New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-02-28

The Senator from North Carolina Mr.. Nerrimonl hav-
ing been quite prominent in this debate take his State
as an Illustration. He complains that IN North Caro-
lima the people impoverished, that business IL
cramped that banking capital that rates OF
interest high aud so All this is true. sincerely
sympathiZc with the Senator aud MS people, ana he can
scarcely be more ahAVui ~ 40 70 1lu .nvl1
than am We are entirely agreed us Ia tie clJect Dut
now let Us scruiinize the means, The Senator wants
more paper money for his People, anu therefore ne
advocates expansion OF the currency Al nrst he al
vOcated an expansion OF the legl-tender currency,
efficient means. 20. suppose 10 were maze suppose
we Issue hundred or two hundred millions OF our
tenen speak II the Government OF the United States
i.-uing an additional amount Of paper money were at
the time issuing proclamation TO tue country ra
ming somewhat IN this way: &" All ye wl0 are weary
aud heavily Laden come TO me That may put money
into your pockets; YOU good farmer, have mortgage
your farm anu cannot pay II mere are the 5000 YOU
want pay them back when YOU You, enterprsing
manufacturer, want 10 extend your business aud
pioy more w0lkmen You want, say s4OJOO or $4,000
YOU have them immediately; here they You,
good merchant want 10 carry larger trade, and you
are crdlnped ny want Oh neahsi there Is nothing IN
the world easier than 10 help you" Gentlemen, this
sounds extremely prepOstcrDus, and yet assert there
have been arguments made IN tue senate OF the United
states which would apply only 10 such condition or
things aud there tnOusauds and thOusand OF peo-
pie In the country VINO have been made 10 believe that
an issue Of additional currency would WOIk IN just that
But LET us see how It will operate In reality. There
are only two methods OF setting an additional amount
expenses OF the Government That will not apply here
because raise revenue enough Tor that purpose
States the market. That VIII necessarily have To be
resorted to. WHAT then, will the Treasury do The
Treasury goes 10 bay bonds where bOuds sOd.hat
i. 10 saw the Treasury goes TO Wast Ii carries hls
addt ona currency there, and there II buys 10
bonds What Is the consequence The additional
amount OF currency thrown at into the very hot
bed of speculation What will DO tho hrst effect As
soon as speculation is revived you hOat speculative
rerprse such "a concentrates there and II want 10
have proof OF the fact that currency 50 Issued Will stay
last that proof Il furnished by The ngures which read
10 the senate ouy few minutes showing that the
banks IN only three ctles-New York. Boston, aud Phil
a1ephla-had absorbed the whole of the new issue OF
sgjOJOOOO with the exception OF loss than s2OoO0O
EVILS OF THE CURRENCY INCREASED BY EXPANSION.
Now Sir, how will North Caroua. how Will any other
Southern State be benefited by au operation like this
North Carolina will not get any share OF the additional
currency for nOthing North Carolina VIII have to buy
that additional currency by Offering her products the
market where that currency Is distributed Just as North
Carolina has TO do She VIII nave 10 BUY tnaL cur
rency lust az she would have 90 buy that currency n
were not paper but gold. II these products OF North
Carolina are in demand they will be bought, and cur.
reucy will North Carolina IN pay ment thereof as 10
does now and only 10 that extent; no moro. Bat the
additional amount issued by the Government being
rglt Ia the hOtDed OF aDeeuiato and having greatly