The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-12-09
(Concluded.)

THEORIES ABOUT CIRCULATION.
There are fine theories about circulation
and the amount of gold locked up in the
cellar, and they would make out that this
is one of the great secrets and mysteries o.
human life. I say the practical thing is, II
nv clothes are worn and l have the means
of buying some, if my food is gone and
have the means of purchase, but do not
do these things why am destroying the
means of keeping laborers at work, be-
cause am destroying faster than | am
Consuming. Where is the banking litera-
ture that will present these facts before
voup It will tell YOU of the beautiful law
of bills and talk abstrusely about money
as if that was human life. The bankers
do not know the streams they are travel
ing, the currents and the shoals, nor what
you American people are doing, and the
only question they would ask, Are stocks
up?" And what does that mean? En-
couraging the destruction, That Is the
way that you, in your late crisis, came to
YOUR great grief. But l don't deny that
when the day Of strife comes there is an
agony in the money market. 1t is not
question of causes, it is not question OF
real facts even, but it is settlement OF the
means it loses | am customer of such
a bank. Has the bank lent its money to
the fools deep 10 wild speculations, and is
the money gone? But 10 /! and behold |
have large account then am in a great
fright. and then | am to be ruined. If my
bank does not stand good l am ruined,
Then come great number of people who
ask what have these bankers been about
These things never happen to the Bank OF
England. The Bank of England, gentle
men, never toments speculation, never
lends, as far as ! am aware,to spectators;
it reproduced what it consumes. They
don't make great fortunes, but they don t
have great crises.
Thea there is this said against me, which
| admit is true 1t is said that this ques-
ton of what the nation can afford, this
question whether we are not over -consum-
ing. is a hard word and it won't be deter
mined by any technical rule. Perfectly
true, gentlemen. Is il the less true be-
cause you deal with 40,O00,OOO OF people
that it is hard to find what those 10000,
600 of people are to buy? If should at,
tempt to give yon rule, | should consider
myself the greatest quack alive. W atch
the indications, aud if you find great clue
to the probable course that things are tax
Ing, do not drop ii, but ponder over il wise
". 1t is not possible to estimate how
many children will DC born in America
next year, or what sort Of weather you will
have next year. But a sensible man like,
to have a stand BY lie says: let mt
lust see how things are likely to 60; vii
live within my means, and if every maj
4 will T., S,,t,aI
We had great crisis in 1877. VIVA
were tie causes of that? n terrible crisi
it was You had a very deficient crop .
cotton in America, aud the potato r"t II
Ireland, aud speculation. Bat We made N
railways and none of the banks were pre-
pared for it, and all sorts OF engagement
had been made, and the destruction went
on. Everybody found that they had bcej
counting upon potatoes aud there wcr
none they had been depending upon chea
cotton, and it was dear. China bough
fewer shirts. What does that mean? /
means that China sends less things t.
England. SO it was again in 1866. w
sent our English goods which were not re
placed. Goods that are sent away an,
nothing comes back is the very destruction
which causes people to come to this dis
tress. What happened in America? Look
in lS43 you exported $40, 100000 Of meT
chandize, and what did you get back, gen
tlemen? Twenty millions ofRold Twen
ty millions of pebbles would have done
just as well. The nation had already col
enough of it. There is no surer way Of
impoverishipg nation than by buying gold
when it has got enough to do its work
Twenty millions of absolutely useless
metal
Everybody is suffering from the effect Of
the panic OF last year, and they have talked
of Jay Cooke as the cause, and things Of
that sort No doubt that was the culmi-
mating point, the first revolution of great
disaster, of some great mischief 1t was
not what happened that day in Wall-st
that was the fatal disaster. 1t had all been
done before People specialized in railroads
had luxurious habits, spent i'll al! ways free,
ly, and disaster came. Now want to say
word with respect to the effect that pa
per currency has; that has also something
TO do with it. In the beginning OF the wal
you wanted money to buy arms. Peices Of
paper were issued and the peoples proper.
ty was got. If you had stopped then there
would have been no further effect. But
the banks made additional issues. The
people opened their hands for them, and
when they had received, Immediately be-
gan to buy and destroy. Such speculations
as opening new and useless mines and rail
ways were rife. Protection was another
calamity to you.
That is, there shall be less result to a
days work-a smaller amount of goods
made. That is what is protection 1t is
In every case. You say if the law does
not Interfere certain work cannot go on
why not! because it produces less for
the labor and cost than you get from other
countries which make it under cheaper
terms. 1t is this that sentences the people
OF America to pay to the people of New
England, and to pay to the people of Penn
sylvania an additional price, an additional
part OF their property, for the pleasure of
knowing it was made by Americans.
Nothing else.
FREE TRADE FAVORED.
Free trade is always an exchange of
equivalents. You can't buy of the for
eigner without the foreigner taking an
equivalent in exchange, l consider Pro.
lection In America to be equivalent to the
foor Law in England The Poor Law in
America Is arbitrary, wilfu!l, needless and
WahIoh' 1t says to the people of America
max a subscription for the people of
new England and for the people of Penn
syivania. Don't suppose that the for.
eigner pays it. The American has GOT 70
pay more TO the BCstouian and 70 tbs pbi 4;
adelphian: 1t is a subseriptioTn 'n ON t rl
part of the people of America bac,u ,ne
you have taken it into your head tia, !, i
desirable that you should labor in tbeso
fields. When we repealed the duties ON
sllk IL uas said tLnt a. IL. .=.x...ll l.: