Wilmington daily gazette., 1874-03-03
EXTRACT FROM xR. SEIZURE SPEECH
Imitation Means Imitation at the snecr.
latfye Centres

Ine senator from North Carolina mir. Merr;
mon having been quite prominent Ia this debate
take his State as illustration He counlsins
ina. tne people oil North Carolina ars impoyerish-
60, tnAt business is cramped, thai banking aptal
IS scarce, that rates Of interest are high and so
All tnis - true. sincerely sympathize with tha
Senator and his people, and hs can soaroeiy be
more anxious to do something to aid them than
am We are entirely agreed as 10 the object lut
now let US scrItinize tue means. The Senate
wants more paper money fer tie Lsopls AID
therefore he advocates expansion OF tie cur
rency. AT first he advocated an sapans,on G;
tegal-tender currency, and admit that wouic
be the most efficient means. Now supuoss il ware
made, suppose We issue one hundred or two hun
dred millions OF our iIredeemable legal tanders
how will 1t operate Gentlemen speak as i. HE
Government of the United States issuIu an add
iiona amount OF paper money, were II the same
Time issuing Proclamation to the courtesy run
ning somewhat in this; All We who are weary
and heavily laden, come to me that NAV pu.
money into your pockets you, good taruer
nave mortgage oa your faIm and cannot paw II
mere are the 2,0oo you want pay them bauA
when you eau. You, enterprising manufacturer
want 10 extend your business and enc loy NOR.
Workmen you want, say 900 900 or s3o0, eco
you can have them Immediately here ttey ara
ou, good merchant, want to carry on a large
.iaoe' and you are crauped by awsnt Of means ;
there Is nothing In the world easier than 10 help
you" Gentlemen, this seems extremely perpos-
| ferrous and yet assert there have been such ar
guments made in the Senate OF the United State.
| which would apply only to such a condition or
tnihSs' ana there are thousands Of people III the
country who have been made to believe that an
issue Of additional currency would work IN til al
way.
But let US see how 1t VII operate In reality
There are only two methods OF setting an addi-
| tional amount Of currency ahoat Que il BY de-
| fraying the expenses of the Government. That
will not apply here, because we can raise revenue
| enough fer that purpose. The other Is by til =
purchase OF bonds OF the United States in the
market. That will necessarily have 10 be resorted
10. What then viii the Treasury do The
| Treasury then goes TO buy bonds wherever they
are 10 be sold-ihat Is to say the Treasury goes n
| Wali STREET. 1t carries this additional issue OF
currency there, and there buys its bonds What
Is the consequence? The additional amount OF
| currency Is thrown at once into the hot-bed OF
speculation. What will be the first effect As
soon as speculation is revived, you hoat specula
tive enterprise such as concentrates there and II
you want to have proof of the fact that eurren
ey SO issued viii stay East that proof furnished
by the figures which | read in the Senate lew
minutes ago, showing that the banks OF only
three eites-New York, Bosttn and Philadelphia
had absorbed the whole of the new isaue oi
$25. 900 900, with The exception of less than So
O00,0c0.
EVILS OF THE CURRENCY INCREASED BY KxPAS
l SION
Now, Sir, how will North Carolina, how W ii
alton like this North Carolina will net get an,
share OF the additional currel ey for nothing
North Carolina will have to buy that additiona
currency by offering her products on the marke
where that currency is distributed, just as Nortl
Carolina hast do now. She will have to bu,
that currency, just as she would have to buy tha
, currency II it were not paper but GOLD Ii thes,
products OF North Carolina are in demand, the
viii be bought. and currency will 60 to Norl
!, Carolina in payment thereof as it does now, an,
only 10 that sxteut; no more. But the addition
al amount issued by the Government bang righ
in the hetbed of speculation, and having great
stimulated that speculation, the rule goverpin,
The diffusion OF currency will be Just the revers
of what it would be under healthy cenditioi
= of business. Instead Of 30 much currency beir.
> used to foat speculation as can be spared IRON
legitimate business, only 90 much currency VII
be apt to 60 into legitimate baslness ean /
spared from floating speculative enterprises Cpo
y the extent OF that speculation, therefore. it wi
: depend how large proportion OF currency wi
L go from that centre OF speculation 10 North Ca
9 olina and other points; and the more extsnsi
y that speculation Is. The greater the quantity
eurrency 1t win strive to press into Its seavis
> and 1t will secceed in controlling, and lh
y smaller the proportion, therefore. that will 4
: Into the channels Of legitimate business.