Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1873-12-05
SDScIc PlynsSnts.

ENACA4SA1ii %. d. oOIliO1, titC uCh cC1its-
ter from Georgia, talks to the hard
money old fogies as follows:
THE financial history of this and
every other nation furnishes abundant
evidence OF. the fact that specie pay
ment does not prevent commercial dis
asters, and that the general prosperity
of the country does not depend upon
the price OF gold. A low state O. pros
and do cO-exist with an abundant sup
ply Of gold and silver. This is illus
trated in the history of mo t European
nations. Spain and Portugal, for ex-
ample, where gold and silver furnish
the only medium of exchange, and
whore they are most abundant, and
where their export is discouraged by
law, became the most beggarIy coun-
tries in Christendom. England, on the
other hand. during her wars with Ma
p0leOn, and for more than twenty years
discouraged the payment Of specie, and
enjoyed u season Of unexampled pros
perity. Let the effect of her subse-
quent forced resumption furnish us
warning. It curtailed her productions,
depressed the energies of her people,
entalied heavy losses upon every indus
try of the Commonwealth, and degree
Of distress and suffering which it is
difficult TO e-Iaggerate.'
RESUMPTION.
He goes on to take the skin of the
simpietons who advocate forced re-
sumption:
Il would not be understood as oppos-
ing resumption when it can take place
without violation of the laws Of trade.
What I oppose is any forced resump-
ton. Officials and public, feverish
with anxiety, rush to the conclusion
that compulsory resumption is to re-
licvo us; and when experience and
history appear as Witnesses against
the wisdom of such a policy these Wit
ucsses are condemned and put out of
court, SO great IS the force OF precon-
coiyod opinions. Let It be born steadi-
y IN mind that wealth does not depend
upon the price of gold. but upon the
manufactures and agricultural products
OF 2 people. Gold has steadily de-
creased il price with Us since the war;
but has our prosperity proporti0nally
increased? (? Resurn ntion WI! be easy,
safe, and speedy if we can encourage
b. 4 Iull and not redundant supply Of
cheap money Tie productions o. this
v.st cotton ;a4d graiN-G growing country.
Even r6dun3ency, which must be
avoided, IS better than insuGicieucy.-
within Z short period after Scotland
chartered private banking companies
ard rCuhleG hey calculation, uoawith-
standing tho rer~ehcnsibla conduct Of
some q these institutions, she more
sAan qua<,rup,ed her productions and
rcsOuEcos Her circulation OF s., ,OOO,-
e)N was based upon Sold not exceeding
800 90. : similar policy with Us
Woj2.u be the suTcst road presumption,
and at the same time for the debt-bur-
ocuci South tao best bankrupt law
Congress could enact. With rigid econ
Cny, cheap freights, and low interest
on money, we could soon find our way
out q oar troubles. Resumption now
5 -lGpossihle-to fCrce It al. any time
woE.& be disastrous. What need have
We for gold except il settling foreign
balance? It is net essential to dcnes-
tic trade, which all experience proves
and political economist agree affords
the greatest revenue. II every dollar
OF gold we're hauished from the c0uu-
t-r, and every gold and silver mine on
tho continent were sunk by an earth
quake, il would not destroy our wealth
nor decrease oyI prosperity, provided
IL hen thereof We possessed a currency
which would meet the wants OF domes-
tic trade.
Tile annual products Of our land and
ilhOE, let mo rspeat, are our wealth.
Let these he fosEar.2l and dnueIorea
TO their full extent, and our cotton and
2r in viii bring to Us all the gold
needed for canceIlinS any foreign
IL