The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1873-11-01

TO build up better ones. Dur curren-
cy is good, and the only complaint ID
that there is not more of it. l see no |
reason, however, why every person or
able to deposit the bonds
of the Government with the Secretary |
of the Treasury, should not be permit |
ted to take National currency in re-
turn for them on the same terms that
are extended to the banks. ! would
have ample security provided for the
of the money, but would
give all who could deposit say not less
than fifty thousand dollars Of the ma
tional securities, an equal chance to
conduct the business of banking. It
is said that this will make money too
plenty; but l do not fear it, nor do the
people. The recent crisis has demon
strated the fact that the volume of
currency is not sufficient to meet the
uses of commerce. That the plan
suggested may cheaper money is trae;
but when it demands IL per cent. per
annum, and you can scarcely obtain it
for that, it ought to be cheaper and
plentier. But this measure, if adopt
ed, would not, in my opinion, inundate
the country with currency, for the de-
mand would measurably regulate the
supply, and when it became so cheap
as not to be remunerative. it could
easily be retired, and the bonds upon
which it was issued Withdrawn. -sa
This imitation of the currency may
possibly prevent that speedy return to
specie payments that some Of our po-
litical economists seem to ardently de-
sire, but in my judgement an exclusive
coin currency is impossible, until our
national debt and our annual interest
account are largely diminished. 10
me it seems desirable that that con
traction which must precede the re-
sumption of specie payments should
be made slowly and gradually, to avoid
financial disaster. l have no time to
pursue this subject further to-day and
leave these suggestions with you.
Recently the patent monopoly
has been enlisting the attention of
the people. All civilized govern
ments have by law secured to the
inventor for a term of years the ex,
elusive property in his invention.
One who has produced that which
is new and useful is deemed to have
a property in the discovery, and in
consideration his secret be known
to the public, the State agrees tha!
for a time limited he shall be its ex-
elusive owner. At the expiration
of this time it becomes the common
property of the people. These
statutes are wise, and unquestion
ably, made to encourage and stinu
late inventive genius s-tllat genius
that has given us the loom, ths
reaper, the steam engine and tn.
telegraph. Those who have b,
their brain work wrought thes,
great discoveries deserve not on1,
the gratitude of those laboring mel
and women to whom they have bro
relief, but it is but just that the,
should be substantially rewardet
by being afforded that protection
that renders their inventions secur
from piracy. I apprehend no on
is willing that these enactment
should be abrogated. ConcedinI
all this, still this kind of Legislation
sometimes builds up monopolies a
the expense of the people. The "a
ror is not in the general law, but i
that special Legislation by whicl
these privileges are extended 70
terms beyond the original grant
without regard to the consequence
upon the public. When the inven
ltor is compensated equitably an
fully, there the obligation to Pre-
tect his conception by law ends; Q
beyong this just and liberal con:
pensation is extortion. These ps
tent grants are in some respect
the greatest of all monopolies; fo
the right to make, vend and use
exclusive. One man, the patente,
says to the millions: "Tou cen cnl
use by my permission and upon Il
terms" Competition is cut of. II
demands what he pleases, and 70
have the one alternative-to buy {
his price, or do without his produ
ton. To-day we are paying to ii
sewing machine monopolies frol
sixty to seventy-fv dollars for IT,,
which costs them less than TWEEN.
This is but one instance of mar
that might be given. The remed
is easy. When the inventor is PAL,
let his exclusive privileges end, an
the right to manufacture his inve1
ton vest in the whole people.
I would not meet your just e
pectations to day, perhaps, did I N
make brief mention of another su
ject. No political question b
elected more discussion or mo-
perplexed the political economi
or the people than that of ti
tariff. Some yearsago the two pa
ties then struggling for ascenden.
made the issue squarely betwet
free trade and protection. I thougi
then, as I believe now, that no pc
pie could be truly independent u
less it possessed the ability to pr
duce what it consumed and man
!, facture all articles it's necessiti
, might demand. But the day for
tariff for protection merely pass
, away with our poverty and wea
! ness as q people. A half centu
: has worked wonderful things t
! rs. We have artiEans skiiled
i every trade, and competent
} manufacture of whatever our =
cessities or tastes may require. q
| coal area is exhaustless, embraci,
as it does, 100000 square mile
Our hills and mountains furni
6 abundance Of the richest and pure
: ores. Our furnaces, forges q,
looms, giving employment to m
T lions Of laboring men and wome
| oro for1r;ohinn IN ho,.1.x =: