, 1874-03-02

oquaIs ourB. THAT inny bo truo but ask, Wiat
nro tho oircunlata'1coH determining tho yolnmo
Of currency necessary for tho real requirements
oxtont of torritory? il il s,o number Of nqnaro
miles Why, bir, look at nl the now Tcrrltories
Of tho United States, md thero Is mt mon in
this body who viii ASSERT Tint, large as they
are, they nil togothor comblnod would roqutro
for their business ~ tnucl, currency ns tito City
Of Boston. Therefore, IL cannot be area It
cannot bo extent of territory alone.
WHAT Is IT (?
Is it population ? Lnok ut tho whole interior
Of ArrIca, with iln tce,ning millions Of popula-
ton md m, suro tho businoaa Of tho whole
intorior of Africa docs not require half rs much
currency ua the single Stato Of Rhodo Island.
Therefore 1t cannot 30 population alono.
I ask, thcn, Is ita tho amount Of productions,
tho number Of oxchnngcHand Of values inyolvod7
number of exchanges, tho Same yaluoa involved,
will require far loss curronoy whore tltero nre
superior facilities Of rnpid communication, Of
banking and cloaring-houao ByHteins, than wlioro
thoy Do not exist; Neither Of these clements
currency which is necessary for tho business Of
q country, but all Of thom combined will. OF
course tno tho word " currency" here in tho
most restricted sonse OF tho torn not including
pssf e y a I'D eSSas, a,, Ss p SSmo op p1e9 aas
ng-houses exist, and tho uso Of bills aud checks
III tho transaction Of business ia common, cur
rencY Ia n,aiuly used for daily running expenses.
for the payment Of wages and aalaflcB, and for
tho settlement Of balnnceB Business tra1,sac-
tionB in which tho whole amount Of tho value Of
n commodity passes from hand to hand tn tho
ahnro Of money nro exceedingly rare.
Lot us In this light
COMPARE ENGLAND WITH THE UNITED STATES.
III England, aB woll asin oil Europcnl countries,
tito number Of persons receiving salaries and
wages is far greater in proportion than in tho
United States, and every ono who ia acquainted
with those countries knows IT, There arc largo
nrmios tlero, lnrEo naylos, Which VIC h2vo not.
Tho number of private servants y much largcr
laborors iB still creator. Now, although tho
population OF tho United Kingdom III only 3d.
0,0U0, whilo ours is 10000 QUO, yot tho number
Of persons receiving snlarioH and wages Ia not
only III proportion, but actually groater, much
greater, in England than hero aud, although
wages rrlo higher hero than they do there, yet I
think do not venture much wh1n I aAy that
tho aggregate amount paid In wages aud Ba!arios
III England is much larger than 1t ia III tho
But nm willing to admit that tho present
abundance OF money in tho loan market is Of a
prccariouH nature. ABan irredoemablo aud rodun-
dant currency always begota
SPECULATION AND GAMBLING,
1t will do again spite Of the check tint WAS
put upon 1t by tho rocent crisis. 1t is already
reyiying, although carried on, as nm informed,
to certain extent by a different net OF persous
and in difforont ways but itB revival will un-
doubtedly DO quickoncd, Us In ALWAYS tie case
by oyory addition to our irrodeomablo currency.
It may royiyo moro rapidly ovon than Legitimate
E tam as aox 70
business and press into the service Of speculation
as largo an amount Of currency MS it can 1ny hold
Of Tho expansion of speculation, therefore. is
likely. nay-it il cortain-to reduce tho present
fn G she sra
scarcity. This think will only be question Of
time R,,t no,v o;r n,;,,to;, or,4 That .,thoun,
>, but now, Bit, maintain tifss, that, althouel
thoro la an excesa OF currency III tho country
over anu above tio IGaL requremi,entnt or logt
mate businosn, feeling OF SCARCELY ai'y--nay, !
say It Wil1Eensuo as spoo1alallon EXPANDS anu
aGSonay taE & se owl WI no' hn ohy y"; 1i 10 M rem
ealcu, Du1 VIZ 20 nssfa'"leo' W "l'l@''on un''t
ene neSe crasn !'3 Golnes: si 4., ,.e o,noto.a
Aaa ~ uass W. TT too o''e"slon u ''na'ots
VI sio oppos''o h'1o w ----.
THE FuNDAmESTA1. ERROR
which lies At tue potion OF ~ their arguments.
ntoiu .uo lazy snus = etltc1.s - a; - -.
soaes1.aes lett W ,eS's'tha.e nusIaebs, .nes
u!"" tuo coucluslon ttat l1o aR6tegH1e Fo1uHo