New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-01-22
standing the discovery Of gold in California money

stanulng Tue discovery OF gOlu IN Cdllorna, mouey
British iron and cloth came in and gold went out
In 1857 the elimination was reached and a CRISIS
of ruin came on.
The Treasury was again nearly bankrupt. In
three years immigration fell below the point OF 2o
years before, and our exports fell of to mere
nothing.
Why were all these scenes of wreck and ruin
brought On our countryi Mr.. Cary has well said,
cit was because our country adopted British
policy, that has drained to itself the wealth that
did not resist it." The result of the two systems.
as shown in contrast. is as follows: Our national
system, as seen in 1870, 1923 l842 and 1861 when
labor was well paid, money plenty, Immigration
great and prosperity universal.
1t is wei for u.s. the people, to look at the cond-
ton of our country during the times when we were
introducing what call the British monopoly sys-
TEN OF free trade-when this system was allowed TO
operate in connection with our use of the paper
money of incorporated State banks.
The consequences as they appeared in 1917,
1884 and 1857, when labor was lilly paid, money
scarce, immigration declining and bankrupts by
thousands.
A system of free trade that leaves such fruit, al
though it may look beautiful as the whited
sepulchre of DID, if it is intended to operate in con:
nection with proper circulating medium, should
be dreaded as We would dread the presence Of q
pestilence.
The fathers of our Constitutional Government
intended to guard their posterity against the train
OF evils that would follow all attempts to legisla1e
permanent value into paper-circulating medium.
To accomplish this they induced the people 10
yield up 30 General Government the entire right
to coin money and regulate the value thereof.
They also prevailed on all the States to agree that
they would not issue any bills OF credit or make
anything a legal-ender in pay ment of debt but gold
and silver hoping thereby to prevent the individual
States from the folly of incorporating State banks
of ISSUE TO initiate the currency, and thus raise the
price ofeverythiDg, and make tariff for protection
Indispensable.
4 Against such an act Of folly Washington gave his
warning voice in letter 10 member of the Mary
land Legislature, who asked his opinion in relation
to the propriety of Issue Of paper money by the
State. To this Washington replied by saying:
I" Had q voice in your Legislature, would give
it decidedly against the emission, for the reason
that people always mistake the amount Of money
necessary for circulating medium.
alt is not the amount of money in acountry that
makes il plenty but il is the rapdity and certainty
with which IL passes the round of circulation" He
said that sin exact proportion as you pour
paper money into the volume of the circulating me-
dunn, just in that proportion will everything IN
country rise; and labor will be the last to feel
it. 1t will not benefit the farmer OF the mechanic;
it will only benefit the debtor it will enable him
TO pay his debts with shadow instead of a SUBJ
stance" BY going contrary to the advice of Wash
in ton we have tempted the world to sell every
thing, and have made everything too dear with us
to sell in return with profit. 1t is now to be de-
II
materials that be put into forms of usefulness
with as little expense of human labor here as in
any part of the world shall give employment TO our
people or whether our labor is to be left unem-
ployed, and our own raw materials unused, or
whether our own labor shall receive such reason.
able protection az will enable the laborers TO live
until the Government can restore the currency 10
a specie basis, and shall have paid the National debt
BY duties on imports.
The highest form of duties should be levied on
Injuries of every kind, and the lowest form OF
duties on the necessaIies of life and those articles
needed to give employment to labor.
cannot forbear to warn my country against a
system of free trade with foreign countries, and
reliance on the direct taxation of States to maintain
the Government, and pay the National debt. The
warning of Chancellor Kent should not be neg
lected. He us that as soon as the old Con-
federacy of States ratified the States began 70
fail in prompt and faithful obedience to the laws
and as danger receded, instances of neglect became
more frequent and by the time of the peace of 1888
tho delinquencies of one State became the apology
for another, until the idea ofsuppying the pecun-
ary wants of the nation from requisition ON the
States was found TO be phantom"
| 1t should be remembered that there is nothing
| that VIC as nation can buy cheaply from foreign
countries that must be bought by leaving our own
labor unemployed, and our raw material unused.
We should never forget that the boosted system
of free trade both in France and England, is CON-
plete system of protection to the labor Of those
countries. and that il is only possible TO secure
national wealth and general prosperity by the ap-
plicaton of knowledge, economy, and well directed
labor PETER CoOPER.