The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-12-05
ATlTRDA MORNING. DECEMBER 5, 1874.
from the interiorito the sea, but the ability.
TO produce cbeaply. This will enable Us to

i suaSs1 8 sLO Jultuci dhu LnH1 pfUUucef OF sCOk-
ton, and TO every other interest that needs
u; ana all these great Interests must be
brought together into an alliance whose
benefits will be mutual. This can only be
done by iHaugurating that free trade be.
ItHeen the States which cheap transportation
alone will afford, and the adoption or such q
system as will give ius in aH the markets Of
1.-THE world the free trade of successful com.
petition To do this we must at once look
10 our great highways Of trade, whether
these be BY river, lake. canal, ocean. or any
other means. So long as projection Is neces-
saEy to enable our manufac acturers to compete
In the home market they can never hope for
a successful competition elsewhere { aud
since our commercial prosperity Is depesd-
lent upon such competition 1t becomes the
duty Of Congress to give us the means of ac-
complishing this with as little delay as possi-
BILE. .z.e>.ss..,s y...s.,.g.
Resolued, That while we e. possess the
wealth Of the field, the forest, and the mines
ia such profusion as the hand of Providence
talone bestows, they are all yalueless because
1--WE fail to bring them into close alliance
land afford them en- outlet to the markets
lof sthe .Warld. That by this neglect we
EsiFe protection to the grain.grower of Rus
| sia against soarF farmers of the West; to
the manufacturers of Great Britain against
Ethose of New England; to the miners
Eof Scotland and Wales against those of
Pennsylvania, Georgia, Alabama, and Ten
nessee and the cotton.grower of India and
Brazil against the plantations OF the South.
| This is why the balance OF trade Is so largely
against US, and offers the true reason why
with this vast product, which is needed by
IaIl the world, wasting and worthless on
our hands, we are reduced to the necessity
lof a paper currency which is at a discount
as compared with gold at home and without
commercial value abroad. This is why our
manufactures and mills are idle; why thou
sands of our people are without employ
ment; and why fearful business and COM
fmercial stagnation brood5 over the land.
Let Congress adopt such measures as.Will
enable us to place these products upon
profitable market, and the business stagna-
ton will end, the balance of trade be re-
stored, gold will once more flow back TO US
Einstead Of away from us, as in, years past,
land the necessity of protective tariffs, which
thaye always engendered strife and bitter
lness, will no longer be felt in the better pro-
lection which this free tratle among our in.
dustrial pursuits will afford. ~ = f5.1. ),
ResoIped, That the presence of metal
flic currency Is the result of commercial pros
perity, and not the cause of that prosperity.
fTo restore this circulation it is only neces.
Esary for us to supply the means OF export
ling our grain, and four, and bacon, and
tcorn, and tobacco, and cotton, at prices which
will enable US To- sell these products in the
Emarkets of other countries. This will give
Eus commercial prosperity, aud its evidence
Ewill be gold circulation; that with its re-
fturn our present paper currency, which is
but the result of q need produced by a de-
Efciency Of gold, will disappear, and sound;
Icurrency be restored without obstructing
any of our great interests. ~. g. ,.a'
Resotoed, That Congress should at its
present session provide the means for the
tconstruction of the four great water.routes
unanimously recommended in the report of
1.-THE Senate committee, and should adopt
such other means of securing to the Whole
country the great boon Of cheap transporta-
| tion as the necessities Of the people require.
7Resoloed, That we have no warfare to
make upon any of the great industries OF the
country, but, ON thecontrary, the very object
OF this Convention is to promote peace and
harmony among them, and to devise the
means for their further development. As the
Offices of all the members Of the body are
essential to its perfect vitality, and vigor,
and life, so all interests are just as essential
| TO a, country that would be great and pros
porous. It is the true interest, then, Of all to
promote the interests of each other, and our
best policy will be found in q EetiniOn of all
the great industries OF the land for the sake
OF national peace and national prosperity. -,
! In support of his resolutions Colonel Fro.
bel said that he had noticed that most of the
politiciansan and papers ofthe country had con-
sidered the question of finance separate and
apart from that of Transportation. He thought
lit could be demonstrated that they were not
only intimately connected, but actually q
part and portion OF each other. In fact, that
a sound currency was inseparably part of
an assured commercial prosperity. He
said money possessed no intrinsic yalne in
itself, but was only valuable as medium
of exchange. :, This was aptly illustra-
ted in the story of Robinson Crusoe.
| Wrecked upon solitary island, bis
bag of .doubloons, was the. least valued
of all his treasures. 1t could not feed him,
it could not clothe him, It could not release
him from his ecean.prison or restore him to
his friends. $ Apiece Of an iron hoop or a
pusty nail was more valuable in his ey yes then
Titan all his golden treasure; which served
no purpose there except perhaps as living
sarcasm upon its own intrinsic worthless
mess. He said that to facilitate matters OF
commercial exchange 1t was necessary to
4 have some standard OF value. Gold bad been
/ chosen for this purpose, and hence, became
4 the money OF nations; that it was evident
II that If one people purchased OF another in
Il excess of their sales, that gold must continl-
Il ally grow more Scarce unfit 1t would finally
H be Withdrawn from general circulation. This
n would necessitate5a resort to some other cir
II culation and in the case ofthe, United States
II a paper circulation was resortedto for this
II PURPOSE This paper was issued under au-
h! lhority of the Unified States by banks, ,the
II credit upon which it Was rested being IA
! Financial fiction known as o specie basis,
! which permitted three dollars OF this cur;
II reacy to represent. one dollar in specie. This
| ans Wered very we'll so long as a wayering
balance OF. trade did not materially lessen at
4 any one time The aniount of gold Sof hand,
4 But an increasing adverse balance Of trade
had in 1857 drawn so heavily upon the gola
deposit that the banks were compelled to
suspend, and the currency became lyatueless.
Tomeet The need created by thisstate Ofafairs
lall Kinds, Of, expedients were resorEed TO
1 from an issue of paper by. State, cities, and
cor cor rlp,orations, and change.blls from five dol.
flars down totickets 'sgood for five cents at
tthe bar.n Individual loss and general COM
|mercial4d discomfort something must
be done, and this resulted in the:adopiion oi
1.-The present system of paper currency. ..ls The
credit of this paper, is based upon, what !
II The credit of the United States. Upon
4 what does that credit rest? Upon the right
To tax. What Is the value Of that right
The ability, of the people to pay And that
ability? The amount ,andaeV OF theif
sarplus products. This is the best
II credit. in the world. resting as Il