, 1874-03-02
CHICAGO, MONDAY, MARCH =, 1874

- bAoeF.
nro in donlnntl, thoy will bo bought and cnrroncy
will 60 to North Carolina In payment thereof rs
1t dots now. and only to tint cxtont; no moro.
DuT TIE ADDITIONAL. AMOUNT
issued by tho Government being right In tho
hot-bo1 Of speculation, md having grontly Rtn-
ulntel that speculation, tic rn1o governing tho
diffusion Of c1rro,,uy will bo Just tho royerao Of
whnt It would bo under q healthy condition Of
b1tHincss. 1natoad Of 70 muoll ctitionoy being
tlBod to iloat speculation ms can be Bpnrod
from logltnato business, only 20 1nroh
otrrotcy will ho npt to go into Legitimate
bnblnonu as cat bo spared from floating anccu]a'
1ation, therefore, It will doponl how argo pro-
portion Of currency will 60 from Tint contrc of
speculation to NORTH Caroliua mud othor points;
mud the moro extensive TINT speculation ts, tho
press Into It's service and It wilt succeed in co,l-
trolling. md tho smaller tho proportion, tloro-
foro, that will 60 into tho channels Of legitimate
business. It follows, as lntural consequence,
that everything which tends to oxctto, to stitnll-
late, to ineroaso speculation mud gambling, will
it Ia q notorious. unlonbtod fact,a fact not queB-
toned by any aano man. that, an
irredeomablo paper currency will inoito
assseo a2 TINT tsfSlf Sy s !:
will force pooplo into speculation md gambling.
Tho greater tho imitation. therefore, tho moro
speculation will control the currency, and tue
less proportion will DO left for Legitimate busi-
tranBactionB Of Legitimate busneBs. Increased
Initiation will only tend to incroaso tho want far
In oxcoos Of tho supply. Initiation will inoronso
the want, for 1t will run up tho premium On gold,
rondering thoroby greater volume OF currency
necessary to effect tho same exchanges. 1ntla-
ton will not in proportion incroaao tho supply,
for 1t will drive larger proportion of tho cur
ronoy tnto tho channels Of speculation, ind di-
vert it from tho channels Of legitimate business.
Ono hundred millions will not llelp you, and II
you put out 5000, 900, ,U00 it will help you still
loss for tho appetite will not bo HatHtiod; 1t will
only be stimulated by The supply.
SENATOR'S FROM THE SOUTH
ssy their people need more en5renSy No
other and far greater difficulty. They mood
moro capital; and tlloy indulge iii most fatal
tlolusion II thoy think TINT tho trick Of Watering
their currency can supply thona with tllat capital
Thoro aco somo most obyiouB causes a. tho bot
South l,avo gono through wasteful wnr, Which
| lns consumed and dcntroyed worry largo pro-
| portion Of their woalth and thus their capital
! has dwindled away. The wasto Inns beon ILL
tho war by very bnl government; anu finally
our tariff md the influence Of an irrodaomablo
currency have produced upon them tho salne do
pressing effoct produced by tho same influences
tho people Of tho South have to mako up for q
very largo do1ct, aud tint deficit cannot DO COW
erod by paper promises to pay. # they want to
regain their former wealth they must adopt the
samo methods by which wealth is created elso-
were they mast pgoaasG' more much 1sn
must carofully husband and gradually &C.
| cumulate their surplus ealnings.. That is the
! way to create wealth aud capital available for
| future production. It is = aomewhAt slow and
Ftt1 f.H+ Anil
cess that will boroaIly elective. This applies
more or less to tho people Of tho whole conutry.
Tnis is a llard tact. But, sincerely as doplore
the misfortuneB and ombarraBsmonts OF tue
Southern people, cannot 1effain from saying
that they lose yory precious time md waste thcil
onorgicA mud their ingenuity, it thoy look to any
artificial coutriyance for their salvation. They
aeem to have mado themselves bolioyo htat ar
imitation of tho currency will aid thom in getting
upon their foot nEain aud accolorato their re-
clporation. l am strongly convinced tint i
will not, a,,l / have nlrcady given Bomo Of m,
reasons. First, I hayo shown that an imitation
Of currency will stimulate general speculation
and that tliH stimulation will 10 divert tho cur
rel,cy from Legitimate business TINT tho 1attor
after tho expansion, will not only not have
creator, but q less proportion Of it for its pur
poses than before; and. secondly, iutation vii
still more
DErnEss THE AGRICULTURAL INTEREST,
the South as we'll as tho Wost than it Is do
pressed now, .-....
made that argument before whom had tht
honor to address tue Senate on this Subject
Ttat argument has boen attacked by sovora
| try to demonstrate lts correctness still NOR
clearly.
A considerable portion OF some of tho mostina
portant products Of agriculture Is exported, an
citio articles IL regulated by tho foreign marriott
THAT III u universally. known and recognized fact
The prices ruling in tho foreign market are
first, de pressed by the FREQ competition OF til
wlolc world; and, secondly, specie ataudnr
prevailing there they aro not driven up by tl
initiation TINT las enhanced the prcoa Of nj
other articles i'll thin country. Tho farmer q
tho planter has, therefore,, to sell these stapl
crops at tho low prices regulated by tho forolG
malket, while for all tho neccssarics he has
orbitant height, far beyond tito premium
on, gold, by our homo Initiation. This wa
my original atate,nont. The correct
meas Of that statement say has boon quc'
my left (Dfr. BoutwolD said that the influence
q deprecated currency does not raise ;enor
prices more than the amount of gold premium
tho depreciation Of tho currency romans stead
, ut tho Bamo poiut. But tho difficulty is TINT I'll
steady ut tie same point. You i might just q
well Bay tint when VIC hnvo hcavy fall Of sno
Int in tho wintor or early in tho spring tle1
will bo no ficshots in tho rivers, for it tho sno
| docs not melt 1t will not increaso tho volume
difficulty is that tue snow will mot, just aH an
: roteonlablo and Initiated currency will flltclun
all1 deprcciato. Onr experience shows us th@
, the premium on gold i'll this country haa not r
, mainod ut the salno point for single weo
scarcely for 3 sing 10 day,
Tho sonator from Illinois (AIr. Logan) sa
| that hc thought tho Rame law was
; GOVERNING TIE rR1OE OF AN 1alronTI