, 1864-04-30

classes, and particularly Of those who are
specu1atfng largely, to maintain and even Sd
vance the price Of gold. This trade for ali
other purp0ses than the customs. the dem:nd
for export, and the legitimate moneyed de
mnrds which grow ont Of nen's fears. ought
not to be permitted IN the face Of the great
injury 1t lnflcts upon private interests and
the Increased expenditure it imposes uaon
the National Governn:eut. :
II. such tax IL included In this bill fer
Tie recson that q hill now lies ~ i. :o, ak
tr's ts!,ic prohibiting nil gau.:,i;.:s ;r.os1e
lions in gold. Should this hi: ,aii - BE-
come law, ] would strongly ad,Ise t!l.Das-
tn eales Of gold and sterling exchange Us
perfectly legitimate source of revenue
When an extensive speculative traffic in gold
is carried On to tl.s extsnt ti1at it nov is aud
when the fact TINT it in1icts widespread iu-
jury is 50 1ncontrovertible, DO one can !lesi-
every kind Of business LOOKS 70: protection
Las IN unconbtca right to demand some
cQulrale3t fer the fati}it;t. it affords, AID
;:r Tie 6amaEe it sC:taics- 4 till 70 ia2ogc
large tac on salca Of geld would not neces-
safily prevent speculation ard gambling. 1t
you'd deloan5 II ctmpensstioa in the shape
ot . tax on Ell isles Other than for money,
and on Ill transactions which pracecd from
SOURCES Tes-,-f.2d bs the cclnmuaity as mis-
clicSous and illcgltimate- II, then. IN the
paRsags ot such m .ct the luxury Of spceula-
lin. In gold should be persisted IN, the rev.
cnngs Of tic Government would lie constd-
eEablS augmented, and this House would at
lcatt have tie satisfaction Of hcyinG, wres'cd
some portion OF the proceeds OF this dark
tsaiEc and handed it over to the USES Of the
nation in uiis gigantic war;
SUGGESTION,
The returns Of the New York Clearing
Housc show TINT for = period OF many years
previous to the war capital and credit Of
from twenty-five to twenty.three million
dollars wss necessary to the daily traffic IF
tEAt city, or from one hundred aud tWcuty~
five 10 one hundred and thirty million dol
lars Fer week. For tho past year these fig
u1rs Eaye been constantly increasing ss prices
advanced until they now amount to on: ll,ln-
u7II ard fifteen 11Illion dollars daily, or
uesFly seven AnnIred million dollars per
week:
Does Eot this suggest 4 method Of taxation
by which 4 sInall percentage. almost tnap-
precfable in size, ssould result In an aggrc-
cute Eu1n Of such magnitude as TO cause the
abrogatiou Of every other species Of tax!
Would not s11ch tax fall equal1y upon alt
classes Of our fellow citizens Just In propor-
lion to their business, and should we not pay
tn the government fair consideration for
lie privileges Of the tratlic which it thus &C.
cuTe6s
TIE pEICE OF COLD IN CHEAT BRITAIN AND
IN Tt1E LIMITED STATES
Sir, permit me TO show to this House, and
10 the Iucrriless gamblers Of the great city Of
New York. who sound the Keynote to
the sIecntatorB Of the interior, the dif-
erencc Eetweer their conduct md the
canduet Of The English people in
time eo precisely similar. Cola, regarded
es the standard By which trtcc is to be meas
urcd, and which nns been held IN this country
and continues TO BE- lGll ct from seventy to
ninety per cent premium fc- paper, remained
III the English markets at only fraction
abuve par Tor some years after tue war broke
out. 1t rose above twenty-five per cent for
only three years after 1911: In Two Of these
three years it reached thirty per cent. For
one year and one-uuATter Of that time it
touched ,Iir:v-=iy per cent; and only for Il
pesioi Of tiyg months Of that tlEc-namely,
from November, ISIS, to March, 1Si3-did it
cent. Contrast Ills with the psicas ran-sug
fF1:n ecyenty-cnc' EN- 81 half to el.:.ty.seycn
per cent in the United States. Make the con-
trast, bearing in mind tile thirty per cent
more population in the United States than in
Great Britain, thirty per cent more products
and one hundred and ten Per cent more az
nual accumulation of wealth; and bearing In
mind our boundless future. based upon tluse
principles Of civil liberty that under the Di-
vine Will haye constituted thls nation-a
nation destined to cover this contincnt--to
be numbered by hundreds Of millions of pop
NlAtlOut p.1CeQ 1nu paHueu toEcluel ny luc
broldest and most extensively lifuscl INTEL
Ngeacc, by the widest and most comprchen.
siTe industry, by policy Of 1imitless internal
Improvement, the whole forged and welded
into consolidated nationality, regulated BY
the sovereign will Of the people.
TIE REMEDY FOR INFLATED PRICES.
Mr. Speaker, the country Is In blaze Of
speculative excitement unknown for Its mag
nitude In the history Of the world. Various
reasons are assigned for its formidable aud
rapid growth. I do not propose to enumer-
ate them, or attempt the refutation Of the
theories which arc daily and hourly offered
and disguised respectfully tender my own
opinion to the consideration Of the House,
bearing as 1t does directly upon the subject
matter Of the bill. Under the appFehensions
that have been generated bY the enemies Of
the absence Of direct taxation, the common
impulse has been to ret rid Of the currency
Of tue country. THUS every man aud woman
in the nation seeks to own something that
cannot perish. The manufacturer buys and
fills his factory with the raw material; the
merchant. his warerooms with the mcrchan-
disc with which he is familiar; the capitalist
his trunk with bonds, mortgages and stocks;
while the specul,tor. watching the advancing
tendency Ut all kiuls Of securities. uses bta
credit to its utmost tension, trades to the eI-
tent Of millions in local stocks, securities
and commodities Of the country The rapid
fortunes which have been made by the bold
pioneers In this great game Of hazard has
stimulated the cupidity Of the whole COM
munity. But few men are, to-day, disinter-
csted spectators Of this wonderful 1nnnia-
Prices llure steadily mud rapjdly advanced for
more than two and lalf years.
It is impossible for this state OF things to
continue without ruin to tue people aud de-
struction to the Government. THIS fact Is so
transparent that IL needs no argument to
prove it. The advance in the prices Of the
nccessaries Of life must be arrested; lm1ta-
uon mt.st be fixed to the public expenditure;
and thie can only be done BY Diminishing tAs
r1ame RI eur9tncMdnd ehsc:ing. further ezpan
sion. This tax bill, in my opinion. should be
passed at IN carly day. Tic country cannot
afford to hear it discussed in its multifarious
details 1or uny length Of time. It.-requires
the law, and the relief it will give: It also
requires, and, in mY opinion, should demand
Of Congress a reduction Of tue volume Of
currency. When this House shall have passed
the tax aud tariff bills, the gold bill, or the
bill to prevent gambling IN gold-when it
sliall have added to these measures one limit
ing the circulation Of paper money to the
Issues ri the National Banks by the insposition
.f tar upon local State bank circulation, be-
lieye iu my soul that this Congress will have
deserved and will receive the blessings Of the
people Of the United States and Of the world.