New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-07-09

sure that the Eastern portion OF the country has very
clear idea OF the trains Of reasoning adopted, and the
conclusions arrived at, the currency question In the
West, and Mr. Ingerso is q representative Of ideas
that have taken deep that section It would be in
structive and not little amusing TO Eastern people,
and indeed to people everywhere who are not affected
with the papermoney madness to read his arguments
therefore propose to give the principal points OF ms
speech hut before doing ought TO say that MT niger
soil by means weak man, or one incapable OF cor
rect reasoning On the contrary, he possesses more
ability than usually falls 10 the lot Of Congressman, ana
on other subjects than the currency his head is clear ana
his judgment good The aacies and a0surdltes ne fas
into this question show at the same time the weak
Of the imitation theory when it comes to the test OF
arguments and the extent to which 1t befogs the intel
ects OF those who embrace it,
Mr.. IngersOl sets out 10 prove three propositions
namely:
First That the more money nation has in circulation
second: That an irredeemable paper currency is
money and the best kind of money and that gold ana
silver are relics of barbarism
Third That the value of greenbacks does not depend
upon the prospect Of their future redemption but tha
they would he worth as much II was uhuersood tha'
they never to be redeemed
To prove his first proposition, Mr. ngersol gives an
estimate Of the amount Of money in circulation in Europe
at different periods from which II appears that the
quantity was large during the period of Romes greatest
spendor, and quite small during the jarkages Mounted
upon this hobby, and persstently mistakng effect for
cause arrives at at the conclusion that the dark
ages caused by want Of money and so solves 10
his own satisfaction the problem upon which historians
and philosophers have spent so much labor. He does
not stop to inform why the money vanished so sud
denly and myseriousy, what became OF IT, nor docs
he appear TO be troubled by the fact. which he does
not notice, and perhaps does not know that everybody
but himself has always supposed that the great falling
of in the amount OF gold and silver in circulation during
the ages caused by the decay Of commerce and
the isolation in which nations and even towns and cities
existed in other words by lack OF for money in
state Of society where there was no commerce ana III
tie trade or industry and when all Europe diligently
engaged in cutting each others Threats. Mr. lngersoll
hurres trumphanty to give an enthusiastic picture
Of the revival of civilization, which, he says, was
caused by the discovery Of the gold and silver mines
Of Mexico and south America and by the stream Of the
precious metals which flowed from them TO the Old
World. But here Mr. IngersoH entirely dsregards
history, perhaps he knows nothing about except
what he has picked up by scraps in his reading Of West
newspapers He ia profoundly ignorant OF the fact
that the revival of commerce. industry art and letters
commenced long before the discovery Of America, and
has heard that the great commercial cities of Italy
reached the hight of their splendor but their palaces,
founded their universities and sent their ships To every
part Of the known world long before Columbus sailed
from Spain, that the wonderful industrial towns of
Flanders had become the marvels Of all Europe years
before Cortes set foot in Mexico
We next told of the prosperity and power of span
W
gold which poured into her lap and he tells with
a courageous abandonment of history, which cannot
help hut admire that II Spain had known how to keep
the money she got her decline would not have taken
place. But alas, for gallant fnancier some ugly,
stubborn will intrude Themselves and tear in pieces
his prety spun theories Spain did make great efforts
keep the gold she got although Mr. Ingerso does not
know it, and she made II at time capital felony to
carry any large amount out Of the kingdom. Her new
found wealth proved her ruin in the end Agriculture
wa
extravaganza, and luxury followed and the country
soon went TO the dogs.
MI Ingersoll ia convinced that need more money
and that nothing is required but to print few hundred
millions of greenbacks 10 give the country marvellous
and perfect prosperity But unfortunately for him he
careless enough TO print some figures IN his speech which
totally overthrow all the laO0rs OF his logic. he gives
table showing the amount Of currency per capita in cir
cuaton in the United states every year since ls9 by
which Ii appears that from 1873 10 $780, "ch ne lels US
period Of great industrial and commercial activity
and pro pery the currency ranged from - 10 SO 20 per
inhabitant never exceeding the latter sum- while IN 1862
which he says was year OF business pr0stIaton the
currency amounted to 81 20 per nhabitan And yet he
actually goes say in the OF these figures, that
the currency is insufficient and That lack of money alone
there was then nearly twice much currency per capita
ahoat during the prosperous times he cites.
paper currency is the best that can devised,
hnancer points TO the war, and says
II should ash bOreT mechanic ero merc1 ant the question
when The times The beet hat ou ever kneS he would answer
those years great demand borer received the
e, wSg an S ~s' hem IN g demand sS me rer Tey
The most remnneye prices oI all be had to s and The merchant oi
And il was nothing but the blessed paper money that
brought about this happy state Of things, according to
Mr. mgersOl II has never entered his head that the
withdrawal Of million of men from the ranks OF pro-
duces 10 become and destrOyers pro-
ducts OF field and factory had anything u do with the
increased demand for agricultural produce and manufac
tIed articles. Now that the enormous destruction OF |
has ceased, and the million men are nj work pro
Lucers, Mr. lngerso l. FOOLISH enough to believe that o
restore the high prices ana active demand OF 1868 ana
1904 we have only to set the Treasury presses at work
To maintain his third proposition, Mr.. Ingerson has
but very earnest assertion Here are few OF his utter
on this point:
ry AID SdiSng ismonsy eIceP t5ai sh worth the s%onat
expressed the face oil That which gives value the promise that
Speaker totally incorrect and altogether false 1t decidedly Old
tanse sSs whatever mere sc viii day paid
Gold hr would hay. value except for the fact
thai E1ys By EsHe SCnas Isg a &c eesn amount Of
change for anything else of material value
business Of The country upon paper money rot based on coins neither
lated or dependent upon its value circulating
money enhanced one oa because it presumed that will
with such admirable, wonderful, and altogether |
upon the kind Of money which all the rest of the world
stupidity cngs to- OF course there Is no necessity II We
believe Mr. Ingerso of ever returning to gold and sill
Us back century and which viii afford The Of Europe their
much soed Opportunity 70 give GP9Ss5a AA resume
have not space TO follow the member from Peoria |
further in his curious absurdes. One of his theories
bankers who deal in gold and foreign exchanges ought
not 10 be omitted. When gold is hig according to Mr.
Ingerso II is greatly to advantage nation, be-
sell our gold 10 Europe and make handsome
profit They must have II, he says and they must take
il at price let II alone" This notion that
enabled by virtue of the astonishing qualities possessed
by rredeemable currency, 10 fix the price OF gold in
dependent of the OF the civilized world and make
other nations buy II Of us at our own price 30 refresh
ingy ridiculous that Was ought not 10 be ignorant OF
il this hot weather,
MIR Ingerso closed his speech with eloquent appeal
for greenbacks In voting for expansion, he said
10 his fellow of the House, You vote for cheap
money, which is essential 10 the prosperity of |
country; you vote that labor shall be In demand and
the abOrer shall be better paid you vote that the
mechanic and the farmer shall obtain Temunerative |
products of their labor;