,
the moro dishonest and reckless the speculator
becomes Hence they 60 "kiting In gold bo-
cause they see this large amount IL locked up
IN the Treasury and cannot be used Now give
the Secretary power to bring this upon the mar.
ket, and what will be the effect? The same as
10 the case of cotton :, and down will 20 the
price Of gold Spectators do not know that il
IS 10 be thrown upon the market; but as there
IS power to put 1t on the market, speculation
IN gold will be regarded as unsafe. and it is
measursbly checked
Again, the gentleman says,s ,sadmitting that
this may exercise some influence on the price Of
gold yet that II ileence will be temporary, al d
not permanent, aud thai we must leelslaie for
a peimanent depreciation Of the price Of gol J.
Now, | nsyer saw force put in motion which
would not expendl itself That is in accordance
with the laws Of motion. Ii the Secretary Of
TIE Treasury shonld see fit to put 81 900 zoo.
or more, Of goll on the market, 90 not pre.
tend It would have permanent effect on the
speculau IN gold, but it would have Temp
rary one, and the Secretary having tho power
from time to time TO produce TIM. temporary
ehsct upon speculation, it becomes finally =
permanent. One shower Of rain does not have
= permanent effect upon the parched ear.
bu shower after shower brings forth the boun {,
ifll west
Now, SIT, must take issue with tho geate
man from Massachusetts upon another point
made by him, and do SO with great Difference,
as the gentleman Is evidently business man
and a ssgac.ous merchant lie says that tins
bdl viii not materially iuhdence the price OF
gold because The price OF god is goyerne by
the price OF exchange. Now, air, as a man OF
common sense, and not as a man of financial
experience, do not see it 10 that Ight. The
pFlce y. gold to certain extent regulates the
price OF exchange The price Of exchange il,
greater than ths price OF gold to an amount
about equal to the costs OF insurance and tram,
p0itAuOn. Ii the gentleman theory is correct (
why Is 1t that when we passed his amendment
gold went up, and, as | unde stand, to over l69, |
but when the amendment OF the Senate yus
adopted, the suit was that gold came down :,
10y? The immediate effect OF the passa "a of
he bill by the Senate was to bring gold down
llne or ten ceus.
Now, sir, believe, if we pa.s TIN. bill. under
.he operation OF v hich gambling in gold will,
n my judgment, he checked, and # the Com.
nlties OF Ways and Means will speedily present
bill iof revenue whereby the wealth and prop
'rty OF the country will be taxed 10 pay tb- ex.
y n:es OF this Cover nment hereafter, so that
here will be hencefOiN ard no undue ina,tion Of
he currency, gold will continue to decline
v hen speculalors see that our currency is not
o be lntiated when they see that the property
II the country is to be taxed to carry on this
var; that We are getting nearer and nearer to a
ound, reliable basis, gold goes down still more.
Then let my friend from Illinois Mr.. Wash.
'urne, who has an eye on General Grant, the
lieutenant general Of our armies, the man who
ccuples position as honorable and as fearlully
esp 'nsIble as any man on earth, send for him
o march the magnificent army of the Potomac
as gallant an army as the sun ever shone ON
-agains, General Lee. Let us have victory
here and then the combination OF these three
hings-the passage oil this BILL the taxing the
roperty OF the country, and the driving to the
vail the rebel army-wlll run gold down to
hirty per cent and exchange to forty, and that ,
! as low as gold ought to be in time of war.
know II is said to be dangerous to intrust
hese great powers to the hands of any one man.
am not one OF those, sir, who believe that all
irtue died with our fathers, and hat there is
0 more purity in human nature. These ara
,arlul times, Powers must be granted re-
must be assumed and every officer !
the Government, high or low, must be held +,
asponslble to the s0yeIelgns of the nation, the /,
eope themselves. Refrain from giving power ,
} the heads OF Departments, aud you weaken ,
le Government itself. The Secretary of tho ~.
reasrry has probably the weaknesses of ether .
len. lie has at least shown himself, 60 far,
IAN Of great honesty and integrity OF purpose.
would give him all the powers ece:sary for
lm to roll on the wheels Of Government until
lis cursed rebellion is crushed forever and |
0 not believe that he will abuse tha, power. s
or these reasons Mr.. Speaker, crudely expressed
Ut scientifically olabinted-ior, as said be. v
re, | am no fnancior-l shall vote for tho I
assage of this bill I
emarks of Senator Wilson of Massachu.
sets.
SENATOR WILSON of Massachusetts, made q